Welcome to the June 2023 issue of Credit Insurance News Digest.
This month's issue is sponsored by AIG.
Index
Credit Insurance News
The tightening credit environment has seen an overall contraction in demand and risk appetite as Berne Union members anticipate rising claims.
Berne Union's Business Confidence Index for Q2 2023 has reported that demand for short-term export credit insurance has plateaued due to slower economic growth and a decline in merchandise trade.
In addition, as expected from the previous survey, the volume of short-term emerging claims situations skyrocketed in the first quarter of the year as bankruptcies in the US and Eurozone reached their highest
level for 10 and 8 years, respectively. Members expect the majority of these to materialise into actual claims in the next quarter.
Consequently, while private insurers' risk appetites are decreasing, this is from a high level and current appetites are at pre-COVID levels.
To read Berne Union's confidence index go to https://www.berneunion.org/Articles/Details/771/Business-Confidence-Index-Q2-23-Published.
ICISA's trade credit insurance members paid out €2.5 billion in claims in 2022 — 66% more than in 2021.
The International Credit Insurance & Surety Association's (ICISA) 2022 Annual Report indicates that throughout 2022, ICISA members reported strong business growth but also saw increased claims on all business lines. Noticeably, single risk claims tripled from 2021 to 2022 (€100 million, up from "a benign" €31 million in 2021), while trade credit insurance members paid out
€2.5 billion in claims in 2022 — 66% more than in 2021.
Demand for trade credit insurance reached a new peak in 2022, with ICISA results reported for 2022 indicating notable increases in both premium written and exposure.
Premium in trade credit insurance increased by 13% in 2022 (from €6.9 billion in 2021), while exposure increased by 20%, reaching €3.2 trillion (from €2.7 trillion in 2021).
To read ICISA's news release go to https://icisa.org/news/press-release-trade-credit-insurance-and-surety-strongly-increase-support-to-businesses-worldwide-in-an-uncertain-economic-environment/.
Warning over Basel hit to credit insurance.
An Article by GTR (Global Trade Review) has warned, citing industry figures, that the UK Prudential Regulation Authority's (PRA) proposed new capital requirements rules may harm the credit insurance industry.
The process for small and mid-sized banks, which use a simpler capital treatment approach, will be essentially unchanged by the PRA's reforms.
But larger banks — which use the advanced method to calculate exposure that the PRA is targeting — are responsible for around 90% of credit insurance purchases.
Bankers and insurers say that growth could be deflated by the PRA's plans, which they argue overestimate the likelihood of large insurance providers collapsing and may lead to insurers retreating from credit insurance products.
The article notes that an International Trade and Forfaiting Association (ITFA) Survey found that banks nominated credit insurance as the second-most popular credit risk mitigation tool in 2020.
To read GTR's article go to https://www.gtreview.com/news/europe/warning-over-basel-hit-to-credit-insurance/.
Trade credit insurers are more cautious as losses begin to rise.
Commercial Risk has reported that Marsh's trade credit experts warn that the frequency and severity of global insolvencies have yet to reach their peak, with a significant economic slowdown expected in the second half of this year
and 2024 "definitely" triggering more losses for insurers.
In a media briefing on the current state of the trade credit insurance market, Tim Smith, Global practice leader for trade credit at Marsh, commented: "We are starting to see frequency really begin to ramp up, and over the first
quarter of 2023 this has accelerated. We expect the number of losses to increase, and increase beyond 2019 levels." He added that Europe has already seen significant losses in markets such as Poland, Spain and Portugal,
while the UK also has a high number of insolvencies — although the values remain low. According to Graham Bristow, Marsh's UK trade credit practice leader, the good news for buyers is that trade credit rates are now at their
lowest for UK buyers in ten or twelve years.
To read Commercial Risk's article go to https://www.commercialriskonline.com/trade-credit-insurers-more-cautious-as-losses-begin-to-rise-marsh/.
54% of companies in Western Europe surveyed by Atradius said they use credit insurance.
Atradius' 2023 Payment Practices Barometer for Western Europe has reported an average 20% increase in the volume of late payments during the past 12 months. Payment delays now affect an average of 49% of
all B2B sales transacted on credit, and companies are waiting an average of one week longer than last year to be paid. To minimise the damage caused by late payments, companies in Western Europe told Atradius
they put a greater focus on credit management. In-house retention and management of trade credit risk was the preferred option for 68% of companies polled in Western Europe, but Atradius' survey also found an increasing appetite
for a more strategic approach to credit management. 54% of companies said they used credit insurance — a 15% rise from last year.
