12 August 2014News

XL grows its trade receivables team in the US and UK

To address businesses’ growing interest in Trade Receivables Insurance (TRI), XL is adding to its underwriting resources with appointments in North America and London.

The appointments include Jennifer Papadimitriou in London; Paul C. Haigley III and Aaron Rutstein in Baltimore and Agatha Liberatore in New York.

XL Group’s TRI products provide flexible and cost-effective protection for businesses of all types against non-payment on their accounts receivable.

According to Richard Maxwell, CUO and global head for XL Group’s Political Risk and Trade Credit (PRTC) business, including its TRI business line: “Political and economic instability can occur with little warning, and for businesses, there are often direct consequences such as the inability to receive payments from customers cut off by sanctions or impacted by other factors.”

Maxwell continues, “We see evidence of political instability in the news regularly and it is increasing businesses’ concerns and interest in using credit insurance to protect against the risk of non-payment from their customers.”

Jennifer Papadimitriou will establish XL’s TRI underwriting capabilities in Europe, acting as senior underwriter in its London office. She brings more than 20 years of international trade credit and receivables underwriting experience to XL’s team, and most recently served as Head of International Trade Credit for AIG.

Senior underwriters Paul Haigley and Agatha Liberatore will address Trade Receivable Insurance needs of businesses in the Americas. A 25-year veteran of the TRI industry, Haigley joins XL from Euler Hermes World Agency where he most recently served as vice president and regional director of account management for the Americas. Liberatore joins from FCIA Management Company, where as senior risk manager for the Midwest region she managed an international trade credit and political risk portfolio for 15 states.

Finally, with more than a decade of credit insurance underwriting and risk analysis experience, Aaron Rutstein joins XL Group as risk manager for TRI. In this role, Rutstein will manage the team’s buyer risk assessments, credit evaluations and portfolio management and oversee XL’s team of risk analysts in India. He joins from Euler Hermes where he most recently served as credit analyst manager.

Commenting on the appointments, Jeffrey Abramson, head of XL Group’s TRI business says: “To meet our customers’ growing demand, we are making an investment in some of the top talent in this industry. With the addition of Agatha, Paul, Jennifer and Aaron, our expanded team is ready to provide Trade Receivables Insurance on a global basis, utilizing XL Group’s global network and significant capacity.”