XL Insurance, the global insurance underwriting operations of XL Group plc, reports that it is establishing a new political risk and trade credit (PRTC) business unit. In its announcement, the insurer named Richard Maxwell as its chief underwriting officer, who will be based in New York and will manage a team of political risk and trade credit underwriters in both New York and London.
The new division will offer customers a range of political risk and trade credit insurance products, such as buyer credit, supplier credit, confiscation risk, contract frustration and, in the near future, political violence insurance on a standalone basis.
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