Sovereign Risk Insurance Ltd. - a 50-50 joint venture between XL Insurance and ACE Bermuda Insurance - recently announced its election to the International Union of Credit and Investment Insurers: the Berne Union.

Sovereign, a specialised political risk insurer and reinsurer based in Bermuda, had its application approved at the Berne Union's annual meeting in Biarritz, France on September 19.

Sovereign is one of only three private sector political risk insurers to be approved as a member of the Berne Union. The Berne Union has a total of 51 members from 42 countries.