The consortium will provide capacity of up to $300m to companies working on China’s Belt and Road Initiative
Chaucer has added political risks and contract frustration to its Belt and Road Consortium at Lloyd’s solution, first announced in June 2021.
Working with China Re, Chaucer’s parent company, the consortium and followers will provide large-scale capacity of up to $300m to companies working on China’s Belt and Road Initiative (BRI).
Yuan Linjiang, chairman of China Re Group, commented: “Since the Belt and Road Initiative first launched, the insurance industry has played an integral role in providing risk management and vital risk protection.”
”As we embark on this new venture with other leading Lloyd’s and UK businesses, we are excited to showcase the combined strength of China Re and Chaucer to the world.”
John Fowle, CEO at Chaucer, added: “Our new Belt & Road Consortium at Lloyd’s will allow Chinese companies and co-investors to better protect their assets against political risks and contract frustration risks across the BRI by providing direct access to market leading risk solutions.”
BRI is a major global infrastructure development project to assist growth of the Chinese economy and that of regions including South East Asia, the Middle East and Africa.
There are 2,631 projects (according to Refinitiv) with a combined value of $3.7 trillion. Projects span transport, telecommunications, and renewables such as solar, wind and hydro.
It is the world’s largest infrastructure programme, spanning six economic corridors, across 65 countries, touching 4.4 billion people which equates to 65% of the world population, contributing one-third of the world’s GDP and 40% of global trade.