Specialty reinsurance group Chaucer has added a cover of political risk and contract frustration to the Belt and Road Consortium in Lloyds.
The new consortium, led and operated by Chaucer, will provide US 60 60 million (SG $ 81.1 million) in lead, supported by the ability to pursue a further US 23 235 million. It covers the political risks associated with the Belt and Road Initiative (BRI) and the frustration of the deal.
Consortium Chaucer’s technical underwriting skills and leadership position in the political risk market provide clients extensive coverage with the broad regional connection of parent company China Ray.
“Since the Belt and Road Initiative was first launched, the insurance industry has played an integral role in providing risk management and critical risk protection,” said Yuan Linjiang, chairman of China Ray Group. “China Ray has a long history of cooperation, communication and interaction with international partners, and we are excited to demonstrate the combined strength of China Ray and Chaucer as we launch this new venture with other leading Lloyds and UK businesses. Earth. “
BRI is a China-led global infrastructure development project that spans 65 countries in Southeast Asia, the Middle East and Africa. As of 2019, BRI had 2,631 projects with a combined value of 7 3.7 trillion.
“Our new Belt and Road Consortium in Lloyd’s will allow Chinese companies and co-investors to provide direct access to political risks and the risk of contract disappointment across BRIs by better marketing their assets,” said John Fowler, CEO of Chaucer. “Combining our strong underwriting skills and leadership position in a political risk market with China Ray’s exceptional distribution network enables us to provide a truly unique opportunity in the market.”
It is the second consortium to be launched by Chaucer since the ০০ 10,000 million Political Violence Consortium in July.