Optio Group, which is comprised of MGAs Ascent Underwriting, Cove Programs and broker Bay Risk Services, has announced the launch of a political political risk proposition for foreign direct investors (FDIs) in higher-risk markets.
In addition to the standard political risk perils of expropriation, war and forced abandonment, Optio will provide ‘Powered by Hiscox’ crisis management support services, in partnership with leading crisis management specialist, Control Risks.
The service will help contain losses by preventing situations, such as detention of staff, illegal occupation, malicious prosecution and blockade from becoming irreversible.
The programme was devised by Nick Hedley, head of political risk and credit insurance, who joined Ascent in November 2018.
Capacity for the product is led by Hiscox, with other syndicates also participating.
“The London Market is a leading and long-established political-risks player,” said Paul Western, Group Chief Underwriting Officer (CUO) at Optio.
“However, with many policies designed for large corporations, and based heavily on the RJM (81) policy form from the 1980s, they are not appropriate for today’s FDIs,” he continued.
“Optio’s proposition is tailored for businesses typically lacking the sophisticated crisis management capabilities of Fortune 500 corporations, combining traditional indemnity with practical crisis support to avoid or mitigate loss and safeguard the lives of our clients’ personnel.”
Ascent Underwriting, an MGA focused on cyber and specialty lines, and Cove Programs, which was focused on US construction, rebranded under the single name Optio back in September 2019.
