Welcome to the January 2021 issue of Credit Insurance News Digest. This issue is sponsored
by AIG.
Index
PLUS: This month's featured article, 'Is your trade credit insurance recession-proof?' by
Sharon Giddings, AIG UK Head of Trade Credit
Credit Insurance News
UK Trade Credit Reinsurance Scheme is extended. The UK Government has announced that the Trade
Credit Reinsurance scheme, due to finish on 31 December 2020, will be extended until 30 June 2021. As before, the UK’s trade credit insurers will significantly contribute to the scheme, ceding 90% of premium to the State.
Commenting on the extension, Graham Walsh, ABI Senior Policy Adviser - General Insurance, said: “Maintaining trade credit insurance cover between suppliers and their clients is a key component in enabling the UK economy to overcome some of
the challenges arising from the pandemic. We’re pleased to have been able to help the Government agree an extension to the scheme, meaning UK businesses can continue to benefit from a greater level of protection from trade credit cover
than might have otherwise been possible.” More details of the extension can be found at https://www.gov.uk/government/publications/trade-credit-reinsurance-scheme.
The impact of the restoration of crown preference on the availability of trade credit insurance. ICAEW has published an article which examines the implications of the recent restoration of crown preference in UK insolvencies. Among many of the issues examined, Fenton Burgin, Partner and Head of Advisory Corporate Finance at Deloitte, commented that the availability (and amount) of trade credit insurance is likely to be affected for companies that have significant deferred tax balances, and cautioned that for some businesses restoring crown preference "could turn out to be "the equivalent of pouring sand into the engine, ultimately leading to a rise in the number of insolvencies.” To read ICAEW's news release go to https://www.icaew.com/technical/corporate-finance/business-restructuring/how-will-the-restoration-of-crown-preference-affect-lending-and-m-and-a.
Trade credit insurers brace for a "flood" of insolvency claims in Australia and New Zealand.
Insurance Business has reported that according to Phil Ashby, National Credit Insurance Brokers' General Manager - New Zealand, insurance markets have been “very challenging” over the past year,
with trade credit insurers reluctant to write new business and approve renewals. He said insurers were expecting to see a “flood of claims” come through in 2021, and that this is already leading to a rise in premium costs.
"We’ve had to negotiate a lot harder with the insurers to get renewals done and to get new business in place, and also to get the cover that our customers need on their individual buyers.”
He also noted that insurers were increasing their prices even on ‘clean’ policies with no claims history. To read Insurance Business' article go to https://www.insurancebusinessmag.com/nz/news/breaking-news/broker-says-insurers-braced-for-flood-of-insolvency-claims-242869.aspx.
Trade credit insurers are still offering quotes and terms for companies with robust credit management procedures and good trading histories. GTR (Global Trade Review) has published an article in which Richard Miller, Director and Head of TradeRisk Solutions at PIB Insurance Brokers, discusses
the current UK risk environment and the impact on trade credit insurers’ appetite for risk. He notes that although transactions that are already underway are "generally being covered", many insurers are actively reducing their risk exposure
through limit reductions and cancellations - especially in those sectors to which insurers already had a cautious attitude towards pre-COVID. Overall, however, despite "all the doom and gloom . . . insurers are still offering quotes and terms for those risks that are well managed, and for companies with robust credit management procedures and a good trading history." To read GTR's article go to https://www.gtreview.com/supplements/gtr-insurance-2020/covid-19-credit-insurance-financial-management.
With reduced or no credit insurance, US scrap companies face challenges throughout the supply chain. A Recycling Today article examines some of the issues being faced by US steel companies, including steelmakers, foundries, smelters and scrap dealers, after trade credit insurers (Atradius, Coface and Euler Hermes are named) reduced trade credit insurance coverage in June 2020. The article notes that big steel companies such as Nucor, Big River Steel and Steel Dynamics Inc. have weathered this challenge better than many smaller companies. An industry source indicated to Recycling Today that coverage has shrunk to levels where it is difficult to do business unless the buyer pays upfront. Similarly, some buyers are reported to now offer premiums to their suppliers to entice them to sell into companies for which credit insurance is unavailable. To read Recycling Today's article go to https://www.recyclingtoday.com/article/the-credit-insurance-dilemma-scrap-steelmaking/.
