Brit leads new Lloyd’s consortium covering diamond processing

Specialty insurer Brit will lead a new Lloyd's consortium for diamond processing bringing additional capacity of up to $50m to the London market.

The consortium represents Lloyd's first dedicated to diamond processing. The company said it will take advantage of recent improvements in diamond cutting technology and risk assessment techniques.

Craig Dennis, Fine Art & Specie Underwriter at Brit Global Specialty, said: "We are delighted to launch and lead on this consortium, the first of its kind in the diamond processing space. We believe that giving our London brokers the ability to efficiently quote and bind stones up to $50m will be a key differentiator in a market place that is very much time sensitive."

Matthew Wilson, Brit Group Deputy CEO and Brit Global Specialty CEO, added: "The successful launch of this consortium is another example of Brit's commitment to using its expertise and specialism to innovate new solutions and bring these to market. Delivering compelling products in niche specialty lines is at the core of Brit's underwriting proposition; we are delighted to build on our market leading offering in diamond processing through this new Lloyd's consortium."