Lloyd's construction consortium offers capacity of $166 million
Reprints
Four Lloyd's of London insurers have formed a consortium to offer their combined capacity to large construction risks.
The consortium, launched Monday, will provide capacity of up to $166 million per risk.
The consortium comprises syndicates managed by Beazley Group P.L.C., Canopius Group Ltd., Hardy Underwriting (Bermuda) Ltd., and Talbot Underwriting Ltd., a unit of Validus Holdings Ltd.
The capacity offered by the consortium will be aligned behind whichever syndicate has the most experience in the risk category for which coverage is sought, the consortium members said in a statement.
“So, for example, a broker with a client looking to insure a hydroelectric facility might approach Hardy; a power plant, Talbot; a waste water treatment plant, Canopius; or a large-scale office development, Beazley,” the statement said.
The consortium members said the facility had been set up to offer sufficient capacity to lead large construction risks as an alternative to the largest non-Lloyd's insurers.
“Lloyd's has long had the brains — that is to say the underwriting expertise — to write large and complex constructions risks,” said Colin Rose, head of construction and engineering at Beazley, in the statement.
“Through the consortium we now have the brawn — that is to say the underwriting capacity — to lead the largest projects,” he said.
Read Next
-
Hartford names vice president of construction insurance
The Hartford Financial Services Group Inc. has named Thomas M. Boudreau as vice president of construction insurance.