How Atradius is evolving with the pandemic. World Finance has published an article in which Atradius' Chief Market Officer, Andreas Tesch, describes some of the actions taken by Atradius to help its policyholders during the pandemic. He notes, for example, that Atradius changed its claims notification procedures early in the crisis to allow policyholders more time to collect outstanding invoices before filing claims. "This was essential as many businesses were trying to find their way under lockdowns and were not trying to avoid paying invoices." He also describes how Atradius has ensured that claims are paid at the same rate as before the crisis and has worked collaboratively with governments in many countries to implement plans to support businesses during the pandemic. To read World Finance's article go to https://www.worldfinance.com/wealth-management/atradius-is-evolving-with-the-times.
'Dear Santa': Euler Hermes economists' wish list for 2021. Just before Christmas, Euler Hermes economists,
dreaming of a world "where their boldest wishes could come true", put together a wish list for 2021.
Noting that the expectation that the state will always act as a safety net could lead to even "bigger risks down the road," the economists suggested
that an ex-ante risk protection scheme to strengthen resilience would allow all participants to retain some skin in the game. "Private insurers could play a decisive double role in such a scheme: being a risk manager
advising mitigation measures and being a kind of plumbing system, checking the claims and making the payments. Unlike the state, which is used to putting up protective umbrellas with guarantees but struggles to distribute
funds quickly and directly, private insurers have the necessary know-how, processes and structures in place." To read Euler Hermes' news release go to https://www.eulerhermes.com/en_global/news-insights/economic-insights/dear-santa-our-economists-best-wishes-for-2021.html.
Extension of Belgium's state reinsurance programme is agreed.
Credendo has advised that Belgium's State reinsurance programme agreement for private credit insurers, originally signed in April and due to end on 31 December 2020, will now be extended for six months until 30 June 2021.
The reinsurance programme's current terms and conditions will remain unchanged, as will its objective to avoid unnecessary withdrawal of existing credit limits. This means the private credit insurers undertake to maintain,
to the greatest extent possible, the credit limits effectively used in the 12 months preceding 1 March 2020, until 30 June 2021. Credendo – Export Credit Agency, acting on behalf of the State, undertakes to reinsure the
risks in exchange for this commitment. To read Credendo's news release go to https://www.credendo.com/press/credit-insurance-extension-state-reinsurance-programme-support-belgian-economy-16122020.
Atradius extends its participation in the Dutch government's supplier credit reinsurance programme and warns that Dutch companies' risk of irrecoverable debts has increased considerably.
Together with other Dutch credit insurers and the Dutch government, Atradius has agreed to extend its participation in the Dutch government's €12 billion supplier credit reinsurance programme until 30 June 2021.
With the extension, the credit insurers and the Dutch government hope to maintain the flow of goods and reduce the risk of non-payment for Dutch suppliers. Atradius also warns that
the risk of irrecoverable debts for Dutch companies has increased considerably since the outbreak of the pandemic. Atradius' latest Payment Practices Barometer,
for example, indicates a more than sevenfold increase in the amount of turnover that Dutch companies had to write off as unrecoverable after March this year. To read Atradius' news release go to https://group.atradius.com/press-release/atradius-continued-participation-in-credit-reinsurance.html.
Directors and officers face heightened risks in 2021. Insurance Business has reported that according to a new report from Allianz Global Corporate & Specialty (AGCS), directors and officers now face a flood of new and heightened risks due to the highly volatile business environment created by the COVID pandemic. The report cautions that one of the key risks for which company directors and officers could be held liable is risking insolvency exposure; a particularly pertinent concern considering that, according to Euler Hermes’ global insolvency index, 2021 is likely to see a record high (up 35%) for bankruptcies. The US, Brazil, China, and European countries, including the UK, Italy, Belgium and France, are expected to see the largest increases. To read Insurance Business' article go to https://www.insurancebusinessmag.com/uk/news/professional-liability/directors-and-officers-facing-heightened-risks-in-2021--agcs-242087.aspx.
Long-term fraud and the trade credit insurance industry. New figures published by Ko-bolt indicate that long-term fraud represents a huge problem for the trade credit insurance industry, with Ko-bolt estimating that the issue costs the sector at least £10 million annually (although they stress that this is a conservative estimate), with the average cost to underwriters for every policyholder standing at approximately £350. Warning signs might include a sudden influx of unusually substantial orders, often originating from several companies. Although standard credit checks do not flag any issues, ultimately payment is not forthcoming, and the buyers have vanished. To tackle this, Ko-bolt has developed a new product, Ko-bolt Prevent, to detect long-term fraud at the underwriting stage. To read Ko-bolt's news release go to https://www.ko-bolt.com/2021/01/12/introducing-ko-bolt-prevent/.
