Lloyd’s of London marine insurance brokers covering shipbuilding risks will now be able to offer up to $75m of capacity per vessel following the creation of a consortium.
The Lloyd’s Marine Builders’ Risk Consortium— made up of Munich Re Lloyd’s’ syndicate managing general agent MRSL, insurers Apollo and Tokio Marine HCC International — aims to provide capacity “as the shipping industry transitions to greener energy and sees an expansion in naval shipbuilding”, a statement read.
The consortium went live earlier this year and builds on an existing deal between Apollo and MRSL in place since 2019.
Commenting on the consortium, Apollo’s Hull Class leader Iain Henstridge said: “This new consortium offers Lloyd’s brokers a genuine alternative, giving them a new route to market for their producers.
“These are often highly complex and technical risks and we have a great team in place to service this exciting class, as well as our existing business.”
Henstridge highlighted that the additional resources brought by the new consortium enhance Apollo and its partners’ ability to seize the opportunity effectively.
And Simon Shrimpton, head of marine at Tokio Marine HCC International, said the consortium “not only complements our existing Builders Risks book, but provides economies of scale to all participants, dedicated expertise and an efficient solution to traditional placements”.
