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U.K.: Cobalt Underwriting boosts takaful capacity

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The U.K.'s Cobalt Underwriting Services Ltd. has included QBE's European division in its sharia-compliant insurance platform in a bid to boost capacity, Reuters reported.

The insurer said it has raised its capacity to underwrite property risks from $300 million to $425 million and construction risks from $100 million to $160 million in the face of scarce capacity in the the takaful sector, according to the news agency. Cobalt chief executive Richard Bishop said "it has long been our intention to broaden the range of products we offer since our launch last year, and we will continue to do so."

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