Ironshore Insurance Services has received extension of class approval from Lloyd’s to underwrite insurance coverage for the Pembroke Syndicate 4000 Political Risk and War and Terrorism unit.
Pembroke’s political risk and political violence coverages will be highly focused policies underwritten within existing aggregate limits initially for U.S.-domiciled entities with international exposure. Ironshore Insurance Services will serve as the agent of record.
Ironshore’s network of 15 U.S. regional offices in the United States can now provide corporate entities with coverage for these specialty classes of business in the London market directly through the Ironshore Group. Underwriting controls, aggregate modeling, and pricing will be managed by Pembroke in accordance with existing underwriting authorities and guidelines of the Syndicate.
“Political risk coverage traditionally has been focused on European domiciled commercial risks, with less than 10 percent of business underwritten for U.S-based insureds,” said Daniel L. Sussman, the New York-based president of Ironshore Political Risk. “Given recent upheaval and political unrest throughout the global business environment, demand for this specialty class of business is increasing at a significant pace.”
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.