Atradius anticipates a substantial increase in global insolvencies. World Finance has published a video interview with Atradius'
Chief Market Officer, Andreas Tesch, which discusses the pandemic's global economic impact. Mr Tesch notes that Atradius anticipates that global GDP and global trade globally will contract by more than 5% and 15% respectively in
2020. However, economic catastrophe has been avoided due to various government stimulus packages and global insolvencies are expected to see a "very small increase" of around 4%. Looking ahead to 2021, although Atradius expects that
GDP will increase by more than 5%, Mr Tesch warns that the expiry of government support schemes will lead to "a substantial increase" in insolvencies. To read the transcript and watch the video go to https://www.worldfinance.com/strategy/atradius-innovation-will-be-key-to-2021-but-make-sure-youre-getting-paid.
Coface extends reinsurance schemes with the French and Italian governments. Reinsurance News has reported that Coface is working with the French government to extend its CAP Relais Reinsurance
Scheme until 30 June 2021. Antonio Marchitelli, Managing Director of Coface France & Western Europe, commented: “The maintenance of public support for the economy, the prospects for an improvement in the health situation and
the expected rebound in the economy have led to a decrease in the reinsurance rate to 20%."
To read Reinsurance News's article go to https://www.reinsurancene.ws/coface-extends-reinsurance-scheme-with-french-government.
In addition, Reinsurance News has reported that the Italian government has set up a reinsurance programme designed to support the guarantees provided by trade credit insurers. The scheme has been formalised through the signature of a reinsurance treaty between Coface and SACE S.p.A, the state export credit agency. To read Reinsurance News' article go to https://www.reinsurancene.ws/coface-partners-with-italian-government-to-support-trade-credit/.
In addition, Reinsurance News has reported that the Italian government has set up a reinsurance programme designed to support the guarantees provided by trade credit insurers. The scheme has been formalised through the signature of a reinsurance treaty between Coface and SACE S.p.A, the state export credit agency. To read Reinsurance News' article go to https://www.reinsurancene.ws/coface-partners-with-italian-government-to-support-trade-credit/.
An increase in insolvencies as early as H2 2021. Euler Hermes has advised that although its global Insolvency Index posted a -12% y/y drop in Q3 2020, this was due to support measures implemented and then extended by governments which have succeeded in keeping insolvencies artificially lower for longer. However, when this support comes to an end, an increase in insolvencies could result as early as H2 2021. This will consist of mainly pre-COVID-19 “zombies” (companies that were no longer viable before the crisis but were kept afloat by the emergency measures) and COVID-19 “zombies” (companies weakened by the crisis). As a result, Euler Hermes expects that global insolvencies will rise significantly in 2021 (+25% y/y), with North America recording the most severe rebound (+57% by end 2022 compared to 2019) compared to Western Europe (+23%). To read Euler Hermes' report go to https://www.eulerhermes.com/en_global/news-insights/economic-insights/2021-22-vaccine-economics.html.
Latin America: COVID-19 has significant economic impact on emerging markets. New research from Atradius has found that of all emerging market regions, Latin America and the Caribbean (Latam) has been most affected by the COVID pandemic in terms of economic impact. Countries with a large informal economy, a high dependence on contact-intensive sectors such as tourism, and low ability to work remotely, have been hit the hardest. Looking ahead, Atradius predicts that Latam’s economic recovery from the COVID-19 pandemic will be partial and uneven: stronger in countries that have ample fiscal space to support their economies and weaker in tourist-dependent countries. To read Atradius' news release go to https://group.atradius.com/publications/economic-research/latin-america-one-of-the-worst-affected-by-covid19.html.
UKEF launches the General Export Facility in partnership with UK’s leading commercial banks.
UK Export Finance (UKEF) has announced that it has launched a new guarantee scheme, General Export Facility (GEF), to enable UK exporters to apply for finance from the UK’s five largest banks (HSBC,
Lloyds Bank, Natwest, Santander and Barclays) backed by a UKEF guarantee.
GEF was developed to
support a range of trade finance products including trade loans, bonds, letter of credit lines, CapEx and invoice financing.
The facility enables UKEF to provide a partial guarantee to lenders of up to 80% of the credit risk on facilities typically worth up to £25 million, with UKEF’s support no longer tied to individual export contracts.
