BALTIMORE, Jan. 26, 2021 /PRNewswire/ -- Euler Hermes, the worldwide leader in trade credit insurance, announced today the appointment of Peter Farrell as Managing Director of Excess of Loss (XoL) for Euler Hermes Americas Region. XoL, a non-cancellable form of credit insurance, provides flexible and innovative solutions to insulate companies from extraordinary and disruptive loss events.
Peter joined Euler Hermes in 2013 as a member of the original team that pioneered the development of the company's first XoL product offering. During his tenure, he has held several roles with increased responsibility in new business and renewal underwriting, leadership and product development. In 2016 Peter played an integral role in designing Euler Hermes' EH Duo product, which is an innovative hybrid solution that offers traditional credit insurance, plus the added benefit of non-cancellable limits on the most critical exposures.
"Peter's outstanding product and industry knowledge, coupled with his collaborative leadership approach, set him and the team up for success," said James Daly, CEO at Euler Hermes North America. "I have every confidence that Peter and the team will carry forward the strong legacy of partnership and trust that your partners have come to expect from Euler Hermes."
In his most recent position as Vice President and Head of XoL/Duo New Business, Peter has overseen underwriting and marketing initiatives for all Non-Cancellable (Non-Can) new business in the U.S., Canada and Brazil. In his new role, he will steer the company's Non-Can XoL line of business, lead a team of XoL underwriters and continue to deliver strong growth within the XoL portfolio.
Prior to joining Euler Hermes, Peter spent valuable years at Zurich North America, where he built expertise in credit risk underwriting for their Excess of Loss product.
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Euler Hermes is the global leader in trade credit insurance and a recognized specialist in the areas of surety, collections, structured trade credit and political risk. Our proprietary intelligence network analyses daily changes in corporate solvency representing 92% of global GDP. We give companies the confidence to trade, and be paid. We compensate your company in the event of a bad debt, but more importantly, we help you avoid bad debt in the first place. Whenever we provide trade credit insurance or other finance solutions, our priority is predictive protection. But, when the unexpected arrives, our AA credit rating means we have the resources, backed by Allianz to provide compensation to maintain your business. Headquartered in Paris, Euler Hermes is present in 50+ countries with 5,800 employees. In 2019, our consolidated turnover was €2.9 billion and insured global business transactions represented €950 billion in exposure.
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Cautionary note regarding forward-looking statements: The statements contained herein may include prospects, statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those expressed or implied in such forward-looking statements. Such deviations may arise due to, without limitation, (i) changes of the general economic conditions and competitive situation, particularly in the Allianz Group's core business and core markets, (ii) performance of financial markets (particularly market volatility, liquidity and credit events), (iii) frequency and severity of insured loss events, including from natural catastrophes, and the development of loss expenses, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) particularly in the banking business, the extent of credit defaults, (vii) interest rate levels, (viii) currency exchange rates including the euro/US-dollar exchange rate, (ix) changes in laws and regulations, including tax regulations, (x) the impact of acquisitions, including related integration issues, and reorganization measures, and (xi) general competitive factors, in each case on a local, regional, national and/or global basis. Many of these factors may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences.
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