Lloyd’s of London re/insurers Beazley, Chaucer, and Talbot have collaborated on the launch of a Political Risk Consortium in Asia, providing capacity of up to $130 million for individual risks.
The new Political Risk Consortium in Asia will offer increased capacity for a variety of political and contract frustration exposures. Offering large-scale capacity of up to $130 million for individual risks with a seven year policy period, via the Lloyd’s consortium domiciled in its Singapore hub – Lloyd’s largest market hub outside of its London home.
Political risks and trade credit underwriter at Beazley in Singapore, Michael Lum, said; “The new Political Risks Consortium at Lloyd’s Asia allows local companies to protect themselves against risks related to larger investments in potentially unstable geographies, backed by the collective expertise of three leading Lloyd’s syndicates. Beazley’s Singapore office has been steadily growing along with Lloyd’s overall business in the region and the increased capacity of the consortium will increase the ability of Asia Pacific companies to cover these risks locally.”
Margaret To, Chief Executive Officer (CEO) of Chaucer, Singapore, commented; “Our brokers and clients told us they needed help solving the problems associated with transacting business in emerging markets. We took this on board, and have responded to the challenge by establishing the new Political Risk Consortium. With greater dedicated capacity, more access to expertise and local representation for the Asia-Pacific region, the new Consortium and Chaucer Singapore provides brokers and clients with direct access to market-leading political risks solutions.”
The policies offer cover for a number of key risks, such as government intervention, confiscation and physical damage due to war, currency inconvertibility and contract frustration related to defaults, and also non-payment by sovereign entities, explains the firms.
Political risks and trade credit underwriter at Talbot Risk Services Pte Ltd. in Singapore, Jaime Taylor, added; “Talbot is delighted to work with Beazley and Chaucer to bring this new Political Risk Consortium to Lloyd’s Asia. We expanded our global footprint into Singapore in 2007 and have since worked diligently to meet the needs of our clients here. Together, we will offer the Asia market the ability to assemble and deliver large scale capacity quickly and efficiently, delivering quotes for cover locally that meet our clients’ deadlines.”