UKEF has also more than doubled the amount that the UK banks can automatically administer to an exporter through its facilities from £2 million to £5 million. To read UKEF's news release go to https://www.gov.uk/government/news/radical-shake-up-to-government-export-finance-support-for-small-businesses.
Etihad Credit Insurance partners with India's ECGC.
Middle East Insurance Review has reported that Etihad Credit Insurance, the UAE Federal export credit company, has partnered with Indian export agency, ECGC. Massimo Falcioni, CEO of ECI, commented:
"This MoU will bring about an important mutual exchange of export credit solutions and financing that will benefit the export community in both countries.”
India’s Ministry of External Affairs in February 2020 reported that trade between the UAE and India is valued at around US$60 billion a year, making the UAE India’s third-largest trading partner and second-largest export destination in 2018 to 2019. To read Middle East Insurance Review's article go to https://www.meinsurancereview.com/News/View-NewsLetter-Article/id/75206/type/MiddleEast/UAE-Etihad-Credit-Insurance-seals-pact-with-Indian-counterpart.
India’s Ministry of External Affairs in February 2020 reported that trade between the UAE and India is valued at around US$60 billion a year, making the UAE India’s third-largest trading partner and second-largest export destination in 2018 to 2019. To read Middle East Insurance Review's article go to https://www.meinsurancereview.com/News/View-NewsLetter-Article/id/75206/type/MiddleEast/UAE-Etihad-Credit-Insurance-seals-pact-with-Indian-counterpart.
Coface announces a partnership with Serai. GTR (Global Trade Review) has reported that Serai, an online B2B apparel trade platform for SME trade, has partnered with Coface to provide businesses on Serai’s platform with access to a range of credit risk information and monitoring services at a discounted cost. This includes customer credit opinions, non-payment risk prevention and debtor risk assessment. Serai's founder, Vivek Ramachandran, commented: "This partnership with Coface is a logical and strategic move to bring more value to Serai’s customers. It’s vital for businesses, regardless of size, to know and understand the financial situation of potential or existing business partners." To read GTR's article go to https://www.gtreview.com/news/asia/hsbcs-serai-links-up-with-coface-to-mitigate-trade-credit-risk/.
COVID-19 vaccine will supercharge global growth in H2 2021, allowing for a full recovery by 2022. Euler Hermes has advised that recent breakthroughs on the vaccine front have led their economists to revise-up their forecasts for global economic growth to +4.6% (+0.2%) in 2021, followed by a sustained recovery in 2022 at +3.8%. A return to pre-crisis GDP levels is now expected by Q4 2021 in the US and H1 2022 in Europe. However, in the short-term, the economic outlook risks getting worse before it gets better with fresh lockdowns having bought Q4 global economic activity to a standstill and the quarterly rate slowing to +0.1% q/q after +7.3q/q % in Q3, thanks to a double-dip in Europe and a marked slowdown in the US. Euler Hermes notes that some economies, notably Germany, will even slip back in recession. To read Euler Hermes' report go to https://www.eulerhermes.com/en_global/news-insights/economic-insights/2021-22-vaccine-economics.html.
Atradius predicts that Bulgaria's economy will rebound by almost 4% in 2021.
Atradius' latest trading insight report on Bulgaria reports that the recession in Bulgaria, triggered by the Coronavirus pandemic, reached its preliminary peak in Q2 2020 when GDP contracted 10% quarter-on-quarter.
Bulgaria’s economy is now expected to contract by 4.3% in 2020, with tourism, usually accounting for 11% of GDP, among the sectors hit hardest by the pandemic.
Looking ahead, Atradius predicts that Bulgaria's GDP will rebound by almost 4% in 2021 with exports and investments increasing by about 7% and 13% respectively. Construction, Services, Steel and Textiles sectors have a ‘poor’ outlook,
while the Shipping/Transport sector has a 'bleak' outlook. To read Atradius' report go to https://group.atradius.com/publications/country-report-cee-bulgaria-2020.html.
Tinubu Square acquires the assets of SuretyWave. Tinubu Square Group has announced that it has acquired the assets of SuretyWave LLC including all of its technology and knowledge base, notably the cloud-based surety bond processing system known as SurePath Digital.
Daniel T. Buckles, Deputy CEO of Tinubu Square Americas and President of Tinubu Square Surety Americas, commented that the surety bond business is highly complex but too often still paper-based for multiline agents and brokers and their carrier partners.
"SurePath Digital is the key to continue to make it less cumbersome so our partners can focus on completing deals." Olivier Placca, Tinubu Square co-founder and group Deputy CEO, added: "We are reducing the duplication of tasks, including the many manual tasks still in use. This reduces administrative costs, improves processes and operations, and eases the two-way communication between brokers and agents with underwriters.”
