Pol risk, credit & surety
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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.
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The deal involved the use of a non-payment credit insurance policy covering exposure on a GuarantCo portfolio transaction.
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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.
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Topics discussed included Caribbean cat risk, protests in Peru, crisis in Argentina and the World Cup.
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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.
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The expected results are a result of the unusually low levels of insolvency and subsequent claims frequency.
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The Cayman Islands-headquartered reinsurer held a 49% stake in the Mexican firm, according to its 2021 annual report.
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Dover and Nersessian-Hristova’s appointments mark the first expansion of Convex US since its launch earlier this year.
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Based in New York, Greer is responsible for leading the surety reinsurance efforts in the United States, Canada and Puerto Rico.
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The broker said Ukraine will fall into a deep recession this year following Russia’s invasion.
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The Ukraine loss reserve tally has reached $2.4bn as of the end of June.
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