To read Atradius' report go to https://group.atradius.com/publications/payment-practices-barometer/b2b-payment-practices-trends-western-europe-2023.html.
Asos suppliers sever ties as insurance and profit fears grow.
Retail Gazette has reported that, according to a recent article in The Times, Asos' suppliers have begun cutting ties with the online fashion retailer after trade credit insurers withdrew cover amid concerns over its falling profits.
Allianz Trade is understood to have withdrawn cover entirely last week while, in March this year, Atradius was reported to have reduced its cover for Asos's suppliers.
An Asos spokeswoman told The Sunday Times: "Credit insurance cover has been tightening across the industry. We have not seen any adverse impact
on trading relationships with suppliers due to changes to cover."
To read Retail Gazette's article go to https://www.retailgazette.co.uk/blog/2023/06/asos-takeover-bid/.
Coface launches Alyx, a new all-in-one credit management platform.
Coface has announced the launch of Alyx, a new digital trade credit risk management platform for its policyholders.
The platform, designed as an assistant for credit managers, provides an overview of risks, sends notifications on outstanding amounts to be monitored and allows management of credit limits.
Alyx uploads the accounting data of the clients and integrates Coface APIs. "Our corporate clients are looking for digital solutions that allow them to save time and better control their risks while being easy to implement and use.
The launch of Alyx, which was designed to assist the credit manager in their daily work, precisely responds to this need," commented Brice Tariel, Innovation Director for the Coface Group.
Initially, Alyx will be offered primarily to Coface's mid-market clients in France, Germany, Denmark, and Norway.
To read Coface's news release go to https://www.coface.com/News-Publications/News/Coface-launches-Alyx-a-new-all-in-one-credit-management-platform.
Brown & Brown, Inc. will acquire Kentro Capital Limited, including subsidiaries Nexus and Xenia.
Currently, Nexus underwrites across a portfolio of 20 risk classes, including trade credit, while Xenia is one of the largest retail
trade credit brokers in the UK, with over 1,500 policyholders ranging from large corporates to SME customers.
The Kentro Group and its individual business entities will continue to trade and operate with the same leadership team, brand and market focus.
Barrett Brown, Executive Vice President of Brown & Brown, commented regarding Xenia, "The breadth of their specialisation in trade credit will drive our continued growth and expanded presence in the UK
and Western Europe and provide for new opportunities in the US." The transaction is expected to close in the fourth quarter of 2023, subject to certain closing conditions.
To read Xenia Broking's news release go to https://xeniabroking.com/news-and-insights/brown-brown-inc-enters-into-agreement-to-acquire-kentro-capital-limited.
Atradius launches a dedicated Customer Services Team webpage.
Atradius has announced the launch of a new Customer Service Team web page in the UK.
The page contains pictures and profiles of all Atradius' Customer Service Managers (CST) in the UK and details about their professional specialisms and interests outside work.
There is also a Risk underwriting and general FAQ sections, with a video that answers many of the questions that the CST team are currently asked, as well as answers to some of the common questions policyholders have regarding Atradius Atrium
(i.e., "How to submit a Non-Payment?").
Over the next few months, Atradius will continue to improve the Customer Service Team page, focusing on frequently asked questions, educational videos, and the latest enhancements to Atrium.
Go to https://atradius-25385789.hs-sites-eu1.com/customerservice to take a look.
The global economy's resilience is confirmed, but the outlook remains gloomy.
Coface's latest Country and Sector Risk Barometer advises that figures for the beginning of this year for the major economies confirmed that the spectre of recession has receded for the time being (with the exception of Germany).
It notes that there are several reasons for this. Firstly, Europe has managed to avoid disruption to its energy supplies. Secondly, resilience came from a surge in consumption in North America and China.
Finally, emerging economies also confirmed their resilience. However, the economic outlook remains lacklustre for 2023 and beyond, particularly in the advanced economies; Coface's forecast (2.2% growth in 2023 and 2.3% growth in 2024) suggests that global growth is unlikely to rebound significantly.
To read Coface's news release go to https://www.coface.com/News-Publications/News/Lost-illusions-and-great-expectations-in-our-latest-Country-and-sector-risks-Barometer.
PIB Group strengthens its trade credit capabilities.
PIB Group has announced that it has acquired a book of business from Trade Credit Insurance Consultants (TCIC).
The book of business will be managed by the existing Trade Credit division within PIB Insurance Brokers, and Ken Smith of TCIC will remain with the company and join PIB Group to ensure continuity for the clients involved.
