Cobalt Insurance and Capita Managing Agency have received “in principle” approval from Lloyd’s of London to launch the first Sharia-compliant syndicate of the specialist insurance market.
Once it gets full approval, the new Lloyd’s business will be named Cobalt Syndicate 1438, which is the Islamic calendar’s number for the year 2017.
“We are delighted to have been given approval in principle and we are excited at the potential for both Cobalt and the market with the launch of our new syndicate,” said Cobalt founder Richard Bishop.
“To create Lloyd’s first ever fully Sharia compliant syndicate is a significant step for Cobalt and will demonstrate Lloyd’s reputation for innovating solutions for emerging markets,” Bishop added.
Cobalt will start underwriting in the first quarter of 2017 with initial focus on developing a property and specialty-focused book of commercial business from emerging markets in the Middle East, North Africa and Asian regions.
“The aim of the syndicate is to look to underwrite new business from emerging markets and in doing so working with others in Lloyd’s to extend their participation in those markets,” Bishop said.
Cobalt expects to announce the name of the syndicate’s active underwriter shortly along with details of the syndicate’s principal capital providers.
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