Shariah compliant managing general agent Cobalt Underwriting has launched a new political violence product backed by Chaucer.
Cobalt, the London market’s only Shariah compliant underwriting agency, will offer the product with Lloyd’s capacity provided by Syndicate 2084, the Shariah compliant component of Chaucer Syndicate 1084.
“Political violence is a concern raised in more and more of our discussions with clients and brokers, and we are delighted to be able to offer Islamic buyers and markets a product that enables them to manage their growing political risks in a Shariah compliant way,” said Richard Bishop, CEO of Cobalt.
“Chaucer has built an enviable reputation as a leader in political violence for emerging markets, and we are delighted to have been able to work together successfully to create this truly innovative product,” Bishop continued.
“The demand for Shariah compliant insurance products continues to grow, and we are constantly working to bring new products, with the backing of highly rated capacity, to the market to meet the needs of not only the Islamic business community but also those of clients who are attracted by the transparency and participatory nature of Shariah insurance products,” he added.
“During the last decade, the MENA area and other Islamic countries have become an important pillar of our political violence account,” said Andrew Bauckham, lead political violence underwriter, at Chaucer.
“During this time, clients have often asked me about Chaucer offering a Shariah compliant political violence product. I am delighted that Chaucer and Cobalt Underwriting have together created Shariah compliant access to Chaucer’s political violence products,” he said, adding that he was pleased to be able to offer this “new solution to clients, who have not been able to purchase insurance in this way before.”
Fawzi Omari, Chaucer political violence underwriter, will manage the Syndicate 2084 facility on behalf of Syndicate 1084.
“The MENA [Middle East and North Africa] area has seen first-hand the value of political violence insurance over the past five years, with significant periods of unrest and political violence in many countries,” Omari said.
“During this time, Chaucer has always been there to pay claims and help clients re-build their businesses, and so I am delighted that we have now widened our political violence product offering to include a tailored solution for Islamic buyers,” he went on to say.
Source: Cobalt Underwriting