Lloyd’s of London has informed underwriters to pull out of any programmes associated with the National Rifle Association of America (NRA).
In a statement today (9 May) the Corporation said it had “given very careful consideration” as to whether syndicates at Lloyd’s should continue to offer to insure programmes that are affiliated with the US gun lobbyist.
“Lloyd’s Corporation has decided to direct underwriters in the market to terminate any existing programmes of this type and not to enter into any new ones,” the Corporation said.
The move follows a $1.3mn fine issued to Chubb by the New York state insurance regulator – the Department of Financial Services (DFS) - on Monday (7 May).
The DFS said following an investigation it found the NRA Carry Guard insurance cover that was offered to members of the lobby group by Chubb “unlawfully provided liability insurance to gun owners who may be charged with a crime involving legally possessed firearms”.
The Carry Guard programme provided coverage in any criminal proceeding brought against the policyholder or their family - including bail money, expenses incurred during the investigation and any defence costs.
In the wake of the mass shooting at a school in Florida in February that left 17 people dead Chubb said it would join other insurers in terminating its participation in the Carry Guard program.