Lloyd’s affiliates support Ironshore’s project providing $635M per risk

Ironshore’s Pembroke Managing Agency, with offices in Bermuda, has presented its ‘Specie Consortium’, a project backed by 21 Lloyd’s syndicates which provides almost $635 million per risk.

Managed by three syndicates, namely Pembroke Managing Agency Syndicate, Apollo Syndicate and Navigators Syndicate, the Specie Consortium offers syndicated insurance capacity across specialist niche lines of fine art, jewellery, cash in transit and general specie for brokers and clients.

The lead syndicates on the risk can quote and underwrite specialist cover on behalf of all Lloyd’s contributing syndicates, and will be in charge of ongoing services, including contract negotiations, throughout the policy period.

“Pembroke Managing Agency is delighted to be actively involved in this new Lloyd’s initiative to develop syndicated capacity in this specialist class worldwide,” said Richard Northcott, Pembroke director of high value cargo.

“We look forward to working with brokers and clients to design and deliver innovative coverage solutions within Lloyd’s.”

Peter Montanaro, head of delegated authorities at Lloyd’s, added: “This new and innovative group is the largest current consortium in the Lloyd’s market. Lloyd’s is keen to support any syndicates who want to work together to provide greater capacity, flexibility and expertise to their customers and brokers across the world.”