Insurer American International Group, aka AIG, is partnering with Lloyd’s of London underwriting agency Cobalt to market Shariah compliant commercial insurance across a broad range of risks worldwide.
AIG said that its participation will enable Cobalt, which was formed in 2012 as the only underwriting agency offering fully Shariah-compliant re/insurance products, to provide increased capacity in property, casualty and financial lines and in addition offer new capacity for energy and marine.
“This is an exciting opportunity to be part of a Shariah compliant offering that complements our UK and international strategy,” said Laura Wilkinson, AIG’s head of UK portfolio sales.
“We are delighted to be partnering with Cobalt and together we have ambitious plans for a market that is opening access to insurance and reinsurance for Islamic corporations across the globe.”
Cobalt chief executive officer (CEO) Richard Bishop added: “We are delighted to have been able to reach an agreement with AIG. It signals a step change in our development and the opportunity to increase the lines of business we can offer to clients across the world.
“We see this as a clear statement that the global underwriting community is increasingly recognising the need to offer the Islamic business and financial communities’ insurance coverage in a way which truly meets their needs. It is also a clear statement that the London insurance market is keen to play its part in making London a leading global centre for Islamic finance.”
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