Markel Corp. is now underwriting trade credit insurance – also known as receivables insurance – in its New York office. Policies will be underwritten on an admitted basis, utilizing two Markel insurance companies, Markel American Insurance Co. and Markel Insurance Co. Products may not be available in all states. Worldwide capacity for the coverage, which protects companies that sell products against the risk of non-payment from vendors, is close to $9 billion and has increased substantially over the last 10 years as more insurers look to benefit from the profitability of the segment. Companies from retail and manufacturing to engineering to software firms can use the coverage.
The trade credit team in the U.S. will be headed up by senior underwriter Philip Amlot, who has relocated from London to New York.
This new offering will build on Markel’s trade credit portfolio in the U.S. which to date has been underwritten in Markel’s London office. Markel’s New York-based underwriting team joins similar trade credit underwriting teams deployed in London, Singapore and Munich.
“The trade credit insurance market in the U.S. continues to grow and is becoming increasingly sophisticated,” remarked Ewa Rose, managing director of Markel’s trade credit unit. ”Our ability to write in the U.S. broadens the scope of our trade credit offerings to U.S. clients and their brokers, at a time when the U.S. economy and local interest in credit insurance solutions are growing.”
Rose said there has been a marked increase in demand for trade credit insurance to support capital relief related products, and with a base in New York Markel can utilize its established relationships with U.S. brokers.
Markel International Ltd. is a subsidiary of Markel Corp. Markel International writes insurance and reinsurance business through eight divisions and through offices across the UK, Europe, Canada, Latin America and Asia Pacific. Markel International’s insuring entities include Syndicate 3000, Markel Resseguradora do Brasil S.A. and Markel International Insurance Co. Ltd.