RSA UK Specialty Lines and Brit Insurance have formed a consortium to provide project cargo insurance with the backing of $285m in underwriting capacity.
The pair are planning to offer the cover for project cargo contracts as either lead or follow insurers.
The new product, which had been named BUILD, will cover project cargoes involving renewable energy, power, infrastructure, manufacturing and other industrial sectors.
“This is another example of us capitalising on our global capability and finding opportunities in the market where we can build pockets of niche or lead expertise,” said Calvin Gray, London market marine director at RSA Insurance.
Both Brit and RSA are major marine insurance providers across all the main lines of cover in the London market.
Richard Landers, senior cargo underwriter at RSA Insurance, said: “It’s a great opportunity for us to expand our already market-leading marine offering and provide high level of cover for projects as they grow in size and the demand for things such as renewable energy grows.”
