Liberty Specialty launches new cargo consortium at Lloyd’s

Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance’s Global Risk Solutions division, has launched a new  Lloyd’s facility for the London Market to underwrite global project-related cargo risks.

The new Liberty Project Cargo Consortium (LPCC) 7763 will offer capacity to underwrite risks up to $205 million.

Alongside insurance of risks including project cargo, heavy lifts, and cargo delay in start-up, LPCC will provide worldwide clients with comprehensive risk engineering services.

With LSM as lead, Consortium 7763 will underwrite and bind risks under a single stamp on behalf of supporting syndicates including AEGIS, Antares, Apollo, AXIS, Chaucer, and Munich Re Syndicate. LSM’s 45 years of industry experience will enable LPCC to make quick, well-informed decisions on behalf of brokers, supporting syndicates and coverholders.

“The Consortium offers significantly larger capacity than any other currently in the market, which makes the placement and claims processes much smoother,” said Michael Burle, Liberty Specialty Markets’ head of marine division.

“The energy transition, changes to global supply chains, new manufacturing processes, and other exciting industrial and civic developments are prompting an unprecedented number of new, large-scale projects worldwide.

“With Liberty’s extensive expertise in underwriting, marine engineering, and claims adjustment we offer a comprehensive product which we believe is unrivalled,” Burle said.

Chris Hicks, LSM’s underwriting manager - marine cargo, added: “We are delighted to unite insurers in a partnership that provides much needed capacity and simplicity. The initiative will provide brokers and clients with market-leading capacity at a time when the need for such coverage is significant and growing.”

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