Pol risk, credit & surety

The Ukraine loss reserve tally has reached $2.4bn as of the end of June.

Carriers in the class are reassessing risk appetites amid inflation, the Ukraine war and a growing risk of countries defaulting on sovereign debt.

QBE Europe’s UK surety manager Tom Johnson is leaving the company and looks set to join Chubb, Insurance Insider can reveal.

Perry will be based in London and report to Nick Robson, global leader, credit specialties.

The carrier has also promoted Srdjan Todorovic to lead its global political violence operation.

The broker’s political risk report has highlighted the competing interests between countries for ownership of untapped natural resources and space exploration.

The deal marks Xenia’s ninth acquisition in three years and kicks off its international expansion plans.

Sources have also said capacity is reaching its limit as the appetite to large credit and political risk polices decreases.

Reuters reported that if a foreign lessor terminates the agreement, a special government commission is to decide whether the aircraft can be returned.

The analytics firm warned of retaliatory attacks on banking and financial services, IT services, ISPs, shipping and logistics, and public utility companies.

The London market is understood to be significantly more exposed to Russian business than Ukrainian.

Those writing large energy or infrastructure risks, such as London market insurers or international reinsurers, will be most affected by the war, the ratings agency warned.