Pol risk, credit & surety

The total volume of surety bonds impacted by the bankruptcy is likely to exceed $500mn, including $19.5mn of surety exposure for Intact Financial’s One Beacon.

With economic activity bouncing back globally and major events attracting large crowds returning to the calendar, Willis Towers Watson warned that the level of terrorism risk is also likely to rebound.

Executives at broking behemoth Marsh said appetite for political and credit risk “has returned” as the recovery from the pandemic has taken hold, but that the turbulent period had also created an environment of growing economic risk, including widening inequality and a rise of resource nationalism.

The carrier has also promoted internally for a new leader of its US political risk, credit and bond team as it continues to staff up the division.

Funding from the UK and Germany will support early action and the managing of disaster risks in less wealthy countries.

Protests have been raging for a week, with notable damage to police stations, buses and bus stations.

Laura Weiss joins the West Coast intermediary from Euler Hermes.

The broker’s report notes that the economic costs of coronavirus are increasing political risk.

The executive said political turmoil in the US “isn't going away” and that recent events were “a wake-up call".

Sources warn further unrest is possible and anticipate rising demand for SRCC and even full political violence cover.

The organization’s president David Sampson says that the insurance industry supported the peaceful transition of power.

The insurer has increased per risk limits for the class of business to $500mn and opened offices in New Jersey, Illinois and California.