Welcome to the October 2021 issue of Credit Insurance News Digest. This issue is sponsored
by Atradius.
Index
PLUS: Businesses must be prepared for insolvency spike ahead. By Mike Thomas, Director of Risk Services of trade credit insurer Atradius.
Credit Insurance News
Credit Insurance Schemes — what would have happened without them? The International Credit and Surety Association (ICISA) has
published a paper that examines what would have happened without credit insurance schemes in countries where they existed? What can we learn from countries without the same kind of support? And, what should governments focus on in future crises?
The paper notes that although there is currently no data available on how much of the €227 billion earmarked for credit insurance schemes has been utilised,
or the volumes of premium or claims through these schemes, data from countries where no such schemes were introduced — such as the US — indicates that
the speed of implementing economic support measures was key to creating economic stabilisation. Credit Insurance schemes enabled insurers to maintain cover which they might have otherwise reduced.
"However, it is clear that the overall benefit of schemes was significantly reduced over time and resulted in cost and administrative burdens for insurers at a time of constrained resources."
To read the ICISA's paper go to https://www.icisa.org/news/credit-insurance-schemes-what-would-have-happened-without-them/.
Pressure from UK regulators could have unintended consequences for trade credit insurance. GTR (Global Trade Review) reports that the International Trade and
Forfaiting Association (ITFA) has warned that pressure from UK regulators to strengthen risk management processes is unlikely to be achievable and could have unintended consequences for
receivables finance and trade credit insurance. The comments come in response to a letter sent to all trade finance CEOs by the Financial Conduct Authority and Prudential Regulation Authority,
which advises: "Best practice would be for a firm to seek formal confirmation
that they are explicitly identified as a loss payee for risk
insurance cover on non-payment of debts by the end-buyers . . . and that the firm is in compliance with any requirements set out in the insurance agreement." However, according to ITFA, as companies often use insurance on a portfolio basis, with cover structured to deal with a large number of obligors, "It would not usually be necessary or possible to conduct personalised checks or
receive individual confirmations." To read GTR's article go to https://www.gtreview.com/news/europe/uk-regulators-trade-finance-crackdown-could-have-unintended-consequences-industry-says/.
UK business failures in 2022 are forecast to rise by 33% on pre-pandemic levels.
Atradius' latest Insolvency Forecast advises that UK business insolvencies declined by 27% in 2020 but, as fiscal support schemes are withdrawn, are now set to rise by 33% on pre-pandemic levels in 2022 (one of the highest rates in the world). Atradius expects UK business failures to begin to rise in H2 2021, resulting in a year-on-year increase of 7%. Then, in 2022, annual UK insolvencies could spike by as much as 70% year on year. This means insolvencies will be 33% higher in 2022 compared to 2019. Only Italy has a higher cumulative insolvency rate, with a forecast increase of 34%, followed by Australia, which, like the UK, is predicted to increase by 33%. Damien Dawson, Southern Regional Manager of Atradius UK, commented: "As the economy rebounds and support schemes are gradually withdrawn, the escalation of insolvencies is, unfortunately, inescapable. The most important thing businesses can do now is to be prepared." He continued: "The good news from Atradius is that we are underwriting higher cover levels proportionate to the level of trade now than prior to the pandemic."
Click here to read Atradius' news release.
The impact of trade credit insurance schemes?
TXF has published an article (by Katherine Morton) which reports that an upcoming ICISA research paper, 'Credit insurance schemes — what would the situation have looked like without them?’ (see above) seen by TXF,
compares the difference in insolvency numbers between countries that had trade credit insurance support schemes with those that did not, and notes (citing Atradius' research) that were significant reductions
in the number of insolvencies in both. According to Richard Wulff, Executive Director of the International Credit Insurance & Surety Association (ICISA), it is likely that the schemes were effective "not in a financial sense,
more to boost confidence." Looking ahead, although Atradius estimates that there will be an increase in company failures as state support measures are withdrawn, Richard Wulff
notes that the threat of a flood of trade credit insurance claims does not seem to be as great as feared; "his members are not too worried." To read TXF's article go to https://www.txfnews.com/News/Article/7265/Time-to-worry-on-credit-insurance-or-Relax-ay-voo.