Ken Smith, Owner of TCIC, commented, "We are pleased to have completed this transaction with PIB, and I look forward to joining their team. We are confident that our clients will benefit from PIB's expertise, experience and the buying power
of a larger broking business."
PIB advises that the acquisition is part of PIB's ongoing strategy to expand its trade credit presence.
To read PIB's news release go to https://www.pib-insurance.com/news/trade-credit-acquisition.
Webcast: Markel's Simon Philpin discusses the 'Women in Credit Insurance' initiative with Sarah Murrow.
Markel has published the 10th edition of its 'Class Conversations' podcast. In this edition, Simon Philpin, Head of Trade Credit at Markel International, talks to Sarah Murrow, CEO at Allianz Trade UK & Ireland, about her new
initiative, 'Women in Credit Insurance'. The initiative, which is pro-actively supported by many of the most senior and well-known women in trade credit insurance, aims to increase the representation of women in leadership
roles in the industry through in-person and virtual events around training, networking and mentorship. Watch Markel's latest podcast at: https://vimeo.com/825613530?share=copy.
For more information about 'Women in Credit Insurance' go to https://www.linkedin.com/in/women-in-credit-insurance-b72a54269/.
For more information about 'Women in Credit Insurance' go to https://www.linkedin.com/in/women-in-credit-insurance-b72a54269/.
40% of exporters fear a rise in non-payment risk in 2023.
Allianz's Trade's 2023 Global Survey indicates that, although exporters in the seven countries
assessed (the US, the UK, Germany, France, Italy, Spain and Poland) remain cautiously optimistic, compared to its 2022 Survey more respondents expect the length of export payment terms to increase (42% vs 31%) — with the share this year
reaching levels close to 50% in both the US and the UK. The number of respondents expecting an uptick in export non-payment risk has also increased compared to Allianz Trade's 2022 survey, rising by 11% to 40% overall.
The increase is widespread across countries but especially visible in the UK and Germany (both +16%). Roughly 70% of corporates currently expect business turnover generated through exports to
increase in 2023 (compared to nearly 80% in the 2022 edition and 94% before the war in Ukraine).
To read Allianz Trade's press release with a link to the full report go to https://www.allianz-trade.com/en_global/news-insights/news/2023-Global-Survey.html.
New trends in country risks: AU G-Grade Q2 2023.
AU Group has released its latest 'G-Grade' for Q2 2023. The AU 'G-Grade' is based on the individual assessment of a country by each of the four largest credit insurers (Atradius, Coface, Credendo and Allianz Trade) and
is calculated according to the real risk taken by these major insurers collectively. 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's most notable downgrade is for Egypt (downgraded from 7.50 to 8.25), while both Angola ( 8.25 to 7.75) and Croatia (4.00 to 3.50) saw upgrades.
As one of the countries most impacted by the war in Ukraine, Egypt is suffering from several combined factors: a drop in tourism, a rise in energy prices and a sharp increase in food prices because Egypt is a significant importer
(especially wheat and corn).
To see the latest G-Grade go to https://www.au-group.com/au-g-grade-q2-2023/.
Export credit market shows strong growth: Berne Union.
Reinsurance News has reported that Berne Union's market showed "strong growth" across business lines in 2022 and a fall in claims paid overall.
The year's data highlights that the export credit industry supported $2.83 trillion of cross-border trade and investment, with an additional $68.6 billion in non-cross-border support for exporters.
For short-term business, all sectors saw an increase in activity, with a notable jump in transactions for energy commodities.
Despite the relatively benign claims environment in 2022, Berne Union members expect claims to increase through 2023 as insolvencies normalise amidst rising costs and growing political risks.
However, they note that export credit remains "well positioned to adapt and innovate" as the industry re-adjusts in the wake of the pandemic and war in Ukraine.
To read Reinsurance News' article go to https://www.reinsurancene.ws/export-credit-market-shows-strong-growth-berne-union/.
UK company insolvencies in 2022 were predominantly micro-companies; larger companies were still below their 2019 level.
Coface's latest Economic Publication notes that, although UK corporate insolvencies in 2022 rose from their pandemic lows to the highest level (23,400) in a decade — 26% higher than in 2019, this increase was centralised around smaller companies
and driven by creditor's voluntary liquidations.
Therefore, while, in absolute numbers, corporate insolvencies were high in 2022, comparing this to the number of active companies in the UK, the number of companies that went insolvent in 2022 was still low compared with past decades.
Moreover, insolvencies in 2022 were predominantly micro companies, whereas insolvencies in larger companies were still below their 2019 level.
