Pol risk, credit & surety

Other appointments in the team include Nick Ayres as chairman of global credit and Doug Espenson named as head of US mortgage.

Argo has also hired former RLI surety head Greg Chilson as an adviser.

The number of global firms surveyed in WTW’s report that purchased political risk cover surged to 68% in 2022 from 25% in 2019, as the Ukraine war changed the geopolitical outlook.

The deal involved the use of a non-payment credit insurance policy covering exposure on a GuarantCo portfolio transaction.

Two of the most-exposed segments to the war have experienced very different years, with sweeping PV changes contrasting to more stable conditions in parts of the aviation sector.

Topics discussed included Caribbean cat risk, protests in Peru, crisis in Argentina and the World Cup.

Capacity stands at near-record levels for structured credit and political risk, despite key risks such as China’s zero-Covid policy, the Russia-Ukraine conflict and a difficult month of reinsurance renewals.

The expected results are a result of the unusually low levels of insolvency and subsequent claims frequency.

The Cayman Islands-headquartered reinsurer held a 49% stake in the Mexican firm, according to its 2021 annual report.

Dover and Nersessian-Hristova’s appointments mark the first expansion of Convex US since its launch earlier this year.

Based in New York, Greer is responsible for leading the surety reinsurance efforts in the United States, Canada and Puerto Rico.

The broker said Ukraine will fall into a deep recession this year following Russia’s invasion.