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LONDON--(BUSINESS WIRE)-- Starr Underwriting Agents Limited and Starr Specialty Lines Insurance Agency, LLC, both subsidiaries of C. V. Starr & Co., Inc. ("C. V. Starr"), now offer additional capacity of up to $75M through a consortium
with Talbot Underwriting Ltd. and QBE covering constructions risks through Starr Construction Consortium (Lloyd's 9497). This capacity will be in addition to coverage currently provided by Starr Syndicate Limited (CVS 1919).
Starr Construction Consortium has been designed to provide meaningful capacity for high value and complex construction risks. The Starr Construction Consortium is targeting business emanating from American Recovery Reinvestment Act 2009 and other fiscal stimulus packages being tendered. The Consortium's underwriting expertise and substantial capacity will be utilised by Brokers placing the Insurances for both the works and soft costs required on major infrastructure projects. The Consortium will provide much needed Lloyd's capacity for the US infrastructure upgrading work to be undertaken over the next few years.
Paul J. Smith, Global Construction Manager of Starr Underwriting Agents Limited said, "It was very important to find Lloyd's partners with like-minded underwriting principles for construction business. This has ensured that the Consortium capacity is fully utilized as we capture construction risks emanating from the fiscal stimulus packages appearing globally."
"We are pleased and excited about the development of this new relationship between our organizations," said David Turner, Construction Global Practice Leader of Talbot Underwriting Ltd. "This is an exciting expansion of our current Construction business and delivers much needed specialist capacity to satisfy the demands of customers in US industry. The initiative with C. V. Starr provides complimentary expertise and our combined capacities create a meaningful critical mass for the major projects that will be launched under the Recovery and Reinvestment initiatives."
Brian Lewis, Portfolio Manager for Construction, QBE European Operations and Syndicate 1886 said, "We perceive this to be an exciting opportunity whereby our worldwide experience in construction risks can be aligned with C.V. Starr's presence and experience in the US market."
Richard N. Shaak, President of Starr Specialty Lines Insurance Agency, LLC, said, "Starr Specialty's construction team has been recognized as one of the premier technical players in the market. Creating a Lloyd's Consortium with credible partners enables the group to become a reputable global leader in the construction market, and illustrates the value of the Lloyd's franchise."
Starr Underwriting Agents Limited and Starr Specialty Lines Insurance Agency, LLC are subsidiaries of C. V. Starr & Co., Inc. (C. V. Starr). C. V. Starr, headquartered in New York City, is an independently owned holding company with insurance agencies and a portfolio of global investments. Through its wholly owned insurance agencies, C. V. Starr is a managing agent and underwriter of specialty lines covering aviation, marine, energy, excess casualty, property, and accident & health, including risks with international exposures. These agencies provide a broad spectrum of value-added specialized services including claims handling and settlement, risk assessment and loss prevention, and customer-focused attention. C. V. Starr's significant presence in global markets, backed by the company's expertise, has made it an industry leader for more than 50 years. For more information, please visit www.cvstarr.com.
About Talbot Underwriting Ltd.
Talbot Underwriting Ltd. is a wholly owned subsidiary of Talbot Holdings Ltd., a wholly owned subsidiary of Bermuda-based Validus Holdings, Ltd. (NYSE: VR). Syndicate 1183 focuses on underwriting a number of specialty risks, with particularly strong franchises in marine and energy lines, war, construction, terrorism and political risks, direct property, financial institutions, contingency, accident & health, bloodstock & livestock and treaty underwriting. Syndicate 1183 has capacity of £400 million for the 2009 year of account. The group also owns Underwriting Risk Services Ltd, a specialist worldwide multi-line underwriting agency. For more information, please visit www.talbotuw.com
About QBE
QBE Insurance Group is Standard & Poor's "A+' rated and is one of the world's leading international insurers and reinsurers, headquartered in Sydney, Australia. QBE operates out of 45 countries across the globe, with a presence in all key insurance markets, and are lead underwriters within chosen markets, setting rates and conditions. For the year ended 31 December 2008, the company underwrote gross written premium totaling £6,025 million and held shareholders' funds of £5,364 million.
QBE's European Operations, which accounts for almost 40% of QBE Group's turnover, is a leading specialist in the London market and European commercial lines business. Active in both the Lloyd's and company market, QBE offers considerable diversity to the broking community, via eight product-focused underwriting divisions - casualty, QBE Re Europe, property, motor, marine & energy, specialty, aviation - all operations have the ability to write on both Lloyd's and company market paper.
C. V. Starr & Co., Inc.
Press Contact:
Rational 360
Beth Dozier, 202-429-1833
bethdozier@rational360.com
Source: C. V. Starr & Co., Inc.
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