Pol risk, credit & surety

Trade credit insurers are expected to respond with tighter buyer limits and stricter wordings.

White will join from Allianz trade, and Summers from Talbot.

The newly united company has set out ambitions to double in size by 2030.

Cyberattack/data breach remains in the top slot.

Chilton founded Capsicum Re, which was acquired by Gallagher in 2020.

Former head of construction Bill Creedon will assume the role of chairman.

Pine Walk has grown substantially and is on course to write $1.2bn of premium this year.

What happens when a global broker network decides to fill a gap in the London market itself?

The combined ratio worsened slightly by 0.5 points to 91.6%.

The carbon-credit insurer has appointed James Morrell head of credit underwriting.

Beth MacGregor and Adam Vulliamy are also set to join from Axis Capital.

In trying to solve multiple needs, specialty reinsurance opens up complexities.

Market leaders Atradius and Coface have both received in-principle approvals for a Lloyd’s syndicate.

Deputy CEO James Reynolds is to succeed Aspinall.

Some 185 credit claims were reported in the market, totalling over $400mn.

Frank Masteling will lead the new business as head of trade credit.

Atradius Syndicate 1864 is expected to begin underwriting next year.

Coface Lloyd’s Syndicate 2546 is expected to commence underwriting in 2025.

The MGA has recently added casualty and specialty reinsurance divisions.

The insurer has hired Coface’s Hélène Martin to support its expansion.

Plus, the latest people moves and all the top news of the week.

Trade credit rivals Coface and Awbury are also entering the market.

The broker called on carriers to expand coverage into new specialisms.

Holmes, Froideval and Cheak will head up the units for London, Europe and Asia.

Plus the latest people moves and all the top news of the week.

The team is led by industry veteran John Lentaigne.

Insolvencies caused by the tariffs could also cause increased losses

Sources expect it to be a couple billion-dollar insurable market.

A survey from the carrier looked at the political risk and violence concerns of companies.

The carrier laid out its business mix for the newly launched reinsurance syndicate.

des Cressonnières has worked for the carrier for 28 years.

The broker appointed Hines Associates for a strategic review in December.

Andrew Tongue joins from Canopius, where he was deputy head of credit and political risk.

The French credit insurer has Apollo lined up as its managing agent.

It is understood that supporters include Munich Re and Brit.

Tim Watson most recently served as a senior credit and political risk underwriter.

The firm is seen as an outstanding competitor to larger rivals in credit and political risk.

He joins from Swiss Re, where he has spent the last 27 years of his career.

Sources said that Nacional would only consider a bid north of $150mn.

Increased interest follows ratings agency upgrades of Lloyd’s paper.

ASR’s UK-based division will be underwriting on behalf of ASR Syndicate 2454.

Mark Houghton, who joins from Axa XL, will report to group CUO Sam Harrison.

Giles Ham brings more than 30 years of surety experience.

Richard Chu joins from PartnerRe, where he was head of financial risks for Asia Pacific.

Karlsson was previously head of credit and structured risks.

There is more capacity in the market for long-term risks.

Marsh Specialty has released its Political Risk Report 2024.

Last year, the B2B credit InsurTech raised $15mn in Series A fundraising as it looks to continue building its team and expand globally.

Sources said that with heightened geopolitical risks, pricing is already "much higher" than at any point in the last five years.

Ablett is currently QBE’s global head of trade credit and surety and has headed up its global credit team since 2018.

Political violence and risk underwriters have heavily cut back in the region, which remains an important source of premium for marine insurers.

The underwriter will retain his responsibilities as lead underwriter for credit and political risk.

Rising counterparty risk from economic slowdown will support prices and growth.

Mark Jenkins becomes chairman of the global credit and political risk team.

The repercussions of the war between Russia and Ukraine continue to affect several countries, including Egypt and Somalia, as a result of grain-supply interruptions.

The underwriter has spent 10 years in Singapore, mainly in broking.

The report states that in the first months of 2023 as many as 1.5 million person-days were expended on cost-of-living protests in the 10 countries hardest hit.

The carrier will look to support green energy projects in developing nations.

The consultancy has outlined the financial guarantees needed from governments and availability of data from Ukraine that will enable insurers to provide risk capacity for the country's recovery.

The supply-chain finance firm dramatically collapsed in 2021 after its trade credit insurance was pulled.

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.