Lloyd's receives nod for first fully Shariah compliant syndicate
Source: Asia Insurance Review | Nov 2016
Cobalt Insurance Holdings Ltd and Capita Managing Agency Ltd have taken a significant step in the launch of Lloyd’s first fully Shariah compliant syndicate after receiving “in principle” approval from Lloyd’s Franchise Board.
Cobalt Founder Richard Bishop said the aim now was to work closely with CMA and Lloyd’s to secure full approval.
“We are delighted to be working with Capita Managing Agency on the launch and operation of the syndicate. To create Lloyd’s first ever fully Shariah compliant syndicate is a significant step for Cobalt and will demonstrate Lloyd’s reputation for innovating solutions for emerging markets.”
Cobalt plans to begin underwriting in the first quarter of 2017 and initially the emphasis will be on developing a property and specialty focused book of commercial business from the emerging and developing markets throughout the MENA and Asian regions, whilst being less acquisitive of business from the more established markets of North America and Europe.
“We are delighted to have been given approval in principle and we are excited at the potential for both Cobalt and the market with the launch of our new syndicate,” he said.
Once it achieves full approval the syndicate will be named Cobalt Syndicate 1438, which is the Islamic calendar’s number for the year 2017.
Cobalt expects to announce the name of the syndicate’s active underwriter imminently, as well as details of the syndicate’s principal capital providers.
“We have been working to build a panel of highly rated and respected institutions and we have been delighted with the response,” said Mr Bishop. “The aim of the syndicate is to look to underwrite new business from emerging markets and in doing so working with others in Lloyd’s to extend their participation in those markets.”