XL Catlin’s insurance operation in Iberia announced new local underwriting capabilities with the appointment of Santiago Herrero as head of Political Risk, Credit & Bond (PRCB) – Iberia.
Herrero will be based in Madrid and reports to Dan Riordan, XL Catlin’s global head of PRCB.
Santiago Herrero brings more than 20 years of experience to XL Catlin. Most recently, he served as political risk manager at Marsh S.A. He previously worked at Construcciones y Auxiliar de Ferrocarriles, S.A (CAF) and Amaya Cia. De Seguros y Reaseguros. He holds a master’s degree in Foreign Commerce from Universidad CEU and a bachelor’s degree in business and administration from University Alcala de Henares.
“Emerging economies are going through deep social, economic and governance transformations that are making them seem attractive to contractors and export companies, focusing on the new business opportunities in a variety of sectors,” said José Ramón Morales, country manager, Iberia, for XL Catlin’s insurance operation.
“Spanish companies have been awarded large-scale infrastructure projects, where they face multiple trading risks including non-payment, cancellation of licenses, embargos or war. To finance these projects, banks and other lenders are increasingly looking to share their risk with insurance partners,” he added.
“Santiago’s experience will prove very beneficial as we develop tailored political risk solutions to assist our Spanish multinational clients and financial institutions from suffering losses resulting from any combination of these risks,” he said.
“Uncertainty is a constant, but there are ways to reduce it. Political risk insurance is a valuable tool in mitigating multidimensional threats associated with political instability, especially in the current geopolitical environment,” said Riordan.
Source: XL Catlin
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