Chaucer, the leading international specialty (re)insurance group, today announced the establishment of a Political Violence Facility with other Lloyd’s syndicates in Singapore. Working with China Re, Chaucer’s parent company, the Facility will provide large-scale capacity of up to US$250m for individual risks to companies working on China’s One Belt, One Road Initiative, as well as other Chinese sourced opportunities.
The Facility combines Chaucer’s strong technical underwriting acumen and leadership position in the political violence market with China Re’s unparalleled distribution capabilities to provide comprehensive coverage and outstanding service to clients. Chaucer will lead the Consortium, which also comprises capacity from Liberty Specialty Markets, Talbot, Beazley, Munich Re, Canopius and QBE in Singapore.
Mr Zhang Renjiang, General Manager of China Re P&C, in China, commented,
“President Xi Jinping pointed out that the aim of the Belt and Road Initiative is based on the principle of unity: to jointly build, share and prosper. Specifically, to work together with all the countries and communities along the Belt and Road to create mutually beneficial, win-win outcomes through shared development.
Since the Belt and Road Initiative was put forward, the insurance industry has evolved in its indispensable role of providing risk management and vital risk protection. China Re has always had a persistent focus on cooperation, communication and interaction with its international partners. We are determined to work on globalisation and innovation, in particular with those attached to the Belt and Road Initiative.
China Re will lead the new Political Violence Facility forward in the Asian market, giving superior and tailored service to protect Chinese enterprises against the risk of political violence. We are looking forward to working with the other teams in Singapore on a smooth and efficient delivery of this new Political Violence facility.”
Margaret To, CEO of Chaucer in Singapore, said:
“Our new Political Violence Facility at Lloyd’s Asia will allow Chinese companies to better protect their assets in emerging markets. By combining Chaucer’s strong underwriting capabilities and leadership position in the political violence market with China Re’s exceptional distribution network will enable us to provide clients with direct access to market leading risk solutions.”
To download a PDF of the press release, click here.