Mosaic Insurance Holdings Ltd. said on Tuesday that it has raised the size of the political risk coverage line to $30 million from $15 million and extended loan terms to 15 years from 10.
The specialist insurer said in a statement that the increase in lines would come from both its Lloyd’s Syndicate 1609 and trading partners’ capital through its syndicated management programme.
The extension of the maturity, or duration, of the loan coverage from 10 to 15 years is aimed at policy hedgers such as multilateral and state-owned development banks.
Finn McGuirk, Mosaic’s head of political risk, said in the statement that the insurer is seeing an increase in these types of loans using blended financing tools. Natalya Tyson, vice president, underwriter, political risk, added that renewable energy infrastructure may require longer financing support.
Mosaic has political risk underwriters based in offices in London, Dubai and New York, according to its statement.