Reinsurance News

Chaucer launches Belt & Road consortium at Lloyd’s

24th June 2021 - Author: Charlie Wood

Specialty re/insurance group Chaucer has launched its new Belt and Road Consortium at Lloyd’s, designed initially to underwrite political violence risks but with plans to develop other lines in the future.

chaucer-logoWorking with Chaucer’s parent company China Re, the consortium will provide large-scale capacity of up to $400 million for political violence related risks to companies working on China’s Belt and Road Initiative, including approved investment risks from the BRI Green Committee.

Chaucer is set to lead and manage the consortium while other leading Lloyd’s syndicates will provide support.

The Belt and Road Initiative is a $3.7 trillion global infrastructure development project designed to to assist growth of the Chinese economy and that of regions including South East Asia, the Middle East and Africa.

There are 2,631 projects spanning transport, telecommunications and renewables such as solar, wind and hydro.

Gallagher Re

John Neal, CEO of Lloyd’s of London, noted , “We are fully supportive of the Lloyd’s market developing innovative global risk products to enable customers to manage their risks better.

“This new partnership will increase the amount of insurance capacity available to businesses working on projects such as the Belt and Road initiative, which is expected to be a major driver of growth in emerging markets.”

Yuan Linjiang, Chairman of China Re Group, added, “Since the Belt and Road Initiative first launched, the insurance industry has played an integral role in providing risk management and vital risk protection.

“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, said, “Our new Belt & Road Consortium at Lloyd’s will allow Chinese companies and co-investors to better protect their assets against political violence 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 violence market with China Re’s exceptional distribution network, enables us to deliver a truly unique solution to our clients and brokers by working with our fellow Lloyd’s syndicates.”

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