Major New Terrorism Insurance Vehicle Launched in Singapore Today
Xin Consortium partners aim to raise awareness of need for terrorist insurance protection in an under-insured region
Singapore, March 13 2012
Xin Consortium - a new insurance group specialising in helping companies protect against the ongoing threat of a terrorist attack in Asia is launched in Singapore today (March 13, 2012).
Xin is being launched by four leading Lloyd’s insurance syndicates operating on the Lloyd’s Asia Platform in Singapore.
The four – Amlin, Markel, Canopius and Argenta, have combined for the first time to launch the Xin Consortium which provides insurance to companies operating in South East Asia and the Asia Pacific region.
The syndicates have a long track record in providing a range of specialist coverages to corporations protecting against the catastrophic effects of political violence.
Xin Consortium is authorised and regulated by the Monetary Authority of Singapore (MAS).
The consortium is 100% backed by the top quality security (specifically S&P A+, Fitch A+ and AM Best A) of Lloyd’s of London, the world famous insurance market which has a 300-year-plus track record of insuring large and complex risks on a global basis.
Xin Consortium is launching against a backdrop of the continuing threat of a terrorist attack by organisations such as Jemaah Islamiah (JI) and its recently formed offshoot Jemaah Ansharut Tauhid (JAT).
The consortium’s underwriters also believe there is a need to raise awareness of the availability of such specialist insurance cover in a region which could be prone to attacks and is considered significantly under-insured.
Simon Clarke, Managing Director of Amlin Syndicate in Singapore, the ‘lead’ syndicate in the four-strong team, said today: “We are launching the Xin Consortium now because we believe there is a significant gap in the marketplace for our tailored product as distinct from the limited products currently available. Also we believe that many industries in Asia which have exposure to terrorist attacks are significantly under-insured.”
“Xin Consortium will provide bespoke, tailor-made insurance to companies operating in a wide range of businesses, from maritime ports through to banks, hotels and offices, telecoms and stadia, light and heavy industry, airports and logistics sectors and others.” he added.
Xin’s coverage is directly aimed at corporations wishing to protect themselves against the consequences of being directly or indirectly involved in a terrorist attack.
Specifically the Xin terrorism insurance policy covers against the perils of terrorism, strikes, riots and civil commotion and offers protection up to a maximum of US$110 million capacity for a single risk. The consortium provides a single point of contact and aims for a 24 hour response time.
Lloyd’s underwriters have unrivalled expertise in the writing of such complex insurances and this expertise and advice is now available in Asia. The Xin underwriters will be dynamic and flexible in their underwriting decisions and the policies can be issued in a timely manner with one premium payment and one immediate payment on receipt of a valid claim.
“Our vision is to be the number one specialist terrorism insurer in the Asia region and to provide competitive insurance solutions to corporations for what can be and often is a catastrophic and devastating loss event for any business,” Simon Clarke added.
Xin Consortium has a dedicated team based at Lloyd’s Asia in Singapore and marketing for the consortium will be done via insurance brokers.
Simon Clarke said: “We believe the Xin Consortium will bring a very knowledgeable, experienced and friendly face to the Singapore and regional markets.
“Our mission will be to explain why this cover is needed and why it plays a vital part in risk mitigation for any corporation, large or small.”
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