For 2023, indications suggest that insolvencies are continuing to rise.
However, unlike in 2022, this will not be as heavily concentrated around micro-and-small companies.
To read Coface's news release go to https://www.coface.uk/News-and-Publications/Publications/United-Kingdom-Corporate-insolvencies-are-going-from-zero-to-a-hundred-after-end-of-government-support-measures.
Atradius Collections acquires Pro Kolekt Group.
Atradius Collections has announced that it has acquired the Pro Kolekt Group, expanding its debt collection presence to forty countries. "The acquisition of Pro Kolekt group is complementary to our Atradius Collections structure," commented Raymond van der
Loos, CEO of Atradius Collections.
"It enables us to provide local debt collection services to our customers in Bulgaria, Romania, Slovenia, Croatia, Serbia, Bosnia & Herzegovina and North Macedonia. These are growth markets for our customers."
Pro Kolekt Group is a market leader in the Balkans and, besides providing debt collection services, they also offer credit information services in the region.
To read Atradius Collections' news release go to https://atradiuscollections.com/global/atradiuscollections-prokolektgroup-acquisition.
TradeCrediTech and TreasurUp announce a partnership to digitise credit risk management and trade credit insurance.
TreasurUp and TradeCrediTech (TCT) have announced a partnership which aims to digitise credit risk management and trade credit insurance for small and medium-sized businesses (SMBs) through banks.
"There is a lot to optimise in the world of Trade Credit Insurance", commented Niels van Daatselaar, CEO of TreasurUp. "Most SMBs don't know about or understand trade credit insurance products.
Banks mainly refer to trade credit insurance brokers where a separate onboarding needs to take place. On top of that, most policies are still being generated offline."
TCT will manage an insurance integration platform through which banks can manage the trade credit insurance of their small and medium-sized businesses end-users purchased through insurers,
while TreasurUp will offer the Trade Credit platform to certain banks and integrate it into their online Commercial Banking portal.
To read TreasureUp's news release go to https://treasurup.com/partnership-announcement-tradecreditech-tct-and-treasurup/.
Companies in China report shorter payment delays (but longer payment terms) in 2022.
A new Coface survey shows that the number of companies in China experiencing payment delays in 2022 fell from 53% in 2021 to 40% in 2022. In addition, after a significant rise in ultra-long payment delays in 2021
(with 64% of respondents reporting such delays), the proportion fell to 36% — the lowest since 2016. However, average payment terms in China increased from 77 days in 2021 to 81 days in 2022 as a consequence of COVID lockdowns. As
Bernard Aw, Chief Economist for Asia Pacific at Coface, said: "Chinese businesses had to be more flexible as their customers needed more time to make payments amid tight liquidity and mobility restrictions that disrupted payment processes." To read Coface's news release with a link to the full report go to https://www.coface.com/News-Publications/News/Companies-in-China-report-shorter-payment-delays-in-2022-and-expect-higher-economic-growth-in-2023.
Belgian exports: a brighter outlook for 2023. The 8th Export Barometer by Credendo (produced with Trends-Tendances) has indicated the resilience of Belgian businesses despite the current complex economic environment.
According to Nabil Jijakli, Deputy CEO of Credendo, "the renewed optimism, reflected in a confidence indicator of 5.9, or even 6.0 out of 10, for businesses already actively exporting, is an encouraging sign."
In addition, there has been a significant increase (from 12% in 2022 to 17% in 2023) in the proportion of export businesses reporting that they are very confident.
More than two-thirds of export businesses are currently forecasting growth of around 25%, with only 27% anticipating no increase in their exports in the next three years.
According to Credendo's Barometer, Belgian businesses have also reported that their use of credit insurance has increased — "proof of the momentum and proactive strategies developed by businesses that are actively exporting."
To read Credendo's news release go to https://credendo.com/en/knowledge-hub/export-barometer-belgian-exports-brighter-outlook-2023.
Europe’s response to the accelerating tensions between China and the US. AU Group has published a webcast in which
Elvire Fabry, Senior Researcher in Trade Geopolitics at Institut Jacques Delors, Maxime Darmet-Cucchiarini, the Senior Economist for United States and France at Allianz Trade, and Ladislas Cassin, Senior Broker AU Group debate Europe's
response to the accelerating tensions between China and the US. What is the diagnosis to date? What are the challenges for Europe? What are Europe’s main dependencies on China?
What initiatives has Europe already put in place? And what can we expect tomorrow? To watch the webcast go to https://www.au-group.com/europes-response-to-the-accelerating-tensions-between-china-and-the-us/.
