Chaucer adds political risks coverage to Lloyd’s Belt & Road consortium
Specialty re/insurance group Chaucer has added political risks and contract frustration coverage to its Belt and Road consortium at Lloyd’s of London.
Together with China Re, Chaucer’s parent company, the consortium will provide large-scale capacity of up to$300 million to companies working on China’s Belt and Road Initiative.
Chaucer will lead and manage the Consortium, which will focus on political violence risk protection for assets under construction or operation and financed through the Belt & Road investment initiative, with support from other leading Lloyd’s syndicates.
Yuan Linjiang, chairman of China Re Group, said: “Since the Belt and Road Initiative first launched, the insurance industry has played an integral role in providing risk management and vital risk protection. China Re has a long history of cooperation, communication, and interaction with its international partners, and as we embark on this new venture with other leading Lloyd’s and UK businesses, we are excited to showcase the combined strength of China Re and Chaucer to the world.”
John Fowle, CEO at Chaucer, commented: “Our new Belt & Road Consortium at Lloyd’s will allow Chinese companies and co-investors to better protect their assets against political risks and contract frustration risks across the BRI by providing direct access to market leading risk solutions.
“By combining our strong underwriting acumen and leadership position in the political risks market with China Re’s exceptional distribution network, enables us to deliver a truly unique opportunity to the market.”
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