Sep 06, 2017
Validus Specialty launches Talbot-led $240 million Political Risk Insurance Binder in New York
NEW YORK--(BUSINESS WIRE)--Sep. 6, 2017--
Validus Specialty Underwriting, Inc. (“Validus Specialty”), a wholly
owned subsidiary of Validus Holdings, Ltd. (“Validus”), is pleased to
announce 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
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. 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
“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.
Validus Specialty Underwriters
Validus Specialty offers a wide range of E&S and Admitted insurance
solutions and operates on behalf of Western World Insurance Group and
Talbot Underwriting Ltd., through Syndicate 1183.
With the flexibility of offering ‘A’ rated Lloyd’s paper and ‘A’ rated
U.S. domestic excess & surplus lines and admitted paper through Western
World insurance companies, Validus Specialty offers enhanced
distribution access, excellent technical underwriting and claims
management, and access to leading underwriting capacity.
About Validus Holdings, Ltd.
Validus Holdings, Ltd. (“Validus”) is a holding company for reinsurance
and insurance operating companies and investment advisors including
Validus Reinsurance, Ltd. (“Validus Re”), Talbot Underwriting Ltd.
(“Talbot”), Western World Insurance Group, Inc. (“Western World”) and
AlphaCat Managers, Ltd. (“AlphaCat”).
Validus Re is a global reinsurance group focused primarily on treaty
reinsurance. Talbot is a specialty insurance group primarily operating
within the Lloyd's insurance market through Syndicate 1183. Western
World is a U.S. specialty lines insurance group focused on excess and
surplus lines. AlphaCat is a Bermuda based investment advisor managing
capital for third parties and Validus in insurance linked securities and
other property catastrophe and specialty reinsurance investments.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170906006719/en/
Source: Validus Holdings, Ltd.
Validus Holdings, Ltd.
Charlotte Connerton / Mustafa Riffat