Sovereign paid a currency non-transfer claim under a facultative reinsurance policy for one of our ECA clients. The ECA had insured a commercial bank’s operations in Venezuela and the bank was unable, for a period of time exceeding the Waiting Period, to transfer dividend payments outside of the country due to regulations adopted by the Central Exchange Control Authority (CADIVI). The bank was ultimately able to transfer most of the funds out of Venezuela, and Sovereign realized a partial recovery on the claim payment at that time.