Svensk & Company has launched a new credit insurance facility, Trade Credit Underwriters (TCU).
Domiciled in Bermuda, TCU will focus on underwriting smaller one-off deals, both short term and medium term, including transactions generated by alternative lenders, and smaller pre-export financing deals.
“Last September we commenced a limited outreach to test the market,” says TUC principle Andrew Svensk.
“As the response has been tremendous, we are now ready to go into full operational mode and we welcome submissions from the global trade credit and political risk broking and underwriting markets.”
TCU reinsures up to 90% of each risk on an excess of loss basis with Ironshore Specialty Insurance Company, an A-rated subsidiary of the Liberty Mutual Insurance Group.
The underwriting team will consist of Bob Svensk, Tom Kane and Vic Pocius, in addition to Andrew Svensk.
The team’s previous ventures include Exporters Insurance Company and Latin American Underwriters.