Managing general agent (MGA) Newbridge Risk Partners has secured capacity from Chaucer and Markel International to support the continuing growth of its political violence and terrorism insurance and reinsurance business.
The new capacity will allow Newbridge to offer physical damage, business interruption and liability coverage with limits up to $20mn for operational and construction risks on a wide spectrum of political violence and terrorism products, on a non-referral basis.
Chris Kirby, principal partner of Newbridge said: “Being able to attract capacity from such respected and prominent markets reflects our success in delivering solid results through a broad range of distribution channels.”
Kirby added Newbridge’s focus on underwriting industrial and commercial risks in emerging markets addresses the needs of a client base that requires more than a one size fits all product and that appreciates a partner they can approach directly or through a local intermediary.
“Our new capacity partners value the team’s underwriting and territorial expertise and our ability to react quickly in these changing environments to provide strong growth with profitable results,” he concluded.
Newbridge operates as underwriting cell on the Castel MGA formation platform and commenced underwriting in 2015.