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Browsing: Africa Trade Insurance Agency
- Angola has become Africa Trade Insurance Agency’s (ATI) 21st member state by paying $25 million in capital subscription fees.
- ATI’s gross exposure in Angola currently stands at $467 million.
- The membership was funded the Angolan National Treasury and proceeds from the landmark BITA water project.
Oil-rich Angola has become the 21st African member state joining pan-African insurer, Africa Trade Insurance Agency (ATI) after paying $25 million in subscription fees. The deal will also see Angola become first Lusophone member country in the underwriter.
ATI was established in 2001 by seven Comesa countries and with technical and financial backing of the World Bank. The agency’s core mandate is to provide insurance against political and commercial risks. This is considered necessary in order to attract foreign direct investments across member states.
Luanda’s membership was funded by the Angolan National Treasury resources and proceeds from the landmark BITA water project. BITA …
Chubb, the world’s largest publicly traded property and casualty insurance company has made a $10 million equity investment in the Kenyan based African Trade Insurance Agency (ATI). Chubb is the first global property and casualty insurance company to become a shareholder in Africa’s leading multilateral political risk and credit insurer.
Chubb has operations in 54 countries and territories. The company, which is AA rated by Standard & Poor’s, is a leading underwriter of political risk insurance and reinsurance through two of its businesses, Sovereign Risk, a specialty underwriter based in Bermuda, and Chubb Global Markets, its London market division.
ATI supports trade and investment in African member states by providing comprehensive risk solutions, such as political risk and credit insurance products. Headquartered in Nairobi, ATI is Africa’s leading multilateral political risk and credit insurer (rated A/Stable S&P and A3/Stable Moody’s).
ATI currently counts 16 African nations and 10 …