London-headquartered underwriting platform Blenheim Partnerships has launched a specialty managing general agent (MGA) to cover trade-related risks.
The MGA will insure consequential loss and trade disruption, political risk, contract frustration and trade credit for a range of client types, including financial institutions, commodity traders and corporates.
Within these areas, the MGA can cover risks such as the equity interests of overseas firms, non-payment of loans and non-delivery of goods, with line sizes varying from US$4.5mn to US$26.8mn.
It also offers insurance for marine trade disruption – resulting in loss of profits, extra costs or contractual penalties – caused by political, physical or marine risks.
Ed Parker, head of special risk at Blenheim, was appointed last year to lead the MGA and brings a “wealth of market-leading experience and expertise in the marine trade disruption and political risks arenas”, the firm said.
Parker previously spent more than two decades at Tokio Marine Kiln, most recently as departmental head of special risk.
“This MGA brings extensive market experience and knowledge of wordings with a proven track record in innovation and bespoke underwriting to create a leader in its field,” he said.
“Under the Blenheim banner, we have a first-class and nimble team with the freedom to innovate and underwrite. We are looking to listen to what clients’ needs are, and to address these needs by being relevant and using our experience.”
Innovations could include delivering bespoke solutions for specific contracts or complex transactions, or using structuring and wording knowledge to create tailored solutions, Blenheim said.
Blenheim Partnerships is an MGA platform and part of White Bear Group, which also includes Lloyd’s syndicate Blenheim Underwriting.
The new MGA is backed by Blenheim Underwriting, as well as other parties, including some Lloyd’s syndicates.
