UK based Chaucer Syndicates has partnered with Nakhodka Re in Moscow and RFIB in London to launch Sea Line, the first Lloyd's coverholder in Russia.
In this deal, Chaucer and RFIB acted as sponsors to Lloyd’s for SeaLine, which received Lloyd’s coverholder approval on 31 March 2011.
Russian reinsurer, Nakhodka Re, owns SeaLine, which will underwrite cargo reinsurance risks in the CIS Region.
During the visit to Russia in May 2010, the chairman of Lloyd’s, Lord Levene, revealed his intentions to build a Lloyd’s platform in the region.
Lloyd’s has revealed its plans to open a new representative office in Moscow to help support its development ambitions.
Chaucer Syndicate 1084 production head Andrew Voke said this is an important step for Lloyd’s and Chaucer in establishing closer links with the Russian insurance market.
"We have an excellent long-term relationship with Nakhokda Re and are pleased to be a partner with them and RFIB in such a prestigious project, which further enhances Chaucer’s growing international distribution network," Voke said.