To read Tinubu Square's news release go to https://www.tinubu.com/tinubu-square-announces-acquisition-of-suretywave/.
Congratulations to . . .
SCHUMANN on winning CFI.co's award for Best Equal Opportunity Tech Employer Europe 2020.
Etihad Credit Insurance for being named as one of the best places to work in UAE for 2021 according to Best Places to Work.
Joel Berman on an incredible 49 years in the trade credit insurance industry. Joel started working as an insurance agent at American Credit Indemnity in 1972. He is now President of Credit Insurance International Risk Management, Inc.
New Appointments
Landmark has announced that it has appointed Kevin Parsons as Head of Trade Credit Insurance. Kevin has over 30 years industry experience, and was formerly employed as Class Underwriter - Trade Credit by Vibe Syndicate Management Ltd.
AIG has appointed Julien Nguyen Van as a Senior Underwriter - Trade Credit, based in Paris. Julien was formerly employed as an Account Executive - Trade Credit at Gras Savoye.
Tokio Marine HCC has announced that Mark Reynolds has been appointed as Chairman of Tokio Marine HCC – Credit Group. Mark formerly worked as President of Tokio Marine HCC – Credit Group.
Jerome Swinscoe, formerly Chief Underwriting Officer, has assumed the role of President.
Coface has appointed Jack Kent as Head of Mid-Market Account Management & Policy Services in the UK. Jack moves to Coface from Euler Hermes UK & Ireland where he was most recently employed as Team Manager - South.
Atradius has announced that Christophe Cherry has been appointed as Managing Director for Atradius France. He will start in this new role in April 2021. Christophe is currently Managing Director of Atradius - Belgium Luxembourg.
Aon has appointed Damon Clulow as Business Development Director at Aon. Damon previously worked for Euler Hermes, most recently as Senior Credit Insurance Consultant SME and Major New Business, Scotland.
Marsh UK has appointed Harry Doyne-Ditmas as Vice President. He will be re-joining the London team. Harry was previously leader of Marsh JLT Speciality's Political Risk and Structured Credit team for the MENA region.
Coface has appointed Christian Moins as Country Manager at Coface Switzerland. Christian has worked for Coface for nearly sixteen years, and was most recently employed as Coface's Executive Vice President - North America.
Job Vacancies
Account Manager, Commercial UK & Ireland – Regional Sales, Manchester
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 Account Managers in the Commercial UK & Ireland Unit and based in the Manchester office, to succeed in the 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 additionality 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 negotiations 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 (36 hours per week).
Knowledge, Skills and Experience
What we offer
Office Location
The Chancery, 58 Spring Gardens, Manchester, M2 1EW
Contact Person and Contact Details
Interested? Please send your CV and motivation letter to GBUKjobs@atradius.com
Only successful candidates will be contacted.
Closing date 16 February 2021
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 Account Managers in the Commercial UK & Ireland Unit and based in the Manchester office, to succeed in the 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 additionality 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 negotiations 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 (36 hours per week).
Knowledge, Skills and Experience
- Experience within Credit Insurance desirable
- Strong understanding 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
What we offer
- A great and challenging place to work - dynamic, transparent and informal
- An environment for our people where they can realise professional growth
- Work in a very international working place Good career opportunities
- Attractive terms and conditions: salary in line with market conditions, commission scheme, pension scheme etc.
Office Location
The Chancery, 58 Spring Gardens, Manchester, M2 1EW
Contact Person and Contact Details
Interested? Please send your CV and motivation letter to GBUKjobs@atradius.com
Only successful candidates will be contacted.
Closing date 16 February 2021
Account Handler – Marsh, Manchester
The company: Marsh
Marsh is the world’s leading insurance broker and risk adviser. With over 35,000 colleagues operating in more than 130 countries, Marsh serves commercial and individual clients with data driven risk solutions and advisory services.
The role: Account Handler
Due to unprecedented growth in our Manchester based Major Account Trade Credit Practice we have a fantastic opportunity for an experienced Account Handler. This is the perfect role for an individual with a background in commercial insurance/Credit Insurance or Underwriting looking to join an established, market leading insurance broker.
Marsh is the world’s leading insurance broker and risk adviser. With over 35,000 colleagues operating in more than 130 countries, Marsh serves commercial and individual clients with data driven risk solutions and advisory services.
