Ironshore’s Pembroke Managing Agency Ltd. announced the formation of the Specie Consortium, a new venture supported by 21 Lloyd’s Syndicates offering up to US$635 million in capacity for any one risk worldwide.
The Specie Consortium is led by three syndicates: Pembroke Managing Agency Syndicate 4000, Apollo Syndicate 1969 and Navigators Syndicate 1221. The lead syndicates on the risk can quote and underwrite specialist cover on behalf of all Lloyd’s participating syndicates.
Lloyd’s Specie Consortium will provide syndicated insurance capacity across specialist niche lines of fine art, jewelry, cash in transit and general specie for brokers and clients on a global basis, Ironshore said in a statement.
Comprehensive terms and conditions of coverage will be tailored to the specific coverage demands of the risk.
“We look forward to working with brokers and clients to design and deliver innovative coverage solutions within Lloyd’s, historically recognized for its global specialty expertise,” said Richard Northcott, director, High Value Cargo, Pembroke Managing Agency.
The Specie Consortium lead syndicate that underwrites the risk will be responsible for ongoing service, including contract negotiations, throughout the policy period and oversee claims handling on behalf of the client to assure continuity and efficiency, Ironshore said.
Peter Montanaro, head of Delegated Authorities at Lloyd’s stated: “This new and innovative group is the largest current consortium in the Lloyd’s market. Lloyd’s is keen to support any syndicates who want to work together to provide greater capacity, flexibility and expertise to their customers and brokers across the world.”
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