Benfield, the leading independent reinsurance and risk intermediary, has announced the appointment of Phil Bonner and Andrew Phelan to enhance its capabilities in the credit, surety and political risk reinsurance markets.

Bonner has been named leader of Benfield’s credit and financial risks team.

He will be based with Phelan at Benfield’s global headquarters in London.

“Phil and Andrew have over 30 years “experience in all areas of credit, surety and political risk reinsurance,” says Grahame Chilton, chief executive of Benfield. “With their extensive reinsurance expertise, as well as their capital markets experience, they will significantly enhance Benfield’s dedicated capabilities in the credit, surety and political risk markets.”

Bonner was most recently a senior underwriter for credit and political risk business at Atradius, where he was a founder member of its special products team. He started his career as an underwriter at Mercantile & General Re where he helped establish its financial risks team in 1986.

Following this, Bonner spent eight years as a reinsurance underwriter with Ace Guaranty (formerly Capital Re) in London and New York where he was responsible for its credit, surety and political risk account. He also served as a member of its derivative and structured solutions team.

Phelan rejoins Benfield from HSBC Insurance Brokers, before which he was vice-president at Radian Asset Assurance and leader of its credit, surety and political risk team spread between London and New York.

During this time Phelan developed a number of innovative credit, surety and political risk reinsurance solutions involving both the reinsurance and capital markets. Following this, Phelan was a director at NCM Re in Dublin where his responsibilities included the design and facilitation of its outward reinsurance placement.

He started his career as a graduate trainee at Sedgwick Energy & Marine before moving to Greig Fester (now Benfield) in 1997 where he worked as a broker on a number of trade credit and political risk accounts.