Validus Specialty Underwriting has announced the renewal of its Political Risk Insurance (PRI) binding authority which is 100% underwritten by underwriters at Lloyd’s and led by Talbot Underwriting, Syndicate 1183.
The binding authority was launched in 2016 in anticipation of further growth, Validus said its capacity has since increased from $125 million to $240 million per acceptance.
The firm’s delegated underwriting authorities include syndicates managed by Ascot, CNA Hardy, Sompo Canopius and Starstone; new to the 2017 facility are Amtrust, Ark, Brit and Novae.
Jared Kotler, Head of Political Risk and Credit at Validus Specialty, said; “Validus Specialty has seen a significant amount of demand for PRI business through the binding authority over the past twelve months.
“By increasing the facility to a market-leading $240 million in capacity, our private equity, global financial institutions and multinational clients will have a place to obtain bespoke, cost efficient political risk insurance policies to mitigate the country risk in their global exposures.”
The 2017 facility will provide brokers and clients in the Americas with a one-stop shop to access Political Risk Insurance capacity from the Lloyd’s market.
James Bamford, Global Practice Leader Political Lines at Talbot Underwriting, added; “As we had hoped last year, this facility has played an important role in attracting more political risk insurance business to Lloyd’s and the renewal continues to provide us with the underwriting ability to lead major projects.”