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Chaucer launches new Belt & Road Consortium at Lloyd’s

Chaucer will lead and manage the Consortium, which will focus on Political Violence Risk protection for assets under construction or operation and financed through the Belt and Road investment initiative, with support from other Lloyd’s syndicates

Chaucer, the specialty (re)insurance group, has announced the launch of its new Belt and Road Consortium at Lloyd’s.

The Consortium will initially underwrite political violence risks, with future solutions in development for other lines of business.

Working with China Re, Chaucer’s parent company, the consortium will provide large-scale capacity of up to US$400m (£286m) for political violence related risks to companies working on China’s Belt and Road Initiative, including approved investment risks from the BRI Green Committee.

The group said the consortium “combines Chaucer’s strong technical underwriting expertise and leadership position in the political violence market with China Re’s unparalleled connections to provide comprehensive coverage and outstanding service to clients”.

Chaucer will lead and manage the Consortium, which will focus on Political Violence Risk protection for assets under construction or operation and financed through the Belt and Road investment initiative, with support from other leading Lloyd’s syndicates.

John Neal, 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 Belt and Road initiative, which is expected to be a major driver of growth in emerging markets.”

Yuan Linjiang, chairman of China Re Group, added: “Since the Belt and Road Initiative 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.”

John Fowle, CEO at Chaucer, said: “Our new Belt and Road Consortium at Lloyd’s will allow Chinese companies and co-investors to better protect their assets against political violence risks across the BRI by providing direct access to market leading risk solutions.

“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.”

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