Lloyd’s of London marine insurance brokers covering shipbuilding risks will now be able to offer up to $75m of capacity per vessel following the creation of a consortium.

The Lloyd’s Marine Builders’ Risk Consortium— made up of Munich Re Lloyd’s’ syndicate managing general agent MRSL, insurers Apollo and Tokio Marine HCC International — aims to provide capacity “as the shipping industry transitions to greener energy and sees an expansion in naval shipbuilding”, a statement read.