Claims History
While price will always be an important consideration in the insurer selection process, sophisticated purchasers of PRI are now putting more consideration into the credit rating and claims payment record of different underwriters. Since its formation in 1997, Sovereign has paid over $280 million in claims. Below are summaries of each claim:
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- 1999 -Expropriation (Arbitration Award Default) / Indonesia
- 2000 - Claims Mitigation / Argentina
- 2002 - Currency Inconvertibility / Argentina
- 2002 - Expropriation of Funds / Argentina
- 2002 - Non-Payment / Argentina
- 2004 - Client Letter - Argentina / Claim
- 2005 - Non-Payment / Argentina
- 2005 - Non-Payment / Dominican Republic
- 2009 - Non-Payment / Seychelles
- 2010 - Currency Inconvertibility-Non-Transfer / Venezuela
- 2011 & 2012 - Non-Payment / Vietnam
- 2014 & 2015 - Political Violence / Eastern Ukraine
- 2015 - Non-Payment / Nigeria
- 2016 & 2017 - Non-Payment / Gabon
- 2017 - Debt Restructuring / Azerbaijan
- 2018 - Non-Payment / Ethiopia
- 2018-2022 – Missed Scheduled Payment / Ethiopia
- 2019-2022 – Non-Payment / Kenya
- 2020 – Non-Payment / Republic of Congo
- 2020-2022 – Non-Payment / Zambia
- 2020-2022 – Non-Payment / Suriname