XL Group's Political Risk and Trade Credit (PRTC) unit has received an approval from Lloyd’s to write political and trade credit risks using the Lloyd’s platform.
XL Group global head and PRTC chief underwriting officer Richard Maxwell said the approval to underwrite the company’s risks on the Lloyd’s platform expands its current global underwriting capability, besides serving clients from more than 200 countries worldwide.
"As businesses look for new growth opportunities in all parts of the world, we’re looking to support their strategies to ensure that their plans and profitability are not hindered by political unrest, default of payment, embargoes, governmental expropriation, or other situations beyond their control," Maxwell added.
The company has also appointed Mark Houghton as its new vice president and senior underwriter for its Asia business in Singapore.
Maxwell said Houghton’s appointment is part of the company’s plans to become a leading provider of political risk and trade credit services worldwide.
"With our underwriting teams working closely together out of New York, London and now Singapore – and with the ability to write Political Risk and Trade Credit on the Lloyd’s platform, we are well situated to address our clients’ needs in all corners of the global marketplace."
Prior to joining XL Group, Houghton served as director of Trade Credit Insurance Placements fortandard Chartered Bank in Singapore, and also held management positions at Sumitomo Mitsui Banking Corporation and National Australia Bank.
London-based PRTC unit deputy global head Joe Blenkinsopp will take over the role of PRTC Class Underwriter of XL Group’s Lloyd’s Syndicate # 1209.