Global insurer XL Catlin has started the third quarter with two major moves – the appointment of a new regional leader and the launch of a pioneering scientific venture.
The company has appointed industry veteran Andrew Underwood as regional product leader for political risk and trade credit in the UK and Ireland.
Underwood joins XL Catlin from Hicox where he recently served as partner and held senior roles in the US and UK. Starting his career as a Lloyd’s broker, he now has over 25 years of industry experience.
Dan Riordan, XL Catlin’s global head of political risk and trade credit, called Underwood as an “excellent addition” to the company.
“As a first rate underwriter, he has the leadership skills and proven track record for successfully and sustainably growing books of business,” he said.
Riordan noted that Underwood’s hiring comes at a time of heightened economic and geopolitical tensions and serious concerns about security and terrorist activity.
“This situation is driving demand for political risk and trade credit coverages… we are able to respond to this demand in a way which is meaningful to our clients,” Riordan said.
The insurance giant has also announced that it is sponsoring a ground-breaking scientific research on the planet’s least explored and critically important ecosystem – the deep ocean.
The XL Catlin Deep Ocean Survey aims to create a new standardised methodology in assessing the function, health and resilience of the deep ocean. The exploration will use manned submersibles and remotely operated vehicles for the exploration.
For the mission, XL Catlin has partnered with the world’s leading ocean scientists, media organisations, business leaders, philanthropists, educationalists and civil leaders.
“As a re/insurance company there is an immediate need to accelerate our knowledge of how the oceans are changing. We need to understand the risks that businesses, society and ecosystems will face in future,” said XL Catlin CEO Paul Jardine.
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