IRIA
IRIA is a Geneva-based Swiss insurance broker specializing in political risk and credit insurance for corporate clients, banks, and commodity traders, operating as part of the Howden Group since 2020.
- Company typePrivate
- Founded2003
- HeadquartersGeneva, Switzerland
- Headcount11–50
- GTM typeB2B
- OfferingServices
What IRIA does
IRIA is a Geneva-headquartered Swiss insurance broker founded in 2003, specializing in political risk and credit insurance for corporate clients, banks, and commodity traders operating across international markets. The company offers nine core products: Buyer Non-Payment Insurance (single-buyer and whole-turnover), Supplier Non-Delivery Insurance, Borrower and Guarantor Default Insurance, and five specialized Political Risk Insurance lines covering inventories (CEND), plant and equipment (CCP), loans (PRI for Lenders), equity investments (PRI for Equity Investors), and Bonds. These products address counterparty default, non-payment, expropriation, war, currency inconvertibility, contract repudiation, and other credit and political risks inherent to international trade and emerging-market operations.
The firm's core technology is insurance brokerage expertise, supported by a five-person broking team of directors with direct domain experience in commodity trade finance, banking (ING, Credit Agricole, BNP Paribas, Euler Hermes), and commodity trading (Savas Oil, ED&F Man, Castor Petroleum). IRIA accesses global insurance capacity through established placement relationships with Lloyd's (Swiss broker registration No. 29), Euler Hermes, Atradius, Coface, Zurich, AIG, QBE, and others, with a web-based integration to RK Harrison's TEPFIN platform for instant quoting on Financial Institution risk business. No public-facing API, AI/ML capabilities, or proprietary software platforms are developed in-house.
IRIA earns revenue through brokerage commissions on insurance placements, having placed $32 million of premium on behalf of clients annually. The company serves enterprise clients in banking (trade finance, commodity finance, structured commodity finance), commodity trading, and international corporates, with individual transaction capacities up to USD 50M+ and tenors up to 10 years for government-buyer credit risks. Since 2020, IRIA has operated as part of Howden Group's CAP division while maintaining independent operations, gaining access to Howden's global network across London, Luxembourg, Miami, Singapore, Dubai, Hong Kong and Bermuda.
IRIA firmographics
Firmographics- Name
- IRIA
- Legal name
- IRIA SA
- Website
- https://iria-sa.com
- Company type
- Private
- Founded year
- 2003
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- IRIA is a Geneva-based Swiss insurance broker specializing in political risk and credit insurance for corporate clients, banks, and commodity traders, operating as part of the Howden Group since 2020.
- Ownership category
- akta.pro rank
IRIA industry classification
Industry- Product category
- Insurance Brokerage (Political Risk & Credit Insurance)
- NAICS
- Insurance Agencies and Brokerages (524210), Agencies, Brokerages, and Other Insurance Related Activities (5242)
- SIC
- Insurance Agents, Brokers & Service (6411)
- akta.pro primary industry
- Trade Credit Insurance Brokerage (FSAEADAL)
Keywords
Where IRIA is headquartered
LocationHeadquarters
- HQ city
- Geneva
- HQ country
- Switzerland
- HQ region
- Europe
Offices2 records
Markets served
IRIA business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure
Revenue model
- Insurance Brokerage Commissions: IRIA arranges insurance coverage for clients against credit and political risks, placing $32 million of premium on behalf of clients annually. The company earns commissions from insurers for placing business, with premium typically charged on insured exposure, turnover, or as flat rates depending on policy structure.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Usage-based | Pay-as-you-go | Single-buyer non-payment insurance |
| Usage-based | Pay-as-you-go | Whole Turnover and Multi-Buyer Credit Insurance |
| Usage-based | Pay-as-you-go | Political Risk Insurance for Equity Investors |
| Usage-based | Pay-as-you-go | PRI for Lenders |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels3 records
IRIA product offering
Product offeringCore offering
IRIA is a Swiss insurance broker that arranges political risk and credit insurance coverage for corporate clients engaged in international trade. The firm places business with global underwriters—principally Lloyd's of London and the London market—on behalf of banks, commodity traders, and corporates, sourcing capacity for single-buyer credit policies, whole-turnover multi-buyer cover, trade finance facilities, and named-peril political risk covers for inventories, plant and equipment, loans, equity investments, and bonds. IRIA acts as intermediary between clients and underwriters, earning commissions on approximately $32 million of premium placed annually.
