Capita and XL back Lloyd's-based Shariah-compliant start-up

Lloyd's of London building

Lloyd's-based Cobalt Underwriting aims to provide Shariah-compliant insurance and reinsurance products globally. Its initial underwriting focus will be on property cover, with a maximum capacity of up to $300m (£193.2m). The products will be offered on a worldwide basis with the exception of the US and Canada. Cobalt has entered into an exclusive agreement with Aon, which will support Cobalt's strategic planning, feasibility and licensing of Cobalt during the initial process development