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Member, Beacon International Group, Ltd.
SLIEMA, Malta—A managing agent that brings what it says is necessary new capacity to the nuclear insurance market has launched in Malta.
Northcourt Ltd., based in Sliema, Malta, initially will offer property and business interruption coverage up to limits of $200 million. It plans to begin underwriting nuclear liability and construction risks this year.
Northcourt will place nuclear insurance programs through a panel of Lloyd's of London insurers all rated A or higher, the company said Monday in a statement.
London-based Amlin P.L.C., which operates syndicate 2001 at Lloyd's, is the lead insurer for Northcourt.
CEO Alan Rickett, formerly a senior vp at Marsh Ltd., heads the managing agent. Marsh and reinsurance brokerage unit Guy Carpenter & Co. L.L.C. were involved in establishing Northcourt.
Marsh will provide accounting and administrative services to Northcourt while Guy Carpenter will manage its insurance market placement, the statement said.
“Northcourt is a timely response to the shortage of capacity in the traditional global nuclear insurance market, for too long dominated by nuclear pools and mutuals,” Mr. Rickett said in the statement.