Euler Hermes launches XoL cover
Euler Hermes will make Excess of Loss (XoL) cover available from mid-September 2012, with a new specialist underwriting team based in London.
The insurer says the uncertainty in today’s financial markets has prompted the need for XoL products. “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,” says CEO Wilfried Verstraete.
“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 recognised market leadership.”
The new team will be led by Mark Moran, who joins Euler Hermes from Chartis Europe (formerly AIG Trade Credit), and will include Alexia Parmentier and Tim Hoggarth, who both previously worked at Chartis Europe and AIG UK.
Nicolas Delzant, CEO of Euler Hermes World Agency, comments on the decision to base the XoL team in London: “London is acknowledged as the global centre for XoL coverage, where major companies with large credit limits look for specialist policy and contract support.
“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.”