Welcome to the February 2022 issue of Credit Insurance News Digest. This issue is sponsored
by AIG.
Index
PLUS: Trade credit buyers require certainty of cover if they are to benefit from an uptick in economic activity. By Christian Vollbehr, Head of Trade Credit Europe, Multinational & Strategic Accounts, AIG
Credit Insurance News
Excess-of-Loss (XoL) cover looks set to feature more in credit insurance. Commercial Risk has reported that the consensus at a
recent conference organised by GVNW, the German association of risk and insurance managers,
was that large companies are increasingly opting for XoL credit insurance. Claudia Haas, Head of Market Management at Euler Hermes, commented that insurers have become more accommodating to XoL solutions as
companies have grown more sophisticated in their risk and credit management. Burkhard Wittgen, member of the executive board at Aon Credit Solutions, commented that clients with traditional credit cover had been affected
by capacity reductions during the Coronavirus pandemic. "On the other hand, companies with excess-of-loss policies enjoyed greater stability as they had no credit limits."
To read Commercial Risk's article go to https://www.commercialriskonline.com/excess-of-loss-cover-to-feature-more-in-credit-insurance/.
Xenia acquires Tysers' trade credit and surety business. Xenia Broking Group Limited has announced that it has acquired the
UK whole turnover trade credit
and surety business of Tysers Insurance Brokers Limited. The transaction, completed on 11 January 2022, marks Xenia's eighth acquisition to date and fifth in the last nine months.
It is also Xenia's second acquisition of a trade credit client portfolio from a general broker. Martyn Locke (see 'New Appointments'), Client Director, will transfer to Xenia with the client portfolio.
Tim Coles, CEO of Xenia, said: "In addition to gaining Martyn's experience and long-standing trade credit relationships, we look forward to Martyn playing a key role in expanding our London presence,
including in support of our Financial and Speciality division and supporting growth of our surety capability." To read Xenia's news release go to https://xeniabroking.com/news-and-insights/xenia-acquires-trade-credit-surety-business-from-tysers.
AIG uses its TradEnable Xtra technology and its XoL experience to create a non-cancellable solution
for companies on a journey to achieve full XoL-readiness.
AIG has published an article that describes the potential benefits of XoL cover and notes that the non-cancellable XoL market, generally limited to companies with a team of credit managers,
has now evolved its offering to make it easier for smaller and medium-sized companies to take control of their credit risks. So-called "hybrid policies", for example, specifically address the requirements
of companies that are looking to benefit from non-cancellable cover but also want to rely on insurers' support to manage credit limits on their behalf, and offer blended solutions,
e.g. with cancellable limits on smaller buyers and non-cancellable limits for large buyers. However, AIG has "gone a step further" by using its TradEnable Xtra technology and its XoL experience
to create a non-cancellable solution specifically designed for companies that are embarking on the journey to achieve full XoL-readiness over a period of time. Click here to read AIG's article.
The Excess-of-Loss (XoL) market during COVID: much lower claims than regular trade credit insurance. Insurance Business has reported that, although COVID-19 led to a considerable increase in the volume of trade credit insurance claims in Q2 2020,
the positive impact of government support schemes resulted in trade credit insurance claims returning to more normal levels from the middle of the year onwards. For the XoL market, the initial impact of COVID was less severe, and claims were much lower than for regular trade credit insurance. James Musters, Managing Director of XoL at Euler Hermes,
commented: "We sell the product to companies who we trust to manage the risk themselves, and they did." He concluded: "I think it very much proves the XoL model."
To read Insurance Business' article go to https://www.insurancebusinessmag.com/au/news/breaking-news/how-has-the-covid19-pandemic-impacted-trade-credit-insurance-322290.aspx.
2022 looks set to be a year of unprecedented demand for trade credit insurance in the US. Meridian's
Regional Director, Jenny Norris, has published an article, 'Credit Insurance in the "new normal"' which suggests that, although the public experienced 2020 as the year of COVID and 2021 as
the year of the vaccine, in the US credit insurance market this has been a period of growing enlightenment. She notes that both long-standing policyholders and companies applying for the first time
witnessed how underwriters responded during this period of uncertainty, "with pivoting and forbearance at the outset of the pandemic and then a resurgence in capacity and flexibility over the past 12 months."
Looking ahead, she predicts that 2022 will be a year of unprecedented demand for trade credit insurance. To read Meridian's article go to https://www.meridianfinance.com/wp-content/uploads/2022/01/changes-at-meridian.pdf.
An intensification of the pandemic could lead to 1.6% lower world GDP growth by the end of 2023. Atradius' latest Global Economic Outlook warns
that, although the recovery phase of the pandemic led to reasonable global economic growth of 5.8% in 2021 (which is likely to be followed by 4.2% growth in 2022 and 3.6% in 2023), an intensification of the pandemic could potentially
lead to 1.6% lower world GDP growth by the end of 2023. Supply chain disruptions and government restrictions are weighing on economic activity, leading to 3.8% and 2.3% GDP growth in advanced markets in 2022 and 2023, respectively,
while emerging market economies are forecast to grow by 4.6% in 2022 and 4.8% in 2023. Atradius also suggests that the UK's economy is not as robust as headline figures suggest.
Although the UK's GDP growth of 7.2% significantly surpassed the US and eurozone markets last year, this followed a much deeper recession in 2020. To read Atradius' news release go to https://group.atradius.com/publications/economic-research/global-economic-outlook-january-2022.html.
