In addition to protecting against credit loss, XoL policies can be effective tools to help companies generate receivables-based financing. The certainty of having non-cancellable coverage can make companies more attractive to lenders, and potentially improve lending terms.
“Following the XoL policy’s success in other countries and increased U.S. market demand, we believe a specialist team can offer our large and multinational clients useful new opportunities to grow safely and successfully,” said Jochen Duemler, CEO and head of Euler Hermes Americas Region. “We can help businesses improve their balance sheet efficiency and manage their credit risk through tailor-made programs and a network of strategic risk underwriters located in 50 countries throughout the world.”
John Pellew will become managing director-head of XoL (Americas) and will bring nearly 30 years of credit risk and commercial underwriting experience in joining Euler Hermes World Agency. The underwriting team – which has combined experience of nearly 70 years – will also include Todd Lynady, whose experience includes underwriting trade credit insurance and analyzing foreign and domestic credit risks for Fortune 500 firms; Tom Constantine, a lawyer with experience managing complex credit exposures in numerous countries; and Peter Farrell, an underwriter who has provided credit analysis for short-term, multi buyer trade credit and political risk clients.
“By offering XoL insurance options through an experienced and U.S.-based team, we are able to provide flexible and innovative solutions for our customers and broker partners,” said Arjan van de Wall, regional director of Euler Hermes World Agency (Americas). “XoL complements our wide range of tailored credit solutions, including trade credit insurance, debt collection, risk mitigation and transactional cover for political risk and trade finance.”