Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance’s Global Risk Solutions division, announced the launch of a new Lloyd’s facility for the London market.
The Liberty Project Cargo Consortium (LPCC) underwrites global project-related cargo risks. The facility, Consortium 7763, offers capacity to underwrite risks up to USD 205 million.
Alongside insurance of risks such as project cargo, heavy lifts, and cargo delay in start-up, LPCC provides worldwide clients with comprehensive risk engineering services.
With LSM as lead, Consortium 7763 underwrites and binds risks under a single stamp on behalf of supporting syndicates including AEGIS, Antares, Apollo, AXIS, Chaucer, and Munich Re Syndicate. LSM said its 45 years of industry experience will enable LPCC to make quick, well-informed decisions on behalf of brokers, supporting syndicates and coverholders.
“The energy transition, changes to global supply chains, new manufacturing processes, and other exciting industrial and civic developments are prompting an unprecedented number of new, large-scale projects worldwide,” commented Michael Burle, Liberty Specialty Markets’ head of Marine Division.
“The consortium offers significantly larger capacity than any other currently in the market, which makes the placement and claims processes much smoother. With Liberty’s extensive expertise in underwriting, marine engineering, and claims adjustment we offer a comprehensive product which we believe is unrivalled,” Burle added.
“We are delighted to unite insurers in a partnership that provides much needed capacity and simplicity. The initiative will provide brokers and clients with market-leading capacity at a time when the need for such coverage is significant and growing,” said Chris Hicks, LSM’s underwriting manager – Marine Cargo.
Liberty Specialty Markets offers specialty and commercial insurance and reinsurance products across UK, European, Middle East, US, Bermuda, Asia Pacific & Latin America markets through both the company and Lloyd’s markets. It employs more than 2,000 employees in approximately 60 offices.
Source: Liberty Specialty Markets (LSM)
Topics Excess Surplus New Markets Trucking Lloyd's
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