Product overview
IRIA is a Swiss insurance broker specializing in political risk and credit insurance for corporate clients. Founded in 2003 in Geneva and now part of the Howden CAP division of the Howden Group, IRIA offers a comprehensive suite of nine distinct insurance products: Buyer Non-Payment Insurance (covering single-buyer and whole-turnover credit risks), Supplier Non-Delivery Insurance, Borrower and Guarantor Default Insurance, and five specialized Political Risk Insurance products covering inventories (CEND), plant and equipment (CCP), loans (PRI for Lenders), investments (PRI for Equity Investors), and Bonds. These products are designed to protect corporate clients, banks, commodity traders and corporates against credit and political risks in international trade transactions.
Differentiator
Problem solved
Functional benefit
Products and services
- Buyer Non-Payment Insurance Credit insurance covering failure by a buyer to effect payment on the contractual due date. Includes single-buyer non-payment policies and whole-turnover / multi-buyer credit insurance for businesses with repeat short-term open-account sales to multiple buyers. Pricing typically on insured exposure, turnover or policy limit. Designed for corporate exporters, commodity traders and banks exposed to non-payment risk.
- Supplier Non-Delivery Insurance Insurance indemnifying against the failure by a supplier to honour delivery obligations under a purchase contract where goods have been prepaid, or under tolling or processing agreements. Used by commodity buyers and traders exposed to prepayment risk on international supply contracts.
- Borrower and Guarantor Default Insurance Insurance covering borrower and guarantor default across various transaction types including commodity finance, structured commodity finance, mining finance, shipping finance, project finance, supply chain finance, and financial-institution risks (documentary credits, letters of credit, guarantees and stand-by letters of credit). Used by banks and financial institutions for credit risk mitigation.
- Political Risk Insurance – Inventories (CEND) Political risk coverage for inventories in high-risk countries against confiscation, expropriation, nationalization, deprivation (CEND), export/import embargoes, and damage from war, terrorism and political violence. Used by commodity traders and corporates holding stock at origin or destination in challenging jurisdictions.
- Political Risk Insurance – Plant and Equipment (CCP) Comprehensive Contractors Plant Insurance covering political risks for property and equipment maintained and operated in high-risk countries by international oil companies, mining companies, contract miners and foreign contractors. Insured perils include expropriation, deprivation, abandonment, war, riots and terrorism.
- Political Risk Insurance – Loans (PRI for Lenders) Named-perils policies covering loans against political risks including physical damages caused by war, civil war or political violence, currency inconvertibility and exchange-transfer delays. Designed for strong borrowers with assets in high-risk countries or tightly secured loans; premium typically 70% of the margin on the insured portion.
- Political Risk Insurance – Investments (PRI for Equity Investors) Insurance protecting overseas investments in challenging countries against expropriation, operating license cancellation, selective discrimination, forced abandonment, export/import embargoes, war, civil war, political violence, contract repudiation, non-honoring of arbitration awards, and currency inconvertibility. Targets foreign equity investors and joint ventures in high-risk jurisdictions.
- Bonds Insurance Coverage for unfair calling of bid and performance bonds issued to government or private beneficiaries, as well as fair calls when the insured is prevented from fulfilling obligations due to political events such as war, civil war, sanctions, export/import embargoes or legal/regulatory changes. Used by contractors and exporters working on bonded projects.
Quantifiable outcome
- $32 million of premium placed on behalf of clients annually
- +2 more outcomes
Companies that use IRIA
Customer profileNamed customers5 records
Segments3 records
Ideal customer profiles3 records
IRIA technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
IRIA partnerships and signals
Strategic signalPartnerships
13 partnerships are on record, tiered flagship and core.
- Howden Group (Howden CAP Division)flagshipIn 2020, following a long-standing relationship, IRIA became part of the Howden CAP division of the Howden Group and established the Swiss branch of Howden Specialty Luxembourg S.à r.l. This enables IRIA to expand its range of products and deliver solutions on a global scale whilst still operating independently.
- RK Harrison (TEPFIN Platform)coreMajority of IRIA's Financial Institution risk business is transacted on RK Harrison's web-based insurance platform TEPFIN, which provides instant on-line quotes and allows binding coverage at the click of a button.
- Lloyd's of LondonflagshipIRIA has a particularly strong connection to Lloyd's and the London market. Lloyd's Swiss broker registration No. 29. IRIA places significant volume through Lloyd's markets and has access to Lloyd's capacity for political risk and credit insurance products.
- Euler HermescoreOne of the main underwriters supporting multi-buyer and whole turnover credit insurance policies. IRIA places business with Euler Hermes for credit risk coverage.
- AtradiuscoreOne of the main underwriters supporting multi-buyer and whole turnover credit insurance policies.
- CofacecoreOne of the main underwriters supporting multi-buyer and whole turnover credit insurance policies.
