On Wednesday, Neon Underwriting Ltd., Lloyds of London, the management unit of Neon Holdings Ltd., said it will lead a newly formed insurance risk consortium with MS Amlin PLC as a joint agreement.
The consortium plans to provide up to $ 100 million in Lloyd's per-policy capability to corporate and financial assets for assets that can be located anywhere in the world, including emerging markets, Neon Underwriting said in a statement.
The scope is for a maximum policy period of seven years for risks including confiscation, expropriation, nationalization, deprivation and political violence and war.
A Neon spokesman says four syndicates will participate in the consortium, including Hiscox Ltd.
The new initiative has been created in response to increased levels of political uncertainty all over the world that have triggered the demand for political risks on a large scale insurance coverage, the statement said.