BPL launches BPL Surety to support global guarantee requirements for corporates and financial institutions

BPL, an independent credit and political risk insurance broker, has announced the launch of BPL Surety, a new business line designed to assist corporates and financial institutions with global guarantee needs.

Surety provides an alternative to traditional bank guarantees or standby letters of credit (SBLCs), with insurers offering guarantees on behalf of corporates to support contractual or commercial obligations. The global surety market currently generates over US$20 billion in premiums annually, with expectations for continued growth in the coming years.

The expansion is driven by increased infrastructure investment opportunities, regulatory changes, and a shifting view of surety products. In the last decade, surety has become more adaptable, covering more sectors and regions, with a focus on innovative solutions.

BPL’s expansion in the surety market

Since 2018, BPL has introduced new structures to the surety market, such as margining guarantees and OBSI facilities. The launch of BPL Surety expands and strengthens the broker’s existing offerings and expertise in this space.

BPL Surety is led by five Directors across three regional hubs: Philippine de Villèle and Edouard Huberdeau in Geneva; George Bellord in Paris; and new hires Tom Parrott and Danielle Upton in London.

The business line aims to respond to a recent increase in underwriters’ appetite for new types of applications and to capitalise on opportunities to support a broader client base, particularly UK and European corporates operating internationally and transactions where collaboration between surety and banks is most effective.

James Reynolds, Group Chief Executive Officer of BPL, quoted, “The launch of BPL Surety is a natural complement to our core credit and political risk insurance 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 senior appointments in London

Tom Parrott, Surety Director, brings over a decade of experience from his tenure with the London-based Howden CAP surety team. He has led the UK domestic business and focused on global transaction solutions for major corporates, supporting increased collaboration with banks on fronted and syndicated opportunities.

Danielle Upton, Surety Director, has over 12 years of experience across underwriting and broking. She began her career as a surety underwriter at QBE before transitioning to broking in 2022 at Howden. Her expertise spans a wide range of surety products, structures, and geographies, including contract and commercial transactions, delegated underwriting authorities, and bank collaborations.

Tom Parrott said, “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 understanding of underwriters’ requirements positions this new business line to add significant value to clients and the surety market.”

Danielle 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 specialist advice to navigate differing insurer appetites and find the best outcomes for a wider base of users.”

BPL Surety’s launch marks a strategic expansion of BPL’s service offerings, positioning the broker to meet evolving client needs in global guarantee markets with innovative, tailored surety solutions.