The latest product news from BPL for you;
BPL, the world’s leading independent credit and political risk insurance broker, has launched BPL Surety, a new business line designed to support corporates and financial institutions seeking solutions for global guarantee requirements.
Surety provides an alternative to traditional bank guarantees or standby letters of credit (SBLCs), with insurers providing guarantees on behalf of corporates to support contractual or commercial obligations. The global surety market is estimated to generate over US$20bn[1] of premium each year, with further growth expected over the next few years.
This growth reflects an influx of new entrants to the market over the last decade due to a number of factors, including an increase in opportunities with infrastructure investment, regulatory changes and an evolution in how surety as a product – and the sureties’ capabilities – are perceived. The surety product has become more versatile over the last decade, encompassing more sectors and geographies than before and with a greater focus on innovative solutions.
Though BPL has helped to introduce new structures to the surety market since 2018 – such as margining guarantees and OBSI facilities – BPL Surety expands and strengthens the broker’s existing offering and expertise. BPL Surety is led by five Directors across three regional hubs: Philippine de Villèle and Edouard Huberdeau in Geneva, George Bellord in Paris, and new hires Tom Parrott and Danielle Upton in London.
The business line will respond to recent increase in appetite from underwriters for new types of applications, and the clear opportunity to bring these solutions support a wider base – particularly UK and European corporates operating internationally, and transactions where surety and bank collaboration are likely to prove most effective and commercial.
New senior appointments in London
Parrott has over a decade of experience in surety broking through his position in the London-based Howden CAP surety team. There, he was involved across the client book, starting with leading the UK domestic business, before advancing to focusing on solutions for global transactions for major corporates, as well as supporting the increased collaboration with banks on fronted and syndicated opportunities.
Upton, meanwhile, has over 12 years’ experience across both underwriting and broking. She started her career as an underwriter in the surety team at QBE, where she resided for over eight years, before commencing her broking career in 2022 at Howden. She has experience across a wide range of surety products, structures and geographies – including a mix of contract and commercial transactions, delegated underwriting authorities and bank collaborations.
James Reynolds, Group Chief Executive Officer, BPL, said: “The launch of BPL Surety is a natural complement to our core CPRI products. Our clients are increasingly focused on diversifying sources of financial support, particularly as banks face growing balance sheet constraints. This is a clear opportunity to apply BPL’s specialist expertise and market relationships to develop solutions that respond directly to those changing needs.”
Tom Parrott, Surety Director, BPL Surety said: “Establishing BPL Surety is an excellent opportunity to build on the existing BPL book using our track record and experience in delivering surety solutions to a wide range of clients within a constantly evolving product line. Our track record and experience in surety means this new business line is ideally positioned to add value to clients and the surety market, understanding what underwriters want and how to deliver those solutions to all parties”.
Danielle Upton, Surety Director, BPL Surety, said: “One of the attractions of joining BPL was its reputation as a specialist business with a strong track record of handling complex risks. There is a real opportunity to build on this expertise in surety, combining practical solutions with the specialist advice needed to navigate differing insurer appetites in order to find the best outcome for a wider base of users.”
[1] AXA XL’s Credit and Surety Market Survey 2025.
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