Pol risk, credit & surety

Despite an increased risk environment, capacity has increased for political risks, trade risks political, trade risks commercial and non-trade insurance, the broker said.

However, underwriting criteria has “tightened” as a result of unpredictability over company finances and previous loss activity.

Client director Martyn Locke will transfer to Xenia as part of the deal.

Negotiations were dragged out by decisions being referred for sign-off at senior levels.

The executive replaces Kade Spears in the role.

New rules for short-term export credit insurance will apply from 1 January 2022.

Prior to joining Markel, Robert O’Connor-Mitchell spent nearly 12 years at trade credit insurance and surety firm Euler Hermes.

Leadership will remain in place at the Northampton-based broker following the transaction.

The transaction marks Xenia’s sixth acquisition to date.

Blenheim Underwriting has recruited Tamsin Plumptre and Ed Fox as underwriters to its political risk team, as the carrier looks to continue expanding its political risk proposition.

The specialist political and credit risk broker BPL collaborated with Euler using an API provided by Whitespace.

The regulator said firms should undertake a “holistic assessment” of the associated financial risks involved with trade credit finance.