It’s only recently that Nicholas Robinson moved up to become specialty head at Neon and already he has his hands full – spearheading the newly established London Political Risks Insurance Consortium.
The Lloyd’s insurer will lead the initiative, which aims to provide insurance coverage to corporate investors and financial institutions for assets which can be located anywhere. Made up of 100% Lloyd’s capacity, the consortium has a US$100 million limit per policy and a maximum period of seven years.
Risks covered include confiscation, expropriation, nationalisation, deprivation, and political violence & war.
“Political risks insurance has long been a strength for Lloyd’s and Neon’s team has more than half a century of combined experience in this specialist field,” noted the head of specialty. “This includes the expertise to consider confiscation of business for assets owned through shareholding.
“The consortium can also support the growing group of financial institutions looking to lend into emerging markets and which therefore require country risk coverage.”
Meanwhile MS Amlin has been named a joint agreement party.
Robinson added: “The consortium will provide the necessary scale and breadth of coverage for both London-based and global clients at a time where there is growing demand for the product, following various loss events in South America, Eastern Europe, North Africa, and Asia.”
