United Risk launches new division to manage credit and political risks

United Risk has recently launched Applied Credit Underwriters, a new division dedicated to managing global risks associated with credit, contracts, and politics.

Leading this division is industry veteran Bernie de Haldevang, who steps into the role of CEO. This strategic move is a response to the growing demand for expertise in managing credit and political risks.

Dan Malloy, CEO of United Risk, explains the significance of this move for the market, noting, “We have attracted these lines of business, especially lately with the world’s great problems in so many affected areas of high-level risk—it has now made great business sense to consolidate powerful resources for serving the top clients in the sector.”

Jamie Sahara, President of Applied Underwriters, highlights the expansion of the group into London and international markets as a key driver behind this decision. He emphasises the consolidation of credit and political risk opportunities into a proactive unit aimed at delivering effective solutions to clients.

Sahara further highlights the optimal timing of this consolidation and market entry, stating, “Worldwide economic and geopolitical instability during 2022 and particularly 2023, set against unparalleled debt increases by the vast majority of the world’s governments during 2020 and 2021, makes 2024 a most appropriate time for entry into the credit and political risk insurance market.”

He points out that past crises, such as the 2008 global financial downturn, have shown that instability raises awareness and interest in this market.

Moreover, Sahara underscores, “The economic impact of COVID-19 has increased the demand for these products without the expected increase in claims.”

Bringing extensive experience to his new role, De Haldevang recently served as Global Head of Specialty at Sompo Canopius, where he was responsible for developing the group’s political risk lines and revitalising its accident and health, as well as casualty lines.

With four decades of experience in the insurance industry, his career includes board and executive committee positions, both in the UK and overseas.

Malloy expresses his enthusiasm for De Haldevang leading Applied Credit Underwriters, commenting, “It is a distinct plus for the new division to be led by Bernie de Haldevang, who brings more than 30 years of relevant, successful experience to the challenges of today’s market. We welcome him.”

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