Ironshore increases capacity for political risk in Singapore, hires from AIG

Ironshore Insurance Singapore branch said on Oct. 19 that it is increasing the capacity for political risk business lines within the Political Risk & Trade Credit unit as demand grows.

Available capacity now stands at $50 million, an increase from $15 million, effective immediately.  In addition, Ironshore is expanding its Political Risk & Trade Credit team in Singapore with the appointment of Sam Lim to serve as underwriter, political risk & trade credit, Asia Pacific, reporting to Boo Hui Yun, managing director, Ironshore Asia Pacific. Lim joins Ironshore from AIG.

“Insurance industry appetite in Asia for specialty lines products dedicated to uncertain, emerging risks is driving heightened market demand,” stated Hui Yun.

“We recognize the value of broadening our reach by increasing our capacity throughout the region, with Sam now on board to support Ironshore’s growth in this business lines portfolio.”

Ian Rouse, head of political risk & trade credit for Ironshore, Asia-Pacific commented: “Sam has a successful track record in developing specialty lines in the Asia-Pacific region.  We are delighted to have him on board and further enhance our offering to brokers and clients”

Ironshore’s Political Risk unit offers structured, international policy protection for in-country or cross-border exposure to government actions and political risk events. Trade credit coverages provides obligor default risk mitigation for corporate and financial institutional clients.  Ironshore International underwrites these lines of business in the Asia-Pacific region through its Ironshore Insurance, Singapore branch and the Pembroke Lloyd’s Syndicate as well as third party paper in Australia, Hong Kong and Japan.

Ironshore is a Liberty Mutual company and provides broker-sourced specialty property and casualty insurance coverages for varying risks located throughout the world.

In May, Liberty Mutual completed the acquisition of 100 percent ownership interest in Ironshore from Chinese conglomerate Fosun International.

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