Berne Union Members reported the lowest short term claims/commitments ratio in H1 2021 in Berne Union records.
The Berne Union has advised that short term (ST) trade "is back", buoyed by high commodity prices, strong business confidence and low claims. Berne Union Members reported outstanding US$ 1.8 trillion in aggregate credit limits
issued for (ST) trade credit insurance at the end of H1, 7% higher than in the first half of 2020, and exceeding the pre-pandemic levels of 2019 by +3%. In addition, risk appetite has remained high, encouraged by improving economic
prospects and "an incredibly benign levels" of claims, despite the phasing out of governments' support both for the industry and the wider economy. Berne Union Members paid just over US$ 1 billion in claims for (ST) insurance
policies in H1 2021, 38% lower than in the previous half-year period and overall resulting in the lowest short term claims/commitments ratio for any period in Berne Union records.
To read the Berne Union's news release go to https://www.berneunion.org/Articles/Details/618/Credit-insurers-cautiously-optimistic-as-merchandise-trade-returns-to-pre-pandemi.
The drivers for global economic recovery.
Global Banking & Finance Review has published an article by James Burgess, Head of UK Commercial at Atradius, which discusses the drivers for global economic recovery. James notes that global economic growth has rebounded
faster than expected, with GDP forecast to rise 6.2% in 2021, an upgrade of 0.8% more than previously forecast. This implies that the global economy will have widely recovered from the pandemic before the end of 2021,
although both emerging Asia (7.7% growth) and the US (7% growth, 3.5% higher than earlier forecasts) have already passed this point. However, although the outlook is brighter, James also cautions that Atradius' forecasts
are dependent on assumptions that could result in global economic performance experiencing a major hit if not met.
"If there's one lesson to be learned, it's to be prepared for anything."
To read Global Banking & Finance Review's article go to https://www.globalbankingandfinance.com/the-global-economy-is-rebounding-from-recession-but-what-are-the-drivers-for-recovery-and-how-can-businesses-thrive-as-we-fight-through-the-pandemic/.
The industry anticipates a 20-30% increase in trade credit insurance claims in 2021.
AU-Group's latest survey of the trade credit insurance market in 2020 indicates that the largest three insurers, Atradius, Coface, and Euler Hermes, continue to account for more than 70% of the global trade credit insurance market.
Euler Hermes has the largest market share at 31.1%, followed by Atradius and Coface with shares of 23.1% and 17.4%, respectively. Although the survey notes that the industry recorded a slight decrease in volume (between 3-4%) in 2020
and the profitability of insurers was impacted as a result of the pandemic and recession, the fall was partially offset by an increase in premium rates
by several insurers. Looking ahead, AU Group advises that industry players
anticipate a 20-30% increase in trade credit insurance claims in 2021.
To download a copy of the survey go to https://www.au-group.com/credit-insurance-market-2021/.
PRA warns trade credit finance CEOs on best practice. Insurance Insider reports that the UK Prudential Regulation Authority (PRA) has sent a letter to CEOs of firms carrying out
trade finance business outlining its expectations of best practice.
For transactions involving credit insurance arrangements, the PRA notes that the best practice would be for a firm to seek formal confirmation that it is explicitly identified as a
loss payee for risk insurance cover on non-payment of debts by the end-buyer. Insurance Insider adds that the letter follows several "high-profile failures" of trade credit finance firms over the last 18 months, "with the most prominent being the collapse of Greensill Capital
after Tokio Marine subsidiary Bond and Credit Company pulled its credit insurance cover for the business." To read Insurance Insider's article go to https://www.insuranceinsider.com/article/291ad9855wo8hiv9ntyps/pra-warns-trade-credit-finance-ceos-on-best-practice. (Subscription may be required).
Zurich exits the global political risk market and winds down global credit. Insurance Insider has reported that Zurich has ceased writing standalone political risk insurance globally.
It has also confirmed to Insurance Insider that it has taken the decision to stop writing new short-term multi-buyer insurance out of the US and the UK and will quote limited new single-risk credit insurance business
for the remainder of the year. The company told Insurance Insider that these portfolios "no longer support our long-term core strategy" but added that its German and Swiss units would continue to offer trade credit insurance
to their own markets and selected UK and European customers.