- Zurich InsurancecoreOne of the main underwriters supporting multi-buyer and whole turnover credit insurance policies.
- AIGcoreOne of the main underwriters supporting multi-buyer and whole turnover credit insurance policies.
- QBEcoreOne of the main underwriters supporting multi-buyer and whole turnover credit insurance policies.
- ONDD (National Delcredere Office of Belgium)coreOne of the main underwriters supporting multi-buyer and whole turnover credit insurance policies.
- MarkelcoreOne of the main underwriters supporting multi-buyer and whole turnover credit insurance policies.
- HCCcoreOne of the main underwriters supporting multi-buyer and whole turnover credit insurance policies.
- EquinoxcoreOne of the main underwriters supporting multi-buyer and whole turnover credit insurance policies.
Scale indicators2 records
Recent moves8 records
Expansion highlights5 records
IRIA competitors and assessment
Company assessmentBroad incumbents
- Lockton: World's largest independent insurance broker with a political risk and trade credit practice serving corporate and financial institution clients. Overlaps with IRIA in PRI placement and structured credit brokerage, though Lockton operates a much broader portfolio.
- WTW (Willis Towers Watson): Global advisory and brokerage firm with a Natural Resources/Global Trade Credit practice placing PRI and credit insurance for multinational corporates and financial institutions. Comparable product set to IRIA but with substantially larger scale and broader risk advisory offerings.
- Marsh (Marsh Specialty Political Risk): Global insurance and risk advisory firm with a sizable political risk and trade credit practice (including legacy JLT Specialty). Comparable to IRIA in placing PRI and credit cover for corporate and bank clients, but operates across a much broader portfolio and at significantly larger scale.
- Aon (Political Risk Practice): Global professional services firm offering political risk, trade credit, and structured credit insurance brokerage alongside broader risk and reinsurance solutions. Overlaps with IRIA on PRI placement for corporates and banks but serves a much larger, more diversified client base.
Direct peers
- Credendo: Belgian-headquartered European credit insurance specialist with both underwriting and brokerage activities. Comparable to IRIA in trade credit focus and European client base, with overlapping coverholder relationships and shared regulatory environment.
- Miller Insurance Services: Specialist Lloyd's broker with significant political risk and trade credit capabilities, particularly in energy, mining, and emerging-market commodity exposures. Comparable to IRIA in product focus, Lloyd's market access, and client profile (commodity traders and banks).
- BPL Global: London-based specialist broker focused on political risk and structured credit insurance for emerging markets. Closest pure-play peer to IRIA in terms of product specialization, client profile (banks, traders, corporates with EM exposure), and Lloyd's market orientation.
- Howden CAP (Howden Group): Sister division within the Howden Group, specializing in political risks and structured credit insurance globally. Most directly comparable to IRIA in product mix and client type, with shared carrier relationships and overlapping regional coverage.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights6 records
Customer concentration
IRIA social profiles
Digital presenceIRIA financial estimates
Financial estimateRevenue estimate
Valuation estimate
IRIA leadership team
Management profileNumber of profiles
Profiles6 records
IRIA funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
IRIA M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about IRIA
What does IRIA do?
IRIA is a Swiss insurance broker that arranges political risk and credit insurance coverage for corporate clients engaged in international trade. The firm places business with global underwriters—principally Lloyd's of London and the London market—on behalf of banks, commodity traders, and corporates, sourcing capacity for single-buyer credit policies, whole-turnover multi-buyer cover, trade finance facilities, and named-peril political risk covers for inventories, plant and equipment, loans, equity investments, and bonds. IRIA acts as intermediary between clients and underwriters, earning commissions on approximately $32 million of premium placed annually.
Is IRIA a public or private company?
IRIA is a private company. It is classified as corporate owned and is currently operating.
When was IRIA founded?
IRIA was founded in 2003. It employs 11 to 50 people.
Where is IRIA based?
IRIA is headquartered in Geneva, Switzerland, in the Europe region.
How does IRIA make money?
One revenue line is on record: insurance Brokerage Commissions.
Who are IRIA's main competitors?
Broad incumbents on record are Lockton, WTW (Willis Towers Watson), Marsh (Marsh Specialty Political Risk) and Aon (Political Risk Practice). Direct peers are Credendo, Miller Insurance Services, BPL Global and Howden CAP (Howden Group).
Does IRIA have an API?
No public API is recorded for IRIA.
What industry is IRIA in?
IRIA's product category is Insurance Brokerage (Political Risk & Credit Insurance). Its primary akta.pro industry code is FSAEADAL, Trade Credit Insurance Brokerage. Its NAICS code is 524210 and its SIC code is 6411.