Cobalt Underwriting – Providing ethical protection since 2012

We are a focus for the distribution of Shariah compliant insurance worldwide, enabling capacity providers to gain access to a trillion-dollar industry

Cobalt Underwriting is the world’s first Shariah compliant insurance underwriting agency. Cobalt Underwriting provides specialist Shariah compliant products and services to support the commercial activities of the global Islamic finance industry, and acts as a single focus for London in the distribution of Shariah compliant insurance business around the world.

Cobalt’s mission is to help London become a global centre for the provision of insurance and reinsurance capacity that satisfies the principles of Shariah.

Cobalt Underwriting itself is incorporated and founded upon the ethics and principles of Shariah. These principles include the need for transparency, certainty and fairness in any transaction or business dealing. Cobalt Underwriting  has adopted a unique insurance facility, which is authentic and certified as Shariah compliant.

Cobalt Underwriting enables Islamic financial institutions and corporations to access Shariah compliant insurance products backed by capacity from the world’s insurance market. It is based within the City of London amongst the world’s leading insurance brands, including Lloyd’s of London and is supported by capacity from several of the globe’s leading insurance carriers providing protection for commercial risks.

With the increase of Islamic assets, Shariah compliant Investments funds and Shariah compliant financing, amongst others, there has been an increase in demand for Shariah compliant risk management solutions. In addition, the Shariah Scholars, investors, Islamic finance practitioners and Muslim clients have become increasingly frustrated having to resort to the principle of necessity (“dharura”) and purchase non-Shariah compliant protection due to the lack of insurance products that comply with the principles of Shariah. With Cobalt able to access capacity from across the London Market, they are now in a strong position to identify reliable, practical and financially viable solutions to meet the growing demand and satisfy global clients.

Cobalt Underwriting provides solutions for large commercial and corporate risks, and will initially look to provide Shariah-compliant insurance and reinsurance in the following areas:

• Commercial property
• Political Violence, sabotage and Terrorism

The Cobalt Group was started in 2012, backed by Capita, a FTSE100 company, and the Bank of London and the Middle East (BLME) and is formed of two operations:

• Cobalt Underwriting – a specialist commercial underwriting agency based in the London Market
• Cobalt Advisory – providing Shariah audit, training and certification
• Cobalt Insurance Holdings is the umbrella company for both above companies

Our capacity is provided by a number of established insurers, all with an S&P rating of at least A or above.