Coface pledges to shrink its carbon footprint.
Coface has revealed that it has set itself a set of social and environmental goals, especially for direct and indirect greenhouse gas emissions (GHG).
In addition to focusing on responsible purchasing, travel and use of energy and fixed assets, under the Bilan Carbone methodology,
Coface is also factoring in the direct financial support given to its clients. This means that Coface will include the emissions of its clients that have received indemnification when measuring its own GHG emissions. "The support and engagement of all stakeholders (suppliers, employees, clients and companies that Coface invests in) will be crucial not just for hitting our targets,
but also for contributing to the collective effort to achieve carbon neutrality worldwide by 2050," commented Emilie Bertholon, Group CSR Manager.
To read Coface's news release go to https://www.coface.com/News-Publications/News/Coface-pledges-to-shrink-its-carbon-footprint.
A resurgent danger — why UK insolvencies are on the rise.
Coface economist Jonathan Steenberg has published a blog examining why the tide on insolvencies has turned so dramatically — from a yearly insolvency rate to 31 March 2023 of 50.8 per 10,000 active companies,
compared with 38.9 per 10,000 in the previous 12 months.
He notes that support schemes during COVID created a dramatic fall in corporate insolvencies in 2020, and numbers remained low in the first half of 2021.
However, when the schemes were phased-out and support loans had to be repaid, corporate insolvencies started to behave more typically.
"Put simply, we've reverted to the normal dynamic where corporate insolvencies are determined by companies' liquidity, profitability and their ability to meet financial obligations, as well as the economic environment."
To read Coface's blog go to https://cofaceitfirst.co.uk/uk-insolvencies-on-the-rise/.
Embracing technology is critical to harnessing the full potential of credit insurance.
In a new article, Robert Meters, Director of Global Business at SCHUMANN, suggests that the stabilising effect of trade credit insurance in recent years has been clear, demonstrating that it is not only a risk mitigation tool
but also a catalyst for growth. He also discusses how the current geopolitical and economic environment necessitates using modern software in credit insurance processes, risk management, risk assessment, and monitoring.
While he recognises that this can require replacing expensive and slow manual processes with IT solutions, he stresses that embracing technology and leveraging its benefits is critical to harnessing the
full potential of credit insurance and securing sustainable growth.
Click here to read SCHUMANN's article.
Podcast: How risk analysis software makes sense of the vast overload of data in 2023. Lara Biermann, Head of Sales Credit & Surety at SCHUMANN, joins Craig Evans for episode 8 of Company Watch's 'On the Spot' podcast.
Lara discusses the role she fills at SCHUMANN and the winding career that brought her there, as well as the key risks that her clients are facing, in particular credit insurers, and how she helps to solve them with risk
analysis software that makes sense of the vast overload of data in 2023.
To listen to the podcast go to https://blog.companywatch.net/resources/lara-biermann-schumann-company-watch-business-risk-podcast.
Moody's announces collaboration with reinsurer RenaissanceRe to enhance sustainability-related underwriting insights.
Moody's Analytics has announced a collaboration with RenaissanceRe to benchmark the environmental impact of risks within RenaissanceRe's underwriting portfolio.
The initiative combines Moody's sustainability and financial data, models, and analytics with RenaissanceRe's underwriting and climate expertise.
"As the insurance industry faces new sustainability challenges, such as climate-driven physical risks and the transition to a low-carbon economy, there is an increasing need for data, models,
and analytics to assess the associated risks in their underwriting portfolios," said Stephen Tulenko, President of Moody's Analytics.
The RenaissanceRe collaboration marks the first time Moody's sustainability capabilities will be applied to a reinsurer's treaty books.
To read Moody's Analytics' news release go to https://www.moodysanalytics.com/articles/2023/new_collaboration_moody-s_and_renaissance-re.
BPL Global becomes the first corporate sponsor of Insulate
Ukraine.
BPL Global has announced its support of Insulate Ukraine, a project which seeks to
temporarily restore bullet and bomb-damaged buildings in towns and villages across
war-torn Ukraine with specially designed plastic windows, allowing for uninhabitable
homes to become liveable again.
BPL Global’s partnership with Insulate Ukraine has so far improved the lives of over 150 people in
the past month, having insulated more than 100 homes — or over 500 windows — in the city of Izyum
and two settlements in eastern Ukraine. This included making bombed-out homes in Karovii lar
habitable and the restoration of a local administration building in Drobyshevo.
