XL Catlin opens political risk, credit and bond insurance practice in Canada

XL Catlin announced on Tuesday that it has opened its first political risk, credit and bond (PRCB) practice in Canada “to address continued demand” and appointed Marvin Azzopardi as senior underwriter.

“We are very excited to open our first Canada-dedicated political risk, credit and bond underwriting practice,” said Dan Rioran, XL Catlin’s global head of PRCB, in a press release. “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.”

XL Catlin underwriting and analytical PRCB team offers broad coverage products for banks, investors, export credit and public sector multilateral agencies investing in mid- and high-risk regions. Policies can align with the duration of strategic investments, with tenors up to 20 years and limits of up to $200 million.

Based in Toronto, Azzopardi (pictured below) will join on June 1 and report to Richard Abizaid, regional product leader, Americas. Azzopardi is tasked with “leading the continued growth of PRCB business in Canada through partnering directly with Canadian clients and their brokers,” the release said.

Marvin Azzopardi has been appointed senior underwriter of XL Catlin’s political risk, credit and bond practice in Canada.

Nick Greggains, CEO and country manager for XL Catlin, Canada, said that the opening of the first Canada-based XL Catlin PRCB underwriting practice “further strengthens our capabilities to partner with our key brokers, banks and investors who see the unique growth opportunities at home and abroad. Marvin is an expert in his field and an excellent addition to our team of talented Canadian underwriters.”

Azzopardi joins from Zurich Canada, where he led the Canada credit & political risk underwriting team. He is a graduate of Toronto’s York University and obtained the Canadian Risk Management (CRM) designation from the University of Toronto.

XL Catlin insurance companies offer property, casualty, professional, financial lines and specialty insurance products globally. XL Catlin is the global brand used by XL Group Ltd’s insurance and reinsurance companies,which provide coverage to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world.