Exchange Bond® - The Industry Standard
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Exchange Bond® - The Industry Standard
The Exchange insurance Company Limited
3 America Square
London EC3N 2LR
Tel: +44 (0)20 7256 3970
The Exchange Insurance Company Limited ("ExCo") is a European specialist general insurer authorised and regulated by the Financial Services Authority (FSA), with headquarters in the City of London. ExCo also maintains an administrative operations centre in Essex and an administrative office in Dublin.
ExCo was fully capitalised and authorised by the FSA in May 2005. For more information about our FSA authorisation and our rating with AM Best, the world's most authoratative rating source, see our regulatory and rating page.
The Executive Management of the company has extensive international business experience in insurance and financial services generally. The board and senior management of ExCo consists of:
Frank Speight
- Joint Chief Executive Officer
Graeme Stephen
- Joint Chief Executive Officer
John Dowling
- Non-Executive Chairman
Nigel Glaister
- Non-Executive Director
John Higgins
- Non-Executive Director
Peter Lane
- Non-Executive Director
Nigel Pearce
- Non-Executive Director
John Walley
- Non-Executive Director
The Exchange Insurance Company board page has more details about the Executive Management.
The business of ExCo is the underwriting and marketing of the Exchange Bond® and the Completion Bond.
An Exchange Bond® is a surety bond and is a form of financial guarantee. It acts as a substitute for the cash deposit given by buyers to vendors at the time of exchange of contracts in residential house purchases. The property vendor agrees to accept the Exchange Bond® instead of cash. The buyer pays the entire purchase price at completion.
A Completion Bond is a financial product for use with deferred payment/equity schemes when buying property. It is a surety bond that guarantees the full deferred amount to the seller (usually the home builder) in the event the buyer fails to make the deferred payment due on the property within the time period allowed – usually 5 to 10 years.