Insulate Ukraine’s windows were designed by PhD student Harry Blakiston Houston, from the
University of Cambridge, who has since paused his studies to focus on the project.
Click here to read BPL Global's news release.
New Appointments
Allianz Trade Asia Pacific has appointed Luke Graham as Account Manager. Luke is based in Sydney, Australia.
Luke joins Allianz Trade from Atradius, where he was a Risk Underwriter.
Berne Union has announced that Paul Heaney has been appointed Secretary General of the Berne Union, effective 1st May.
Paul has over a decade of experience in strategic communications, external relations and stakeholder engagement within international finance,
including seven years at the Berne Union, with the last 11 months as Acting Secretary General.
Credendo has announced several new appointments and promotions.
- Kerlijne Van Steen is promoted to Head of Surety and Single Risk underwriting. Kerlijne was previously Head of Single Risk and Manager of the Swiss branch of Credendo.
- Marco Censi is promoted to Head of Sales at Credendo – Guarantees & Speciality Risks. Marco is also the Country Manager of the Italian branch of Credendo and was formerly Head of Credit Insurance Europe.
Credendo is also pleased to announce the recent appointments of three underwriting specialists to
strengthen its Single Risk capabilities.
- Joining the branch in Geneva as Senior Underwriter, Marine Perrier formerly worked at Coface Switzerland and AON Switzerland.
- Kevin Bertrand joins the Single Risk team in Geneva as an Underwriter. Prior to Credendo, Kevin had different positions as Credit Risk Underwriter at Allianz Trade, and previously as Coverage Analyst at the CIC.
- To reinforce the Single risk team in its offices in Vienna, Jakub Lawicki has been appointed Underwriter. Jacob formerly worked in corporate restructuring at ARP, the Polish Industrial Development Agency, and in risk distribution (CPRI) at ING.
Liberty Specialty Markets has announced the dual appointments of Dillion Matthews and Chris O’Brien to the multi-buyer trade credit UK and
Europe team as senior underwriter and underwriter, respectively. Prior to this appointment, Dillion worked as a credit risks strategist for EMEA at Stripe, in addition to almost five years at Markel International.
Chris previously worked as a senior credit risk underwriter at Atradius.
QBE has announced that Gary Payne has joined the Trade Credit New Business team as a Senior Underwriter to support and grow QBE's presence in Northern England and Scotland. Gary joins QBE with an extensive bank and trade credit background and is responsible for all new business with turnover in excess of £35 million.
Tinubu is delighted to announce the promotion of Stephan Mignot from Senior Vice President of Americas to Executive Vice President and
Chief Revenue Officer of Americas. In 2015, Stephan launched the Tinubu operations in North America and was instrumental in growing Tinubu's credit insurance market share with tier-one carriers.
In December 2020, Stephan took the leadership of the Tinubu Surety Solution for Brokers & Agents, following the company's acquisition of SuretyWave (SurePath).
Tysers has hired Will Day-Robinson as a Director in its credit and political risks team.
Will joins from Gallagher, where he was director of the structured credit and political risk team. Before joining Gallagher in 2018, he spent over five years as a trade credit and political risk broker at CLP Insurance.
WTW has appointed Alex Bursak as Multinational Trade Credit Leader in Asia Pacific.
Alex
joins WTW from LiquidX, where he was Director of Sales and Business Development — Regional Head Insurance, Asia Pacific. Prior to that, he was Head Of Sales and Distribution at Allianz Trade Asia Pacific.
Career Opportunities
Account Executive
Sevenoaks, flexible working considered
Sevenoaks, flexible working considered
Job Specification:
Opportunity for a trade credit insurance expert to join an independent broker, managing an established portfolio of clients to deliver a first-class service.
Personal Specification:
Qualifications
This role profile is not exhaustive; it will be subject to periodic review and may be amended to meet the changing needs of the business. The post holder will be expected to participate in this process and we would aim to reach agreement to the changes.
Opportunity for a trade credit insurance expert to join an independent broker, managing an established portfolio of clients to deliver a first-class service.
