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Revenue £12.00bn
Position in Universe 48th / 1837

Insurance broker Willis adds Islamic real estate cover in UK

Wed 11th June, 2014 3:04pm
By Bernardo Vizcaino 
    June 11 (Reuters) - One of the world's oldest insurance 
brokers, Willis Group Holdings  WSH.N , will offer 
sharia-compliant commercial real estate coverage in Britain for 
the first time, helping address capacity constraints in the 
Islamic insurance (takaful) sector. 
    Set up in 1828, New York-listed Willis will offer the 
coverage through the Islamic insurance platform developed by 
London-based Cobalt Underwriting, one of several initiatives 
aimed at boosting London's credentials in the Islamic finance 
    "Hand in hand with the growth in Islamic finance is the 
demand for sharia-compliant insurance cover, in particular for 
real estate investors," said John Dilley, managing director of 
the Willis real estate practice. 
    The policy retains price neutrality, meaning premiums are 
equivalent to those in a conventional insurance policy, Willis 
said in a statement. 
    In March, Cobalt signed up the European unit of QBE  QBE.AX  
to its platform, which follows religious guidelines such as bans 
on interest and pure monetary speculation.  ID:nL5N0MP0OL  
    Cobalt's platform uses a syndication model to help spread 
risk across a panel of underwriters, allowing multiple insurers 
to pool their capacity while each can subscribe to their desired 
level of risk though individual Islamic windows. 
    The risk is priced by a lead insurer and other firms must 
then subscribe under similar terms, a similar approach to the 
subscription model used in London's Lloyds insurance market. 
 (Editing by Andrew Torchia) 
 ((Bernardo.Vizcaino@thomsonreuters.com)(Telf: +9715 6655 
7225)(Reuters Messaging: 
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