Political risk insurance binder launched

Talbot Underwriting Services (US) Ltd., a wholly owned subsidiary of Validus Holdings Ltd., has launched a New York-based political risk insurance binding authority.

The binding authority has a capacity of $115 million, Talbot said Tuesday in a statement. It will be underwritten by various underwriters at Lloyd’s of London and led by Talbot Underwriting Ltd., Syndicate 1183, according to the statement.

The binding authority includes syndicates managed by Ascot Underwriting Ltd., Sompo Canopius A.G. and CNA Hardy, according to the statement.