Posted on 14 Sep 2011
XL Insurance, the global insurance underwriting operations of XL Group plc announced the appointment of Richard S. Maxwell as Chief Underwriting Officer of a new Political Risk and Trade Credit (PRTC) Unit. Reporting to Neil Robertson, XL’s Chief Executive of Global Specialty in London, Mr. Maxwell is based in New York and manages a team of political risk and trade credit underwriters in both New York and London.
According to Mr. Robertson: "Political unrest plays out in the news every day, adding to businesses’ global risk management concerns. Managing such complex and ever changing risk requires the right talent and Richard and his team are among the best underwriting and analytical talent in this specialty market. Under Richard’s leadership and with his team’s proven track record in developing profitable business, we have set our sights on becoming a leading provider of Political Risk & Trade Credit (PRTC) services worldwide. With this team’s knowledge and expertise and our global network, XL is well positioned to deliver a comprehensive package of political and trade products on a truly global basis.”
Mr. Maxwell joins XL Insurance from QBE where he served as Global Head, Structured Trade and Political Risk, managing operations in New York, London and Singapore. Prior to his most recent position with QBE, he served as Chief Underwriting Officer at Exporters International Inc. where he helped facilitate the acquisition of the underwriting platform by QBE in 2008. Mr. Maxwell’s 30 plus -year career includes various senior underwriting and financial management positions in the financial services industry including positions with the Export-Import Bank of the United States, GMAC Commercial Finance, Euler American Credit Indemnity, American Express Bank, Foreign Credit Insurance Association. He earned a graduate degree in International Economics from West Virginia University and an undergraduate degree in Economics from West Virginia Wesleyan College. Mr. Maxwell is a frequent contributor to various industry trade publications and conferences.
XL Insurance’s new PRTC division will offer customers a full 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. The new team will service a number of business classes including financial institutions, commodity traders, exporters and manufacturers involved in cross-border lending, trading development and projects mainly in emerging markets, and spanning across a variety of industries and occupancy classes. The team will have a global reach and be able to write business out of the main business centers of New York, London and Singapore.
About XL Insurance
XL Insurance is the global brand used by XL Group plc's insurance companies and underwriting divisions offering property, casualty, professional and specialty insurance products throughout the world. More information about XL Insurance is available at www.xlinsurance.com.
XL was formed in 1986 in response to the unmet risk management needs of 68 of the world's largest companies. This year, as XL celebrates its 25th anniversary, it remains the company clients look to for innovative insurance and reinsurance solutions for their most complex risks. XL Group plc, through its subsidiaries, is a global insurance and reinsurance company providing property, casualty, and specialty products to industrial, commercial, and professional firms, insurance companies and other enterprises on a worldwide basis. More information about XL Group plc is available at www.xlgroup.com