Bermuda-based property and casualty insurance provider Ironshore has established a Special Risk Unit to underwrite non-standard risks that are not included within customary Property & Casualty product lines including tax credit recapture risks and finance-related insurance on select classes of aviation and industrial assets, among others.
Ironshore general counsel and secretary Paul Giordano will assume additional responsibility of Political and Special Risk chairman while Daniel Sussman has been named as Ironshore Special Risk president. He will continue to serve as president of Ironshore Political Risk.
Giordano said the company is committed to providing innovative insurance coverages for its customers’ complex, specialised risks. Both Giordano and Sussman have more than 25 years of combined experience in the political, credit and special risk insurance businesses.
Ironshore Political Risk Unit offers insurance protection for financial institutions, global commodity firms, and multinational corporations managing unforeseen risks inherent when conducting business in global markets, including the Political Risk suite of products and a broad range of trade-related coverages.
In 2012, the firm has increased its coverage capacity to $30m per obligor for all political risk coverages.