To read Insurance Insider's article go to https://www.insuranceinsider.com/article/295r23agysw4bwb8yf6dc/zurich-exits-global-political-risk-market-and-winds-down-global-credit. (Subscription may be required).
Euler Hermes and BPL Global launch a broker-underwriter integration in the Credit and Political Risk Insurance (CRRI) market.
BPL Global and Euler Hermes have announced that they have worked together to develop "a groundbreaking" API-based digital broker-underwriter integration in CPRI. The integration facilitates the
digital transfer of enquiry level data between BPL Global's internal broking system and Euler Hermes' underwriting system using an API (application programming interface) supplied by Whitespace. BPL Global and Euler Hermes note that
this builds upon other CPRI
market digitisation initiatives, simplifying the process for
brokers placing requests for cover, enabling the underwriter to receive such data directly into their own systems, and removing the need for a third-party application. Sian Aspinall, Managing Director at BPL Global,
commented that the integration is an "important milestone" for CPRI market-wide digital efficiency.
To read BPL Global's news release go to https://bpl-global.com/2021/10/06/bpl-global-and-euler-hermes-digital-first-for-cpri-market/.
A post-pandemic overview of the global trade credit insurance market. TFG (Trade Finance Global) has published an interview with Robert Meters,
Head of Marketing and Sales, Global Business & Financial Services at SCHUMANN, which examines how trade credit insurance has changed as a result of the COVID-19 pandemic, the role of technology in assessing credit risk
in the trade credit insurance market, and the future of receivables finance. Robert notes that the credit insurance industry had learnt from the 2008/2009 financial crisis and was better prepared for dealing with the COVID-19 crisis.
Consequently, trade credit insurance contributed much more to stabilising the economy, "although government measures to strengthen both companies and the insurance industry have been essential." Looking ahead, he stresses that
technology will play an essential and forward-looking role in the trade credit insurance market, "with data from the context of the Internet of Things and from networks likely to become more important." To read TFG's article go to https://www.tradefinanceglobal.com/posts/schumann-interview-robert-meters-trade-credit-insurance-market-post-pandemic-overview/.
Public and private trade credit insurers saw different
trends in the level of emerging claims in Q2 2021.
The Berne Union's Business Confidence Index Q3 has reported that it understands that the slower global recovery is causing some short-term (ST) trade credit insurers to be more cautious about increasing their
risk appetite. According to the Index, public providers and private insurers saw different trends in the level of emerging claims in Q2 2021. Public providers (especially those based in Europe) noticed a higher
level of emerging claims, and some cited smaller rises in pre-claim situations, such as payment delays.
Meanwhile, private insurers saw a fall in emerging claims in Q2 2021, similar to the last quarter of
2020. Expectations for the volume of claims paid in the next quarter are similarly divergent.
Public providers continue to expect higher claims, while private insurers expect an unchanged level following an anticipated fall in the second quarter of 2021.
To download a copy of the Index go to https://www.berneunion.org/Articles/Details/607/Business-Confidence-Index-Q3-21-Published.
State intervention helped prevent one out of two insolvencies in Western Europe and one out of three in the US. Euler Hermes' latest Global Insolvency advises that state intervention helped prevent
one out of two business insolvencies in Western Europe and one out of three in the US, but
after two consecutive years of decline (-6% forecast in 2021 and -12% in 2020), there is likely to be +15% year-on-year rebound in global insolvencies in 2022. That said,
the Index predicts that, even in 2022, insolvencies will remain below pre-COVID-19 levels in most countries (by -4% on average). Within Europe, Spain and Italy are likely
to see a large rise in insolvency numbers by 2022 due to their higher shares of sectors sensitive to COVID-19 restrictions.
In contrast, France, Germany, Belgium and the Netherlands will take longer to return to pre-crisis levels due to large support packages
and/or the extension of support measures. The US is the main outlier, with a low number of insolvencies likely both in 2021 and 2022, while Asia will also record fewer insolvencies in 2022,
compared to 2019, thanks to its faster exit from the pandemic and its economic recovery.
