Euler Hermes expands ‘XoL’ Cover Unit
Euler Hermes, the world’s leading trade credit insurer, has appointed Alexia Parmentier and Tim Hoggarth as co-heads of its City of London based Excess of Loss (‘XoL’) unit with immediate effect.
Alexia Parmentier as Head of XoL Northern Europe is responsible for growing the business in this region while Tim Hoggarth as Head of Special Products will focus on the development of new services for the London market, such as securitisation, and the insurance of portfolios of medium term and leasing assets.
Fabrice Desnos, CEO, Euler Hermes Northern Europe, said: “Clients and brokers are showing increasing interest in non-traditional trade credit insurance cover and we are keen to help develop the market. Since launching our XoL service in 2012 we have developed a profitable portfolio and are now building upon this by expanding the team’s remit and underwriting capacity.”
Trade credit insurance (TCI) helps business trade and grow safely by covering the risk of late or non-payment of invoices when they supply goods or services to their clients for payment at a later date.
Excess of Loss is a TCI policy designed to protect larger businesses with strong internal credit management practices against exceptional losses, over and above the risk that they are prepared to carry in-house.
Tim and Alexia helped to build the XoL business since its creation in 2012. Alexia previously worked for the trade credit division of AIG from 2005-2012 as a Corporate Manager. Prior to this she was a broker at Aon, and began her career as a senior underwriter at Euler Hermes. Alexia holds a degree in business management from Reims Management School.
Prior to joining Euler Hermes, Tim was Head of International Trade Credit at AIG in London from 2001-2012, and was a broker at Aon from 1994-2001. Tim holds a MA in Engineering from Cambridge University.