Allianz Trade, the world’s leading trade credit insurer, is building on the success of its Excess of Loss (XoL) teams in the UK and US by continuing its growth with new recruits in Germany, Singapore, Spain and Brazil.
As it celebrates 10 years of XoL in the UK and US, and the success of the more recently created team in Germany, Allianz Trade is accelerating the development of XoL by investing not only in new, carefully selected markets which have a real need for this solution, but also in the operational side of its XoL division.
As insolvencies rebound and as a result of a slowdown of economic activity at a global scale, Allianz Trade expects companies to need increasing support and protection against potential large and unexpected losses in 2023.
Allianz Trade is committed to supporting these markets by investing in dedicated teams on the ground. This translates into additional resources in Germany and Singapore, where the company already delivers XoL solutions, and the creation of new XoL teams in Spain and Brazil, thus extending its global presence for this kind of solution.
Helping businesses mitigate significant and unexpected losses
The Excess of Loss solution supports over 300 companies today, protecting their balance sheets against exceptional credit losses. Designed to help companies mitigate significant losses, this credit risk management solution improves balance sheet efficiency. It is based on the company’s existing credit management procedures and features non-cancellable limits.
Accommodating medium to large corporates, Excess of Loss offers non-cancellable limits to protect against catastrophic incidents in the most uncertain of economic times, covering insolvency, protracted default and political risk. In addition to this catastrophe cover, Allianz Trade offers a wealth of information and expertise, with the most in-depth company database available in these markets, all of which can be used to enhance businesses’ credit management.
“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 Excess of Loss specialists in every region”, said Alexia Parmentier, Global Head of Excess of Loss at Allianz Trade.