Specialty insurer Brit is to lead a new Lloyd’s consortium for diamond processing that will add up to $50m of capacity to the London market. It is Lloyd’s first syndicate dedicated to diamond processing. Brit said it would take advantage of recent improvements in diamond cutting technology and risk assessment techniques.
Craig Dennis, Fine Art & Specie Underwriter at Brit Global Specialty, said: “We are delighted to launch and lead on this consortium, the first of its kind in the diamond processing space. We believe that giving our London brokers the ability to efficiently quote and bind stones up to $50m will be a key differentiator in a market place that is very much time sensitive.”