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Neon Underwriting Ltd., the Lloyd’s of London managing agency unit of Neon Holdings Ltd., on Wednesday said it will lead a newly established London Political Risks Insurance Consortium with MS Amlin PLC as a joint agreement party.
The consortium plans to provide up to $100 million in Lloyd’s capacity per policy to corporate investors and financial institutions for assets which can be located anywhere in the world, including in emerging markets, Neon Underwriting said in a statement.
Coverage is for a maximum policy period of seven years for risks including confiscation, expropriation, nationalization, deprivation, and political violence and war.
A Neon spokesman said four syndicates will participate in the consortium, including Hiscox Ltd.
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, the statement said.
Hartford Financial Services Group Inc. said Thursday it is introducing credit and political risk insurance policies designed to help policyholders with international exposures manage their credit and political risk.