Boost to private market representation in the Berne Union as Everest and The Hartford voted in as latest Observer Members
LONDON, 18th January 2022 – The Berne Union has expanded its membership with the addition of two new private underwriters of credit and political risk insurance.
Everest and The Hartford have been confirmed as Observer Members of the Medium and Long-Term Committee, taking the total number of Berne Union Members and Observers to 82 and boosting the number of private underwriters to 13.
This growth mirrors underlying market dynamics, where private insurers have steadily increased their MLT business over the past two and a half decades; today providing significant direct underwriting capacity in addition to reinsurance of ECAs and multilaterals.
In 2020, Private Members of the Berne Union reported a combined portfolio of almost USD 100 billion primary exposure for MLT Credit and political risk.
Cooperation between public and private sources of finance will be vital to economic recovery in the coming years; as the only forum bringing together public and private underwriters of MLT export credit for professional exchange, the Berne Union’s MLT Committee will play a vital role in fostering this dialogue.