Pol risk, credit & surety

Within specialty, political risk is the sole line tipped for increased premiums.

The Bermuda carrier will take a 29.5 percent slice of the listed trade credit insurer but rules out a full bid for at least 12 months from the deal closing.

Brit underwriter Tom Gardner joins former Nexus divisional head James Steele-Perkins at the Lloyd’s business.

AIG’s decision to exit the surety market illustrates that the re-underwriting wheels continue to turn at the carrier as it looks to dampen underwriting volatility and move away from its previous “large-limits strategy”.

A wave of protests last year led to widespread looting and destruction.

The Nexus unit will write trade credit risk in the US on a fully admitted basis.

Suramericana is facing at least $150mn in claims from civil unrest in Chile over the last six weeks, the company has confirmed.

The mutual will transfer the financial risks book written from Zurich to one of three alternative European bases.

Edward Moeller has returned to the market after a stint with the federal government.

Marsh-JLT trade credit partner Rob Downey has retired, the latest in a string of trade credit and political risk exits from the broking giant.