NEW YORK--(BUSINESS WIRE)--Validus Specialty Underwriting, Inc. (“Validus Specialty”), a wholly owned subsidiary of Validus Holdings, Ltd. (“Validus”), is pleased to announce the renewal of its Political Risk Insurance (“PRI”) binding authority from its New York office, underwritten 100% by various underwriters at Lloyd’s and led by Talbot Underwriting Ltd, Syndicate 1183 (“Talbot”).
The Talbot-led binding authority was first launched in 2016. To meet the demand for growth in 2017, capacity has increased from $125 million to $240 million per acceptance. Binder participants include syndicates managed by Ascot, CNA Hardy, Sompo Canopius and Starstone. New to the 2017 facility are Amtrust, Ark, Brit and Novae. All organizations have considerable expertise in writing political risks. The 2017 facility will provide brokers and clients in the Americas with a one-stop shop to access Political Risk Insurance capacity from the Lloyd’s market. The facility can only be accessed via appropriately licensed brokers.
Jared Kotler, Head of Political Risk and Credit at Validus Specialty, said: “Validus Specialty has seen a significant amount of demand for PRI business through the binding authority over the past twelve months. By increasing the facility to a market-leading $240 million in capacity, our private equity, global financial institutions and multinational clients will have a place to obtain bespoke, cost efficient political risk insurance policies to mitigate the country risk in their global exposures.”
“As we had hoped last year, this facility has played an important role in attracting more political risk insurance business to Lloyd's and the renewal continues to provide us with the underwriting ability to lead major projects,” said James Bamford, Global Practice Leader Political Lines at Talbot Underwriting.
Validus Specialty Underwriters
Validus Specialty offers a wide range of E&S and Admitted insurance solutions and operates on behalf of Western World Insurance Group and Talbot Underwriting Ltd., through Syndicate 1183.
With the flexibility of offering ‘A’ rated Lloyd’s paper and ‘A’ rated U.S. domestic excess & surplus lines and admitted paper through Western World insurance companies, Validus Specialty offers enhanced distribution access, excellent technical underwriting and claims management, and access to leading underwriting capacity.
About Validus Holdings, Ltd.
Validus Holdings, Ltd. (“Validus”) 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 global reinsurance group focused primarily on treaty 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 group focused on excess and surplus lines. AlphaCat is a Bermuda based investment advisor managing capital for third parties and Validus in insurance linked securities and other property catastrophe and specialty reinsurance investments.