LONDON--(BUSINESS WIRE)--Talbot Underwriting Ltd. (“Talbot”), a wholly owned subsidiary of Validus Holdings, Ltd. (“Validus”), today announced the successful launch of a Lloyd’s led consortium for nuclear, biological, chemical and radiological (NBCR) terrorism.
In response to market demands for this unique and challenging coverage, the facility will allow brokers to fully bind through one underwriter, with Talbot as the lead member.
The consortium is led by Talbot, with capacity also provided by Ariel Re, AXIS, Barbican, Brit, and Liberty Specialty Markets, and it is the only Lloyd’s led consortium for NBCR terrorism. The consortium will write NBCR risks up to $50 million, offering cover for property damage, business interruption, and liability. This is a significant line in a market with limited capacity.
Steven Tebbutt, Global Practice Leader for Political Violence at Talbot, commented: “The increasing risk of NBCR terrorist attacks is driving demand for cover across the market.” Adding, “It is important that insurers can offer clients cover against a wide range of political violence perils. The significant limit offered through the consortium will give meaningful cover against the losses businesses could incur in such an event.”
About Talbot Underwriting Ltd.
Talbot Underwriting Ltd operates within the Lloyd’s insurance market through Syndicate 1183. Syndicate 1183 focuses on underwriting a number of specialty risks including marine, aviation, transport, energy, terrorism, political risk, accident and health, construction, contingency, financial institutions, property and treaty reinsurance. Syndicate 1183 has capacity of £600 million for the 2016 underwriting year of account.
About Validus Holdings, Ltd.
Validus Holdings, Ltd. is a holding company for reinsurance and insurance operating companies and investment advisors including Validus Reinsurance, Ltd. (“Validus Re”), Talbot Underwriting Ltd. (“Talbot”), Western World Insurance Group, Inc. (“Western World”) and AlphaCat Managers, Ltd. (“AlphaCat”).
Validus Re is a Bermuda based reinsurer focused on short tail lines of reinsurance. Talbot is a specialty insurance group primarily operating within the Lloyd's insurance market through Syndicate 1183. Western World is a U.S. specialty lines insurance company focused on excess and surplus lines. AlphaCat is a Bermuda based investment adviser managing capital for third parties and the Group in insurance linked securities and other property catastrophe reinsurance investments.