RPC advises Chaucer on establishment of Africa-focussed Lloyd's special purpose syndicate
Leading City-headquartered law firm, RPC, has advised Lloyd’s insurer Chaucer on establishing a special purpose syndicate with AXA, focussed on African specialty business, including political risk, energy and infrastructure.
The RPC team was led by Neil Brown, Partner, and assisted by James Mee, Partner, Head of Corporate Insurance and Financial Services.
Commenting on the deal, Neil Brown says: “There is a huge opportunity for the insurance industry in Africa as demand continues to grow across the continent.”
“Insurance cover in Africa as a percentage of GDP, which currently lags far behind much of the rest of the world, is expected to increase faster than in developed economies.”
“Many African economies are seeing strong growth in investment from multi-nationals, private equity and a rising number of substantial domestic businesses, and that investment needs to be protected by insurance.”
The IMF forecasts 4% GDP growth for 2016 in Sub-Saharan Africa versus 2.1% for advanced economies.
James Mee says: “We’re delighted to announce our involvement in this exciting deal for long-standing client, Chaucer. RPC has advised on the establishment of three special purpose syndicates recently.”
“Our clients see us as well positioned for this pipeline to continue given the growing strength of the team and as SPSs continue to grow in importance to the wider insurance sector, including bringing new capital into the Lloyd's market.”