Specialist surety broker Rosenberg & Parker has hired Nathan Hummel to head up its newly launched financial institutions practice.

Hummel joins from Allianz Trade, where his most recent role was head of financial institutions for surety and guarantees across the Americas.

In the new job, he will lead a team advising banks, insurers, institutional investors and corporates on “risk transfer, bank-fronted surety, standby letters of credit, guarantees, trade finance and credit risk distribution strategies”.

He will be based in Rosenberg & Parker’s Philadelphia office.

Hummel’s former roles include head of trade finance at Delaware-headquartered WSFS Bank, deputy head of trade finance at Commerzbank and head of trade finance services at Capital One.

Jack Rosenberg, president of Rosenberg & Parker, said: “Nathan’s experience and financial expertise leads our new financial institutions practice in being an impactful value add for our clients.”

Hummel added: “Rosenberg & Parker is known for being a trusted advisor, not a transactional broker.

“We want to build the financial institutions practice clients call when the answer isn’t obvious. The most complex challenges aren’t solved with a standard product; they require technical expertise, creativity, and trusted relationships.”

Last year, Rosenberg & Parker opened an office in London as it looks to expand further into the European market.