Syndicate 488/2488 of Lloyd's of London, extending its close cooperation with private insurers so as to increase availability of political risk insurance for foreign investments in developing countries.

The $31 million long-term (15 years) agreement with a multilateral insurer is groundbreaking for ACE Global Markets.

It covers a $50 million loan by Lloyds Bank of the United Kingdom to its wholly-owned subsidiary in Argentina, to expand its residential mortgage lending operations. Reinsurance allowed MIGA to provide adequate coverage for this project which will support Argentina' fast-growing construction industry.