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BPL launches BPL Surety to offer guarantees for global obligations
BPL said the surety market generates more than $20 billion in premium annually, and expects further growth as clients look to diversify beyond bank guarantees and SBLCs.
BPL, an independent credit and political risk insurance broker, has launched BPL Surety, a new business line aimed at helping corporates and financial institutions meet global guarantee needs. BPL Surety is positioned as an alternative to traditional bank guarantees and standby letters of credit, with insurers providing guarantees on behalf of corporates to support contractual and commercial obligations, Reinsurance News reported.
The broker said the global surety market is estimated to generate more than $20 billion in premium each year, with further growth expected over the next few years. BPL added that it is expanding its offering in response to increased underwriter appetite for new types of applications and plans to serve a wider client base, particularly UK and European corporates operating internationally. The new line is led by five directors across hubs in Geneva, Paris, and London, with Tom Parrott and Danielle Upton among new hires.