Uruguay Domiciled Programme , Surety and Trade Credit Provider
The Company has identified an opportunity in the underserved non-standard segment of contract surety and Trade Credit , Special risk and has launched a dedicated program to serve this market.
The recent economic crisis has had major impacts on the Surety and Trade Credit industry. First, a significant number of Insureds have been displaced from the standard surety markets and have lost their bonding capacities due to adverse strikes to their financial or credit histories. Second, sureties have significantly tightened their underwriting criteria in an effort to minimize and contain risk and loss exposure during these challenging times.
Lastly, owners, prime Insureds and other obligees have increased their bonding requirements whereby those who have historically not required bonding are now doing so.Special Risk area’s such as cyber risk , financial guarantee on Banks and Financial Institutions for loan deposits and retail credit facilities and products.
Within this market environment, the Company believes that there are significant opportunities to capture market share while implementing methods to control risk. Shipping Companies and Commercial Insureds who previously were not subjected to bonding are now required to provide payment and performance bonds. Furthermore, Insureds who previously qualified for bonding have now lost their bonding capacities.
The Company has created a trade credit and surety program to target these displaced and emerging Insureds who do not qualify for the standard surety markets not due to their character or ability to perform but because they may be too small or their financial and credit histories fall short of the requirements set by the larger sureties. As a mono-line surety carrier and trade credit provider, the Company intends to take a more time-consuming and personal approach to underwriting and provide the dedicated service that is lacking with the larger, multi-line carriers. This will allow it to take advantage of market conditions, capture market share and grow premium organically.
- NAIC Identification code AA-2980004
- Expedite Re LEI number 254900MU5P8IKXAVVZ58
- Company retains close banking ties with entities such as EFG and Wells Fargo
- Company retains representation in Gibraltar
- Company through its reinsurance partners can look at risks on a world wide basis
- Company has the ability to partner with large funders for large transactions and bring into play top banking partnerships for funding projects