Ace, Lloyd’s syndicate focus on terrorism risk cover

ACE Limited has launched a multinational political violence policy for businesses in Europe, the Middle East, Africa and Asia Pacific, while Jonathan Powell has been appointed divisional head of a new war, terrorism and political violence division of Acappella syndicate 2014.

Acappella’s new division at Lloyd’s of London will underwrite a global spread of risks including terrorism and sabotage, war and civil war, long term construction risks and terrorism liability. Powell will take up the position at Acappella, which is managed by Pembroke Managing Agency Limited, with immediate effect, the company said in a statement.

Powell, who is based in London, previously was class underwriter of war, terrorism and political violence at Talbot Underwriting Limited’s syndicate 1183, which is part of Validus Holdings Limited, and also worked at Hiscox Limited and Lloyd’s of London.

David Indge, active underwriter at Acappella, said Mr. Powell’s appointment was part of a strategy to “build a syndicate that specializes in desirable classes of business.”

“We will continue to make key strategic hires where we identify strong opportunity for profitable growth,” he added in the statement.

Meanwhile, Ace said it has launched a multinational political violence and terrorism policy to provide integrated coverage for terrorism perils for buyers in Europe, the Middle East, Africa and Asia-Pacific.

Ace said the policy has been launched to cater to buyers’ changing needs as “demand for cover is increasing and geopolitical risk remains unclear.”

The coverage includes bomb hoax threat, transit cover, time element business interruption, contingent business interruption extensions, capital additions and new acquisitions, other insurance clause, group interdependency and a loss-of-control clause.

source: Guardian News