Markel International, the London-based specialist insurer that leads the Lloyd’s livestock consortium, has extended the consortium’s aggregate capacity by signing up Beazley as a fifth member.
With co-founders Tokio Marine Kiln, Pembroke and AEGIS London, Markel established the consortium in July 2016 to offer larger single risk capacity than that usually available in the livestock market. The need reflected the growing scale and value of farms and their livestock internationally, as well as the increasing incidence of pandemic risks, such as avian flu and foot and mouth disease.
The consortium offers cover of up to $30 million, per location, for livestock risks.
In its first five months, writings have exceeded those forecast in the original business plan, showing strong market support for what the consortium offers.
Robert Wells, senior underwriter, global livestock, Markel International, commented: “We had a successful launch in the second half of last year, which fully supported our belief in the consortium’s underlying proposition and encouraged us to welcome additional aggregate capacity from Beazley. We are looking forward to our first full year in business, confident in our ability to meet the growing needs of brokers and their clients.”
Source: Markel International Ltd.
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