Underwriters to Target Credit and Political Risk Markets

Newly formed enterprise taps credit and political risk sector veteran, Bernie de Haldevang, as CEO

Looking toward increased market demand for leadership-level resources in the intensifying areas of credit and political risk, United Risk has launched a new division, Applied Credit Underwriters, to be led by sector veteran Bernie de Haldevang as CEO. Applied Credit Underwriters will focus aggressively on a portfolio mix of structured credit, contract frustrations, and political risks worldwide.

Mr. Dan Malloy, CEO of United Risk, called the new division and its newly named CEO a great advantage to the marketplace: “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. 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.”

Sahara, President of Applied Underwriters, whose multibillion-dollar MGA and MGU businesses were consolidated into the United Risk brand last year, points to the group’s overall growth in the London and international markets as a motivating factor, among others: “We have had credit and political risk opportunities seek us out and have thus decided to consolidate the business into a new, aggressive unit that will provide sound solutions for our clients in this sensitive area of risk transfer.”

Mr. Sahara observed that the timing of this consolidation and market entry is ideal: “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. Historically, instability enhances awareness of this market and drives interest in its products—the market has weathered past crises well, including the 2008 global financial crisis, where significant but not catastrophic claims proved the reliability and appeal of key non-payment products to banks. Political uncertainty has increased interest in classic political risk products. The economic impact of COVID-19 has increased the demand for these products without the expected increase in claims, all of which challenges and developments commend the choice of Bernie de Haldevang as our seasoned, lead executive for this business.”

Mr. Bernie de Haldevang assumes the top post at Applied Credit Underwriters, having served as Global Head of Specialty at Sompo Canopius where he was responsible for developing the group’s political risk lines and reinvigorating its accident and health and casualty lines. His decades of experience in the insurance industry, namely in credit and political risk, war, terrorism, political violence, and kidnap for ransom areas, include eight years at Aspen, where he was head of financial and professional lines. Mr. de Haldevang sat on Lloyd’s political risk business panel.

Before that, dating from 1983 as a political risk broker at Hogg Robinson Group, his career has included board, senior management, and executive committee positions at Berry Palmer & Lyle, Wellington Underwriting, Atrium Underwriters and at the African Trade Insurance Agency, which he founded for the World Bank as chief executive and head of mission.

Applied Credit Underwriters is headquartered in London. United Risk Global is an international property and casualty insurance underwriting and distribution platform independently owned and operated by its practice partners and affiliated with Applied Underwriters operationally and through its common and powerful brand identity. United Risk’s home office is located at 50 Rockefeller Plaza in New York.

About Applied Underwriters (www.auw.com)

Applied Underwriters® is a global risk services firm that helps businesses and people manage uncertainty through its business services, insurance and reinsurance solutions. As a company, Applied Underwriters has been distinguished by its innovative approaches to client care and by its strong financial strength. Applied Underwriters operates widely throughout the US, UK, EU and Middle East. Its operational headquarters is located in Omaha, Nebraska.