Chaucer launches their new Belt & Road Consortium at Lloyd’s
Chaucer , the specialty (re)insurance group, announced the launch of their new Belt and Road Consortium at Lloyd’s. The Consortium will initially underwrite political violence risks, with future solutions in development for other lines of business.
Working with China Re , Chaucer’s parent company, the consortium will provide large-scale capacity of up to $400m for political violence-related risks to companies working on China’s Belt and Road Initiative, including approved investment risks from the BRI Green Committee. The consortium combines Chaucer’s strong technical underwriting expertise and leadership position in the political violence market with China Re’s unparalleled connections to provide comprehensive coverage and outstanding service to clients.
Chaucer will lead and manage the Consortium, which will focus on Political Violence Risk protection for assets under construction or operation and financed through the Belt & Road investment initiative, with support from other leading Lloyd’s syndicates.
“We are fully supportive of the Lloyd’s market developing innovative global risk products to enable customers to manage their risks better. This new partnership will increase the amount of insurance capacity available to businesses working on projects such as the Belt and Road initiative, which is expected to be a major driver of growth in emerging markets.” – John Neal, CEO of Lloyd’s of London.
“Since the Belt and Road Initiative first launched, the insurance industry has played an integral role in providing risk management and vital risk protection. China Re has a long history of cooperation, communication, and interaction with its international partners, and as we embark on this new venture with other leading Lloyd’s and UK businesses we are excited to showcase the combined strength of China Re and Chaucer to the world.” – Yuan Linjiang, Chairman of China Re Group.