Liberty Specialty Markets Unveils New Project Cargo Consortium At Lloyd’s
Liberty Specialty Markets Unveils New Project Cargo Consortium At Lloyd’s
The Liberty Project Cargo Consortium (LPCC), a new Lloyd’s facility for the London Market, has been launched by Liberty Specialty Markets (LSM), a component of Liberty Mutual Insurance’s Global Risk Solutions division, to insure cargo risks associated with international projects.
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The Consortium 7763 facility has the ability to insure risks up to $205 million.
Global clients will be served by LPCC’s full-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.
Moreover, LSM’s impressive 45 years of industry experience, will help to enable LPCC to make quick, and well-informed decisions on behalf of brokers, supporting syndicates, and cover holders.
Liberty Specialty Markets Unveils New Project Cargo Consortium At Lloyd’s
Liberty Specialty Markets’ Underwriting Manager – Marine Cargo, Chris Hicks, commented: “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.”
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Liberty Specialty Markets’ Head of Marine Division, Michael Burle, added: “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.
The Consortium offers a significantly larger capacity than any other currently in the market, which makes the placement and claims processes much smoother.
Liberty Specialty Markets Unveils New Project Cargo Consortium At Lloyd’s
“With Liberty’s extensive expertise in underwriting, marine engineering, and claims adjustment we offer a comprehensive product that we believe is unrivaled.
ALSO, READ Net Loss Of $343 Million For Liberty Mutual In Q2
Meanwhile, LSM recently collaborated with Marsh and AIG to launch a new re/insurance facility that provides the capacity to green and blue hydrogen energy projects.
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