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Global specialty underwriter Ascot has created a new trade credit insurance division in the US, marking its first move into whole turnover credit business.

It has recruited Doug Collins as executive vice-president and head of trade credit, and Anthony Barrett as senior vice-president of trade credit, both of whom will be based in New York.

Collins, who will lead all aspects of Ascot’s US trade credit business, has been in the industry for over 23 years, having spent the last 14 years with Atradius – most recently serving as head of risk services for the Americas. Before that he held senior trade credit roles at AIG in North America and Asia, and started his trade credit career with Trade Indemnity Canada.

Barrett is a 33-year veteran of the trade credit insurance industry, most recently working at EvenFlow Consulting. He previously spent four years as senior vice-president and head of multi-buyer trade credit at Zurich North America, and before that he worked 10 years in senior roles at Atradius.

The new team adds to Ascot’s credit insurance capacity: its established London-based political risks team writes single situation credit business in Lloyd’s Syndicate 1414.

The New York team will write admitted insurance, whereas the London-based team can only write excess and surplus lines.

“We are delighted to have Doug and Anthony join our team,” says Greg Wolyniec, Ascot’s head of group strategy. “They bring decades of experience and client service to our business and will provide a market leading technology-enabled underwriting and servicing platform to our trade credit brokers and clients.”