Talbot Underwriting Ltd., a wholly owned subsidiary of Validus Holdings Ltd., announced the launch of a Lloyd’s led consortium for nuclear, biological, chemical and radiological (NBCR) terrorism.
The facility will allow brokers to fully bind through one underwriter, with Talbot as the lead member, Talbot said in a statement.
The consortium is led by Talbot, with capacity also provided by Ariel Re, AXIS, Barbican, Brit, and Liberty Specialty Markets, and it is the only Lloyd’s led consortium for NBCR terrorism. The consortium will write NBCR risks up to $50 million, offering cover for property damage, business interruption, and liability.
Steven Tebbutt, Global Practice leader for Political Violence at Talbot, said: “The increasing risk of NBCR terrorist attacks is driving demand for cover across the market,” and characterized the amount of limit available from the consortium as “significant.”
Talbot Underwriting Ltd. operates within the Lloyd’s insurance market through Syndicate 1183. Syndicate 1183 focuses on underwriting specialty risks including marine, aviation, transport, energy, terrorism, political risk, accident and health, construction, contingency, financial institutions, property and treaty reinsurance.
Source: Talbot Underwriting
This article first appeared in Insurance Journal’s sister publication, Carrier Management.
Topics Catastrophe Natural Disasters Excess Surplus Underwriting
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