July 27 - Pembroke Managing Agency, part of the international insurance company Ironshore, has launched a project cargo consortium on Lloyd's China related to China's Belt and Road Initiative (BRI).
According to Pembroke, project cargo has emerged as the most significant risk exposure for the BRI, as the corridor includes sea trade lanes.
Pembroke Lloyd's Syndicate 4000 will offer cargo transportation cover, large-scale risk exposure and start-up delay coverage for China's Belt and Road undertaking.
The multi-billion dollar BRI involves building a network or roads, ports, bridges, tunnels, pipelines and deepwater Arctic ports that will connect Asia, Europe and Africa. The consortium will offer insurance capacity limits of up to USD178 million.
Mark Wheeler, ceo of Ironshore International, said the 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."
He added: "Pembroke's presence in the region enabled us to create the consortium, extending sector underwriting capabilities to cover China risks."
Cargo Solutions (CSL) is currently appointed as the surveyor for the project cargo consortium.