Trade credit insurance and the pandemic playbook. In a December roundtable event in New York, GTR gathered senior leaders
in trade credit and political risk insurance to discuss the disruptive factors that are reshaping the future of their business in the US, how the pandemic affected the use of, and demand for, trade credit and
political risk insurance, as well as how the US market responded (including insurers leaving the market and new players). The participants included: Olivier David, Global Head of Special Products, trade credit and political risks at Atradius;
Alexandre Egnell, Senior Vice-President: FRS, Liberty Specialty Markets; Scott Ettien, Global Head of Trade Credit at Willis Towers Watson; Joseph Glover, Underwriter, political risk and credit, Chubb (chair); Jay LeClaire,
Region Director at Euler Hermes World Agency; Christophe Letondot, Managing Director at Marsh; Kade Spears, then Head of specialty at SCOR.
To read the article go to https://www.gtreview.com/magazine/commodities-issue-2022/trade-credit-insurance-pandemic-playbook.
The UK economy in 2022: bouncing back amid many risks. In its latest annual economic outlook Euler Hermes predicts that UK GDP rebounded by 7.1% in
2021 and, looking ahead, forecasts that UK GDP
will grow by 4.4% in 2022 and by a further 2.6% in 2023. In comparison, the EU's economy is expected to grow by 4.1% in 2022 and 2.3% in 2023, while the US looks set to record growth of 3.9% and
2.8% in the same period. Less positively, Ana Boata, Global Head of Macroeconomic and Sector Research of Euler Hermes, commented that although
global trade surged last year, the UK didn't enjoy the benefits — indeed, exports fell by 1.8% in 2021.
In addition, UK insolvencies are rising; Ana Boata
expects to see around 20,540 insolvencies in 2022 — slightly below 2019 levels but "much higher than when government support was in full swing."
To read Euler Hermes' news release go to https://www.eulerhermes.co.uk/resources/economic-insights/economic-research-updates/the-uk-economy-in-2022-bouncing-back-amid-many-risks.html.
Capacity and flexibility return to the US trade credit insurance market. Meridian trade credit insurance broker, Christabelle Calderon, has published an article, 'Capacity and flexibility return to the trade credit insurance market',
which reports that there has never been so much capacity available among the US insurers that issue trade credit insurance policies, nor so much flexibility in terms of underwriting and policy structures.
She also notes that, although during 2021, both QBE and Zurich decided — strategically, rather than in response to economic conditions — not to continue writing credit insurance, the remaining couple of dozen insurers in the US market
are more than prepared to meet the growing demand for coverage.
To read Meridian's article go to https://www.meridianfinance.com/wp-content/uploads/2022/01/changes-at-meridian.pdf.
New trends in country risks: AU G-Grade Q1 2022.
AU Group has released its latest AU 'G-Grade' for Q1 2022. The AU 'G-Grade' is based on the individual assessment of a country by each of the four main credit insurers (Atradius, Coface, Credendo and Euler Hermes)
and is calculated according to the real risk taken by these major insurers. Also, the IMF Statistics Department's seven key indicators give a view of the key trends and the level of risk per country.
This issue notes that economic improvement in the global economy continues, with improvements in country risk in Croatia, Indonesia, Albania, Algeria, Azerbaijan, Cyprus, Czech Republic, Egypt, Ireland, Italy, Qatar,
South Korea, Spain, Turkey, Uganda and Uzbekistan. Ethiopia, in contrast, was downgraded by two insurers. To download a copy of AU's G-Grade go to https://www.au-group.com/how-to-monitor-country-risks/.
What does economic recovery in Ireland look like in 2022? Dean O'Brien, Country Manager at Euler Hermes Ireland, has shared his insight and predictions into how the Irish economy has been hit over the last couple of years and how 2022 is shaping up. He reports that while Ireland was one of the few countries in Europe to still grow through 2020, this was entirely driven by the strong tech and pharma presence.
Other sectors were impacted to varying degrees (with hospitality and non-food retail experiencing the largest economic hit). Looking ahead, he believes that the uneven, K shaped, recovery is here to stay for the foreseeable future, and cautions that there
has never been a more important time for businesses to be close to their customers and understand their challenges.
To read Euler Hermes' article go to https://www.eulerhermes.co.uk/resources/cash-flow-management/what-does-economic-recovery-in-ireland-look-like-in-2022.html.
Higher credit risk for the meat and food services segments. Atradius' latest Market Monitor report on the UK food industry predicts that the UK food and beverages sector's output will grow by more than 3% in 2022, after increasing by 4.1% in 2021 and experiencing a 5.3% contraction in 2020. Atradius notes that UK retailers have benefitted from increased demand over the past two years. However, the credit risk quality of many businesses will suffer in the coming months, and Atradius expects an insolvency increase of about 20% in 2022 compared to 2019, back to normal levels. The meat and food services segments are the most exposed to business failure. To read Atradius' news release go to https://group.atradius.com/publications/industry-trends/food-industry-trends-united-kingdom-2022.html.
Market Monitor reports are also available on the food industry in the following countries: US, Germany, France, Italy, Netherlands, Spain, Australia, Canada, Denmark, Ireland, Poland, Indonesia.
Market Monitor reports are also available on the food industry in the following countries: US, Germany, France, Italy, Netherlands, Spain, Australia, Canada, Denmark, Ireland, Poland, Indonesia.
Zombie companies and business distress in Northern Ireland. Nigel Birney, Head of Trade Credit, Belfast, at
Lockton Companies, has published an article that warns that zombie companies are increasing in Northern Ireland as a result of the pandemic and Brexit. In addition, he notes that data from Begbies Traynor
indicates that the number of businesses in Northern Ireland in a state of "advanced financial distress" has doubled over the past year, totalling over 8,000 local businesses. As a result, he stresses that
having robust credit risk management measures and trade credit insurance in place to protect businesses in Northern Ireland from suffering a bad debt caused by the failure of a zombie company, "will be as important
as new ways of doing business as we emerge from the pandemic." To read the article go to https://brownoconnor.com/blog/2022/1/12/the-rise-of-the-zombie-companies-by-nigel-birney-head-of-trade-credit-belfast-lockton-companies-llp.
