Royal Chartered Insurance to be acquired by IORC – By: Katie Baker
Author: Katie Baker / Reinsurance News / January 12, 2021 / Royal Chartered Insurance has announced that it will be acquired by IORC Export & Credit Insurance Corporation.
The insurer offers a range of products and services involving various classes of insurance, which have been designed and developed in collaboration with leading international insurance, reinsurance companies, and recognised banks.
Royal Chartered Insurance works with local and sovereign governments, regulated utilities, and private-sector developers and operators, along with their bankers and advisors, to reduce the medium- and long-term funding cost of essential projects and services in countries with investment-grade sovereign ratings.
Benjamin Eber, Business Director of Royal Chartered Insurance said: “IORC Export & Credit Insurance Corporation had been planning since 2019 to expand its activities outside the Indian Ocean Rim Countries without prejudice to its activities, and therefore the best solution was to acquire a company that has a presence such as Royal Chartered Insurance, which was established in 2015.
“Until the end of 2020 Royal Chartered Insurance business was limited only to coordination between “financing entities” and “insurance, reinsurance companies and banks” in order to obtain financial coverage for their activities, but from January 2021, Royal Chartered Insurance will be a full-fledged insurance company capable of issuing insurance policies.
“Our attorneys and legal advisors have already started to officially close the Royal Chartered Insurance and its offices in the United States of America in order to completely move to one of the Indian Ocean Rim Countries in January 2021.”