Ace, Lloyd's syndicate focus on terrorism insurance coverageReprints
Jonathan Powell has been appointed divisional head of a new war, terrorism and political violence division of Acappella syndicate 2014, while Ace Ltd. has launched a multinational political violence policy for businesses in Europe, the Middle East, Africa and Asia Pacific.
Acappella's new division at Lloyd's of London will underwrite a global spread of risks including terrorism and sabotage, war and civil war, long term construction risks and terrorism liability. Mr. Powell will take up the position at Acappella, which is managed by Pembroke Managing Agency Ltd., with immediate effect, the company said Monday in a statement.
Mr. Powell, who is be based in London, previously was class underwriter of war, terrorism and political violence at Talbot Underwriting Ltd.'s syndicate 1183, which is part of Validus Holdings Ltd., and also worked at Hiscox Ltd. and Lloyd's of London.
David Indge, active underwriter at Acappella, said Mr. Powell's appointment was part of a strategy to “build a syndicate that specializes in desirable classes of business.”
“We will continue to make key strategic hires where we identify strong opportunity for profitable growth,” he added in the statement.
Meanwhile, Ace said Monday it has launched a multinational political violence and terrorism policy to provide integrated coverage for terrorism perils for buyers in Europe, the Middle East, Africa and Asia-Pacific.
Ace said the policy has been launched to cater to buyers' changing needs as “demand for cover is increasing and geopolitical risk remains unclear.”
The coverage includes bomb hoax threat, transit cover, time element business interruption, contingent business interruption extensions, capital additions and new acquisitions, other insurance clause, group interdependency and a loss-of-control clause.