XL, Everest, Liberty complete $1bn reinsurance deal with EXIM Bank

The Export-Import Bank of the US (EXIM) has developed a reinsurance programme with major players like XL Catlin and Liberty Specialty Markets to share risk and provide an additional $1 billion in loss coverage for a significant portion of EXIM’s existing portfolio of large commercial aircraft financing transactions.

The programme is the largest public-private risk-sharing arrangement for a US government credit agency and was led by XL Catlin, Liberty Specialty Markets and Everest, among a group of 10 reinsurers. The deal was funded by the fees generated by the original commercial aircraft transactions.

“We are excited to announce this historic arrangement with the private sector that protects EXIM Bank and safeguards US taxpayers’ interests without requiring additional funding,” said EXIM chief operating officer Jeffrey Goettman, who is serving as acting head of agency.

“EXIM is committed to a path of financial innovation and risk-sharing with the private sector. This landmark deal is a stepping stone to a more creative use of the private markets in global trade finance for EXIM and assists in accomplishing our mission to support US exports and American jobs.”

EXIM Bank is an independent and self-sustaining federal agency that provides export credit to overseas purchasers of US exports.

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