Specialty re/insurance group Chaucer has announced the addition of political risks and contract frustration to its Belt and Road Consortium at Lloyd’s solution.
The consortium, which was launched in June 2021, provides large-scale capacity of up to $300 million to companies working on China’s Belt and Road Initiative.
It combines Chaucer’s technical underwriting expertise and position in the political risks market with the connections of its parent company, China Re.
“Since the Belt and Road Initiative first launched, the insurance industry has played an integral role in providing risk management and vital risk protection,” said Yuan Linjiang, Chairman of China Re Group.
“China Re has a long history of cooperation, communication, and interaction with its international partners, and as we embark on this new venture with other leading Lloyd’s and UK businesses, we are excited to showcase the combined strength of China Re and Chaucer to the world.”
John Fowle, CEO at Chaucer, also commented: “Our new Belt & Road Consortium at Lloyd’s will allow Chinese companies and co-investors to better protect their assets against political risks and contract frustration risks across the BRI by providing direct access to market leading risk solutions.”
“By combining our strong underwriting acumen and leadership position in the political risks market with China Re’s exceptional distribution network, enables us to deliver a truly unique opportunity to the market. “
The Belt and Road Initiative (BRI) is a major global infrastructure development project to assist growth of the Chinese economy and regions including South East Asia, the Middle East and Africa.
It covers 2,631 projects with a combined value of $3.7 trillion, with projects spanning transport, telecommunications, and renewables such as solar, wind and hydro.