Euler Hermes, the world’s leading credit insurer, will offer Excess of Loss (XoL) insurance coverage from mid-September 2012 through a new specialist underwriting team based in London.
“We believe today’s market uncertainty and new financing environment will increase demand for XoL coverage by multinationals who manage their credit risk on a standalone basis or perhaps through captive insurance companies,” said Wilfried Verstraete, CEO, Euler Hermes.
“These companies already manage their day-to-day risks through effective credit control structures, tools and corporate governance procedures. Through XoL coverage we can help them further improve their balance sheet efficiency. We look forward to bringing a new solution and new energy to the XoL sector through our deep understanding of credit risk, financial stability and recognized market leadership.”
“London is acknowledged as the global center for XoL coverage, where major companies with large credit limits look for specialist policy and contract support,” added Nicolas Delzant, CEO, Euler Hermes World Agency. “XoL is a credit risk management tool applicable to most industrial sectors. By launching Euler Hermes XoL with an experienced team, we can be nimble and innovative in providing client solutions. In addition, XoL complements our range of tailored credit insurance solutions, which include bonding, credit risk insurance and transactional cover for political risk and trade finance.”
Mark Moran will become head of underwriting at Euler Hermes XoL and bring more than 15 years of credit risk and commercial underwriting experience. He most recently served as European vice president with Chartis Europe (formerly AIG Trade Credit).
The underwriting team will include Alexia Parmentier, an international risk and commercial underwriting specialist and Tim Hoggarth, whose global underwriting expertise particularly includes engineering, manufacturing, forest products and emerging markets. Both were formerly with Chartis Europe and AIG UK.
Bettina Sattler – +33 (0)1 8411 6141
Lorenzo Ricci – +33 (0)1 5367 1283