Travelers and Novae join construction consortium at Lloyd’s

Travelers and Novae have joined the construction consortium at Lloyd’s to offer greatly increased underwriting capacity for the largest construction risks in the world across all major onshore construction and engineering risk categories.

The consortium was launched in 2013 by syndicates managed by Beazley, Sompo Canopius, Hardy and Talbot, all organisations with long experience of underwriting construction risks.

With Travelers and Novae joining these leading risk underwriters, the consortium can now provide additional capacity up to a maximum of $320 million per risk, (equivalent to in excess of $1 million sum insured capacity), offering an enhanced alternative to the largest non-Lloyd’s insurers.

Consortium capacity is usually aligned behind the syndicate with the greatest experience in each particular risk category and the choice of leader is for the client and broker to make. Across all syndicates there are 16 underwriters offering decades of underwriting construction experience with projects including major buildings, power generation, heavy civil engineering, oil and gas, heavy industries and mining.

Since it launched, the consortium has written in excess of $45 million premium for construction project exposures across the globe

“The Construction Consortium at Lloyd’s has successfully led some of the world’s largest and complex construction risks since its launch in 2013,” said a spokesperson for the six syndicates. “The addition of Travelers and Novae and the recent increases in capacity of the current members nearly doubles our total original underwriting capacity.”

The spokesperson continued: “It enables us to support our clients on extremely large construction projects, as well as offer 100 percent capacity where requested by brokers.”