Talbot Launches Consortium For NBCR Terrorism
Talbot Underwriting Ltd., a wholly owned subsidiary of Bermuda-based Validus Holdings, Ltd., announced the successful launch of a Lloyd’s led consortium for nuclear, biological, chemical and radiological [NBCR] terrorism.
“In response to market demands for this unique and challenging coverage, the facility will allow brokers to fully bind through one underwriter, with Talbot as the lead member,” the company said.
The consortium is led by Talbot, with capacity also provided by Ariel Re, AXIS, Barbican, Brit, and Liberty Specialty Markets, and it is the only Lloyd’s led consortium for NBCR terrorism.
The consortium will write NBCR risks up to $50 million, offering cover for property damage, business interruption, and liability. This is a significant line in a market with limited capacity.
Steven Tebbutt, Global Practice Leader for Political Violence at Talbot, commented: “The increasing risk of NBCR terrorist attacks is driving demand for cover across the market.
“It is important that insurers can offer clients cover against a wide range of political violence perils. The significant limit offered through the consortium will give meaningful cover against the losses businesses could incur in such an event.”
