Reinsurance News

Liberty Specialty Markets launches new project cargo consortium at Lloyd’s

12th October 2022 - Author: Jack Willard

Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance’s Global Risk Solutions division, has announced the launch of a new Lloyd’s facility for the London Market – the Liberty Project Cargo Consortium (LPCC), to underwrite global project-related cargo risks.

liberty-specialty-marketsThe facility, Consortium 7763, offers capacity to underwrite risks up to $205 million.

LPCC will provide worldwide clients with comprehensive risk engineering services.

With LSM as lead, Consortium 7763 underwrites and binds risks under a single stamp on behalf of supporting syndicates including AEGIS, Antares, Apollo, AXIS, Chaucer, and Munich Re Syndicate.

Moreover, with LSM’s impressive 45 years of industry experience, this will help to enable LPCC to make quick, and well-informed decisions on behalf of brokers, supporting syndicates and coverholders.

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Liberty Specialty Markets’ Underwriting Manager – Marine Cargo, Chris Hicks, commented: “We are delighted to unite insurers in a partnership that provides much needed capacity and simplicity. The initiative will provide brokers and clients with market-leading capacity at a time when the need for such coverage is significant and growing.”

Liberty Specialty Markets’ Head of Marine Division, Michael Burle, added: “The energy transition, changes to global supply chains, new manufacturing processes, and other exciting industrial and civic developments are prompting an unprecedented number of new, large-scale projects worldwide. The Consortium offers significantly larger capacity than any other currently in the market, which makes the placement and claims processes much smoother.

“With Liberty’s extensive expertise in underwriting, marine engineering, and claims adjustment we offer a comprehensive product which we believe is unrivalled.”

Meanwhile, LSM recently collaborated with Marsh and AIG to launch a new re/insurance facility that provides capacity to green and blue hydrogen energy projects.

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