The Berne Union has added two new private underwriters of credit and political risk insurance, expanding its presence within the re/insurance industry.
The union confirmed that Everest and The Hartford have been added as Observer Members of the Medium and Long-Term Committee, taking the total number of Members and Observers to 82 and boosting the number of private underwriters to 13.
This growth mirrors underlying market dynamics, where private insurers have steadily increased their MLT business over the past 25 years.
In 2020, Private Members of the Berne Union reported a combined portfolio of almost USD 100 billion primary exposure for MLT Credit and political risk.
Cooperation between public and private sources of finance will be vital to economic recovery in the coming years; as the only forum bringing together public and private underwriters of MLT export credit for professional exchange, the Berne Union’s MLT Committee will play a vital role in fostering this dialogue.
BU President, Michal Ron, commented: “As the global industry association, the Berne Union endeavours to represent all organisations active in the field of export credit and investment insurance.
“A diverse membership is one of our greatest strengths and the deep, collaborative relationship between public and private sectors within the Berne Union is one of the foremost examples of this. Everest and The Hartford bring considerable industry experience and no doubt also fresh perspectives which will be a valuable asset to the Berne Union community.
“I am delighted to welcome both as new members and look forward to our interactions in what will be a challenging, and hopefully also fulfilling year for our industry.”
Jim Thomas, Global Head of Credit and Political Risk at Everest said: “Joining the Berne Union enables Everest to further support our customers and together with financial institutions around the world, help advance the critical mission of fostering global trade and investment flows.
“Membership in the Berne Union provides us with an even greater opportunity to influence positive outcomes for some of the most important issues facing the insurance industry, now and into the future.”
Jared Kotler, Head of Credit and Political Risk of The Hartford added: “The Hartford is honoured and excited to be joining such a consequential international association as the Berne Union.
“Through the years, The Hartford Credit and Political Risk team have seen the immense value the Berne Union creates by sharing best practices, providing advocacy for the industry and collecting important industry data.
“We look forward to becoming active members of the Berne Union to help further its mission of supporting international trade and foreign investment around the world.”
