XL Insurance has appointed Richard Maxwell as chief underwriting officer of a new Political Risk and Trade Credit (PRTC) Unit.
Based in New York, Maxwell will manage a team of political risk and trade credit underwriters in both New York and London.
Maxwell will report to Neil Robertson, XL’s CEO of Global Specialty in London.
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 where he helped facilitate the acquisition of the underwriting platform by QBE in 2008.
Robertson said under Richard’s leadership and with his team’s proven track record in developing profitable business, they have set their sights on becoming a leading provider of PRTC services worldwide.
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.