Sovereign Risk Insurance Ltd. (Sovereign)
Sovereign, a wholly owned subsidiary of ACE Bermuda, is a specialized political risk insurance (PRI) and reinsurance underwriter based in Bermuda.  It is one of the world's largest private providers of PRI, offering its clients innovative solutions to the problems of managing and transferring political risks in emerging markets.  At the end of its fiscal year, June 30, 2004, Sovereign's portfolio was approximately $6 billion, spread over 80 emerging markets.  Its clients include global financial institutions, commercial and investment banks, and Fortune 500 companies. 

Sovereign is also a leading provider of reinsurance and co-insurance to multilateral agencies, such as MIGA of the World Bank, the Inter-American Development Bank (IDB), the Asian Development Bank (ADB) and bilateral agencies, including Export Development Corporation (EDC) of Canada, the Overseas Private Investment Corporation (OPIC) of the US, and many of the other OECD Export Credit Agencies.  Sovereign is also a permanent member of the Berne Union (the International Union of Credit and Investment Insurers).

Key Products

• Currency Inconvertibility and Nontransfer
• Expropriatory Actions and Breach of Contract
• Political Violence
• Sovereign or sub-sovereign nonpayment
• Sovereign’s maximum tenors are 15 years for PRI and 10 years for sovereign & sub-sovereign nonpayment