Multiline property and casualty insurer Ace Group has launched its political risk and credit division in Japan, in a bid to expand its presence in the country.

The new division will provide a wide range of insurance products for risks, including non-payment of trade receivables, protection against sovereign non-payment default, and country risk cover for overseas assets and investments.

The firm has appointed Hiroya Takagi as political risk and credit manager to lead the new segment in the country.

ACE global markets political risk and credit head Julian Edwards said: "Our clients in Japan will now be able to benefit from our innovative solutions that deliver confidence, security and peace of mind, together with unmatched access to our global network. I am delighted that Hiroya is going to lead the new segment in Japan.

"His great market knowledge and wide experience across different sectors, will contribute greatly to our effort to provide the secure, long-term non-cancellable solutions demanded by clients today."

Recently, the firm introduced new multinational political violence and terrorism insurance product, Political Violence and Terrorism Plus, for businesses in Continental Europe, the Middle East and Africa and Asia Pacific.

The new product provides integrated cover across the spectrum of terrorism and political violence perils.

Ace offers commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance services in around 54 countries across the globe.