Global specialty insurer
Brit Limited has launched the first Lloyd’s consortium dedicated to diamond processing.
Now quoting business, the new consortium brings additional capacity of up to US$50 million to the London market.
Brit Limited said the consortium affirms the company’s market-leading capability in this specialty sub-class, providing it with a strong strategic position to take advantage of recent improvements in diamond cutting technology and risk assessment techniques.
“We are delighted to launch and lead on this consortium, the first of its kind in the diamond processing space,” said Craig Dennis, fine art and specie underwriter at Brit Global Specialty.
Dennis said giving London brokers the ability to efficiently quote and bind stones up to US$50 million will be a “key differentiator in a market place that is very much time sensitive.”
“The successful launch of this consortium is another example of Brit’s commitment to using its expertise and specialism to innovate new solutions and bring these to market,” added Matthew Wilson, the Brit Global Specialty chief executive and deputy CEO of the insurance group.
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