Despite improvements, late payment remains widespread in Morocco. According to a study conducted by Coface in 2021, late payment by businesses in Morocco remains widespread, with almost half of companies reporting payment delays of more than three months.
In addition, although contractual payment terms in the country have improved by fourteen days, they remain long at an average of 79 days, and one-third of companies report payment periods of more than 180 days.
Overall, the chemical sector stood out for having much longer than average payment periods, reaching 134 days. Coface's report also cautioned that, although 2020 saw a 22% reduction in the number of insolvencies compared with 2019,
there will be a sharp increase in the number of insolvencies in 2021 due to a catch-up effect: +94% in the first half of 2021 according to Inforisk.
To read Coface's news release with a link to the full report go to https://www.coface.com/News-Publications/News/Morocco-Corporate-Payment-Survey-2021-shortened-delays-but-still-widespread-late-payments.
UK food & drink: winners and losers. Tokio Marine HCC's Senior Credit Underwriter, Laura Devoir, has published a review of the UK food and drink sector and its winners and losers. She notes that although there is plenty to be positive about in this sector, with some companies making huge growth and profit leaps, 2022 is going to throw up challenges (i.e. labour availability, supply chain issues, Brexit border checks, inflation, interest rate rise, rising costs for consumers, VAT charge increases, end of the moratorium on rent) that will affect most, if not all, companies. In addition, attracting people back to the high street is likely to continue to be an issue, and hospitality will continue to be negatively impacted by the Work From Home culture. To read Tokio Marine HCC's article go to https://www.tmhcc.com/en/news-and-events/trade-credit-food-and-drink-covid-winners-and-losers.
Robust growth outlook for India's economy in 2022. New analysis by Atradius has found that, after experiencing a severe 7.0% contraction in 2020, India's economy rebounded by 8.2% in 2021 and looks set to grow by about 8% in 2022. Although Atradius cautions that downside risks remain to this outlook, mainly due to the current spread of the Omicron virus variant in India, due to the improvement in economic activity, Atradius has updated its business performance/credit
risk situation assessment for electronics/ICT, construction, metals and steel from "Poor" to "Fair". ICT value-added output is forecast to grow by more than 9% in 2022, while Indian construction is set to grow by about 8% annually in 2022 and 2023. To read Atradius' analysis go to https://group.atradius.com/publications/country-report/robust-growth-outlook-for-indian-economy-in-2022.html.
Aon's virtual conference discusses the outlook for the trade credit insurance market in 2022. Videos
from Aon's annual Global Credit Solutions Conference virtual conference (23-25 November) are now available to view on-demand. These include a panel discussion chaired by Oliver Henderson, Aon Credit Solutions'
Chief Broking Officer, in which Martie van Velsen (Director Global at Atradius), Karine Damman (Global Solutions Director at Coface), and Riccardo Rosa (CEO World Agency at Euler Hermes),
discuss the outlook for the trade credit insurance market in 2022. To access the videos go to https://gateway.on24.com/wcc/experience/eliteAonCorporation2/2330318/3561571/credit-solutions-2021. (Registration may be required).
Berne Union's February BUlletin: Diverging Risk. The Berne Union has published its latest BUlletin. This month's issue includes an analysis of regional risk trends, a look at political instability and the need for reform in Kazakhstan, as well as expectations for the coming year across Africa and globally. To read the issue go to https://www.berneunion.org/Publications/Details/53.
Q&A with Xenia's Account Broker Debbie Palmer.
Xenia Broking Group has published a Q&A in which Account Broker Debbie Palmer describes her role at Xenia, how she got into the insurance sector and what she enjoys most about her job.
She advises any
young person who wants to get into the insurance sector to "go for it! Credit Insurance is a niche business but so interesting."
To read the Q&A go to https://xeniabroking.com/news-and-insights/coffee-cup-corner-a-quick-q-a-with-xenias-account-broker-debbie-palmer.
Congratulations to. . .
Atradius Collections who have been confirmed as a finalist in the category of 'Debt Collection Agency of the Year', in the CICM British Credit Awards 2022.
New Appointments
SCHUMANN has welcomed Marian Berden as Expert Business Analyst, Credit & Surety. Marian becomes the first hire of SCHUMANN's
newly opened subsidiary in London. Marian has had various roles in the London market, including the political risk team at Axis, as a Credit Risk Underwriter at Equinox, and as a Credit Risk Underwriter in the Special Products Team of Atradius.
Xenia Broking has appointed Martyn Locke as Account Manager. Martyn was previously Client Director, Trade Credit, Bonds & Political Risks, at Tysers Insurance Brokers. He transfers to Xenia Broking as part of Xenia Broking Group's acquisition of the
whole turnover trade credit and surety business of Tysers. Martyn has over thirty years of experience in the trade credit insurance industry.
Coface has welcomed back Pieter Verhoeven as Manager, Global Solutions. Pieter previously worked as a Credit Manager at B&S International, but prior to that has spent nearly 15 years at Coface, most recently as Senior Risk Manager Global Clients. Pieter is based in the Netherlands.
Aon has promoted Cathy Holmes Gregory to the position of Client Management Director. Cathy has been with Aon for more than ten years and most recently worked as a Client Manager.
Zurich has promoted Kuljeet Ubhi to the role of Underwriting Operations Manager. Kuljeet joined Zurich in April 2021 as Senior Underwriter. Prior to that, he worked for QBE, Equinox Global and Euler Hermes.
Tokio Marine HCC has expanded its Credit and Political Risk team in the US with the appointment of Michael Zheng as Lead Underwriter – Structured Credit.
Michael has been working in the insurance industry for over 15 years and joins TMHCC from QBE where he most recently held the position of Senior Underwriter.
