A new insurance consortium for political risk business has been launched by Talbot Underwriting Services.
The new binding authority, set up in Talbot’s New York office, is in consortium with other Lloyd’s of London underwriters Ascot, Sompo Canopius, CNA Hardy, and Starstone.
Talbot, the Lloyd’s subsidiary of Bermudian re/insurer Validus, will lead the business using its Lloyd’s Syndicate 1183.
With $115m of start-up capacity, the consortium is targeted at brokers and clients in the Americas.
“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,” said James Bamford, head of war, terrorism and political risk at Talbot.
“For our brokers and clients, substantial additional capacity from insurers that really understand their needs will undoubtedly be welcome,” Bamford added.