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XL Catlin’s insurance operation in Iberia today announced new local underwriting capabilities with the appointment of Santiago Herrero as Head of Political Risk, Credit & Bond (PRCB) - Iberia. Mr Herrero will be based in Madrid and report to Dan Riordan, XL Catlin’s Global Head of PRCB.

Commenting on the announcement, José Ramón Morales, Country Manager Iberia for XL Catlin’s insurance operation, said: “Emerging economies are going through deep social, economic and governance transformations that are making them seem attractive to contractors and export companies, focusing on the new business opportunities in a variety of sectors. Spanish companies have been awarded large-scale infrastructure projects, where they face multiple trading risks including non-payment, cancellation of licenses, embargos or war. To finance these projects, banks and other lenders are increasingly looking to share their risk with insurance partners.”

Mr. Morales added, “Santiago’s experience will prove very beneficial as we develop tailored political risk solutions to assist our Spanish multinational clients and financial institutions from suffering losses resulting from any combination of these risks. This appointment reflects our continued commitment to investing in the best talent of the sector for our Iberia team and to staying close to our clients.”

Santiago Herrero brings more than twenty years of experience to XL Catlin. Most recently he served as Political Risk Manager at Marsh S.A. He previously worked at Construcciones y Auxiliar de Ferrocarriles, S.A (CAF) and Amaya Cia. De Seguros y Reaseguros. He holds a Master’s degree in Foreign Commerce from Universidad CEU and a Bachelor’s degree in Business and Administration from University Alcala de Henares.

Dan Riordan, President of Head of Global Political Risk & Trade Credit Insurance at XL Catlin, said: “As with any risk, opportunity exists for those able to look deeper and forge the right partnerships. Uncertainty is a constant, but there are ways to reduce it. Political risk insurance is a valuable tool in mitigating multidimensional threats associated with political instability, especially in the current geopolitical environment.  Santiago’s underwriting skills and global expertise position him ideally to look closely at opportunities that will make a difference for our Spanish clients.  I am delighted to have him on board.”

XL Catlin offers political risk, credit and bonds to clients involved in trade, finance, infrastructure, energy, and other sectors. Clients include multinational companies, financial institutions, exporters and manufacturers, commodity traders, and export credit agencies and development finance institutions.