Texel Group has welcomed James Tiarks as the new Managing Director of Meridian Finance Group, heading up the team based in the LA office. James joins from Texel Asia in Singapore, where he worked for over six years supporting banking and corporate clients in the Asian and Australian markets. With James's appointment, Meridian's founder Gary Mendell steps into the role of Executive Chairman. In addition, on the Texel Americas side, the group is joined by Anna Rogers, a broker from Texel's London office who is relocating to New York. Anna has been with Texel for over four years.
Abacus Credit Insurance Brokers has appointed Simon Neill as Account Manager. Simon joins Abacus from Aon, where he was a Client Executive. Prior to that, Simon had been with Acumen Credit Insurance brokers for more than twelve years.
Atradius has promoted Toni Alexander Castagna to the role of Sales Manager, Atradius Global. Toni has been with Atradius for more than fifteen years and was most recently employed as an Account Manager. He is based in Milan, Italy.
Aston Lark has appointed Andrew Smith as Client Director. Andrew joins Aston Lark from The Channel Partnership, where he was employed as Business Development Manager. Andrew is based in Bristol.
Tinubu Square has announced two new appointments:
- Jessica Mann has been appointed as General Manager of Tinubu Square Americas. Jessica brings to Tinubu Square Americas her strong background in Surety management and underwriting, notably with her most recent role with Everest Insurance as Vice President, Head of Commercial Surety.
- Aurélien Pelletier has been appointed as Tinubu Square's Chief Product & Technology Officer. Aurélien's role will be to accelerate Tinubu products' evolution toward an end-to-end technological platform.
Career Opportunities
Account Manager
Department: Commercial UK & Ireland
Location: London - 35 hours/week
Our organisation
Atradius provides trade credit insurance, surety and collections services worldwide through a strategic presence in 50 countries. Atradius has access to credit information on 200 million companies worldwide. Its credit insurance, bonding and collections products help protect companies throughout the world from payment risks associated with selling products and services on trade credit. Atradius forms part of Grupo Catalana Occidente, one of the leading insurers in Spain and worldwide in credit insurance.
Unit / Team
As the Commercial Unit is located across the UK and Ireland, our key responsibility within the Atradius group is to ensure profitable and sustainable growth of the Regional portfolio and to manage customer satisfaction, retention and distribution strategy.
Within the team are sales, account management, customer service & support, project management and control teams who work together to oversee and implement the Commercial strategy in order to achieve their targets.
Atradius has its UK and Ireland HQ in Cardiff Bay, and a network of offices throughout the United Kingdom and Ireland, so that our customers can be assured of our personal services.
Job description
As an Account Manager in the Commercial UK & Ireland Unit and based in our London office, to succeed in this role you must demonstrate a real desire to support our existing clients thus ensuring we remain the insurer of choice in a challenging marketplace. Working with our Broker community you will service and grow an existing portfolio of clients in order to meet their needs and achieve your retention and growth targets. You will make presentations to clients, brokers and other industry professionals in order to negotiate and close renewal of the policies within your portfolio. To do this effectively you will have, or be able to demonstrate sound communication and negotiation skills. You must have the ability to plan and execute your work independently and be able to react quickly to changing priorities.
Atradius provides trade credit insurance, surety and collections services worldwide through a strategic presence in 50 countries. Atradius has access to credit information on 200 million companies worldwide. Its credit insurance, bonding and collections products help protect companies throughout the world from payment risks associated with selling products and services on trade credit. Atradius forms part of Grupo Catalana Occidente, one of the leading insurers in Spain and worldwide in credit insurance.
Unit / Team
As the Commercial Unit is located across the UK and Ireland, our key responsibility within the Atradius group is to ensure profitable and sustainable growth of the Regional portfolio and to manage customer satisfaction, retention and distribution strategy.
Within the team are sales, account management, customer service & support, project management and control teams who work together to oversee and implement the Commercial strategy in order to achieve their targets.
Atradius has its UK and Ireland HQ in Cardiff Bay, and a network of offices throughout the United Kingdom and Ireland, so that our customers can be assured of our personal services.
Job description
As an Account Manager in the Commercial UK & Ireland Unit and based in our London office, to succeed in this role you must demonstrate a real desire to support our existing clients thus ensuring we remain the insurer of choice in a challenging marketplace. Working with our Broker community you will service and grow an existing portfolio of clients in order to meet their needs and achieve your retention and growth targets. You will make presentations to clients, brokers and other industry professionals in order to negotiate and close renewal of the policies within your portfolio. To do this effectively you will have, or be able to demonstrate sound communication and negotiation skills. You must have the ability to plan and execute your work independently and be able to react quickly to changing priorities.
This is a full-time position (35 hours per week).
Knowledge, Skills and Experience
20 Gracechurch Street, London, EC3V 0BG
Do you have any questions about the role? If you would like more information please contact Damien.Dawson@atradius.com.
Please note, we are unable to accept CVs via email. If you would like to apply for the position, please go to https://careers.atradius.com/en/ad/account-manager/kfzcph and click "Apply".
Knowledge, Skills and Experience
- Experience within Credit Insurance desirable but not a necessity
- An understanding through training of policy structures and an excellent appreciation of the responsibility that comes with managing relationships and delivering against operational plans
- Ability to successful renew business, either at an individual or board level
- Well organised and prepared for all Customer and Broker visits
- Confident, ambitious self-starter with a desire to succeed in a competitive market
- A team-player, able to work alongside & with other team members to progress / enhance our offering to provide the optimum solution for our Clients & Brokers
- Proven ability to achieve financial targets
- Relevant business experience or degree
- Right to work in the UK
- A great and challenging place to work - dynamic, transparent and informal
- An environment for our people where they can realise professional growth
- Work in an international working place
- Good career opportunities
- Hybrid working
- Competitive salary and annual bonus scheme
- Market leading pension scheme of up to 18% contribution (15% employer contribution with a 3% employee contribution )
- Life assurance cover at 10 x annual salary
- Income protection insurance to cover any long term absence due to illness
- 27.5 days annual leave starting (plus bank holidays)
- Flexible working hours
- Employee assistance programme
- Sports and social club
- In addition to the above, we operate a salary sacrifice scheme whereby you can take advantage of discounted rates in terms of private dental cover, private health insurance retail vouchers, cycle to work scheme etc.