To read Euler Hermes' Index go to https://www.eulerhermes.com/en_global/news-insights/economic-insights/insolvencies-well-be-back.html.
Post-pandemic social movements look set to hamper trade in emerging markets.
GTR (Global Trade Review) has reported that Coface has published a new report which warns that economic damage wrought by the COVID-19 pandemic is likely to lead to a "new wave" of mass movements, such as protests, in
countries globally. In turn, it predicts there will be "significant" economic repercussions for affected nations, most likely emerging markets, affecting both their domestic output and foreign trade activities.
Drawing on data from more than 20 countries affected by large-scale civil unrest from 2011 to 2019 (including Algeria, Brazil and Ukraine), Coface's research suggests that in the year such actions take place,
exports are on average 4.2% lower than they would have been had such movements not occurred — then remain roughly 6.3% and 8.9% below their potential in the following years.
Coface says that its own social pressure index reached an all-time high in 2020, up from 46% to 54% globally. In emerging countries alone, there was a rise from 54% to 61%.
To read GTR's article go to https://www.gtreview.com/news/global/post-pandemic-social-movement-to-hamper-trade-in-emerging-markets/.
The UK is set for a significant rise in business failures. Euler Hermes has warned that UK insolvencies could increase by a total of 32% by the end of 2022, with more than 37,000 businesses forecast to fail
(17,100 in 2021, 20,540 in 2022).
However, despite the increase, insolvencies in the next 12 months are likely to remain at below pre-crisis levels (2019: 22,000).
UK businesses were spared the worst effects of the pandemic in 2020 (15,559 insolvencies) and in the first three quarters of this due to government support schemes still in place,
which, Euler Hermes’ research shows, spared around 18,900 insolvencies.
The research also estimates that the global economic shock could have resulted in a 40% increase in worldwide insolvencies in 2020. However, the year ended with a -12% decrease in insolvencies due to massive state interventions and
further extensions of "whatever it takes" policies. Click here to read Euler Hermes' news release.
Digital Transformation: a powerful tool for growth in the Middle East. Trade Finance Global (TFG) has published an article by Emmanuel Pezé, Vice-President of Insurance Sales Middle-East and Africa at Tinubu Square,
which reports that the exit of the major private insurers from the region due to perceived political and economic risks, has left a sizeable gap in the provision of trade credit. While this has opened up opportunities
for government agencies (such as Etihad Credit Insurance) to take the place of private insurers, outdated paper and spreadsheet legacy systems, which are unable to keep up with the pace of transactions, risk slowing down
trade and put operating costs at a competitive disadvantage. Emmanuel notes that export credit agencies in the region are already starting to consider stronger, faster, more intuitive solutions from embedded technology, which reduce turnaround time and increase market penetration, as a "benchmark requirement rather than an added bonus".
"New ways of thinking, demanding embedded digital frameworks is bringing with it huge benefits for scalability, and ease of trade across the region." Click here to read TFG's article.
Payment discipline continues to improve in Germany. Coface reports that its latest survey on corporate payment experience in Germany has indicated that German
companies seem to have acclimatised to the pandemic environment. More companies are offering payment terms compared to last year when the figure had fallen sharply.
Although Germany experienced a strong recession in 2020 and early 2021, payment discipline continued to improve in 2021 compared to already good results in 2020.
Furthermore, the average duration of payment delays shortened by over a week. Christiane von Berg, Coface's Northern Europe Economist, commented: "The extremely good results regarding payment delays are slightly unnerving, bearing in mind that Germany has experienced its worst recession since 2008. However, we suspect that these favourable results were mostly thanks to government support.
It will be interesting to see if companies can keep their heads above the water once they lose their financial lifejackets."
To read Coface's news release with a link to the full report go to https://www.coface.com/News-Publications/News/Germany-Corporate-Payment-Survey-2021-Learning-to-live-with-the-pandemic.
Global growth remains strong but increasingly uneven.
