Brit Ltd., the London-based specialty insurer, announced the launch of a Lloyd’s consortium for diamond processing.
Now quoting business, the new consortium brings additional capacity of up to $50 million to the London market.
“The consortium, which is led by Brit, is Lloyd’s first dedicated to diamond processing and affirms Brit’s position as market leader in this class of business,” the company said in a statement.
The diamond processing consortium further demonstrates Brit’s capability in this specialty sub-class, “providing it with a strong strategic position to take advantage of recent improvements in diamond cutting technology and risk assessment techniques,” the company added.
Craig Dennis, Fine Art & Specie underwriter at Brit Global Specialty, said: “We are delighted to launch and lead on this consortium, the first of its kind in the diamond processing space. We believe that giving our London brokers the ability to efficiently quote and bind stones up to $50 million will be a key differentiator in a market place that is very much time sensitive.”
“The successful launch of this consortium is another example of Brit’s commitment to using its expertise and specialism to innovate new solutions and bring these to market,” said Matthew Wilson, Brit Group Deputy CEO and Brit Global Specialty CEO. “Delivering compelling products in niche specialty lines is at the core of Brit’s underwriting proposition.”
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