Neon unveils new Lloyd's-backed political risks consortium with MS Amlin
Specialist Lloyd's insurer Neon will lead a newly established London political risks insurance consortium, with re/insurer MS Amlin becoming a joint agreement party.
Neon said the new initiative has been created in response to increased levels of political uncertainty across the globe that have triggered demand for political risks insurance coverage at scale.
It aims to provide insurance coverage to corporate investors and financial institutions for assets which can be located anywhere in the world, including in emerging markets.
The consortium will also enable syndicates to compete more easily for bigger risks demanding larger capacity at more attractive rates.
It will have a $100 million limit per policy, and the capacity will be provided by Lloyd’s.
The initiative will be spearheaded by Neon’s recently promoted head of specialty Nicholas Robinson, who said: “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.
"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."
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.”
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