Mosaic increases line size, loan timelines for political-risk cover
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Mosaic Insurance Holdings Ltd. said Tuesday it has raised the line size for political-risk coverage to $30 million from $15 million and extended loan provision timelines to 15 years from 10.
The specialty insurer said in a statement the increase in lines would come from both its Lloyd’s Syndicate 1609 and trade-partner capital through its syndicated management program.
The extension of tenor, or term provisions, of loan coverage from 10 to 15 years is aimed at political-risk insureds such as multilateral and state-owned development banks.
Finn McGuirk, Mosaic’s head of political risk, said in the statement the insurer is seeing an increase in these types of loans using blended finance tools. Natalya Tyson, vice president, underwriter, political risk, added that renewable-energy infrastructure can require longer financing support.
Mosaic has political risk underwriters based in London, Dubai and New York offices, according to its statement.
