Allianz Trade expands XoL solution to Spain and Brazil
Allianz Trade has expanded its excess of loss (XoL) reach with additional resources in Germany and Singapore, and new teams in Spain and Brazil.
Allianz Trade has offered XoL in the UK and US for ten years and recently formed a team in Germany. The credit insurer said it is “accelerating the development of XoL by investing not only in new, carefully selected markets that have a real need for this solution, but also in the operational side of its XoL division”.
Allianz Trade said it expects companies to need increasing support and protection against potential large and unexpected losses in 2023 as a result of a slowdown of economic activity at a global scale and an increase in insolvencies.
Allianz Trade is committing additional resources in Germany and Singapore, where the company already delivers XoL solutions, and the creation of new XoL teams in Spain and Brazil.
The insurer explained that XoL is designed to help medium to large corporates mitigate significant losses and so improve balance sheet efficiency. It is based on the company’s existing credit management procedures, features non-cancellable limits and covers insolvency, protracted default and political risk.
“Excess of loss credit and political risk cover is particularly relevant in economic downturns as companies want the certainty of non-cancellable cover. By investing in local teams we are ensuring our partners have access to XoL specialists in every region”, said Alexia Parmentier, global head of excess of loss at Allianz Trade.
