Ironshore Insurance Ltd., Singapore Branch, announced an increase in capacity for political risk business lines within its Political Risk & Trade Credit unit.
Available capacity now stands at US$50 million, an increase from $15 million, effective immediately.
In addition, Ironshore is expanding its Political Risk & Trade Credit team in Singapore with the appointment of Sam Lim to serve as underwriter, Political Risk & Trade Credit, Asia Pacific.
Lim reports to Boo Hui Yun, managing director, Ironshore Asia Pacific. He joins Ironshore from AIG.
“Insurance industry appetite in Asia for specialty lines products dedicated to uncertain, emerging risks is driving heightened market demand,” stated Hui Yun. “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.”
Ironshore’s Political Risk unit offers structured, international policy protection for in-country or cross-border exposure to government actions and political risk events. Trade credit coverages provide obligor default risk mitigation for corporate and financial institutional clients.
Ironshore International underwrites these lines of business in the Asia-Pacific region through Ironshore Insurance Ltd., Singapore branch, and the Pembroke Lloyd’s syndicate as well as third party paper in Australia, Hong Kong and Japan.