Optio enters political risk market
Optio Group, comprising MGAs Ascent Underwriting, Cove Programs and broker Bay Risk Services, has launched a political risk proposition for foreign direct investors (FDIs) in higher-risk markets.
In addition to the standard political risk perils of expropriation, war and forced abandonment, Optio will provide ‘Powered by Hiscox’ crisis management support services, in partnership with crisis management specialist Control Risks. The service will help contain losses by preventing situations, such as detention of staff, illegal occupation, malicious prosecution and blockade from becoming irreversible.
The programme was devised by Nick Hedley, head of political risk and credit insurance, who joined Ascent in November 2018. Capacity for the product is led by Hiscox, with other syndicates also participating.
Paul Western, group chief underwriting officer, Optio said: “The London Market is a leading and long-established political-risks player. However, with many policies designed for large corporations, and based heavily on the RJM (81) policy form from the 1980s, they are not appropriate for today’s FDIs. Optio’s proposition is tailored for businesses typically lacking the sophisticated crisis management capabilities of Fortune 500 corporations, combining traditional indemnity with practical crisis support to avoid or mitigate loss and safeguard the lives of our clients’ personnel.”
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
Willis Re helps Covéa Mutual complete €120m 4-year cat bond
AIG appoints new head of multinational, general insurance
AXA to underwrite Fleet UK for THB
Mapfre Re upgraded to 'A+' by S&P
Arthur J. Gallagher & Co completes acquisition of Horseshoe Insurance Services Holdings
Polaris and Cytora partner to enhance insurance ratings
Anthemis expands leadership team to accelerate global growth