The role: Account Handler
Due to unprecedented growth in our Manchester based Major Account Trade Credit Practice we have a fantastic opportunity for an experienced Account Handler. This is the perfect role for an individual with a background in commercial insurance/Credit Insurance or Underwriting looking to join an established, market leading insurance broker.
You can expect to work within a fast paced, specialised Credit Insurance team. You will act as
the main point of contact and support. for a rapidly expanding book of large and multinational
clients based outside London.
What you will be rewarded with?
We embrace a culture that celebrates and promotes the many backgrounds, heritages and perspectives of our colleagues and clients regardless of their gender expression or identity, marital and civil partnership status, ethnic origin, nationality, age, background, disability, sexual orientation or beliefs. We are proud of our inclusive culture where everyone feels empowered to bring their whole selves to work and thrive. Learn more about our foundational values, mission and vision for the future by reviewing our Greater Good Policy.
To apply, please send your CV with a covering letter to Steve Howells at Stephen.Howells@marsh.com.
What you will be rewarded with?
We offer competitive salaries and comprehensive benefits.
We also support programmes including: health & welfare, tuition assistance, pension,
employee assistance program, career mobility, employee network groups and volunteer
opportunities.
We will rely on you to:
What you need to have:
What makes you stand out:
About us
Marsh is the world’s leading insurance broker and risk adviser. With over 35,000 colleagues operating in more than 130 countries, Marsh serves commercial and individual clients with data driven risk solutions and advisory services. Marsh is a business of Marsh & McLennan Companies (NYSE: MMC), the leading global professional services firm in the areas of risk, strategy and people. With annual revenue approaching US $17 billion and 76,000 colleagues worldwide, MMC helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses: Marsh, Guy Carpenter, Mercer, and Oliver Wyman. Follow Marsh on Twitter, LinkedIn, Facebook, and YouTube, or subscribe to BRINK.
We will rely on you to:
- Act as lead advisory colleague on large and multinational Trade Credit clients.
- Develop renewal/placement strategies in conjunction with the Practice Leader and Client Executive and execute in accordance with client instructions.
- Analyse quotes from carriers and provides analysis to more senior Advisory colleagues and/or clients to assist with developing solutions and renewals.
- Support more senior Advisory colleagues to reach business goals and RFP’s through research and document preparation to support and assist the design, development, and marketing of new insurance and risk products.
- Support the client credit management function by training and advising on policy operation, and negotiating credit limits and other issues with underwriters.
- Build and maintain client and market contact at appropriate levels to execute effectively on clients program.
- Contribute to client retention through effective risk solutions and excellence in service.
What you need to have:
- Previous Insurance experience within either Account Handling or Underwriting
- Articulate with strong client facing and stakeholder management abilities
- Proven negotiation skills
- Good IT skills (MS Word / Excel / Power)
What makes you stand out:
- Credit Insurance experience would be a huge bonus
- Customer service skills
- Able to understand a set of financial accounts
- Effective team player
About us
Marsh is the world’s leading insurance broker and risk adviser. With over 35,000 colleagues operating in more than 130 countries, Marsh serves commercial and individual clients with data driven risk solutions and advisory services. Marsh is a business of Marsh & McLennan Companies (NYSE: MMC), the leading global professional services firm in the areas of risk, strategy and people. With annual revenue approaching US $17 billion and 76,000 colleagues worldwide, MMC helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses: Marsh, Guy Carpenter, Mercer, and Oliver Wyman. Follow Marsh on Twitter, LinkedIn, Facebook, and YouTube, or subscribe to BRINK.
We embrace a culture that celebrates and promotes the many backgrounds, heritages and perspectives of our colleagues and clients regardless of their gender expression or identity, marital and civil partnership status, ethnic origin, nationality, age, background, disability, sexual orientation or beliefs. We are proud of our inclusive culture where everyone feels empowered to bring their whole selves to work and thrive. Learn more about our foundational values, mission and vision for the future by reviewing our Greater Good Policy.
To apply, please send your CV with a covering letter to Steve Howells at Stephen.Howells@marsh.com.
Events
Supply Chain Finance Summit, 26th – 27th January 2021, Virtual
Our 6th annual Supply Chain Finance Summit is an important opportunity to learn about the latest trends, ideas and developments transforming working capital and supply chain management. This in-depth event tracks the transformation of supply chain finance, showcasing the latest innovations within the industry for both domestic and cross-border financing, examining the future of technology-enabled supply chain models and impacts of the Pandemic, and driving the conversation on increasing access of SCF for SMEs and emerging markets.
