Talbot Forms $115M Political Risk Insurance Binder for U.S. Clients

August 10, 2016

Talbot Underwriting Services Ltd., a wholly owned subsidiary of Validus Holdings, Ltd. has launched political risk insurance binding authority from its New York office, underwritten 100 percent by various underwriters at Lloyd’s and led by Talbot Underwriting Ltd, Syndicate 1183.

The Talbot-led binding authority includes syndicates managed by Ascot, Sompo Canopius, CNA Hardy, and Starstone, all organizations with expertise in writing political risks. With $115 million in capacity, it will provide brokers and clients in the Americas with a one-stop shop to access political risk insurance capacity in the Lloyd’s market. The facility can only be accessed via appropriately licensed brokers.

“This facility will play an important role in attracting more political risk insurance business to Lloyd’s and provide us with the underwriting capacity to lead the largest projects. For our brokers and clients, substantial additional capacity from insurers that really understand their needs will undoubtedly be welcome,” said James Bamford, head of War, Terrorism and Political Risk at Talbot.

Talbot Underwriting Services Ltd is a licensed New York excess lines broker and an approved Lloyd’s coverholder. Its core market is USA domiciled companies, including global operations.

Talbot Underwriting Ltd operates within the Lloyd’s insurance market through Syndicate 1183. Syndicate 1183 focuses on underwriting a number of specialty risks including marine, aviation, transport, energy, terrorism, political risk, accident and health, construction, contingency, financial institutions, property and treaty reinsurance. Syndicate 1183 has capacity of £600 million for the 2016 underwriting year of account.

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