Zurich North America Commercial has named Daniel Riordan as the new president of its surety, credit and political risk group.

This newly created group combines Zurich’s surety group, a provider of contract and commercial surety products in North America, and its emerging markets operation, which is a provider of political risk and medium-term trade credit insurance in the global marketplace.

In this role, Mr Riordan will lead an international team that develops and markets Zurich’s portfolio of surety, credit insurance and political risk insurance products to contractors, investors, international banks, multinational companies and infrastructure developers across North America and in emerging markets globally.

Mr Riordan joined Zurich in 1997 to establish and manage its political risk and trade credit business, which is based in Washington, DC. Prior to that, he was a senior executive and vice president for insurance with the Overseas Private Investment Corporation. He currently serves as chairman of the investment insurance committee and a member of the management committee of the Berne Union.

Zurich has also announced the upcoming retirement of William Cheatham, president of surety, effective September 30, 2008.