Ironshore brings political, war and terrorism coverage to US
Bermuda-based insurer Ironshore is bringing Lloyd’s political risk coverage to the US market.
The company announced yesterday that its subsidiary Ironshore Insurance Services LLC will offer political violence, war and stand-alone terrorism insurance to US-based companies with exposures in the US and around the world.
The subsidiary received an extension of class approval from Lloyd’s to underwrite coverage for the Pembroke Syndicate 4000 Political Risk and War and Terrorism unit.
The extension means Ironshore’s network of 15 regional offices in the US can now provide coverage for these speciality classes of business to US-domiciled companies with international exposure. Limits will be offered up to $25 million.
While political risk coverage has traditionally been focused on European-domiciled entities, with less than ten percent of business underwritten for US-based companies, the company says demand for this speciality class of business is increasing at a significant pace.
“Adding war and political violence insurance broadens Ironshore Political Risk’s range of products to meet the increasing geopolitical risk management needs of US-based companies across the globe,” said Daniel Sussman, president of Political Risk. “These coverages complement our existing political risk and trade credit insurance products for companies and risks around the world.”
The political risk and war and terrorism unit at the London-based Pembroke provides insurance coverages to assist companies with international operations and assets to manage the threats of political unrest and capricious acts by host governments to their business.
Industries such as energy, transportation, construction, manufacturing and financial services face the threat of war and terrorism on a day-to-day basis.