Euler Hermes has appointed Alexia Parmentier and Tim Hoggarth as co-heads of its London-based excess of loss (XoL) unit.
Parmentier becomes head of XoL Northern Europe, responsible for growing the business in the region, while Hoggarth becomes head of special products, and will focus on the development of new services, such as securitisation, and the insurance of portfolios of medium-term and leasing assets, for the London market.
“Clients and brokers are showing increasing interest in non-traditional trade credit insurance cover and we are keen to help develop the market,” says Fabrice Desnos, CEO of Euler Hermes Northern Europe. “Since launching our XoL service in 2012 we have developed a profitable portfolio and are now building upon this by expanding the team’s remit and underwriting capacity.”
Excess of loss is a trade credit insurance policy designed to protect larger businesses with strong internal credit management practices against exceptional losses, over and above the risk that they are prepared to carry in-house.
It’s a promotion for both Parmentier and Hoggarth, who were previously managers of XoL underwriting at Euler Hermes and helped build the XoL business since its creation in 2012. Their appointments follow the recent departure of Mark Moran, head of XOL underwriting.