Liberty Specialty Markets announces new Project Cargo Consortium at Lloyd’s
Authored by Liberty Specialty Markets
Liberty Project Cargo Consortium 7763 is launched! It can write up to USD 205 million, providing the largest single cargo capacity in the market.
Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance’s Global Risk Solutions division, today announced the launch of a new Lloyd’s facility for the London Market, the Liberty Project Cargo Consortium (LPCC), to underwrite global project-related cargo risks. The facility, Consortium 7763, offers capacity to underwrite risks up to USD 205 million.
Alongside insurance of risks including project cargo, heavy lifts, and cargo delay in start-up, LPCC provides worldwide clients with comprehensive risk engineering services. With LSM as lead, Consortium 7763 underwrites and binds risks under a single stamp on behalf of supporting syndicates including AEGIS, Antares, Apollo, AXIS, Chaucer, and Munich Re Syndicate. LSM’s 45 years of industry experience will enable LPCC to make quick, well-informed decisions on behalf of brokers, supporting syndicates and coverholders.
“The energy transition, changes to global supply chains, new manufacturing processes, and other exciting industrial and civic developments are prompting an unprecedented number of new, large-scale projects worldwide. The Consortium offers significantly larger capacity than any other currently in the market, which makes the placement and claims processes much smoother. With Liberty’s extensive expertise in underwriting, marine engineering, and claims adjustment we offer a comprehensive product which we believe is unrivalled,” said Liberty Specialty Markets’ Head of Marine Division, Michael Burle.
“We are delighted to unite insurers in a partnership that provides much needed capacity and simplicity. The initiative will provide brokers and clients with market-leading capacity at a time when the need for such coverage is significant and growing,” said Liberty Specialty Markets’ Underwriting Manager - Marine Cargo, Chris Hicks (pictured).
About Liberty
Liberty Specialty Markets offers specialty and commercial insurance and reinsurance products across key UK, European, Middle East, US and other international locations.
We provide brokers and insureds with a broad range of products through both the Company and Lloyd’s markets and have over 1,700 staff in approximately 65 offices. Liberty Specialty Markets was established in September 2013 bringing together Liberty’s company, syndicate and reinsurance operations into one combined operation, composed of three business units: Commercial, Specialty, and Reinsurance (Liberty Mutual Re). This integrated approach means brokers and clients can benefit from our global reach and operating efficiencies.
Liberty Specialty Markets is part of global insurer, Liberty Mutual Insurance Group, a diversified global insurer, formed in 1912 and headquartered in Boston, Massachusetts. Liberty Mutual is the 5th largest global insurer based on 2017 gross written premium, with over 50,000 employees in 30 countries and economies around the world. Our purpose is to help people embrace today and confidently pursue tomorrow. The promise we make to our customers throughout the world is to provide protection for the unexpected, delivered with care. We achieve this by offering a full range of personal, commercial, and specialty Property & Casualty insurance coverages. Our customers’ trust has earned us the 68th spot on the Fortune 100 list of largest corporations in the U.S., based on 2017 revenue.