Validus Launches Talbot Led $240M PRI Binder

September 9, 2017

Validus Specialty Underwriting, Inc., a wholly owned subsidiary of Bermuda-based Validus Holdings, Ltd, announced the renewal of its Political Risk Insurance [PRI] binding authority from its New York office, underwritten 100% by various underwriters at Lloyd’s and led by Talbot Underwriting Ltd, Syndicate 1183.

“The Talbot-led binding authority was first launched in 2016. To meet the demand for growth in 2017, capacity has increased from $125 million to $240 million per acceptance,” the company said.

“Binder participants include syndicates managed by Ascot, CNA Hardy, Sompo Canopius and Starstone. New to the 2017 facility are Amtrust, Ark, Brit and Novae. All organizations have considerable expertise in writing political risks.

“The 2017 facility will provide brokers and clients in the Americas with a one-stop shop to access Political Risk Insurance capacity from the Lloyd’s market. The facility can only be accessed via appropriately licensed brokers.

Jared Kotler, Head of Political Risk and Credit at Validus Specialty, said: “Validus Specialty has seen a significant amount of demand for PRI business through the binding authority over the past twelve months.

“By increasing the facility to a market-leading $240 million in capacity, our private equity, global financial institutions and multinational clients will have a place to obtain bespoke, cost efficient political risk insurance policies to mitigate the country risk in their global exposures.”

“As we had hoped last year, this facility has played an important role in attracting more political risk insurance business to Lloyd’s and the renewal continues to provide us with the underwriting ability to lead major projects,” said James Bamford, Global Practice Leader Political Lines at Talbot Underwriting.

Read More About

Category: All, Business