Lloyd’s market, a UK insurance firm, is facing a potential Sh6.6 billion ($75.9 million) bill in damages claim, following the catastrophic attack by terrorists on Kenya’s Westgate Mall.
The status symbol for the East African country was insured by Alex Techenberg’s led real estate investment firm, Sony Holdings limited, in a Sh6.6 billion ($75.9 million) deal which included cover for political attacks or acts of terrorism.
Following the 3-day siege that left over 61 civilians dead and destroyed properties worth millions of dollars, the London-based insurer – which operates a unique type of insurance scheme, where insurances are underwritten by nearly 90 insurers who accept risk on a shared and competitive basis – will be required to fulfil its agreed obligations by remitting compensation claims.
The Westgate insurance deal was syndicated by UK investment group, Chaucer Syndicate Limited, lead by Robert George, its Corporate Intelligence Manager, who confirmed the deal, he however declined stating figures or compensation packages.
“I can confirm that we [Chaucer] did lead the insurance of the centre (Westgate) in Kenya,” said Mr George, on a telephone and mail interview from London.
“Company policy does not permit any further comment at this time,” he said.
According to Kenya’s Business Daily, the mall which was built by Indian construction giant Lakshman Raghavani, had an initial price tag of Sh4.2 billion ($48.4 million), however high-end property valuer, Knight Frank said recently that the building could not be sold for less than Sh6.9 billion ($79.4 million).