Talbot Underwriting Launches Consortium for NBCR Terrorism
November 03 2016 - 6:29PM
Business Wire
Talbot Underwriting Ltd. (“Talbot”), a wholly owned subsidiary
of Validus Holdings, Ltd. (“Validus”), today announced the
successful launch of a Lloyd’s led consortium for nuclear,
biological, chemical and radiological (NBCR) terrorism.
In response to market demands for this unique and challenging
coverage, the facility will allow brokers to fully bind through one
underwriter, with Talbot as the lead member.
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. This is
a significant line in a market with limited capacity.
Steven Tebbutt, Global Practice Leader for Political Violence at
Talbot, commented: “The increasing risk of NBCR terrorist attacks
is driving demand for cover across the market.” Adding, “It is
important that insurers can offer clients cover against a wide
range of political violence perils. The significant limit offered
through the consortium will give meaningful cover against the
losses businesses could incur in such an event.”
About Talbot Underwriting Ltd.
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.
About Validus Holdings, Ltd.
Validus Holdings, Ltd. is a holding company for reinsurance and
insurance operating companies and investment advisors including
Validus Reinsurance, Ltd. (“Validus Re”), Talbot Underwriting Ltd.
(“Talbot”), Western World Insurance Group, Inc. (“Western World”)
and AlphaCat Managers, Ltd. (“AlphaCat”).
Validus Re is a Bermuda based reinsurer focused on short tail
lines of reinsurance. Talbot is a specialty insurance group
primarily operating within the Lloyd's insurance market through
Syndicate 1183. Western World is a U.S. specialty lines insurance
company focused on excess and surplus lines. AlphaCat is a Bermuda
based investment adviser managing capital for third parties and the
Group in insurance linked securities and other property catastrophe
reinsurance investments.
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Media:Brunswick GroupDania Saidam+44 20 7404
5959Validus@brunswickgroup.com
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