Sovereign Risk Insurance Ltd., a joint venture between two subsidiaries of Bermuda’s ACE and XL, announced a “strategic alliance” with Panama-based Banco Latinoamericano de Exportaciones, S.A. (BLADEX), “designed to expand and enhance its Country Risk Guaranty program in Latin America and the Caribbean.”
Sovereign, with $4 billion in exposure spread over 60 emerging markets, brings new expertise and prestige to political risk coverage in the area. BLADEX is a multinational bank whose ownership is shared by banks from 23 countries in Latin America.
In 22 years of operation it has extended “over US$105 billion in the Region,” with a remarkable loss record of only $67 million.
The alliance will serve financial institutions, export credit agencies, multilateral and multinational interests in providing increased protection covering “a broader selection of political risks, including expropriation and war/political violence.”
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