Ironshore Pembroke Managing Agency launches cargo consortium on Lloyd’s China

Ironshore’s Pembroke Managing Agency has launched a project cargo consortium to serve the Lloyd’s China platform, offering a capacity of up to $178 million.

Tracy Ma, Pembroke Underwriting Manager, Lloyd’s Insurance Company China, will lead project cargo underwriting for the Lloyd’s China platform, based in Shanghai. Ma will work with Andrew Corton, global head of marine cargo, based in London.

Pembroke Lloyd’s Syndicate 4000 offers coverage for risk exposure and consequential loss related to project cargo transportation and delay in start-up for large scale project risks triggered by China’s foreign policy mandate, Belt and Road Initiative, launched in 2013. The initiative calls for China to underwrite billions of dollars of infrastructure investment in countries that link the Silk Road with Europe.

"Our new consortium for China cargo line risks replicates the approach and risk appetite of Pembroke’s Project Cargo Consortium in the Lloyd’s market, which currently is the largest of its kind for targeted marine lines," stated Mark Wheeler, chief executive officer of Ironshore International.

"Pembroke’s presence in the region enabled us to create the consortium, extending sector underwriting capabilities to cover China risks."

According to the company statement, the industry estimates suggest that the initiative could generate $3.5 billion in insurance premium for marine lines.

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