Incarnation Specialty gets Lloyd’s coverholder status

By Chris Munro

May 12 - (The Insurer) - Incarnation Specialty Underwriters has been operating as a Lloyd’s coverholder since May 1, benefiting from “expanded binder capacities”, the MGA said.

The Teas-based MGA writes a range of marine-focused coverages. The company's Lloyd’s coverholder status has allowed it to increase the limits it can offer through its suite of products.

Incarnation Specialty can now write up to $10 million for general cargo, project cargo with delay in start-up (DSU), and stock throughput coverage.

It can also write up to $50 million in project cargo with DSU through an additional capacity offering.

Its motor truck cargo coverage provides limits of up to $500,000 for any one loss and $250,000 in any one limit.

The MGA’s auto physical damage coverage offers limits of up to $250,000 for any one unit, and $500,000 for any one combination of units, along with $1 million of protection for any one loss.

Weiss, a marine insurance market veteran and former Munich Re Specialty Group (MRSG) executive, launched Incarnation Specialty in 2023.

It launched with an ocean marine cargo offering, before broadening its reach into the inland marine sector.

Weiss leads the MGA and he is supported by executive underwriter Daya Bradley who joined the company last year, and whose career includes time spent at RPS and WN Tuscano Agency.