- Management of a portfolio of clients and day-to-day administration of client portfolio
- Retain, renew and maximise existing client portfolio
- Manage the relationship between client and insurer
- Attend face-to-face and virtual insurer and client meetings as part of the policy life- cycle
- Respond to day-to-day queries and requests from clients promptly to ensure first class and effective servicing of the client accounts
- Preparation of marketing material for submissions and placing promptly
- Deliver accurate advice and service to clients and act as a liaison between client and insurer
- Procurement of new business and new client enquiries
- Develop and grow portfolio in line with growth targets
- Ensure all client documentation is provided in line with Policies and Procedures
- Develop and improve knowledge of insurance industry and market changes and trends
- Develop knowledge of regulatory and compliance requirements for the industry
- Develop and maintain existing and new relationships within the market
- Keep the CRM up to date by uploading and entering client, insurer, policy information and documents in line with the Data Protection and Compliance procedures
Personal Specification:
Qualifications
- Minimum of 5 GCSEs grade A-C or equivalent, including Maths and English
- 2:2 degree or above in any subject is desirable
- 3 years’ experience in trade credit insurance, insurance or invoice finance
- Knowledge and experience within the insurance industry particularly the trade credit sector
- Strong IT and Microsoft Office skills
- Excellent written and verbal communication skills
- The ability to build, manage and develop relationships
- Numerical skills • Business and commercial awareness
- The ability to plan and manage your time and to work on a number of projects concurrently
- Strong problem-solving and analytical skills
- The ability to work well in a team
- Enthusiastic and confident
- A flexible approach to work
- An understanding of client confidentiality and how to be discreet
- Administrative and IT skills
- Driving licence
- Proof of eligibility to work in the UK
- Competitive salary dependent on experience
- Company benefits package including pension scheme, up to 28 days annual leave, pension, private medical cover, death in service, critical illness, health cash plan
- Flexible working considered
This role profile is not exhaustive; it will be subject to periodic review and may be amended to meet the changing needs of the business. The post holder will be expected to participate in this process and we would aim to reach agreement to the changes.
To apply, please email your CV and cover letter to Ruth Letheren at ruth_letheren@fincred.co.uk.
Events & Professional Development
TXF Global 2023: Export, Agency & Project Finance, 15-16 June. Lisbon, Portugal.
TXF Global 2023 returns to Lisbon for a very special 10 Year Anniversary edition!
Your largest export, agency & project finance event is returning to Lisbon for the second year running! We bring you this innovative, unique and ultimate networking gathering which is absolutely crucial if you work in this industry.
Let the festival commence! Expect:
For more information go to https://www.txfnews.com/events/266/TXF-Global-2023-Export-Agency-Project-Finance.
TXF Global 2023 returns to Lisbon for a very special 10 Year Anniversary edition!
Your largest export, agency & project finance event is returning to Lisbon for the second year running! We bring you this innovative, unique and ultimate networking gathering which is absolutely crucial if you work in this industry.
Let the festival commence! Expect:
- Exclusive networking activities from the hugely popular Lisbon walking tour, to ice-breaker drinks & cocktail reception
- ECA & DFI CEO hot seat: 1-1 fireside leadership interviews
- Corporate CEO keynote: Navigating economic turmoil to enable a greener future
- Tomorrow’s borrowers: The investment landscape & project pipeline
- Dedicated Uxolo Development & Impact Finance content stream
- TXF at 10: Legendary panelists from TXF Paris 2013 return to the stage to review the last 10 years of export finance and plot what this means for the next 10 years
- Delegate list of all those on-site so you can arrange meetings in advance + 1-to-1 dedicated meeting spaces, and separately bookable meeting rooms
- Even more time and space to network, attend private meetings and take part in intimate roundtables
- TXF Subscriber Exclusive: Watch all sessions on-demand, or enjoy the full event virtual-only from the comfort of your office chair!
For more information go to https://www.txfnews.com/events/266/TXF-Global-2023-Export-Agency-Project-Finance.
Online Event: Intelligent Underwriting Assistance. 4 July 2023, 12:00 - 12:30 (CET).
Catching up with clients, assessing balance sheets and updating your risk analysis of buyers is time-consuming. You might have everything on E-mail or electronic folders, or you might use extensive Excel files to document your analysis, but the saved information is unstructured.
There is a better way! Stay ahead of your complex work as an underwriter, using purpose-built software that incorporates a modern user interface. Our new software product CAM Credit helps you to focus on the important risk decisions. The rest can be handled by the system. You will get a structured overview over your portfolio, and will never lose track of your tasks again.
Register now
In this webinar you will take a look at SCHUMANN's modern underwriting software together with our experts Marcel Hagen and Dr. Arne Frerichs. The focus will be on buyer underwriting and process automation.
Who is this Online Event for?
The online event is targeted for credit and surety insurers as well as brokers and MGAs.
How Does it Work?
