MADRID, Spain, Sept. 20 -- XL Group, an insurance and reinsurance company, issued the following news release:

XL Catlin's insurance operation in Iberia today announced new local underwriting capabilities with the appointment of Santiago Herrero as Head of Political Risk, Credit & Bond (PRCB) - Iberia. Mr Herrero will be based in Madrid and report to Dan Riordan, XL Catlin's Global Head of PRCB.

Commenting on the announcement, Jose Ramon Morales, Country Manager Iberia for XL Catlin's insurance operation, said: "Emerging economies are going through deep social, economic and governance transformations that are making them seem attractive to contractors and export companies, focusing on the new business opportunities in a variety of sectors. Spanish companies have been awarded large-scale infrastructure projects, where they face multiple trading risks including non-payment, cancellation of licenses, embargos or war. To finance these projects, banks and other lenders are increasingly looking to share their risk with insurance partners."

Mr. Morales added, "Santiago's experience will prove very beneficial as we develop tailored political risk solutions to assist our Spanish multinational clients and financial institutions from suffering losses resulting from any combination of these risks. This appointment reflects our continued commitment to investing in the best talent of the sector for our Iberia team and to staying close to our clients."

Santiago Herrero brings more than twenty years of experience to XL Catlin. Most recently he served as Political Risk Manager at Marsh S.A. He previously worked at Construcciones y Auxiliar de Ferrocarriles, S.A (CAF) and Amaya Cia. De Seguros y Reaseguros. He holds a Master's degree in Foreign Commerce from Universidad CEU and a Bachelor's degree in Business and Administration from University Alcala de Henares.

Dan Riordan, President of Head of Global Political Risk & Trade Credit Insurance at XL Catlin, said: "As with any risk, opportunity exists for those able to look deeper and forge the right partnerships. Uncertainty is a constant, but there are ways to reduce it. Political risk insurance is a valuable tool in mitigating multidimensional threats associated with political instability, especially in the current geopolitical environment. Santiago's underwriting skills and global expertise position him ideally to look closely at opportunities that will make a difference for our Spanish clients. I am delighted to have him on board."

XL Catlin offers political risk, credit and bonds to clients involved in trade, finance, infrastructure, energy, and other sectors. Clients include multinational companies, financial institutions, exporters and manufacturers, commodity traders, and export credit agencies and development finance institutions.

Virginia became the third state to address growing concerns about Atlantic Coast Life Insurance Co.'s financial health. In a settlement revealed Friday, Atlantic Coast has agreed to stop writing new insurance business in Virginia starting Nov. 1.

The insurer faces rehabilitation proceedings in South Carolina over its financial condition. Florida also suspended Atlantic Coast from writing new policies in the Sunshine State.

The Virginia State Corporation Commission approved the settlement Thursday, accepting the South Carolina-domiciled insurer’s offer to halt new business without admitting or denying the state’s allegations that it is in a hazardous financial condition.

The commission’s Bureau of Insurance alleged that a review of Atlantic Coast’s financial filings over the previous 12 months showed the company was in a hazardous financial condition under Virginia law.

Under the order, Atlantic Coast Life cannot issue new insurance contracts or policies in Virginia beginning Nov. 1. Its agents must also stop transacting new business on the insurer’s behalf until the commission issues further orders.

The company may continue renewing existing policies that are guaranteed renewable or noncancellable. It also must continue paying claims and servicing policies in force in Virginia or covering Virginia residents.

The settlement leaves open the possibility of changes before the restrictions take effect. Atlantic Coast Life and the Bureau of Insurance must confer before Nov. 1 to determine whether developments in mediation with the South Carolina Department of Insurance or other events warrant reconsideration of the order.

Bloomberg: Oaktree deal off

In other Friday developments, Bloomberg reported that a deal announced earlier this year between Advantage Capital Holdings, parent of Atlantic Coast Life, and Oaktree Capital Management is off.

A-Cap announced the deal in March for Oaktree to acquire a controlling stake in Atlantic Coast, while also providing capital to Sentinel Security Life Insurance Co. Oaktree is no longer pursuing the deal, Bloomberg reported.

In a statement to InsuranceNewsNet, an A-Cap spokesperson said, "We are continuing to work constructively with Oaktree on a transaction structure that will meet the approval of the South Carolina Department of Insurance.”

Three developments cited

The Virginia commission identified three developments that could justify proposed modifications: Withdrawal of South Carolina’s rehabilitation petition; a capital raise of at least $50 million at Advantage Capital Holdings with agreed-upon amounts contributed to the insurer; or the filing of a Form A seeking to transfer control of Atlantic Coast Life to a new owner.

The bureau did not commit whether it would support any proposed changes.

Atlantic Coast waived its right to a hearing and submitted its settlement offer in an Oct. 6 letter signed by Chief Legal Counsel and Secretary Jill Gettman. The commission retained jurisdiction over the matter and may initiate a show-cause proceeding or take other action if the company fails to comply with the order.

The Virginia action adds to regulatory pressure on Atlantic Coast Life. South Carolina regulators have petitioned to place the insurer and its subsidiary, Southern Atlantic Re, into rehabilitation.

Florida’s insurance regulator separately suspended Atlantic Coast Life’s certificate of authority, effective Sept. 30, barring it from soliciting or accepting new or renewal business in that state while requiring it to continue servicing existing policies.

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