Four insurers of construction risks in the Lloyd’s market have joined forces to offer underwriting capacity sufficient to lead the largest construction risks in the world across all major onshore risk categories.
The consortium comprises syndicates managed by Beazley, Canopius, Hardy and Talbot, all organisations with long experience of writing construction risks. Through the Construction Consortium at Lloyd’s they will be able to provide capacity up to a maximum of US$166m per risk, offering an alternative to the largest non-Lloyd’s insurers.
Consortium capacity will be aligned behind the syndicate with the greatest experience in the risk category for which cover is sought.
A major advantage of the Lloyd’s market is that brokers can assemble large scale capacity very rapidly. The construction consortium will be no exception, with quotes for cover delivered to brokers’ deadlines and at least as rapidly as competing markets.
“Lloyd’s has long had the brains – that is to say the underwriting expertise – to write large and complex construction risks,” said Colin Rose, head of construction and engineering at Beazley. “Through the consortium, we now have the brawn – that is to say the underwriting capacity – to lead the largest projects.”
Simon Challinor, head of construction and engineering at Canopius, comments: “The consortium offers flexibility, security and a supportive claims service as well as a broad set of expertise. The experience contained within the respective teams will bring meaningful benefit to clients and Lloyd's brokers alike, and will reinforce Lloyd’s prominent position for this class of business.”
Steve Cross, senior construction underwriter at Hardy, adds: “When it comes to the largest projects, clients have had a restricted choice of lead insurers, with fewer than half a dozen markets able to offer the capacity required. Through the consortium, Lloyd’s is expanding choice for risk managers and brokers.”
David Turner, construction global practice leader at Talbot, says: “The consortium can only be accessed by Lloyd’s brokers and will play an important role in attracting more construction business to Lloyd’s. For our clients substantial additional capacity from insurers that really understand their needs will undoubtedly be welcome.”
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