XL Group’s reinsurance operation in Bermuda has appointed Tim Fisher as senior vice president and Canadian branch manager.
Prior to this appointment, Fisher was senior vice president and underwriter in XL’s Bermuda division. During his 12 years in Bermuda, Fisher helped to grow the reinsurance book of business, which includes US and international property catastrophe and specialty risks.
He will be responsible for leading XL’s Toronto-based reinsurance underwriting team, reporting to Christopher Buse, managing director and head of casualty reinsurance in North America.
In June of this year, XL Group began accepting collateral trusts in lieu of Letters of Credit (LOCs) used as collateral for corporate deductible and captive insurance programmes in the UK.??
A statement from the company said that LOCs were often expensive to maintain, with James Martin, client and distribution leader for the Group commenting at the time:
"We are delighted to be working with Wells Fargo to offer this additional service to our customers. In today's economic climate, LOCs are proving more costly to businesses both in management fees and as they tie up otherwise useful capital. Offering the collateral trust solution to our clients provides a valuable alternative."