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Zurich Insurance Co. Ltd. said Tuesday that it has launched its credit & political risk operations in Melbourne, Australia.
Zurich’s credit & political risk insurance business unit provides trade credit insurance and political risk insurance products for financial institutions, multinational corporations, investors, exporters, contractors and infrastructure developers, Zurich said in a statement.
Clive Mok will lead the credit & political risk operation in Melbourne. Previously, Mr. Mok was a senior underwriting manager, according to a Zurich spokesman.
Zurich has also added credit & political risk underwriters in London, Paris and the United States. London-based Norm Kimber will serve as a senior underwriter. Previously, Mr. Kimber was a senior consultant, finance & markets and trade & competitiveness at World Bank Group. Paris -based Helen Martin will serve as an underwriter. Previously, Ms. Martin was a credit and political risk underwriter at Liberty Mutual Insurance Co. Owings Mills, Maryland-based Zvi Spivack will serve as senior underwriter on the short-term multi-buyer team. Previously, Mr. Spivack was a portfolio manager at the Export-Import Bank of the United States, according to the statement.
“The threat of political risk to firms has rarely been greater than it is today. Major political change is happening with more frequency and severity, and it is no longer confined to a few regions of the globe” Jim Thomas, head of Zurich’s Credit & Political Risk group said in the statement. “These moves will enhance Zurich’s position in the marketplace and allow us to better serve customers in Australia and in emerging markets.”
Zurich Insurance Group Ltd. on Monday announced it would cut about 440 jobs in its U.K. general insurance division as part of a plan to reduce costs and simplify the unit's operating structure.