Cobalt Secures Major Property Portfolio for 90 North through Lockton

London 15th July 2015 – Cobalt Underwriting the London insurance market’s first Shariah compliant underwriting agency has announced that it has secured a major property portfolio placed by Lockton’s Real Estate and Construction practice (REAC).

Lockton’s client, 90 North Real Estate Advisors LLP’s (‘90 North’) portfolio includes high class student accommodation, warehousing, offices and retail space around the UK with a market value in excess of £300m. 90 North is a leading independent property advisory firm with offices and investments under management around the world.

Cobalt provides underwriting capacity which is Shariah compliant, opening up access to insurance and reinsurance for Islamic and non Islamic corporations across the globe. Chief executive officer Richard Bishop said: “We are delighted to have been able to place this prestigious portfolio having worked closely with Lockton, QBE and 90 North. It is a clear statement that the London insurance market is keen to play its part in making London a leading centre for Islamic insurance. Our products offer transparency, a compulsion to put the needs of the client first and the opportunity for the client to share in the products success. Most importantly these products are open to all.”

Commenting on the placement, Richard Owen, Chief Executive Officer of REAC and Partner /Lockton Companies LLP Board Member said, “Working closely with our client, 90 North Real Estate Partners, we are delighted to have successfully arranged a fully Shariah compliant insurance programme for these assets. This could not have been achieved without the key support of Cobalt, who clearly understands ours and the client’s needs. This opens an exciting new phase for our business, as well as endorsing the innovative approach we adopt by securing solutions for our clients with key partners.”

Philip Churchill, Founder & Managing Partner of 90 North added, “It’s more than twelve years since I first structured a Shariah compliant UK real estate transaction. During this time the scholars have always asked for such Shariah compliant insurance. I’m absolutely delighted that we’ve been able to complete the final piece of the jigsaw and be able to deliver a fully Shariah compliant investment for our equity partners.”

ENDS

 

For further information please contact:

Andrew Driver, Impact Media Consulting Limited,

Tel+44(0)203 5442646; Mobile+44(0)7767 662799;

E-mail andrew@impactmediauk.com

 

About Cobalt Underwriting

Cobalt Underwriting Agency offer a range of Shariah-compliant insurance and reinsurance products backed by S&P ‘A’ rated carriers and accessing the depth of expertise provided by the London Insurance Market. Products are open to all brokers and their clients.

For further information about Cobalt Underwriting visit www.cobaltuw.com

About Lockton

Lockton is the world’s largest privately owned global insurance broker. As such, our focus is our clients and our people rather than external shareholders. We can make long-term decisions that benefit our clients and improve service delivery. Our 5,600 associates help 48,000 clients in 120 countries. They place over $20 billion of insurance premiums.

Our clients value our bespoke solutions, innovative ideas and great service rather than efforts to sell more products. StrategicRISK’s 2015 UK Corporate Insurance Buyers Survey (a survey of insurance buyers in FTSE 250 companies) ranked Lockton top of all brokers for ‘client responsiveness’.

Lockton’s REAC team is one of the largest specialist real estate and construction teams in the London market.

Our 98% client retention rate speaks for itself.

For further information about Lockton’s Real Estate & Construction team visit www.LocktonREAC.co.uk

About 90North Group

90 North is an independent investment advisory firm, specialising in socially responsible real estate investment, and with considerable experience working with Shariah compliant equity partners. Headquartered in Mayfair, London, 90 North has a US office in Downtown Chicago and has recently opened a representative office in Kuala Lumpur, Malaysia. Since June 2012, 90 North has closed more than £610,000,000 of real estate transactions, working with its equity partners.

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