Descartes expands into credit and political risk class

Descartes Insurance has entered the credit and political risk (CPRI) market, further diversifying its product suite for corporates and public institutions.

The Paris-based risk carrier, part of parametric insurance specialist Descartes, said the new line would be broker-distributed and focus on protecting clients against political risks linked to foreign investments and counterparty credit exposures.

The coverage, which is available under a single contract across the full term of a transaction, has already been used in initial deals with French clients, the insurer said.

To lead the expansion, Descartes has appointed Hélène Martin, previously head of single risk, credit and political risk for France at Coface.

She joins Benjamin Lambert, senior CPRI underwriting manager, who moved to Descartes in September 2024. Together, the pair bring over 25 years of experience in the field.

Kevin Dedieu, CEO of Descartes Insurance, said the new offering brings together underwriting expertise, proprietary data, and technology-led risk assessment tools.

“This product combines our underwriters’ proven expertise with Descartes’ own data, and with new, technology-centred approaches to risk management,” said Dedieu.

“Given the growing impact of political and credit risks in our changing world, it provides timely support for brokers and their corporate clients, complementing the recent launch of our cyber and technical risk insurance offering, and our parametric products.

“It strengthens our position as a leading player in commercial insurance.”

Descartes Insurance already writes parametric weather covers, cyber risk insurance, and alternative risk transfer solutions across the European Economic Area.

Benjamin Lambert said the insurer’s strength lies in its ability to tailor solutions and leverage insights across its climate and credit portfolios.

“Descartes’ ability to offer tailor-made solutions underpins our credit and political risk range,” said Lambert.

“We benefit from synergies and complementarities with our climate expertise. I look forward to continuing to work with our broker partners to grow Descartes’ credit risk portfolio.”