Liberty Specialty Markets has launched a new Lloyd’s facility for the London market. The Liberty Project Cargo Consortium (LPCC), or Consortium 7763, will underwrite global project-related cargo risks up to US$205 million.
The new consortium calls on Liberty Specialty Markets’ 45 years of industry experience to make fast and informed decisions on behalf of brokers and coverholders. The consortium also provides clients worldwide with risk-engineering services, binding risks under a single stamp on behalf of supporting syndicates, including the likes of AEGIS, Apollo, Chaucer, and Munich Re.
“The energy transition, changes to global supply chains, new manufacturing processes, and other exciting industrial and civic developments are prompting an unprecedented number of new, large-scale projects worldwide,” said Liberty Specialty Markets head of marine division Michael Burle (pictured left). “The Consortium offers significantly larger capacity than any other currently in the market, which makes the placement and claims processes much smoother. With Liberty’s extensive expertise in underwriting, marine engineering, and claims adjustment, we offer a comprehensive product which we believe is unrivalled.”
“We are delighted to unite insurers in a partnership that provides much needed capacity and simplicity,” added underwriting manager for marine cargo Chris Hicks (pictured right). “The initiative will provide brokers and clients with market-leading capacity at a time when the need for such coverage is significant and growing.”