20 Gracechurch Street, London, EC3V 0BG
Do you have any questions about the role? If you would like more information please contact Damien.Dawson@atradius.com.
Please note, we are unable to accept CVs via email. If you would like to apply for the position, please go to https://careers.atradius.com/en/ad/account-manager/kfzcph and click "Apply".
I am Atradius! - Do you want to know who we are?
Get to know Atradius colleagues in this video: https://www.youtube.com/watch?v=NnsgT04OpTU&t=4s.
Risk Services Underwriter
Risk Services Department.
Full-time Location: Cardiff Bay/ hybrid working
Risk Services Department.
Full-time Location: Cardiff Bay/ hybrid working
About Atradius
Atradius is a global provider of credit insurance, bond and surety, collections and information services, with a strategic presence in over 50 countries. The products offered by Atradius protect companies around the world against the default risks associated with selling goods and services on credit. Atradius is a member of Grupo Catalana Occidente (GCO.MC), one of the largest insurers in Spain and one of the largest credit insurers in the world. You can find further information on our website: https://group.atradius.com.
Unit Description
From our UK headquarters in Cardiff Bay, we underwrite over €40bn of credit on UK businesses, from SME’s to multinational organisations. We pride ourselves on our expertise and our inclusive and supportive culture. With offices in 54 countries around the world, this is an opportunity to join a truly global business.
Job Description:
This is an exciting opportunity to join our Risk Services Underwriting Team based on the Cardiff Bay waterfront. The role involves the review of credit limit applications from new and existing customers, with a focus on financial analysis and economic performance. You will work with a dynamic, friendly and experienced team of underwriters and develop your underwriting skills as you manage your portfolio of risks. There will be the opportunity for UK and overseas travel. We are looking for someone who has the ability to understand and analyse financial statements, an understanding of UK and worldwide economics and an interest in current affairs. Previous experience is desirable but full training will be provided.
Personal Requirements:
Essential
We are a global company and recruit talent throughout the world. We promote a positive and diverse working culture for all our people and value experience and expertise from a wide variety of backgrounds. If you feel you meet the requirements of this role then we want to hear from you. In return, we offer the following benefits:
I am Atradius! - Do you want to know who we are? Get to know Atradius colleagues in this video: https://www.youtube.com/watch?v=NnsgT04OpTU&t=4s.
Atradius is a global provider of credit insurance, bond and surety, collections and information services, with a strategic presence in over 50 countries. The products offered by Atradius protect companies around the world against the default risks associated with selling goods and services on credit. Atradius is a member of Grupo Catalana Occidente (GCO.MC), one of the largest insurers in Spain and one of the largest credit insurers in the world. You can find further information on our website: https://group.atradius.com.
Unit Description
From our UK headquarters in Cardiff Bay, we underwrite over €40bn of credit on UK businesses, from SME’s to multinational organisations. We pride ourselves on our expertise and our inclusive and supportive culture. With offices in 54 countries around the world, this is an opportunity to join a truly global business.
Job Description:
This is an exciting opportunity to join our Risk Services Underwriting Team based on the Cardiff Bay waterfront. The role involves the review of credit limit applications from new and existing customers, with a focus on financial analysis and economic performance. You will work with a dynamic, friendly and experienced team of underwriters and develop your underwriting skills as you manage your portfolio of risks. There will be the opportunity for UK and overseas travel. We are looking for someone who has the ability to understand and analyse financial statements, an understanding of UK and worldwide economics and an interest in current affairs. Previous experience is desirable but full training will be provided.
Personal Requirements:
Essential
- Excellent written and verbal communication skills
- Ability to work both independently and as part of a team
- Ability to work efficiently under pressure and to meet deadlines and targets
- Proficiency in Microsoft Office Applications (Email, Word, Excel and PowerPoint)
- Right to work in the UK
- A degree or professional qualification in a relevant subject
- Underwriting experience
- Experience within the credit insurance industry
We are a global company and recruit talent throughout the world. We promote a positive and diverse working culture for all our people and value experience and expertise from a wide variety of backgrounds. If you feel you meet the requirements of this role then we want to hear from you. In return, we offer the following benefits:
- Hybrid working Competitive salary and annual bonus scheme
- Market leading pension scheme of up to 18% contribution (15% employer contribution with a 3% employee contribution)
- Life assurance cover at 10 x annual salary
- Income protection insurance to cover any long term absence due to illness
- 27.5 days annual leave starting (plus bank holidays)
- Flexible working hours
- Training and support to reach your full potential including the opportunity for funded further study
- Employee assistance programme
- Sports and social club
- Office amenities including onsite gym and showers subsidised restaurant, coffee shop and games room and subsidised parking
- In addition to the above, we operate a salary sacrifice scheme whereby you can take advantage of discounted rates in terms of private dental cover, private health insurance retail vouchers, cycle to work scheme etc.
I am Atradius! - Do you want to know who we are? Get to know Atradius colleagues in this video: https://www.youtube.com/watch?v=NnsgT04OpTU&t=4s.
Trade Credit Senior Underwriter – London
Permanent
QBE’s European Operations, which accounts for over 27% of QBE Group turnover, is a leading specialist in London market and European commercial lines business.
Active in both the Lloyd’s and company market, QBE offers considerable diversity to the broking community. We are a socially responsible company and give our customers the ability
to invest a portion of their premiums in environmentally and socially beneficial projects.
