Chubb Opens New Zone Office to Provide Political Risk Insurance to Asia/Pacific Region.Business Editors WARREN, N.J.--(BUSINESS WIRE)--April 25, 2002 To further support the growing demand for political risk insurance in the Asia/Pacific region, the Chubb Group of Insurance Companies has opened a new zone office in Melbourne, Australia. "Our new Asia/Pacific zone office, staffed by seasoned political risk professionals who are knowledgeable about the business risks in that region, demonstrates Chubb's commitment to offer quality political risk protection in a time of great political instability and uncertainty in the insurance markets," said Pat Skold, senior vice president and worldwide underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. manager for political risk, Chubb & Son. Chubb also has political risk operations in London to serve the European market and in Warren, NJ, for the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. market. The political risk professionals in Chubb's three operations provide first-hand information about local markets as well as assess risks and assist local companies in protecting their foreign operations against political risk. "These days, nearly every market is looking riskier," said Skold. "The event of September 11th, combined with a global recession and events in Argentina and Venezuela, has made corporations, lenders, agents and brokers more aware of the risks associated with doing business in emerging markets. This has created a heightened demand for political risk insurance products at a time when the insurance industry is experiencing reduced capacity within many lines of insurance. Chubb continues to offer the capacity companies need to help protect against the financial impact of political risk." Chubb's political risk products include confiscation confiscation In law, the act of seizing property without compensation and submitting it to the public treasury. Illegal items such as narcotics or firearms, or profits from the sale of illegal items, may be confiscated by the police. Additionally, government action (e.g. , expropriation The taking of private property for public use or in the public interest. The taking of U.S. industry situated in a foreign country, by a foreign government. Expropriation is the act of a government taking private property; Eminent Domain is the legal term describing the , nationalization nationalization, acquisition and operation by a country of business enterprises formerly owned and operated by private individuals or corporations. State or local authorities have traditionally taken private property for such public purposes as the construction of and deprivation (CEND) with a capacity of up to $75 million and contract frustration and wrongful calling of guarantee, each of which has a capacity of up to $37.5 million. CEND protects companies against the financial loss of an investment due to acts of government such as confiscation or deprivation of assets or similar actions. Chubb's capacity also applies to CEND insurance options including political violence, currency inconvertibility Inconvertibility The inability of a local currency to be exchanged for another currency. Often includes transfer risk. and cross-border war. Contract frustration provides coverage for export or import transactions. Wrongful calling of guarantee indemnifies a company for the value of its bid bonds, performance bonds, prepayment Prepayment 1. The payment of a debt obligation prior to its due date. 2. The excess payment over a scheduled debt repayment amount. Notes: 1. Examples include deferred expenses such as rent and early loan repayments. 2. bonds and retention bonds posted in support of contracts entered into in foreign markets. Both products are available when a business is dealing with either a private or a government buyer. All of Chubb's political risk products may be written for policy terms of up to 10 years. Agents or broker interested in Chubb's political risk products can contact their local Chubb underwriter or send an inquiry directly to Pat Skold (pskold@chubb.com). The member insurers of the Chubb Group of Insurance Companies form a multi- billion dollar organization providing property and casualty insurance for personal and commercial customers worldwide through 5,000 agents and brokers. The Chubb Group earns high ratings for financial strength from A.M. Best Company, Standard & Poor's and Moody's. Chubb's global network includes branches and affiliates throughout North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Europe, Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. , Asia and Australia. |
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