(Reuters) – London-based Cobalt Underwriting said it was signing the European unit of QBE to its sharia-compliant insurance platform, helping address capacity constraints in the takaful (Islamic insurance) industry.

The Cobalt platform is part of a range of initiatives aimed at boosting London's credentials in the Islamic finance industry, which follow religious guidelines such as a ban on interest and pure monetary speculation.

Cobalt will has increased its capacity to underwrite property risks to $425 million from $300 million, construction to $160 million from $100 million and an additional $50 million for casualty risks, the firm said in a statement.

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.