XL pulls out of Sovereign political risk venture
political risk specialist Sovereign Risk Insurance Ltd , a joint venture between Bermudian (re)insurers ACE and XL has announced that from Februaury 1 the company will become wholly owned by ACE and write business solely for ACE.
The move is subject to receipt of Bermuda regulatory approval and agreement of definitive documentation. Sovereign's agency structure, underwriting team, limits and tenors will remain unchanged.
Brian
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