Lloyd’s Chaucer in Deal for First Russian Coverholder

April 6, 2011

Chaucer Syndicates Limited announced a new partnership with Nakhodka Re in Moscow and RFIB Ltd in London to launch SeaLine, as the first Lloyd’s coverholder in Russia.

“Chaucer and RFIB acted as sponsors to Lloyd’s for SeaLine, which received Lloyd’s coverholder approval on 31 March 2011,” said the bulletin. “Russian reinsurer, Nakhodka Re, owns SeaLine, which will underwrite cargo reinsurance risks in the CIS Region.”

Enrico Bertagna, Lloyd’s Regional Manager, Europe, commented: “Lloyd’s is pleased to welcome the first Coverholder, SeaLine, in Russia. This is an important step towards exploring the potential of the country’s reinsurance market. Russia is an increasingly important market for Lloyd’s and we have seen reinsurance premiums grow to $166 million last year.”

He added that a “Lloyd’s representative office will be opened in Moscow later this year with a full time Country Manager based there to support Managing Agents.”

Lloyd’s Chairman, Lord Levene, visited Russia in May 2010 where, in a speech to over 140 Russian insurance representatives, he that Lloyd’s intended to build a platform in the region.

The bulletin noted that “Andrew Voke, Head of Production for Chaucer Syndicate 1084 and John Metcalfe, Director of RFIB Holdings Limited, a specialist in Russian reinsurance, were with the official party that accompanied Lord Levene on the visit.”

Subsequent to the visit, Lloyd’s has announced plans to open a new representative office in Moscow to help support its development ambitions. The launch of SeaLine is the first major result of this initiative.

John Metcalfe, Director of RFIB Holdings, added: “We very much look forward to working with Chaucer and SeaLine and are proud that together we have achieved the milestone of launching the first Lloyd’s coverholder in Russia.”

Andrew Voke, Head of Production for Chaucer Syndicate 1084, described the partnership as an “important step for Lloyd’s and Chaucer in establishing closer links with the Russian insurance market.” He also noted: “We have an excellent long-term relationship with Nakhokda Re and are pleased to be a partner with them and RFIB in such a prestigious project, which further enhances Chaucer’s growing international distribution network.”

Sources: Chaucer and Lloyd’s of London

Topics Excess Surplus Reinsurance Russia Lloyd's

Was this article valuable?

Here are more articles you may enjoy.