Starr Teams up with Talbot, QBE for Construction Risks through Lloyd’s

Starr Underwriting Agents Limited and Starr Specialty Lines Insurance Agency, LLC, both subsidiaries of C. V. Starr & Co., Inc. announced that they can now offer additional capacity of up to $75 million “through a consortium with Talbot Underwriting Ltd. and QBE covering constructions risks through Starr Construction Consortium (Lloyd’s 9497). This capacity will be in addition to coverage currently provided by Starr Syndicate Limited (CVS 1919).”

Starr made the announcement about its new construction consortium in conjunction with a similar announcement of enhanced U.S. capacity in the sector (See National section). Starr said the “Construction Consortium has been designed to provide meaningful capacity for high value and complex construction risks. The Starr Construction Consortium is targeting business emanating from American Recovery Reinvestment Act 2009 and other fiscal stimulus packages being tendered.

“The Consortium’s underwriting expertise and substantial capacity will be utilised by Brokers placing the Insurances for both the works and soft costs required on major infrastructure projects. The Consortium will provide much needed Lloyd’s capacity for the US infrastructure upgrading work to be undertaken over the next few years.”

Paul J. Smith, Global Construction Manager of Starr Underwriting Agents Limited explained: “It was very important to find Lloyd’s partners with like-minded underwriting principles for construction business. This has ensured that the Consortium capacity is fully utilized as we capture construction risks emanating from the fiscal stimulus packages appearing globally.”

“We are pleased and excited about the development of this new relationship between our organizations,” added David Turner, Talbot’s Construction Global Practice Leader. “This is an exciting expansion of our current Construction business and delivers much needed specialist capacity to satisfy the demands of customers in US industry. The initiative with C. V. Starr provides complimentary expertise and our combined capacities create a meaningful critical mass for the major projects that will be launched under the Recovery and Reinvestment initiatives.”

Brian Lewis, Portfolio Manager for Construction, QBE European Operations and Syndicate 1886 described the link up as an “an exciting opportunity whereby our worldwide experience in construction risks can be aligned with C.V. Starr’s presence and experience in the US market”.

Richard N. Shaak, President of Starr Specialty Lines Insurance Agency, LLC, noted Starr’s recognition as a “premier technical” player in the market, adding that, “creating a Lloyd’s Consortium with credible partners enables the group to become a reputable global leader in the construction market, and illustrates the value of the Lloyd’s franchise.”

Source: C. V. Starr – www.cvstarr.com

Topics Trends USA Excess Surplus Lloyd's Construction