XL Group announced that its Political Risk and Trade Credit (PRTC) business has received approval from Lloyd’s to write Political Risk and Trade Credit risks using the Lloyd’s platform via XL Group’s Lloyd’s Syndicate #1209.
XL also announced the expansion of its PRTC team with the addition of Mark Houghton as Vice President and Senior Underwriter at its Asia hub in Singapore. The expansion comes as the demand for trade credit insurance coverage is surging, primarily due to the global econmic situation.
Richard Maxwell, XL Group’s global head and chief underwriting officer for PRTC, explained that as “businesses look for new growth opportunities in all parts of the world, we’re looking to support their strategies to ensure that their plans and profitability are not hindered by political unrest, default of payment, embargoes, governmental expropriation, or other situations beyond their control.
“The ability to write our risks on the Lloyd’s platform expands our existing global underwriting capability and now allows us to serve clients from more than 200 countries across the world. We are delighted to give our clients more flexibility and choice in terms of where to place their risks while relying on the knowledge and experience of our expert underwriting teams.”
He added that with Haughton’s appointment the PRTC Unit aims “to become a leading provider of political risk and trade credit services worldwide. To do so we have cultivated a knowledgeable team of professionals such as Mark, who brings 13 years of international banking and trade credit risk management experience specifically in Australasia.
“With our underwriting teams working closely together out of New York, London and now Singapore – and with the ability to write Political Risk and Trade Credit on the Lloyd’s platform, we are well situated to address our clients’ needs in all corners of the global marketplace.”
Houghton joins XL Group from Standard Chartered Bank in Singapore where he was Director of Trade Credit Insurance Placements. His experience extends across a broad range of product disciplines including origination and relationship management, project finance, trade finance and securitization while previously having held management positions at Sumitomo Mitsui Banking Corporation and National Australia Bank.
XL also noted that “Joe Blenkinsopp, Deputy Global Head of the PRTC unit based in London, will assume the role of PRTC Class Underwriter of XL Group’s Lloyd’s Syndicate # 1209 at Lloyd’s of London, managed by XL London Market Ltd.”
Source: XL Group plc