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XL abdicates from Sovereign venture

Sovereign Risk Insurance Ltd - the political risk joint initiative between Bermudian giants ACE Ltd and XL Capital Ltd - will become wholly owned by ACE from the 1 February.

XL Capital explained the decision was part of the group's change of strategy in emerging markets. Evan Greenberg, president and chief executive of ACE Ltd, explained: "ACE is delighted to have the opportunity to assume 100 percent of Sovereign. Sovereign is globally recognised as one of the world's pre-eminent political risk insurers and their results and track record speak for themselves."

Subject to regulatory approval, Sovereign will write wholly on behalf of ACE from next month. The company was formed eight-and-a-half years ago and is a leading market for political risk with exposures in over 75 emerging markets.

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