XL Catlin opens Canadian political risk, credit and bond insurance practice

The underwriting team will be led by Marvin Azzopardi, formerly of Zurich

XL Catlin has opened a political risk, credit and bond (PRCB) insurance practice in Canada and is welcoming Marvin Azzopardi to the role of senior underwriter for the business.

The company will provide broad coverage, up to a limit of $200 million, for banks, investors, export credit and public sector multilateral agencies investing in mid- and high-risk regions. Policies can align with the duration of the strategic investment in question, up to a maximum of 20 years, according to an announcement on Tuesday.

“We are very excited to open our first Canada-dedicated political risk, credit and bond underwriting practice,” says Dan Riordan, global head of PRCB for XL Catlin. “Marvin’s specialized background will lead our growing business in the country while continuing to strengthen existing relationships with clients and brokers from both private and public sectors.”

Azzopardi comes to XL Catlin from Zurich where he led the company’s credit and political risk underwriting team for Canada. He joins XL Catlin on June 1 and will report to Richard Abizaid, regional product leader for the Americas.

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