Export-Import Bank President and Chair Reta Jo Lewis Launches Expanded Reinsurance/Risk-Sharing Initiative with Aon in London
LONDON – The Export-Import Bank of the United States (EXIM) President and Chair Reta Jo Lewis recently launched an expanded key reinsurance/risk-sharing initiative that will help diversify risk in financing projects at EXIM. This expanded initiative will be launched in a non-exclusive partnership with Aon plc (NYSE: AON), a leading global professional services firm. Chair Lewis met with leaders from Aon’s Reinsurance Solutions to celebrate the launch while in London last week attending the ExCred International conference. The risk-sharing arrangements that will result from this initiative will be considered on a transaction-by-transaction basis with private sector insurance reinsurance companies as part of EXIM’s overall risk management strategy.
“We are excited to partner with Aon as we launch the next chapter of EXIM’s groundbreaking reinsurance pilot, build on our past success, and further develop and strengthen EXIM’s comprehensive risk management strategy,” said Chair Lewis. “Working more closely with private entities, while diversifying our portfolio risks, is critical to expanding our reach and continuing to support U.S. exporters and the jobs they create. We are eager to continue working with leaders in the reinsurance community to ensure this effort is as successful as possible.”
"Aon was pleased to partner with EXIM in the development and launch of its original pilot in 2018," said Joe Monaghan, Global Growth Leader for Aon's Reinsurance Solutions and CEO of Aon's Public Sector Partnership. "EXIM is a proven leader of innovation in the Federal Government and Aon is thrilled to continue working with EXIM to help achieve their goals of diversifying and managing their portfolio, while crowding-in private capital. This will allow EXIM to expand and grow its important mission of supporting U.S. exporters and the American workforce."
The reinsurance initiative, initially launched in 2018 as a result of EXIM’s 2015 reauthorization, is an innovative approach that, at the time, was the largest public-private risk-sharing arrangement for a U.S. government credit agency. The initiative represented the maximum allowable coverage permitted under EXIM’s charter and fulfilled its 2015 congressional reauthorization mandate to engage in risk-sharing with the private sector to minimize EXIM’s liability for potential future losses. EXIM’s Board of Directors unanimously voted to approve the expansion in December in light of the initial success.
The Export-Import Bank of the United States (EXIM) is the nation’s official export credit agency with the mission of supporting American jobs by facilitating U.S. exports. To advance American competitiveness and assist U.S. businesses as they compete for global sales, EXIM offers financing including export credit insurance, working capital guarantees, loan guarantees, and direct loans. As an independent federal agency, EXIM contributes to U.S. economic growth by supporting tens of thousands of jobs in exporting businesses and their supply chains across the United States. Since 1992, EXIM has generated more than $9 billion for the U.S. Treasury for repayment of U.S. debt. Learn more at www.exim.gov.