Pol risk, credit & surety

An oil pipeline that passes through Turkey has been hit by a terrorist attack that looks set to cost insurers between $30mn and $50mn, The Insurance Insider can reveal.

StarStone has added Andrew Summers, a political risk underwriter at ArgoGlobal, to its newly formed crisis management division.

Liberty Specialty Markets (LSM) is to launch a new e-commerce platform for specialist trade credit insurance.

Everest Insurance has confirmed the hire of Paul Sanders from Aspen as head of European credit and political risk.

Miller has expanded its Asian operation with the hire of two senior executives in Singapore.

Lillian Labbat has joined Zurich North America as head of trade credit and political risk.

Talbot will have to cease underwriting UK terrorism cover after parent company Validus' takeover by AIG since the acquirer is a member of Pool Re.

UK trade credit insurance losses from the collapse of contractor Carillion are estimated at £31mn ($44.2mn), according to the Association of British Insurers.

Lloyd's is in the early stages of exploring using insurance-linked securities (ILS) protection to provide cover for its Central Fund, sister publication Trading Risk has reported

Insurance-linked securities managers have reduced their estimates of losses taken from the August and September hurricanes, according to the Eurekahedge ILS Advisers Index.

A group of sidecars tracked by sister title Trading Risk lost 10.5 percent of investors' capital on average after Harvey, Irma and Maria, according to regulatory filings from the Stone Ridge and Pioneer Interval funds.

The implosion of Carillion is likely to add further losses to UK trade credit underwriters already reeling from the collapse of wholesaler Palmer & Harvey and airline Monarch.