“The new XoL product complements and completes the span of products our clients require from their trade credit insurance partner,” said Nicolas Delzant, CEO, Euler Hermes World Agency. “While Euler Hermes is recognized as the established market leader in traditional short-term credit insurance, we understood our clients’ need for a pragmatic XoL product supported by the security of our AA- rating, market leadership, extensive global database and network of risk experts. XoL completes a structured services range which has been recently strengthened by our medium-term transactional cover for political risk and trade finance. We are therefore well positioned to become the market leader across the entire trade credit insurance services spectrum.”
Euler Hermes XoL cover is designed for companies that demonstrate strong, effective credit management and whose cashflow can withstand an expected accumulation of recurrent trade credit defaults.
“An XoL policy can be an effective tool to help companies generate receivables-based financing,” said Mark Moran, head of Euler Hermes XoL. “The certainty of non-cancellable cover during the life of the policy makes the trade credit product attractive to lenders seeking a risk mitigant.: This certainty, coupled with the assurance of our AA- rating, increases banks confidence to lend, and companies are potentially able to secure better funding results."
Euler Hermes’ specialist XoL underwriting team was recently established in London. It is led by Mark Moran who has more than 15 years of credit risk and commercial underwriting experience, most recently serving as European vice president with Chartis Europe (formerly AIG Trade Credit). The Euler Hermes underwriting team also includes Alexia Parmentier, an international risk and commercial underwriting specialist and Tim Hoggarth, whose global underwriting expertise includes engineering, forest products and emerging markets. Both were formerly with Chartis Europe.