View this article online: https://www.insurancejournal.com/news/international/2014/08/12/337320.htm
XL Group announced that it is addressing “businesses’ growing interest in Trade Receivables Insurance (TRI),” with the addition of “underwriting resources with the appointments of Jennifer Papadimitriou in London; Paul C. Haigley III and Aaron Rutstein in Baltimore and Agatha Liberatore in New York.”
XL described its Trade Receivable Insurance products as providing “flexible and cost-effective protection for businesses of all types against non-payment on their accounts receivable.”
Richard Maxwell, Chief Underwriting Officer and Global Head for XL Group’s Political Risk and Trade Credit (PRTC), explained: “Political and economic instability can occur with little warning, and for businesses, there are often direct consequences such as the inability to receive payments from customers cut off by sanctions or impacted by other factors, which includes its Trade Receivables business line. We see evidence of political instability in the news regularly and it is increasing businesses’ concerns and interest in using credit insurance to protect against the risk of non-payment from their customers.”
Jeffrey Abramson, head of XL Group’s TRI business commented: “To meet our customers’ growing demand, we are making an investment in some of the top talent in this industry.”
Papadimitriou will establish XL’s TRI underwriting capabilities in Europe as Senior Underwriter in its London office. She has more than 20 years of international trade credit and receivables underwriting experience, most as Head of International Trade Credit for AIG.
Senior underwriters Haigley and Liberatore will address businesses’ Trade Receivable insurance needs in the Americas. Haigley is a 25-year veteran of the trade receivables insurance industry. He joins XL Group from Euler Hermes World Agency where he most recently served as Vice President and Regional Director of Account Management for the Americas.
Liberatore joins from FCIA Management Company, where as senior risk manager for the Midwest region, she managed an international trade credit and political risk portfolio for 15 states.
Rutstein has over a decade of credit insurance underwriting and risk analysis experience. He joins XL Group as Risk Manager for TRI, and “will manage the team’s buyer risk assessments, credit evaluations and portfolio management and oversee XL Group’s team of risk analysts in India.” He joins from Euler Hermes where he most recently served as credit analyst manager.
XL also said that in order to “support this enhanced underwriting capacity,” it is “adding to its operational infrastructure with new hires in both India and Baltimore.”
Source: XL Group plc