A new paper by Euler Hermes has reported that the COVID-19 delta-related uncertainty and soft stops will cost (only) -0.2 to -0.5% of GDP growth in advanced economies in 2021,
and, overall, global growth should remain strong at +5.5%
in 2021 and +4.2% in 2022. However, there is significant variation across countries, with vaccination rates, unwinding of supply bottlenecks and policy choices influencing
the scale of catch-up.
In the UK, US and Eurozone, Euler Hermes predicts GDP growth of 6.3%, 6.1%, and 5.0% in 2021, respectively, followed by growth in 2022 of 5.4%, 4.1%,
and 4.2%, compared to more muted growth in Japan (2.5% in 2021, 3.2% in 2022, the Middle East (2.4% in 2021, 3.5% in 2022) and
South Africa (3.8% in 2021, 2.4% in 2022). Unlike the Global Financial Crisis,
economic scarring has been greater in most emerging economies, most notably those dependent on international trade and tourism.
To read Euler Hermes news release with a link to the full report go to https://www.eulerhermes.com/en_global/news-insights/economic-insights/Global-economy-A-cautious-back-to-school.html.
India has opened for insurers issuing trade credit Insurance policies to banks and factoring companies.
After a wait of more than a decade, India is opening for insurers issuing trade credit Insurance policies to banks and factoring companies.
On 8 September 2021, and effective from 1 November 2021, the Insurance Regulatory and Development Authority of India (IRDAI), has released the new guidelines which will supersede all old guidelines on trade credit insurance in India.
The highlights are:
- Trade credit insurance policies can now be sold to banks and financial institutions
- There is no regulatory cap on indemnity
- Policies can also be sold via E-trading platforms
- There is no cap on minimum buyers for a policy, except for single buyer policies which can only be issued to micro or small companies
Berne Union's September BUlletin: New Foundations. The Berne Union has published the September issue of its regular publication, BUlletin. This issue discusses whether the global economy is truly on the road to recovery and the surest path to sustainable growth, and examines
the new foundations in tech, data, and cooperative framework. Articles in the issue include:
To read the BUlletin go to https://www.berneunion.org/Articles/Details/615/September-BUlletin-New-Foundations.
- 'Insolvencies? (We Ain't Got) Nothin' Yet'. Alessandro Terzulli, Chief Economist at SACE, and Valerio Ranciaro, Director General of SACE SRV, discuss whether and when the much-anticipated wave of insolvencies will start.
- 'Plugging in to data: A new landscape for risk management': Sian Aspinall, Managing Director at BPL Global, takes a look at the private market for credit and political risk following the COVID pandemic, examining the growing role of data as a tool for risk managers globally — and how technology is helping them access rich, valuable data.
- Towards a digital future: Risk transfer enabling change'. Johannes Schmidt, Senior Risk Analyst Global Political Risk, Credit & Bond Insurance at AXA XL, examines how countries are upgrading their digital infrastructure following increased demand and changes to the way we live and work accelerated by the COVID-19 pandemic, and discusses the role that political risk credit and bond coverage can play in enabling this evolution.
- 'International cooperation on debt vulnerabilities: DSSI and Common Framework'. Romanie Peters, Senior Company Lawyer, Legal and Claims Coordinator at Credendo, gives an update on two key international cooperation initiatives on debt vulnerabilities, how they work and what they have achieved up until July 2021.
- 'Transition and the Race to Zero: The insurers’ role'. Chris Hall, Executive Director, Financial Solutions at Willis Towers Watson, looks at some of the key questions surrounding the climate transition and how the company is developing initiatives in response.
South Africa has already returned to its pre-crisis level of business insolvency. BusinessTech has reported that data from Euler Hermes has shown that South Africa is one of the few countries globally to
experience more business insolvencies
in the first months of 2021 than in 2020. Business insolvencies in the country increased by +21.5% over the first seven months of the year (with 1,162 cases compared to 956 in 2020), indicating that South Africa has already returned
to its pre-crisis level of insolvency. Euler Hermes now expects business insolvencies to reach 2,200 cases for the whole year, a higher level than between 2014-2019 when insolvencies averaged 1,900 cases each year.
However, this is much less than the record reached in 2009 and 2001 when business insolvencies exceeded 4,100 for the year.
