Pol risk, credit & surety
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The London D&F market is expecting minimal exposure, but there is also potential for political violence and trade credit losses, sources said. -
Aviation, oil and gas and tourism were the biggest sectors of concern for structured credit and political risk insurers.
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It will initially provide credit and political risk solutions, though there are plans to expand the offering.
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The insurer says it’s not appropriate to claim government financial assistance on what is an “established and core product”.
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Euler Hermes, Coface and Atradius are also participating in the scheme, which has had formal approval from the European Commission.
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The executive joined as an underwriter in 2017 and has a banking background.
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Chubb’s former European head of political risk and credit will co-lead the unit alongside Navaid Farooq.
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James Burgess moves to the role from a London and South East regional position.
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There has been a spate of claims in the cannabis insurance market after riots and looting broke out in many US cities earlier this month, according to broking sources.
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Consultation on amount of premium ceded and how much liability the state will shoulder has caused delays.
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The trade credit insurer says work to develop an Irish trade credit backstop is progressing too slowly.
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The newly launched London team will collaborate with peer line specialists in Stockholm.
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