13 August 2014 Insurance

XL strengthens trade receivables team

XL Group has boosted its underwriting resources within its trade receivables insurance (TRI) teams in the UK and US.

The insurer will establish its TRI underwriting capabilities in Europe with the addition of Jennifer Papadimitriou as senior underwriter in its London office. Bringing more than 20 years of international trade credit and receivables underwriting experience to XL Group’s team, she most recently served as head of international trade credit for AIG.

Senior underwriters Paul Haigley and Agatha Liberatore will address the business’ TRI needs in the Americas.

Haigley joins XL Group from Euler Hermes World Agency where he most recently served as vice president and regional director of account management for the Americas.

Liberatore joins from FCIA Management Company, where as senior risk manager for the Midwest region, she managed an international trade credit and political risk portfolio for 15 states.

Aaron Rutstein joins XL Group as risk manager for TRI. In this role, Rutstein will manage the team’s buyer risk assessments, credit evaluations and portfolio management and oversee XL Group’s team of risk analysts in India. He joins from Euler Hermes where he most recently served as credit analyst manager.

To support this enhanced underwriting capacity, XL Group is also adding to its operational infrastructure with new hires in both India and Baltimore.

“Political and economic instability can occur with little warning, and for businesses, there are often direct consequences such as the inability to receive payments from customers cut off by sanctions or impacted by other factors,” said Richard Maxwell, chief underwriting officer and global head for XL Group’s political risk and trade credit business. “We see evidence of political instability in the news regularly and it is increasing businesses’ concerns and interest in using credit insurance to protect against the risk of non-payment from their customers.”

Jeffrey Abramson, head of XL Group’s TRI business, added: “To meet our customers’ growing demand, we are making an investment in some of the top talent in this industry. With the addition of Agatha, Paul, Jennifer and Aaron, our expanded team is ready to provide TRI on a global basis, utilising XL Group’s global network and significant capacity.”

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