To read BusinessTech's article go to https://businesstech.co.za/news/business/526808/bad-news-for-businesses-in-south-africa/.
Atradius and Red Rock Insurance unveil a partnership to extend their North American reach. Insurance Business reports that
Atradius Cyc and Toronto-based Red Rock Insurance Services have announced a partnership to expand both companies' North American reach and improve their broker and client services. In a joint statement, the firms
said that the arrangement would help them to expand their competitive advantages and offer a higher capacity level and risk tolerance "driven by local expertise and existing scale, increased flexibility on wording considerations,
[and] a potential hybrid product offering." To read Insurance Business' article go to https://www.insurancebusinessmag.com/ca/news/breaking-news/atradius-red-rock-insurance-unveil-partnership-311644.aspx.
The British construction outlook is poor, despite a rebound in orders and output. Atradius' latest Industry Trends for the UK construction industry predicts that after a 14% contraction in 2020, construction output is forecast to rebound by almost 15% in 2021 and to grow by more than 5% in 2022. Atradius notes that the margins of businesses have been generally stable over the past twelve months, as order volumes rebounded with the easing of lockdown restrictions. However, material and labour shortages have triggered a significant cost increase, and this knock-on effect will ultimately squeeze profit margins in the short-and medium-term. Although the number of non-payments and insolvencies has been low over the past twelve months, both are expected to increase in the coming months, as government support abates or expires, and Atradius warns that insolvencies could increase by up to 25% in the coming six months. Consequently, "For the time being our sector outlook remains "Poor", despite the robust rebound in orders and output."
To read Atradius' report go to https://atradius.co.uk/reports/industry-trends-construction-united-kingdom-2021.html.
Industry Trends for the construction industry are also available for Spain, France, Mexico, Germany, UAE, Italy, the US, Belgium, China, Poland, The Netherlands, and Japan.
The impact of the pandemic on the global retail sector varied considerably across countries and segments. Coface has advised that the impact of the pandemic on the global retail sector has varied greatly across countries and segments.
While some countries experienced lower retail sales in 2020, the effect was null in others and even positive in Northern European countries. Clothing stores were the most affected, with sales decreasing by 24% in EU-27 and by
29% in the US last year.
On the other end of the spectrum, food stores saw growth in 2020 (+4% in Eurozone, +11% in the US). Coface also notes that while the higher use of e-commerce at the expense of brick and mortar stores is not new, growth was much stronger
than usual in 2020, with e-commerce companies,
such as Amazon, and "traditional" retailers that had invested in online sales infrastructure, benefitting.
To read Coface's report go to https://www.coface.com/News-Publications/News/Has-the-global-retail-sector-returned-to-normal.
A surge in COVID-19 cases has led to a more muted outlook for Indonesia's economy. In its latest Indonesia Country Report, Atradius highlights how Indonesia's economy, which is fairly closed, makes it less susceptible to global trade
downturns. As a result, Indonesia's GDP saw a smaller contraction of 2.1% in 2020 than in many other countries. For 2021, while a rebound to Indonesia's GDP was underway earlier this year, a new surge of COVID-19 cases has led to a
muted outlook for the rest of the year, and Atradius advises that it has lowered its 2021 GDP growth forecast from 4.7% to 3.3%. Looking forward to 2022, contingent on containment of the pandemic and an effective vaccine rollout,
Atradius forecasts that Indonesia's GDP will accelerate to almost 7%. Growth should be fuelled by a rebound in private consumption (up by more than 6%), further rising investments (up 9%) and government consumption (up by more than 5%).
For more information visit https://atradius.co.uk/reports/country-report-slow-vaccination-rollout-affects-indonesian-gdp-2021.html.
Charles Taylor launches new specialty insurance unit.
Charles Taylor has launched a specialty lines practice to bring together financial institutions and commercial crime, professional indemnity, D&O, cyber,
trade credit and political risks, specie and fine art, and contingency and entertainment specialisms.
Laetitia Fouquet and Nicholas La Stella will lead as co-heads of speciality lines and will be based in London and Barcelona respectively.
To read Charles Taylor's news release go to https://www.charlestaylor.com/en/news/news-post/launching-specialty-lines-at-charles-taylor-adjusting/.
