21 Lloyd’s syndicates back Ironshore ’Specie Consortium’
Ironshore’s Pembroke Managing Agency has introduced its ‘Specie Consortium’, a venture supported by 21 Lloyd’s syndicates which offers up to $635 million in capacity for any one risk.
Lead by three syndicates, Pembroke Managing Agency Syndicate 4000, Apollo Syndicate 1969 and Navigators Syndicate 1221, the Specie Consortium provides syndicated insurance capacity across specialist niche lines of fine art, jewellery, cash in transit and general specie for brokers and clients.
The lead syndicates on the risk can quote and underwrite specialist cover on behalf of all Lloyd’s participating syndicates, and will be responsible for ongoing services, including contract negotiations, throughout the policy period.
Richard Northcott, director of high value cargo, said: “Pembroke Managing Agency is delighted to be actively involved in this new Lloyd’s initiative to develop syndicated capacity in this specialist class worldwide.
“We look forward to working with brokers and clients to design and deliver innovative coverage solutions within Lloyd’s, historically recognized for its global specialty expertise.”
Peter Montanaro, head of delegated authorities at Lloyd’s, added: “This new and innovative group is the largest current consortium in the Lloyd’s market. Lloyd’s is keen to support any syndicates who want to work together to provide greater capacity, flexibility and expertise to their customers and brokers across the world.”
