Cobalt Underwriting, the London market’s only Shariah-compliant underwriting agency, has launched an Islamic political violence insurance product backed by Chaucer.
Cobalt will offer the product with Lloyd’s capacity provided by Syndicate 2084, the Shariah-compliant component of Chaucer Syndicate 1084.
Mr Richard Bishop, CEO of Cobalt, said: “Political violence is a concern raised in more and more of our discussions with clients and brokers, and we are delighted to be able to offer Islamic buyers and markets a product that enables them to manage their growing political risks in a Shariah-compliant way. Chaucer has built an enviable reputation as a leader in political violence for emerging markets, and we are delighted to have been able to work together successfully to create this truly innovative product.
“The demand for Shariah-compliant insurance products continues to grow, and we are constantly working to bring new products, with the backing of highly rated capacity, to the market to meet the needs of not only the Islamic business community but also those of clients who are attracted by the transparency and participatory nature of Shariah insurance products.”
Mr Andrew Bauckham, Lead Political Violence Underwriter at Chaucer, said: “During the last decade, the MENA area and other Islamic countries have become an important pillar of our political violence account. During this time, clients have often asked me about Chaucer offering a Shariah-compliant political violence product. I am delighted that Chaucer and Cobalt Underwriting have together created Shariah-compliant access to Chaucer’s political violence products.”
Mr Fawzi Omari, Chaucer Political Violence Underwriter, will manage the Syndicate 2084 facility on behalf of Syndicate 1084. He said: “The MENA area has seen first-hand the value of political violence insurance over the past five years, with significant periods of unrest and political violence in many countries. During this time, Chaucer has always been there to pay claims and help clients re-build their businesses, and so I am delighted that we have now widened our political violence product offering to include a tailored solution for Islamic buyers.”
Cobalt offers a range of Shariah-compliant insurance and reinsurance products backed by Lloyd’s and S&P ‘A’-rated carriers.
The Political Violence Team at Chaucer Syndicate 1084 underwrites a global war and terrorism and political violence account, with nearly 25% of business emanating from MENA. The team currently offers direct insurance, facultative reinsurance, and portfolio excess of loss or quota share solutions to direct clients and local and regional reinsurance companies.