The Opportunity
Reporting into our Trade Credit Underwriting Manager you will underwrite new business in accordance with the business plan and within delegated underwriting authority as part of our Trade Credit team. Underwriting across a predominantly UK and Ireland book, with some multinational lines, you will focus on new business for larger companies and specialist covers.
Your responsibilities for this role may include, but are not limited to
You will need to be able to display you have the following qualifications and experience
To apply for this position please send your CV with a covering letter to sebastian.rice@uk.qbe.com.
The Opportunity
Reporting into our Trade Credit Underwriting Manager you will underwrite new business in accordance with the business plan and within delegated underwriting authority as part of our Trade Credit team. Underwriting across a predominantly UK and Ireland book, with some multinational lines, you will focus on new business for larger companies and specialist covers.
Your responsibilities for this role may include, but are not limited to
- Underwrite Trade Credit insurance risks in accordance with the Business Plan and the personal authority to meet business objectives
- Build and maintain strong relationships with stakeholders including customers, brokers, business partners and colleagues, to maximise influence
- Develop relationships in line with the Business Plan to support the achievement of business objectives
- Understand and comply with QBE reinsurance strategy to minimise risk and deliver business plan objectives
- Participate fully and use your expertise to shape and develop strategy, knowledge and best practice
- Positively promote the department, division and company as a whole, in order to maximise brand leverage
- Comply with all legal and regulatory requirements to ensure obligations are met
- Adhere to underwriting standards, instructions and good practice to minimise risk and maximise efficiency
- Actively keep abreast of market dynamics and demonstrate market cycle awareness to be able to operate effectively and appropriately
You will need to be able to display you have the following qualifications and experience
- Experience in commercial business lines, specifically trade credit product knowledge, whether this be underwriting or broking
- Commercial ability to understand the key profit drivers to maximise long term wealth for our shareholders
- Intermediate level understanding of relevant software, including Excel and other departmental software packages
- Good knowledge of legal and regulatory requirements
- A high level of numeracy and literacy
- Strong organisational and prioritisation skills
- Excellent interpersonal and communication skills
- The ability to influence actions and attitudes of others through leading by example
- Innovative in underwriting approach and programme design
- Ability to analyse data and use for decision-making
- Use of risk profiling and pricing tools and loss models
To apply for this position please send your CV with a covering letter to sebastian.rice@uk.qbe.com.
Events & Professional Development
GTR MENA 2022, 15-16 February, Dubai.
GTR MENA 2022 will return to Dubai on February 15-16, 2022 for an exclusive two-day physical gathering. This will include an extensive programme, full exhibition and that much missed opportunity for participants to network and connect with key experts, industry peers and potential clients.
For nearly 20 years GTR MENA has covered critical market insight and provided excellent networking opportunities with leading experts from the region. This in-person gathering promises a highly anticipated opportunity to connect with the key players and access to a full spectrum of companies involved in trade and exports in this exciting region.
Experts will dive into the most prominent discussion topics including the many challenges faced across the trade and export finance industry, the rapidly changing dynamics in a turbulent global economic landscape, the future of trade, and the opportunities available.
GTR MENA 2022 will return to Dubai on February 15-16, 2022 for an exclusive two-day physical gathering. This will include an extensive programme, full exhibition and that much missed opportunity for participants to network and connect with key experts, industry peers and potential clients.
For nearly 20 years GTR MENA has covered critical market insight and provided excellent networking opportunities with leading experts from the region. This in-person gathering promises a highly anticipated opportunity to connect with the key players and access to a full spectrum of companies involved in trade and exports in this exciting region.
Experts will dive into the most prominent discussion topics including the many challenges faced across the trade and export finance industry, the rapidly changing dynamics in a turbulent global economic landscape, the future of trade, and the opportunities available.
For more information about this event go to https://www.gtreview.com/events/mena/gtr-mena-2022/. Credit Insurance News readers can receive 15% off any pass to this event with code: PARTNER15.
We also have 20 complementary corporate rate passes available to Credit Insurance News readers who are exporters, importers, manufacturers, distributors, traders, and producers of physical goods. To apply, please email Sally (sally.brown@creditinsurancenews.co.uk) with your full details (full name, job title, organisation, email, country, and phone number) and we will pass on your details for approval.
ICISA Surety Week 2022. 21-25 February 2022. Online
The International Credit Insurance & Surety Association (ICISA) will be hosting the first edition of “ICISA Surety Week” between 21 – 25 February 2022. ICISA Surety Week is a global event aimed at increasing awareness of the valuable economic role of the Surety sector. During the inaugural ICISA Surety Week, industry experts will share their views about key developments and emerging challenges within the industry, as well as discuss the wider role surety plays in society.
The full program of Surety Week and the list of speakers confirmed so far can be seen in the General Programme.
Please note that the live events will be recorded and shared with the registrants after the Surety Week. We therefore recommend you to register for any activity you're interested in, regardless of your availability at the date and time of the live event.
To register, click here.
For any questions about the ICISA Surety Week 2022 please get in touch with Raluca Ezaru: raluca.ezaru@icisa.org.
The International Credit Insurance & Surety Association (ICISA) will be hosting the first edition of “ICISA Surety Week” between 21 – 25 February 2022. ICISA Surety Week is a global event aimed at increasing awareness of the valuable economic role of the Surety sector. During the inaugural ICISA Surety Week, industry experts will share their views about key developments and emerging challenges within the industry, as well as discuss the wider role surety plays in society.
The full program of Surety Week and the list of speakers confirmed so far can be seen in the General Programme.
Please note that the live events will be recorded and shared with the registrants after the Surety Week. We therefore recommend you to register for any activity you're interested in, regardless of your availability at the date and time of the live event.
To register, click here.
For any questions about the ICISA Surety Week 2022 please get in touch with Raluca Ezaru: raluca.ezaru@icisa.org.
