Cobalt Underwriting, the London insurance market’s first Shariah compliant underwriting agency, announced that it has secured a major property portfolio placed by Lockton’s Real Estate and Construction practice (REAC).
Lockton’s client, 90 North Real Estate Advisors LLP’s portfolio “includes high class student accommodation, warehousing, offices and retail space around the UK with a market value in excess of £300 million [$468.6 million],” the announcement said.
Cobalt also noted that it “provides underwriting capacity, which is Shariah compliant, opening up access to insurance and reinsurance for Islamic and non-Islamic corporations across the globe.”
CEO Richard Bishop commented: “We are delighted to have been able to place this prestigious portfolio having worked closely with Lockton, QBE and 90 North. It is a clear statement that the London insurance market is keen to play its part in making London a leading center for Islamic insurance.
“Our products offer transparency, a compulsion to put the needs of the client first and the opportunity for the client to share in the products success. Most importantly these products are open to all.”
REAC’s CEO and Partner, Lockton Companies LLP Board Member, Richard Owen, detailed the close cooperation Cobalt and 90 North Real Estate Partners; adding that the company is “delighted to have successfully arranged a fully Shariah compliant insurance program for these assets,” which, he added, “could not have been achieved without the key support of Cobalt, who clearly understands ours and the client’s needs. This opens an exciting new phase for our business, as well as endorsing the innovative approach we adopt by securing solutions for our clients with key partners.”
Philip Churchill, Founder & Managing Partner of 90 North added, “It’s more than twelve years since I first structured a Shariah compliant UK real estate transaction. During this time the scholars have always asked for such Shariah compliant insurance. I’m absolutely delighted that we’ve been able to complete the final piece of the jigsaw and be able to deliver a fully Shariah compliant investment for our equity partners.”
Source: Cobalt Underwriting
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