Pol risk, credit & surety

UK trade credit claims rose by 7 percent in 2017 to £225mn ($314.3mn), the most since the height of the recession in 2009, Association of British Insurers (ABI) data shows.

Barclays has brought the trade credit MGA Nimbla into its accelerator, investing $120,000 in the InsurTech business.

CNA Hardy is proposing to withdraw from political risk following a review of its portfolio, The Insurance Insider can reveal.

Global credit and political risk insurance capacity has increased by nearly a third since 2015, with the market increasingly willing to take on financial risks without trade collateral.

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.

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

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

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

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

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

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.