EIC Corporation, holding company for the Exporters insurance companies, has announced that Frank Buziak, president, CEO and director of the company and a number of its affiliates, will be leaving his positions to pursue other interests.

He will remain involved with the company until June 27, which will assist with the transition to a new CEO.

Exporters CFO, Paul Mooney, has been named COO/CFO and will assume responsibility immediately for the day-to-day management of the company. Richard Maxwell as chief underwriting officer and Richard Stern as general counsel will continue in their respective positions.

Buziak joined Exporters from Swiss Re subsidiary, Facility Insurance, in early 2005. This coincided with the sale of Radian Group’s 36% share in EIC to Island  Partners, an affiliate of Ecoban Finance (see GTR, Mar/Apr 2005, p20).

Graham Kent, managing director of Exporters” UK subsidiary, will continue to lead the European initiative. The strategy of the company, to expand globally, particularly via its new London subsidiary, remains unchanged. Harold Meyerman, Exporters “chairman, states that the board has established a search committee to select a successor.

Exporters is a group captive of manufacturers, trading companies and financial institutions with the common objective of managing commercial credit and political risks in their global operations through the subsidiary insurance companies.

Exporters Insurance Company is domiciled and licensed in Bermuda and has surplus lines authority in numerous US states. Exporters Insurance Company (Europe) is a licensed insurer in the UK with European Union ‘passport “approval in 12 other countries.

The companies issue policies of insurance to members, their designees, and other eligible insureds. Exporters offers a broad range of export credit and political risk coverages, and its ultimate value lies in the ability to quickly tailor its products to the unique requirements of its members and clients.

Through innovative coverages, quick turnaround and an emphasis on risk management, the company helps its members and clients expand their international reach within prudent levels of risk assumption, it states.