Being a virtual event, it provides a chance to network with an even wider circle of industry leaders on a global basis.
As event partners, Credit Insurance News+ can offer their members a 10% discount on delegate tickets. To register please follow this link https://bcrpub.com/events/supply-chain-finance-summit-2021. The CIN delegate discount code is SCFSMP10.
Alternatively, you can contact yongmei.he@bcrpub.com quoting your discount code for payment via invoice.
Our 6th annual Supply Chain Finance Summit is an important opportunity to learn about the latest trends, ideas and developments transforming working capital and supply chain management. This in-depth event tracks the transformation of supply chain finance, showcasing the latest innovations within the industry for both domestic and cross-border financing, examining the future of technology-enabled supply chain models and impacts of the Pandemic, and driving the conversation on increasing access of SCF for SMEs and emerging markets.
Being a virtual event, it provides a chance to network with an even wider circle of industry leaders on a global basis.
As event partners, Credit Insurance News+ can offer their members a 10% discount on delegate tickets. To register please follow this link https://bcrpub.com/events/supply-chain-finance-summit-2021. The CIN delegate discount code is SCFSMP10.
Alternatively, you can contact yongmei.he@bcrpub.com quoting your discount code for payment via invoice.
Atradius Virtual Event Series, 4 February 2021.
From crisis to opportunity: What’s the future of trade?
Event 1: How Covid 19 changed global trade forever Thursday 4 February 2021
The Covid-19 pandemic thrust almost all of the world’s economies into recession. Global GDP is forecast to contract by 4% year-on-year with many economists labelling this recession worse in magnitude than the Great Recession of 2009.
So what are the opportunities for trade and growth in 2021 and, how can businesses maximise them?
Atradius has brought together some of the world’s leading business minds to debate these questions and help find a positive way forward in the first in a series of four virtual events.
Moderated by accredited journalist Daisy McAndrew, the panel will feature:
From crisis to opportunity: What’s the future of trade?
Event 1: How Covid 19 changed global trade forever Thursday 4 February 2021
The Covid-19 pandemic thrust almost all of the world’s economies into recession. Global GDP is forecast to contract by 4% year-on-year with many economists labelling this recession worse in magnitude than the Great Recession of 2009.
So what are the opportunities for trade and growth in 2021 and, how can businesses maximise them?
Atradius has brought together some of the world’s leading business minds to debate these questions and help find a positive way forward in the first in a series of four virtual events.
Moderated by accredited journalist Daisy McAndrew, the panel will feature:
- Professor Ian Goldin, Professor of Globalisation and Development at the University of Oxford, former VP of the World Bank and development adviser to Nelson Mandela.
- Emma Marcegaglia, CEO and Chair of Marcegaglia Holding Spa & Marcegaglia Investments Srl (Italy) and former President of Confindustria and Businesseurope.
- Johan Melander, Credit Director Electrolux APAC & MEA
- Edwin Kuhlman, Head of the Global Commercial Underwriting Team and Head of Underwriting, The Netherlands at Atradius.
GTR MENA 2021 Virtual, 15-17 February 2021.
Global Trade Review's annual trade and export finance conference, GTR MENA, will return in 2021 as a hybrid event, providing an extended offering as the region’s leading gathering for networking and knowledge sharing, with a virtual event on February 15-17 and a physical event on September 29. Proceedings for the year will kick off with GTR MENA 2020 Virtual on February 15-17, set to welcome over 1,500 participants and featuring the chance to hear the latest insights and developments from experts on the most pertinent issues impacting on MENA trade, utilising a mixture of live-streamed and pre-recorded content and fostering a new way of networking via GTR’s dedicated virtual event platform.
As part of its hybrid offering for 2021, GTR MENA will also descend on Dubai in September for an exclusive one-day physical gathering. This will include an extensive programme, full exhibition and that much missed opportunity for participants to hold face-to-face discussions with industry peers and potential clients.
Global Trade Review's annual trade and export finance conference, GTR MENA, will return in 2021 as a hybrid event, providing an extended offering as the region’s leading gathering for networking and knowledge sharing, with a virtual event on February 15-17 and a physical event on September 29. Proceedings for the year will kick off with GTR MENA 2020 Virtual on February 15-17, set to welcome over 1,500 participants and featuring the chance to hear the latest insights and developments from experts on the most pertinent issues impacting on MENA trade, utilising a mixture of live-streamed and pre-recorded content and fostering a new way of networking via GTR’s dedicated virtual event platform.