If you have registered for an online event, you will receive the dial-in data from us by e-mail. These consist of a link to the citrix GoToWebinar web service that we use for the presentation, a phone number to dial in via your device, and an access code. In addition, you will be provided with the meeting ID. Once you have received the dial-in information from us, please follow these steps:
No problem - we would be happy to send you a recording. Contact us!
Catching up with clients, assessing balance sheets and updating your risk analysis of buyers is time-consuming. You might have everything on E-mail or electronic folders, or you might use extensive Excel files to document your analysis, but the saved information is unstructured.
There is a better way! Stay ahead of your complex work as an underwriter, using purpose-built software that incorporates a modern user interface. Our new software product CAM Credit helps you to focus on the important risk decisions. The rest can be handled by the system. You will get a structured overview over your portfolio, and will never lose track of your tasks again.
Register now
In this webinar you will take a look at SCHUMANN's modern underwriting software together with our experts Marcel Hagen and Dr. Arne Frerichs. The focus will be on buyer underwriting and process automation.
Who is this Online Event for?
The online event is targeted for credit and surety insurers as well as brokers and MGAs.
How Does it Work?
If you have registered for an online event, you will receive the dial-in data from us by e-mail. These consist of a link to the citrix GoToWebinar web service that we use for the presentation, a phone number to dial in via your device, and an access code. In addition, you will be provided with the meeting ID. Once you have received the dial-in information from us, please follow these steps:
- On the day of the meeting, click on the dial-in link in your e-mail.
- Use your microphone and speakers. A headset is recommended.
- You are ready to go.
No problem - we would be happy to send you a recording. Contact us!
Professional Development
STECIS, the Trade Credit Insurance & Surety Academy endorsed by ICISA, offers a range of
webinars and classroom training courses.
Classroom training courses are organised once or twice per year or on demand while webinars are organised multiple times per year or on demand for groups of participants. For 2023 the following courses are scheduled)*.
** Possibility to register ends on the 16th of April 2023.
*** Registration is open until 1st of September 2023.
All classroom courses will take place in the Steigenberger Airport hotel close to Schiphol Airport/Amsterdam the Netherlands. The courses include the lunches and a dinner at the end of the first training day.
The courses are hosted by very experienced experts from the industry and there is enough opportunity for asking questions, discussions and networking.
Also there is the possibility to arrange an inhouse training: then there will be created a tailor made outline for your staff on basis the training demand of your of your company. The training will be effected at your own offices or at a venue of choice.
Details information about the webinar and classroom training courses are available on the Stecis’ website: www.stecis.org also further information can can be obtained by sending an e-mail to info@stecis.org.
Classroom training courses are organised once or twice per year or on demand while webinars are organised multiple times per year or on demand for groups of participants. For 2023 the following courses are scheduled)*.
- 14 June: Fundamentals of Trade Credit Insurance (Webinar)
- 26 & 27 September: the Trade Credit Insurance Foundation Course**
- 28 & 29 September: the Advanced Trade Credit Insurance Course**
- 15 June 2023: Masterclass TCI – Buy now, Pay later (Webinar)
- 10 & 11 October: the Surety Foundation Course***
- 12 & 13 October: the Surety Advanced Course***
** Possibility to register ends on the 16th of April 2023.
*** Registration is open until 1st of September 2023.
All classroom courses will take place in the Steigenberger Airport hotel close to Schiphol Airport/Amsterdam the Netherlands. The courses include the lunches and a dinner at the end of the first training day.
The courses are hosted by very experienced experts from the industry and there is enough opportunity for asking questions, discussions and networking.
Also there is the possibility to arrange an inhouse training: then there will be created a tailor made outline for your staff on basis the training demand of your of your company. The training will be effected at your own offices or at a venue of choice.
Details information about the webinar and classroom training courses are available on the Stecis’ website: www.stecis.org also further information can can be obtained by sending an e-mail to info@stecis.org.
About this month's sponsor: AIG
American International Group, Inc. (AIG) is a leading global insurance organization. AIG member companies provide a wide range of property casualty insurance, life insurance, retirement solutions and
other financial services to customers in approximately 70 countries and jurisdictions. These diverse offerings include products and services that help businesses and individuals protect their assets,
manage risks and provide for retirement security. AIG common stock is listed on the New York Stock Exchange.
AIG has been providing trade credit insurance in multiple countries around the world for more than three decades. We offer local underwriting expertise and policy servicing capabilities virtually anywhere a client’s business operates, including many emerging markets.
AIG has been providing trade credit insurance in multiple countries around the world for more than three decades. We offer local underwriting expertise and policy servicing capabilities virtually anywhere a client’s business operates, including many emerging markets.
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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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