TXF Americas 2022: Structured Trade & Export Finance
HYBRID EVENT: MIAMI & ONLINE (Conducted in English), 8-9 March 2022.
It's been away for far too long TXF Americas 2022: Structured Trade & Export Finance is back in-person and returns in all it's glory to sunny Miami for the first time in over 2 years on 8-9 March, and this time with a hybrid element.
We will continue to innovate in the virtual space, using the wonderful world of hybrid events to offer guests unlimited access to online content and networking. Deal makers from across the globe are already lining up to save their spot.
We will continue to innovate in the virtual space, using the wonderful world of hybrid events to offer guests unlimited access to online content and networking. Deal makers from across the globe are already lining up to save their spot.
Topics up for debate include:
Two types of participation are available for TXF hybrid events:
1. Physical Event Ticket
- ESGs and Energy transition - moving forward
- Evolution of ECA products in the region - increasing flexibility and innovation
- Identifying who's filling the finance gap (DFIs, ECAs, Alternative Financiers) - availability of new financing products
- Updates on recovery focused programmes in key LatAm Countries.
Two types of participation are available for TXF hybrid events:
1. Physical Event Ticket
- Get your feet on the ground to come together with key clients, colleagues and industry experts. Your ticket will also include:
- Additional networking features such as the poolside cocktail reception Access to the virtual event platform – reach out to virtual-only attendees and watch all sessions on-demand if you miss them
- Networking concierge service – allow us to do the leg work and introduce you to new potential clients
2. Virtual Ticket/ On-Demand (Available TXF events 365 Members Only)
From the comfort of your desk watch all sessions live or on-demand as well as use our ‘Search the Guest List’ feature to reach out to other virtual attendees and those joining the physical event in-person.
From the comfort of your desk watch all sessions live or on-demand as well as use our ‘Search the Guest List’ feature to reach out to other virtual attendees and those joining the physical event in-person.
To find out more about joining virtually as part of a TXF Membership, please email membership@txfmedia.com.
For more information go to https://www.txfnews.com/Events/Event/246/TXF-Americas-2022-Structured-Trade-Export-Finance.
Annual Receivables Finance International Convention, 9-10 March. London/Hybrid
Join BCR Publishing for their 22nd Annual Receivables Finance International Convention.
RFIx’22 will be held in London at the offices of Clifford Chance and will bring together in person, senior receivables
finance executives from around the world, with live streaming also available.
BCR will be also holding its 4th Annual Receivables Finance International Awards on 9 March 2022, on the evening of the first day of RFIx’22.
Book your place for RFIx’22 and help define the future of working capital finance: https://bcrpub.com/events/rfix-receivables-finance-international-convention-2022. Use the Early Bird rate before 4 February to receive £200 off the full price.
To apply for free to receive RFIx22 Award, download your info pack today: https://bcrpub.com/awards/rfix22-awards-and-gala-dinner.
BCR will be also holding its 4th Annual Receivables Finance International Awards on 9 March 2022, on the evening of the first day of RFIx’22.
Book your place for RFIx’22 and help define the future of working capital finance: https://bcrpub.com/events/rfix-receivables-finance-international-convention-2022. Use the Early Bird rate before 4 February to receive £200 off the full price.
To apply for free to receive RFIx22 Award, download your info pack today: https://bcrpub.com/awards/rfix22-awards-and-gala-dinner.
GTR Africa, 10-11 March 2022. Cape Town.
GTR Africa is returning to Cape Town, South Africa on March 10-11, 2022 as we once again provide a one of a kind event for the trade and export finance community.
GTR Africa is returning to Cape Town, South Africa on March 10-11, 2022 as we once again provide a one of a kind event for the trade and export finance community.
Long recognised as the leading industry event for Sub-Saharan Africa, we’re hugely excited to bring the region’s trade, commodity and export finance community together once again for a much-anticipated return to in-person discussion and networking.
Offering unrivalled insights into the latest trends and developments impacting African trade, export and infrastructure financing through an extensive programme of expert speakers and interactive discussion, the event will include a full exhibition and provide the invaluable opportunity for participants to network and connect with industry leaders, peers and potential clients.
We look forward to welcoming you back!
For more information about this event go to https://www.gtreview.com/events/africa/gtr-africa-2022/. Credit Insurance News readers can receive 15% off any pass to this event with code: PARTNER15.
We also have 20 complementary corporate rate passes available to Credit Insurance News readers who are exporters, importers, manufacturers, distributors, traders, and producers of physical goods. To apply, please email Sally (sally.brown@creditinsurancenews.co.uk) with your full details (full name, job title, organisation, email, country, and phone number) and we will pass on your details for approval.
World Trade Symposium, 31 March. London.
The past 18 months have seen the rules on global trade rewritten. The profound digital transformation that was already underway has accelerated, slashing costs and reforging supply chains - with innovative shippers, banks, trading blocs, and fintechs leading the way.
As a result, all governments, businesses, and trade practitioners now face the urgent task of understanding the technology trends and practical and policy challenges involved in grasping the opportunity of digital trade.
Alongside this, policymakers and non-governmental organisations forecast that digital technologies and standards will open trade to millions more small and micro-enterprises across the world, cementing a new path to global prosperity.
Digital tracking and provenance solutions could also boost sustainability and help reduce carbon emissions.
These “tech-tonic” shifts are a significant opportunity for all stakeholders in trade, but many obstacles still need to be overcome.
The World Trade Symposium 2022 will bring together top executives and leading global policymakers for a day of rigorous discussion and debate on these critical issues.
The event will reassess the new “trade lines” created by the pandemic, explore the scope and impact of digital trade technologies and evaluate the opportunities and challenges ahead.
For more information and to book tickets go to https://www.tradefinanceglobal.com/conferences/world-trade-symposium-03-2022/.
