International Political Risk Management: Looking To The Future

by Moran, Theodore H.; West, Gerald T.

• ISBN13: 9780821361542
• ISBN10: 0821361546
• Format: Paperback
• Copyright: 2005-06-15
• Publisher: World Bank

Summary

'International Political Risk Management: Looking to the Future' is the third in a series of volumes based on the MIGA-Georgetown University Symposium in International Political Risk Management. Like its predecessors, this volume offers expert assessments of needs, trends, and challenges in the international political risk insurance industry. These assessments come from a dozen senior practitioners from the investor, financial, insurance, broker, and analytical communities.The volume leads off by examining the lessons that can be learned from recent investment losses, insurance claims, and arbitrations. It then turns to consider what the future may hold for coverage of project finance projects in emerging markets as well as recent public-private collaboration trends in the issuance of political risk insurance. It concludes by reconsidering both old and new political risk insurance products and innovations that seek to expand the tools that international investors can utilize to mitigate political risk abroad.A current in-depth analysis from the front lines of international political risk management, this book will be a valuable guide to those who are considering private sector investments and privatizations in the developing world, whether as equity sponsors, lenders, or insurers. It should also be of interest to independent analysts and scholars working in the field of political risk management.

Table of Contents

Preface	ix
List of Acronyms	xi
Introduction	1	(4)
Yukiko Omura, Multilateral Investment Guarantee Agency
Part One Learning from Recent Losses, Claims, and Arbitrations
Overview	5	(7)
Theodore H. Moran and Gerald T. West, Editors
Tales from the Dark Side: Lessons Learned from Troubled Investments	12	(18)
Kenneth W. Hansen, Chadbourne & Parke LLP
Learning from OPIC's Experience with Claims and Arbitration	30	(45)
Robert C. O'Sullivan, Overseas Private Investment Corporation
Discussion of Learning from Recent Losses, Claims, and Arbitrations	75	(6)
Symposium Panelists and Participants
Part Two The Emergence of New International Property Rights and the Role of Political Risk Insurance in Project Finance
Overview	81	(6)
Theodore H. Moran and Gerald T. West, Editors
The New International Property Rights: Can the Foreign Investor Rely on Them?	87	(16)
Louis T. Wells, Jr., Harvard Business School
The Future of Political Risk Insurance in International Project Finance: Clarifying the Role of Expropriation Coverage	103	(13)
Frederick E. Jenney, Morrison & Foerster LLP
Discussion of the Emergence of New International Property Rights and the Role of Political Risk Insurance in Project Finance	116	(5)
Symposium Panelists and Participants
Part Three The Evolution of Private-Public Relationships in the Political Risk Insurance Industry
Overview	121	(7)
Theodore H. Moran and Gerald T. West, Editors
The Future of the International Political Risk Insurance Industry	128	(11)
Clive Tobin, XL Insurance
Perspectives on Private-Public Relationships in Political Risk Insurance	139	(19)
Toby Heppel, FirstCity Partnership Ltd.
Discussion of the Evolution of Private-Public Relationships in Political Risk Insurance	158	(9)
Symposium Panelists and Participants
Part Four New Products and New Perspectives in Political Risk Insurance
Overview	167	(6)
heodore H. Moran and Gerald T. West, Editors
The Use of Political Risk Insurance to Support Emerging Market-Based Issuers	173	(9)
Christina Westholm-Schroder, Sovereign Risk Insurance Ltd.
Currency Transfer and Convertibility Coverage: An Old Reliable Product or Just an Old Product?	182	(11)
Daniel W. Riordan and Edward A. Coppola, Zurich Emerging Markets Solutions
Discussion of New Products and New Perspectives in Political Risk Insurance	193	(6)
Symposium Panelists and Participants
Appendixes
I Biographies of Authors	199	(7)
II Whither the Political Risk Insurance Industry?	206	(25)
Gerald T. West and Kristofer Hamel, MIGA
III Previous Volumes in the Series	231	(6)
IV More About MIGA	237	(4)
Index	241