25 March 2024

Structured Credit & Political Risk Insurance Market Update

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Welcome to the latest edition of our market update. In this update, we look at global macroeconomic challenges and, in particular, how they have affected the risks faced by those trading with or investing in a range of emerging markets (EMs). We will also provide an update on the Structured Credit and Political Risk (SCPR) insurance market, address changes in capacity, and highlight recent market moves.

As you will see, the SCPR insurance market remains robust as it evolves to face new types of risks. Capacity is at near record levels, with more insurers capable of writing long-term risks than ever before. A decade ago, no insurer could offer eight years for Commercial Trade Risks (CR). Now, there is over USD1.3 billion of available capacity for 10-year risks and USD880 million for 15 years.

In this market update, we are pleased to work alongside Pangea-Risk, a specialist intelligence advisory that delivers accurate, decision-ready, and commercially relevant forecasts and analysis on political, security, and economic risk. The Pangea-World Global Risk Ratings are based on proprietary methodology using a default high-risk score and reproduced for Arthur J. Gallagher (UK) Limited, with more details available at www.pangea-risk.com.

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Pangea Risk Emerging Market Review
Insurance Market Capacity Update
Insurance Market Moves

Product Glossary

On behalf of our clients, Gallagher's Structured Credit and Political Risk team arrange insurance products to mitigate the risks arising out of trading, financing and investing - often with a focus on developing markets.

Click to view a full glossary of the terms referenced in this page.

View Glossary

Pangea Risk Emerging Market Review

This section, and the commentary on specific countries which follows, has been compiled in association with Pangea Risk.

Insurance Market Capacity Update

The following market capacity data has been compiled by Gallagher from information provided by each insurer to summarise the recent changes in the Structured Credit and Political Risk insurance market.

Capacity is broken down between each insurer (whether Lloyd’s syndicate or insurance company), showing their maximum line size and policy tenor, as well as the category of insurance (see Product Glossary).

All data is correct as of January 2024, and where an insurer has a Lloyd’s and company market platform, their data is not double-counted in the calculation of total capacity.

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Insurance Market Moves

Cincinnati

Cincinnati have hired a new Country and Credit Risk Analyst, Michail Kampanis.

Vantage

Vantage have appointed Nicholas Garafalo as Head of Claims for Political Risk and Credit.

Canopius CPR

Boris Medimorec has joined Canopius CPR from UK Export Finance.

Credendo ECA

Credendo ECA have hired a new Underwriter for their team, Maria Petelska.

SCOR

Eoghan Burke has joined SCOR as an Underwriter from Marsh.

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Let's talk


Justin Priestley

Executive Director, Crisis Management

Justin_Priestley@ajg.com

David Evans

Executive Director, Structured Credit

David_Evans@ajg.com

Rupert Morgan

Executive Director, Political Risks

Rupert_Morgan@ajg.com

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