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Eight Lloyd's of London syndicates have come together to provide $400 million of natural catastrophe insurance and reinsurance capacity to help protect developing economies from natural disasters, reports Artemis.bm.
The capacity has been committed by syndicates managed by XL Catlin, Mitsui Sumitomo Insurance Group, RenaissanceRe Syndicate Management, Tokio Marine Kiln, Mitsui Sumitomo Insurance Group, Nephila Capital, Beazley, Amlin and Hiscox.
Membership of this facility is open to the entire market and other managing agencies will be welcome to participate, said Lloyd's.