Free resource: New International Debt Collections Handbook — 2021 issue.
Atradius Collections has announced that its International Debt Collections Handbook for 2021 is now available.
This issue includes detailed sections on the different stages of amicable settlement, financial regulations around collections, legal proceedings and insolvency procedures in more than 51 countries.
Each individual country report also includes a snapshot of its current local economic situation, including GDP, major industries, import-export growth, and Atradius Collections' local success rate.
To download a free copy go to https://atradiuscollections.com/global/connect/international-debt-collections-handbook.html.
Video. SCOR: What's the Future for Credit & Surety Insurance? Insider Engage has published a video in which Tobias Povel, chief underwriting officer, Credit & Surety, SCOR P&C. discusses how
offering consistent support to clients during economic
downturns is most important. To watch the video go to https://www.insiderengage.com/article/291yp47iiaw9na71654hs/strategy-resilience/scor-whats-the-future-for-credit-surety-insurance.
Congratulations to
Meridian Finance Group, headquartered in Los Angeles, which has been named as the Export-Import Bank of the United States (EXIM) 2021 Broker of the Year. Meridian also received EXIM’s Broker award in 2000, 2003, and 2013.
Meridian Finance Group, headquartered in Los Angeles, which has been named as the Export-Import Bank of the United States (EXIM) 2021 Broker of the Year. Meridian also received EXIM’s Broker award in 2000, 2003, and 2013.
Derek Barnett, Director of W. Denis Credit Risks Ltd, on the successful completion of his 970 mile fundraising Ride Across Britain to raise money for four deserving charities:
The Princes Trust, Maggie's Centres, Macmillan Cancer Support, and Cancer Research UK. Derek has raised over £4,000 and would like to send a message of thanks to all his broking and underwriting friends who have
donated. Donations are still very welcome at https://uk.virginmoneygiving.com/DerekBarnett2.
New Appointments
Bartlett is delighted to announce the opening of their new office in Manchester and also welcomes Adam Smith as the latest addition to the team. Adam joins as Client Broker in Manchester, having previously worked for Aon for 5 years.
QBE has announced the promotion of Tom Johnson to Manger of its UK Surety operation following the resignation of Steve Manwaring. Additionally, Danielle Upton has been promoted to Senior Underwriter in the UK Surety team.
Tokio Marine HCC has announced that it has welcomed William O'Brien as a Credit Risk Analyst. William joins the risk analysis team after graduating from University in September 2021 with a first class Economics & Finance degree.
Atradius has announced that Dirk Hagener has been appointed Director Group Communications & Commercial development, based in Amsterdam. Dirk was previously Director Strategy & Corporate Development at Atradius.
Coface has announced the appointment of Marcele Lemos as the new Chief Executive Officer of its Latin America Region.
Marcele joins the Executive committee and will report to Xavier Durand, Group CEO. She was formerly Chief Operating Officer of Coface's North America Region.
Marsh has announced the appointment of Michele Pignotti as Global Growth Leader, credit specialties, based in Italy. Michele joins from Euler Hermes, where he was the board member responsible for marketing, distribution, and commercial underwriting.
SiriusPoint has announced that Pierre Favre has joined as Senior Underwriter, based in Zurich.
Pierre has 25 years of experience as a leader in the Trade Credit and Surety reinsurance market and from 2015-2017 served as Chairman of the Credit Insurance Committee of the International Credit and Surety Association (ICISA).
Howden has appointed Aaron Oehrli as Credit Risk Specialist, Member of the Executive Board, based in Zurich. Aaron joins Howden from Aon where he was Head of Credit Solutions Switzerland.
Atradius UK has promoted Chris Williamson to the position of Senior Account Manager, based in Cardiff. Chris was previously a Business Development Manager at Atradius' office in Manchester.
Gallagher has appointed Elizabeth Jenkin as an independent Non-Executive Director. Elizabeth is CEO of Nimbla and holds several other non-exec and advisory positions.
Hannover Re Services US has appointed Antje Seiffert-Murphy as Market Representative - Trade Credit, Surety and Political Risk, based in New York. Antje previously worked as Head of Trade Credit USA and Canada for Nexus.
