AIG UK underwrites Shariah-compliant warranty and indemnity policy
AIG UK said on Oct. 19 that it has underwritten the first Shariah-compliant warranty and indemnity (W&I) insurance policy issued in the London M&A insurance market.
Brokers and Risk Capital Advisors (RCA) placed the £5 million W&I policy which was issued through Cobalt Underwriting’s ‘Islamic Window’ solution.
“While AIG has previously issued Shariah-compliant W&I policies in the Middle East, we have not done so in the London M&A insurance market,” Angus Marshall, AIG’s head of M&A, UK and London Market, commented.
“We estimate that Takaful insurance accounts for around 2 percent of the $1.8 trillion Islamic finance market – we now have an M&A insurance product that can service this growing market.”
The buyer of the policy was a Gulf-based financial institution run on Shariah principles. They acquired an industrial property in the North of England for an amount in excess of £24 million. The investor sourced Shariah-compliant financing to fund the acquisition and requested RCA place a Shariah-compliant W&I policy – all elements of the transaction needed to comply with Shariah principles.
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