​Credit and political risk broker launches surety line

Credit and political risk insurance (CPRI) broker BPL has launched a new business line designed to support corporates and financial institutions seeking propositions for global guarantee requirements.

Called BPL Surety, the new line provides an alternative to traditional bank guarantees or standby letters of credit (SBLCs), with insurers providing guarantees on behalf of corporates to support contractual or commercial obligations.

The business line will respond to a recent increase in appetite from underwriters for new types of applications.

James Reynolds, group chief executive at BPL, said: “The launch of BPL Surety is a natural complement to our core CPRI products.

”Our clients are increasingly focused on diversifying sources of financial support, particularly as banks face growing balance sheet constraints. This is a clear opportunity to apply BPL’s specialist expertise and market relationships to develop solutions that respond directly to those changing needs.”

New leadership

The new line is led by five directors across three regional hubs. BPL has recently hired Tom Parrott and Danielle Upton to lead the branch in London. 

The duo have joined from Howden, with Parrott spending over a decade in surety broking through his position in the London-based CAP surety team, while Upton served as divisional director at the broker from 2024. 

Prior to this, Upton started her career as an underwriter in the surety team at QBE, which she held for over eight years.

Upton said: “One of the attractions of joining BPL was its reputation as a specialist business with a strong track record of handling complex risks.

”There is a real opportunity to build on this expertise in surety, combining practical solutions with the specialist advice needed to navigate differing insurer appetites in order to find the best outcome for a wider base of users.”

Parrott added: “Establishing BPL Surety is an excellent opportunity to build on the existing BPL book using our track record and experience in delivering surety solutions to a wide range of clients within a constantly evolving product line.

“Our track record and experience in surety means this new business line is ideally positioned to add value to clients and the surety market, understanding what underwriters want and how to deliver those solutions to all parties”.