As part of its hybrid offering for 2021, GTR MENA will also descend on Dubai in September for an exclusive one-day physical gathering. This will include an extensive programme, full exhibition and that much missed opportunity for participants to hold face-to-face discussions with industry peers and potential clients.
VIRTUAL EVENT LINK: https://bit.ly/2VT3Q1e
PHYSICAL EVENT LINK: https://bit.ly/3gnBJk8
GTR India 2021 Virtual, 10-11 March 2021.
GTR India will return in 2021 as a hybrid event, offering an extended offering as the country’s leading trade-based gathering for networking and knowledge sharing, with a virtual event on March 10-11 and a physical event in Mumbai in October.
For over 15 years GTR India has provided critical market insight combined with unrivalled networking opportunities with leading experts on the country’s trade environment and trade finance sector. Both events will delve into the most pertinent discussion topics impacting Indian #trade and #exports, from supply chain challenges, geopolitical considerations (including free trade agreements), support for exporters, digitisation drives and the measures taken across both public and private sector to aid business recovery.
VIRTUAL EVENT LINK: https://bit.ly/36VQ4By.
PHYSICAL EVENT LINK: https://bit.ly/36VbT48.
GTR India will return in 2021 as a hybrid event, offering an extended offering as the country’s leading trade-based gathering for networking and knowledge sharing, with a virtual event on March 10-11 and a physical event in Mumbai in October.
For over 15 years GTR India has provided critical market insight combined with unrivalled networking opportunities with leading experts on the country’s trade environment and trade finance sector. Both events will delve into the most pertinent discussion topics impacting Indian #trade and #exports, from supply chain challenges, geopolitical considerations (including free trade agreements), support for exporters, digitisation drives and the measures taken across both public and private sector to aid business recovery.
VIRTUAL EVENT LINK: https://bit.ly/36VQ4By.
PHYSICAL EVENT LINK: https://bit.ly/36VbT48.
GTR West Africa 2021 Virtual, 24-25 March 2021.
GTR West Africa will return in 2021 virtually, providing an extended digital offering as the region’s leading event for trade discussion and networking on March 24-25.
Encompassing all the key aspects of the live conference experience through GTR’s established virtual event format, this hugely anticipated gathering will combine the highest level content with bountiful networking opportunities via our dedicated platform.
Harnessing the vast potential of technology for connecting West African trade leaders with their peers, this online gathering promises a comprehensive programme of live and on-demand debate, discussion and engagement, welcoming the region’s leading practitioners in trade, export and commodity finance to explore the latest developments, strategies and solutions employed to drive growth.
LINK: https://bit.ly/36XnLTf
GTR West Africa will return in 2021 virtually, providing an extended digital offering as the region’s leading event for trade discussion and networking on March 24-25.
Encompassing all the key aspects of the live conference experience through GTR’s established virtual event format, this hugely anticipated gathering will combine the highest level content with bountiful networking opportunities via our dedicated platform.
Harnessing the vast potential of technology for connecting West African trade leaders with their peers, this online gathering promises a comprehensive programme of live and on-demand debate, discussion and engagement, welcoming the region’s leading practitioners in trade, export and commodity finance to explore the latest developments, strategies and solutions employed to drive growth.
LINK: https://bit.ly/36XnLTf
GTR East Africa 2021 Virtual. 12-13 May 2021.
Following the success of the inaugural virtual event in October 2020, GTR East Africa will return once again in a digital form for 2021, taking place on May 12-13, 2021. Utilising GTR’s bespoke virtual event platform, this online gathering promises expansive networking and an extensive and comprehensive programme of live and on-demand content, welcoming the leading practitioners in trade, agribusiness, supply chain and commodity finance. Join industry experts from across the region to explore the latest developments, strategies and solutions employed to drive East African trade growth. LINK: https://bit.ly/3gphJ0x.
Following the success of the inaugural virtual event in October 2020, GTR East Africa will return once again in a digital form for 2021, taking place on May 12-13, 2021. Utilising GTR’s bespoke virtual event platform, this online gathering promises expansive networking and an extensive and comprehensive programme of live and on-demand content, welcoming the leading practitioners in trade, agribusiness, supply chain and commodity finance. Join industry experts from across the region to explore the latest developments, strategies and solutions employed to drive East African trade growth. LINK: https://bit.ly/3gphJ0x.
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?
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.
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.
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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