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Ironshore ups political risk capacity

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Ironshore Insurance Ltd.’s Singapore branch on Thursday said it had increased capacity for political risk business lines within its political risk and trade credit unit.

Available capacity now stands at $50 million, up from $15 million, effective immediately, the Ironshore International unit said in a statement. Its political risk unit offers structured, international policy protection for in-country or cross-border exposure to government actions and political risk events.

Ironshore is also expanding its political risk and trade credit team in Singapore, appointing Sam Lim to the new position of underwriter, political risk and trade credit, Asia Pacific. Mr. Lim, who joins Ironshore from American International Group Inc., will report to Hui Yun Boo, managing director of Ironshore Asia-Pacific.

“Insurance industry appetite in Asia for specialty lines products dedicated to uncertain, emerging risks is driving heightened market demand,” Ms. Boo said in the statement. “We recognize the value of broadening our reach by increasing our capacity throughout the region, with Sam now on board to support Ironshore’s growth in this business lines portfolio.”