Lloyd's first coverholder in Russia writes cargo reinsurance

MOSCOW—London-based Chaucer Syndicates Ltd., Moscow-based Nakhodka Re Ltd. and London-based brokerage RFIB Group Ltd. have launched the first Lloyd’s of London coverholder in Russia.

The coverholder, SeaLine, is owned by Nakhodka Re and will underwrite cargo reinsurance risks in the Commonwealth of Independent States region.

SeaLine received approval late last month from Lloyd’s of London to operate as a coverholder, which Lloyd’s says allows Lloyd’s syndicates to operate as if they were a local insurer. Lloyd’s plans to set up a representative office in Moscow later this year and appoint a country manager in Russia, it said.

In a statement, Enrico Bertagna, Lloyd’s regional manager for Europe, said Russia is becoming an increasingly important market for Lloyd’s.

“This is an important step towards exploring the potential of the country’s reinsurance market,” Mr. Bertangna said of the SeaLine launch.