Ironshore’s Pembroke Managing Agency has launched a Project Cargo Consortium to serve the Lloyd’s China platform, offering capacity limits of up to $178m. The dedicated coverage for risk exposure and consequential loss related to project cargo transportation and delay in start-up for large scale project risks has been launched in response to China’s “Belt and Road Initiative,” also known as “one belt, one road.” It will be written by Pembroke Lloyd’s Syndicate 4000.
Pembroke underwriting manager Tracy Ma will lead project cargo underwriting for the Lloyd’s China Platform, based in Shanghai. Ma will work in cooperation with Andrew Corton, global head of Marine Cargo, based in London.
Mark Wheeler, chief executive officer of Ironshore International, said that “our new consortium for China cargo line risks 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,” adding that “Pembroke’s presence in the region enabled us to create the consortium, extending sector underwriting capabilities to cover China risks.”
Ironshore said that industry estimates indicate that the Belt and Road Initiative could generate $3.5bn in insurance premium for marine lines, with project cargo emerging as the most significant risk exposure as “belt” refers to sea lanes.