Cobalt Insurance to launch Lloyd's first sharia-compliant syndicate
London-based Cobalt Insurance and a unit of British outsourcing group Capita (CPI.L) said they have received "in principle" approval from Lloyd's of London to launch the specialist insurance market's first sharia-compliant syndicate.
Cobalt, formed in 2012 with capital from Capita insurance services and the Bank of London and the Middle East, said it planned to begin underwriting in the first quarter of 2017.
The syndicate, which will be managed by Capita Managing Agency, will focus initially on developing a property and specialty-focused book of commercial business from emerging... read more
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