Two insurers, Travelers and Novae, have joined the Construction Consortium at Lloyd’s to offer greatly increased underwriting capacity for the largest construction risks in the world across all major onshore construction and engineering risk categories.
The consortium was launched in 2013 by syndicates managed by Beazley, Sompo Canopius, Hardy and Talbot, all experienced in underwriting construction risks.
With Travelers and Novae joining these risk underwriters, the consortium now provides capacity up to US$320 million per risk, (equivalent to in excess of $1 billion sum insured capacity).
Consortium capacity is usually aligned behind the syndicate with the greatest experience in each particular risk category and the choice of leader is for the client and broker to make, the consortium explained in a statement.
Across all Construction Consortium syndicates, there are 16 construction underwriters with experience in such areas as major buildings, power generation, heavy civil engineering, oil and gas, heavy industries and mining. Since it launched, the consortium has written in excess of $45 million in premium for construction project exposures across the globe, the consortium said.
“The Construction Consortium at Lloyd’s has successfully led some of the world’s largest and complex construction risks since its launch in 2013,” said a spokesperson for the six syndicates.
“The addition of Travelers and Novae and the recent increases in capacity of the current members nearly doubles our total original underwriting capacity. It enables us to support our clients on extremely large construction projects, as well as offer 100 percent capacity where requested by brokers.”
Source: Construction Consortium at Lloyd’s
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