24 June 2021News

Chaucer unveils Lloyd’s Belt and Road Consortium

Chaucer, the specialty re/insurance group, has launched its new Belt and Road Consortium at Lloyd’s.

Chaucer leads and manages the consortium with support from other leading Lloyd’s syndicates. It provides large-scale capacity of up to $400 million for political violence related risks to companies working on China’s Belt and Road Initiative (BRI), including approved investment risks from the BRI Green Committee.

While it will initially underwrite political violence risks, it will write other lines in due course.

Chaucer is part of China Re. The consortium combines Chaucer’s technical underwriting expertise and leadership position in the political violence market with China Re’s regional connections.

John Neal, chief executive officer (CEO) of Lloyd’s of London, said: “We are fully supportive of the Lloyd’s market developing innovative global risk products to enable customers to manage their risks better. This new partnership will increase the amount of insurance capacity available to businesses working on projects such as the BRI, which is expected to be a major driver of growth in emerging markets.”

John Fowle, CEO at Chaucer, said the consortium will allow Chinese companies and co-investors to better protect their assets against political violence risks across the BRI.

“By combining our strong underwriting acumen and leadership position in the political violence market with China Re’s exceptional distribution network, enables us to deliver a truly unique solution to our clients and brokers by working with our fellow Lloyd’s syndicates,” he said.

Yuan Linjiang, chairman of China Re Group, added: “Since the BRI first launched, the insurance industry has played an integral role in providing risk management and vital risk protection. China Re has a long history of cooperation, communication, and interaction with its international partners, and as we embark on this new venture with other leading Lloyd’s and UK businesses we are excited to showcase the combined strength of China Re and Chaucer to the world.”