On 24 June, Chaucer Group (hereinafter referred to as “Chaucer”), a member of China Re Group, formally announced the launch of a Belt and Road political violence consortium (hereinafter referred to as “Consortium”) at the Lloyd’s market and acted as its management agency. The Consortium aims to pool the professional strengths of Lloyd’s syndicates for the provision of political violence insurance coverage for projects under construction or operation or invested through the Belt and Road initiative, thus comprehensively improving the scale and capacity of risk protection for serving the Belt and Road initiative.
Relying on China Re Group’s customer resource advantages, combined with Chaucer’s professional capabilities and market presence in the area of political violence insurance, the Consortium will provide underwriting capacity of up to US$400 million for projects working on the construction of China’s Belt and Road initiative and investment risks approved by the Green Committee of the Belt and Road initiative. In the beginning of the launch, the Consortium will focus on political violence insurance, with other types of insurance to be expanded and added going forward.
John Neal, CEO of Lloyd’s, said that Lloyd’s is strongly supportive of syndicates in developing innovative global risk products to provide customers with better risk solutions. The new Consortium will provide more underwriting capacity for enterprises and projects under the Belt and Road initiative, facilitating the continued growth of emerging markets going forward.
Yuan Linjiang, Chairman of China Re Group, said that, since the implementation of the Belt and Road initiative, the insurance industry has worked together to play an indispensable role in risk management and risk protection. China Re Group has maintained a positive and good cooperative relationship with its international partners over a long period. This time, jointly launching the Consortium with Lloyd’s and leading insurance institutions in the UK market has fully demonstrated to the international market the synergy between China Re Group and Chaucer.
John Fowle, CEO of Chaucer, said that the new Consortium will offer market-leading risk solutions, providing protection services for the overseas assets of Chinese companies and other co-investors against the risk of political violence. Taking into account its leading position in the international political violence insurance market as well as China Re Group’s unique customer resources and influence, Chaucer works hand in hand with Lloyd’s syndicates to provide clients and brokers with unique risk solutions.