GCSA Capital: the CCP underwriter

A consortium of 25 insurers is offering to cover CCP tail risk

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David Hardy

Insurance salesmen run into a lot of scepticism. Whether they're selling a few grand of cover for a used car or billions of dollars of insurance for catastrophic losses at a clearing house, the gripes are often surprisingly similar, says David Hardy, chairman of insurance consortium GCSA Capital and former chief executive of LCH.Clearnet.

"The first thing everybody says to us is, ‘Oh, insurance never pays up, and even if it does, it won't be on time.' We hear that. That's why we've worked with i