The leading provider for risk and insurance management in CESEE, GrECo JLT, now underwrites construction and engineering insurance in Austria and Eastern Europe for Lloyd’s.
Since the end of November 2017 GrECo JLT has been the authorized underwriter for the renowned insurance exchange Lloyd´s of London. This gives clients and partners direct access to the leading insurance market for large and specialty risks and is an attractive complement to local insurance markets.
A „Coverholder at Lloyd´s” has the authority to sign insurance contracts in the name and on behalf of certain syndicates (i.e. institutional investors, who underwrite risks). The coverholder is authorized to select, price, underwrite and bind business at its own discretion. There are over 4,000 active coverholders globally, but only very few of them are domiciled in Austria. GrECo JLT will be the only outfit to underwrite construction and engineering business in the CEE region.
“The authorization as Coverholder at Lloyd´s is a further logical step in pursuing our strategy. In this way we establish ourselves as a specialist for construction and engineering risks and can also implement this in all our markets in CESEE”, explains Georg Winter, CTO at the GrECo JLT Group.
Expansion to other areas planned
Currently the new authority includes underwriting of construction and engineering risk valued up to EUR 150 million in all of GrECo JLT´s markets in CESEE and CIS. In addition, we are able to offer associated SRCC and Terrorism cover up to the same limit. The capacity can be used either on a direct basis, where Lloyd’s is permitted to write insurance, or as reinsurance, quota share or excess. “We plan an expansion as Coverholder at Lloyd´s, in order to reinforce our specialisation with the underwriting of risk in our focus industries and insurance lines”, says Winter.