The past 18 months have seen the rules on global trade rewritten. The profound digital transformation that was already underway has accelerated, slashing costs and reforging supply chains - with innovative shippers, banks, trading blocs, and fintechs leading the way.
As a result, all governments, businesses, and trade practitioners now face the urgent task of understanding the technology trends and practical and policy challenges involved in grasping the opportunity of digital trade.
Alongside this, policymakers and non-governmental organisations forecast that digital technologies and standards will open trade to millions more small and micro-enterprises across the world, cementing a new path to global prosperity.
Digital tracking and provenance solutions could also boost sustainability and help reduce carbon emissions.
These “tech-tonic” shifts are a significant opportunity for all stakeholders in trade, but many obstacles still need to be overcome.
The World Trade Symposium 2022 will bring together top executives and leading global policymakers for a day of rigorous discussion and debate on these critical issues.
The event will reassess the new “trade lines” created by the pandemic, explore the scope and impact of digital trade technologies and evaluate the opportunities and challenges ahead.
For more information and to book tickets go to https://www.tradefinanceglobal.com/conferences/world-trade-symposium-03-2022/.
TXF Global 2022: Export, Agency & Project Finance
HYBRID EVENT: LISBON & ONLINE, 7-8 June 2022. Lisbon, Portugal.
TXF Global Export is back for 2022 and this time, *drumroll*... we’re taking the global export roadshow to Lisbon!
Join us on the 7th & 8th June 2022 for another unmissable hybrid event. Deal makers from across the globe are already lining up to save their spot. Topics up for debate include:
For more information go to https://www.txfnews.com/Events/Event/249/TXF-Global-2022-Export-Agency-Project-Finance.
HYBRID EVENT: LISBON & ONLINE, 7-8 June 2022. Lisbon, Portugal.
TXF Global Export is back for 2022 and this time, *drumroll*... we’re taking the global export roadshow to Lisbon!
Join us on the 7th & 8th June 2022 for another unmissable hybrid event. Deal makers from across the globe are already lining up to save their spot. Topics up for debate include:
- Financing the goals of COP 26
- Mega borrowers of the future
- Mega borrowers of the future
- Guardians of Export Credit - The Government perspective
-
The Green ECA CEO panel
Two types of participation are available for TXF hybrid events:
1. Physical Event Ticket
1. Physical Event Ticket
- Get your feet on the ground to come together with key clients, colleagues and industry experts. Your ticket will also include:
- Additional networking features such as the poolside cocktail reception Access to the virtual event platform – reach out to virtual-only attendees and watch all sessions on-demand if you miss them
- Networking concierge service – allow us to do the leg work and introduce you to new potential clients
2. Virtual Ticket/ On-Demand (Available TXF events 365 Members Only)
From the comfort of your desk watch all sessions live or on-demand as well as use our ‘Search the Guest List’ feature to reach out to other virtual attendees and those joining the physical event in-person.
To find out more about joining virtually as part of a TXF Membership, please email membership@txfmedia.com. email membership@txfmedia.com.From the comfort of your desk watch all sessions live or on-demand as well as use our ‘Search the Guest List’ feature to reach out to other virtual attendees and those joining the physical event in-person.
For more information go to https://www.txfnews.com/Events/Event/249/TXF-Global-2022-Export-Agency-Project-Finance.
About the Sponsor: AIG
An Experienced Partner for All Economic Cycles
American International Group (AIG) is a leading global insurance organisation. AIG member companies provide a wide range of property casualty insurance, life insurance, retirement solutions, and other financial services to customers in more than 80 countries and jurisdictions. Within the Trade Credit and Trade Finance markets, our specialist teams create flexible insurance solutions that strengthen economic resilience and enable capital efficiency for clients.
Trade Credit Insurance
In an uncertain world, where economic downturns and shocks are a continuous threat, businesses are justified in taking a cautious approach to growth. Trade Credit insurance from AIG can help transfer the risk of bad debts, allowing our clients to trade and grow with confidence.
What Makes AIG Different?
Contract Certainty. Unlike others in the Trade Credit market, our policies can be written on a non-cancellable basis.
Please contact Sharon Giddings and the Trade Credit team at sharon.giddings@aig.com for AIG’s trade credit products.
American International Group (AIG) is a leading global insurance organisation. AIG member companies provide a wide range of property casualty insurance, life insurance, retirement solutions, and other financial services to customers in more than 80 countries and jurisdictions. Within the Trade Credit and Trade Finance markets, our specialist teams create flexible insurance solutions that strengthen economic resilience and enable capital efficiency for clients.
Trade Credit Insurance
In an uncertain world, where economic downturns and shocks are a continuous threat, businesses are justified in taking a cautious approach to growth. Trade Credit insurance from AIG can help transfer the risk of bad debts, allowing our clients to trade and grow with confidence.
What Makes AIG Different?
Contract Certainty. Unlike others in the Trade Credit market, our policies can be written on a non-cancellable basis.
Credit management. Our system is included as part of our Middle Market non-cancellable product reducing policy administration whilst providing contract certainty.
Responsive Underwriting. Our underwriters hold high levels of dual authority enabling them to write both the policy terms and structure the risk decisions, making it easy to do business with AIG.
Multinational Solutions. Our specialist multinational team offers local and global solutions for multinational clients throughout the world.
Please contact Sharon Giddings and the Trade Credit team at sharon.giddings@aig.com for AIG’s trade credit products.
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All news stories on Credit Insurance News' website are included with the prior permission of the copyright holder. Reproduction or redistribution in whole or in part, in any manner, without the express prior written consent of the copyright holder, is a violation of copyright law. If you, or your organisation wish to redistribute, republish or link-to all or any part of any Credit Insurance News Digest, you must first contact the copyright holder direct or email sally.brown@creditinsurancenews.co.uk for further information.
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