Pembroke Managing Agency, a Lloyd’s managing agent under
Ironshore, has launched a project cargo consortium with capacity of up to US$178 million to support the expansion of Lloyd’s coverage of China’s Belt & Road Initiative.
This cargo consortium will help insure one of the largest overseas infrastructure programs in the world today - the multi-billion-dollar Belt and Road Initiative aims to create a giant economic zone by linking the continents of Asia, Europe, and Africa.
The various infrastructure projects include roads, bridges, tunnels, ports, and pipelines. Industry estimates show that the total marine insurance premium involved in the initiative could reach US$3.5 billion.
Pembroke, which manages Lloyd’s Syndicate 4000, will insure cargo involved in Belt and Road projects from large-scale risk exposure and delays. The Lloyd’s China Platform, based in Shanghai, will be led by Pembroke underwriting manager Tracy Ma. Andrew Corton, global head of marine cargo, will also cooperate with the platform.
According to Mark Wheeler, CEO of Ironshore International, the new consortium “replicates the approach and risk appetite of Pembroke’s Project Cargo Consortium in the Lloyd’s market, which currently is the largest of its kind for targeted marine lines.”
He added: “Pembroke’s presence in the region enabled us to create the consortium, extending sector underwriting capabilities to cover China risks.”
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