Ironshore’s Pembroke Managing Agency has launched a Project Cargo Consortium with a capacity limit of up to U.S. $178 million to expand Lloyd’s China platform for increased coverage of the Belt & Road Initiative.
The cargo consortium aims to service one of the world’s greatest infrastructure programmes; China’s multi-billion dollar Belt and Road Initiative which is being constructed to connect Asia, Europe and Africa in a giant new economic zone.
The project involves building a network of roads, ports, bridges, tunnels, pipelines and deep water Arctic ports.
Pembroke Lloyd’s Syndicate 4000 will offer cargo transportation cover large-scale risk exposure and start-up delay for China’s Belt & Road undertaking.
The Shanghai domiciled Lloyd’s China Platform project cargo underwriting will be led by Pembroke Underwriting Manager Tracy Ma, who will cooperate with London-based Andrew Corton Global Head of Marine Cargo.
Mark Wheeler, Chief Executive Officer of Ironshore International, said the new consortium for China cargo line risks “replicates the approach and risk appetite of Pembroke’s Project Cargo Consortium in the Lloyd’s market, which currently is the largest of its kind for targeted marine lines.”
“Pembroke’s presence in the region enabled us to create the consortium, extending sector underwriting capabilities to cover China risks.”
Project Cargo has emerged as the most significant risk exposure for The Belt and Road Initiative, as the cargo line includes sea lanes, Pembroke said.
Industry estimations set the total marine lines insurance premium that could be generated by the project at U.S. $3.5 billion.
