Talbot to Lead $115 million Political Risk Insurance Binder in New York

NEW YORK--(BUSINESS WIRE)-- Talbot Underwriting Services (US) Ltd., a wholly owned subsidiary of Validus Holdings, Ltd. (“Validus”), is pleased to announce the launch of a Political Risk Insurance 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 includes syndicates managed by Ascot, Sompo Canopius, CNA Hardy, and Starstone, all organisations with expertise in writing political risks. With $115 million in capacity, it will provide brokers and clients in the Americas with a one-stop shop to access Political Risk Insurance capacity in the Lloyd’s market.

The combination of these syndicates’ expertise in Political Risk Insurance, together with the significant capacity available, will differentiate the facility and enable it to offer a high level of Lloyd’s Political Risk Insurance capacity in the Americas. The facility can only be accessed via appropriately licenced brokers.

James Bamford, Head of War, Terrorism and Political Risk at Talbot, said: “This facility will play an important role in attracting more political risk insurance business to Lloyd's and provide us with the underwriting capacity to lead the largest projects. For our brokers and clients, substantial additional capacity from insurers that really understand their needs will undoubtedly be welcome.”

About Talbot Underwriting Services (US) Ltd.

Talbot Underwriting Services (US) Ltd is a licensed New York excess lines broker and an approved Lloyd’s coverholder. Our core market is USA domiciled companies, including global operations. We have attracted an experienced team of proven leaders within our chosen market sectors.

About Talbot Underwriting Ltd.

Talbot Underwriting Ltd operates within the Lloyd’s insurance market through Syndicate 1183. Syndicate 1183 focuses on underwriting a number of specialty risks including marine, aviation, transport, energy, terrorism, political risk, accident and health, construction, contingency, financial institutions, property and treaty reinsurance. Syndicate 1183 has capacity of £600 million for the 2016 underwriting year of account.

About Validus Holdings, Ltd.

Validus Holdings, Ltd. is a holding company for reinsurance and insurance operating companies and investment advisors including Validus Reinsurance, Ltd. (“Validus Re”), Talbot Holdings Ltd. (“Talbot”), Western World Insurance Group, Inc. (“Western World”) and AlphaCat Managers, Ltd. (“AlphaCat”).

Validus Re is a Bermuda based reinsurer focused on short tail lines of reinsurance. Talbot is the Bermuda parent of the specialty insurance group primarily operating within the Lloyd's insurance market through Syndicate 1183. Western World is a U.S. specialty lines insurance company focused on excess and surplus lines. AlphaCat is a Bermuda based investment adviser managing capital for third parties and the Group in insurance linked securities and other property catastrophe reinsurance investments.

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Brunswick Group

Dania Saidam

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Source: Talbot Underwriting Services (US) Ltd.