Four Lloyd’s syndicates have launched Xin, a new insurance consortium specializing in helping businesses protect against terrorist threats in Asia.
Amlin, Markel, Canopius and Argenta have established the Singapore-based consortium to provide terrorist insurance protection to businesses operating in South East Asia and the Asia Pacific Region.
“Many industries in Asia which have exposure to terrorist attacks are significantly under-insured,” said Simon Clarke, Managing Director of Amlin’s Singapore operations. Amlin is the lead syndicate of the four.
“Our vision is to be the number one specialist terrorism insurer in the Asia region and to provide competitive insurance solutions for what can be and often is a catastrophic and devastating loss event for any business,” Clarke added in a statement. “Our mission will be to explain why this cover is needed and why it plays a vital part in risk mitigation for any business, large or small.”
Xin Consortium will provide insurance to businesses operating in a range of industries, from maritime ports through to banks, hotels and offices, telecoms and stadia, light and heavy manufacturing, airports, logistics and others, a Lloyd’s announcement said.
Xin’s coverage is directly aimed at businesses 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.
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