Exporters Insurance Company has taken on Richard Maxwell as senior vice-president and chief underwriting officer and a member of the risk management and underwriting committee of the board.
Maxwell’s appointment follows the resignation of Mark Reynolds, chief underwriting officer, who has assumed the position of CEO of a new underwriting agency to be launched by Houston Casualty Company.
Previously at US Ex-Im Bank, Maxwell had global responsibility for the management of medium-term insurance and guarantee product lines, long-term sovereign and short-term single buyer and multi-year insurance programmes.
These product lines produced US$4.1bn of authorisations in 2004. Maxwell’s duties required regular interaction with Ex-Im “board of directors, the full range of US exporters, various US government agencies and trade-oriented financial institutions globally. He was also a member of the Ex-Im Bank credit committee.
Before joining Ex-Im, Maxwell was senior vice-president at GMAC Commercial Finance where he was responsible for the development and implementation of risk transfer strategies designed to manage their global portfolio. Maxwell has also held senior executive positions in risk management and underwriting in the trade finance divisions of Euler American Credit Indemnity and American Express Bank.
Frank Buziak, president and CEO of Exporters, states: “Mark Reynolds has been with Exporters since 1990 and has contributed significantly to our success. While we will miss having Mark here at Exporters, we understand his decision to accept this new position. We are also pleased that Mark has agreed to work with Exporters to make this a seamless transition of the chief underwriting responsibilities from Mark to Richard Maxwell.”
Exporters is an association of manufacturers, trading companies and financial institutions with the common objective of managing commercial and political risks in their global operations. It is a group captive insurer, domiciled and licensed in Bermuda and issuing policies of insurance tour members, their designees, and other eligible insureds.
Exporters offers a broad range of export credit and political risk coverages, but it claims that its ultimate value lies in the ability to tailor its products to the unique requirements of its members. “Through innovative coverages, quick turnaround and an emphasis on risk management, we help our members expand their international reach within prudent levels of risk assumption,” claims the firm. Membership is open to all qualified firms that purchase capacity entitlement certificates from Exporters.