Former US Exim employee Jeffrey Abramson has joined XL Group’s political risk and trade credit (PRTC) team to head up its new supplier trade credit business.

As senior vice-president and global product leader, Abramson will report to Richard Maxwell, who is chief underwriting officer and global head of the company’s PRTC business.

He moves to XL from US Exim, where he most recently served as acting head of the insurance and guarantees underwriting activities, including the bank’s short-term credit insurance programmes.

Supplier trade credit coverage is predominantly for trade receivables, provided on an excess of loss basis.

According to Maxwell, the business is a “natural extension” of XL’s existing PRTC business, and the company’s entry into the market is in response to requests from clients and brokers to minimise risks associated with trade receivables.

“Having met all regulatory approvals needed in both the US and the EU, we’re ready to immediately provide trade receivable insurance in those markets,” he says.