Exporters and IOA have entered into an arrangement for the production of political risk insurance. IOA will submit PRI business originating from brokers and insureds in the western hemisphere to Exporters Insurance Company and will be using Alexander Lotocki to review, structure, and price all business submitted to Exporters for binding approval.

Lotocki has extensive experience in political risk insurance, having served for many years as an underwriter of PRI in London and New York before becoming head of underwriting and then president of Citicorp International Trade Indemnity.

Producing brokers representing western hemisphere insureds are directed to approach Exporters through IOA. Brokerage to producing brokers will remain the same as for all Exporters’ product lines, 20% for new business and 17.5% for renewal business.

Political risk business originating from brokers and clients in the European Union will continue to be underwritten by Exporters Insurance Company (Europe), based in London, without going through IOA.

Although Exporters has always underwritten political risk insurance, it has historically been a relatively small part of Exporters” overall portfolio. With this agreement, Exporters is making a long-term commitment to growing this product line and making greater use of its available underwriting capacity.

Exporters is a group captive of manufacturers, trading companies and financial institutions with the common objective of managing commercial credit and political risks in their global operations through the subsidiary insurance companies. Exporters Insurance Company is domiciled and licensed in Bermuda and has surplus lines authority in numerous US states.

Exporters Insurance Company (Europe) is a licensed insurer in the UK with European Union “passport” approval in 13 other countries.

IOA Re is a managing general underwriter and agent principally located outside Philadelphia. In operation for over 50 years, IOA offers a wide array of specialty insurance and reinsurance products including accident and health, kidnap and ransom, product recall and political risk.