AIG has made three new appointments:
- Gael Umano becomes Senior Underwriter - Strategic & Multinational Trade Credit, based in London. Gael joins AIG from Euler Hermes where he was World Agency Regional Account Manager & Regional Commercial Underwriter.
- Jessica Oyigo becomes Senior Underwriter for trade finance, Americas, based in New York. Jessica joins AIG from Euler Hermes, where she was a Senior Regional Commercial Underwriter for North America.
- Adam Knowles has been promoted to Head of Claims for Credit Lines in the UK and Europe. Adam joined AIG as a Major Loss Adjuster in 2018 having previously been at Euler Hermes as a Senior Claims Assessor.
Canopius has made two new appointments to its credit and political risk team.
- Patrick Sheriff joins as Credit and Political Risk Underwriter in London. He formerly held a similar role at Chaucer Singapore.
- Jeremy Hatchuel joins as a Portfolio Analyst in London. He was previously a structurer at Greensill and Aon.
Euler Hermes has announced three new appointments:
- Milo Bogaerts becomes Head of Region D-A-CH (Germany, Austria, Switzerland), based in Hamburg. Milo was previously Euler Hermes' Head of Region Northern Europe.
- Ana Boata, previously Head of Macroeconomic Research, has been appointed Global Head of Economic Research of Euler Hermes Group.
- Marine Bochot has become CEO of Euler Hermes Northern Europe. Marine was most recently Group Head of Credit Underwriting at Euler Hermes.
Attis Credit Solutions has announced three new appointments:
- Catherine Sweeten joins Attis as Development Director. Catherine previously worked for Xenia/CRS.
- Nathan Brown joins Attis as Client Manager, based in their Leeds office. Nathan joins Attis from Aon Credit Solutions.
- Jane Murray joins Attis' Manchester office as an Account Handler. She was formerly Credit Services Manager at Brammer Plc.
Career Opportunities
Country Risk Analyst, 12 Month Fixed Term Contract
The Opportunity
Global business makes political and credit risks a fact of commercial life for many companies and institutions with overseas investments and contracts. As one of the most experienced political risk insurers in the world, Chubb offers innovative and comprehensive solutions that deliver confidence, security and peace of mind to clients across the globe.
The Country Risk Analyst would work as member of the dedicated Country and Credit Risk Management team with specialist skills and experience across political science, economics as well as trade and project finance.
Your Responsibilities for this role may include, but are not limited to:
Pension and annual bonus scheme, 25 days annual leave plus ability to purchase 5 additional days, Private Medical cover, Employee Share Purchase Plan, Life Assurance, Subsidised gym membership, Comprehensive Learning & development offerings, Employee Assistance program.
Integrity. Client focus. Respect. Excellence. Teamwork.
Our core values dictate how we live and work. We’re an ethical and honest company that’s wholly committed to its clients. A business that’s engaged in mutual trust and respect for its employees and partners. A place where colleagues perform at the highest levels. And a working environment that’s collaborative and supportive.
Diversity & Inclusion. At Chubb we consider our people our chief competitive advantage and as such we treat colleagues, candidates, clients, and business partners with equality, fairness and respect, regardless of their age, disability, race, religion or belief, gender, sexual orientation, marital status or family circumstances.
https://www2.chubb.com/emea-careers/working-for-us/diversity-inclusion.aspx.
Apply for this position at https://careers.chubb.com/global/en/job/210000YK/Country-Risk-Analyst.
Global business makes political and credit risks a fact of commercial life for many companies and institutions with overseas investments and contracts. As one of the most experienced political risk insurers in the world, Chubb offers innovative and comprehensive solutions that deliver confidence, security and peace of mind to clients across the globe.
The Country Risk Analyst would work as member of the dedicated Country and Credit Risk Management team with specialist skills and experience across political science, economics as well as trade and project finance.
Your Responsibilities for this role may include, but are not limited to:
- Country models: the analyst will prepare risk profiles of countries following a custom template to determine the Chubb country rating and discuss findings with underwriters
- Daily news: the analyst will review a range of global news outlets and prepare a succinct summary to inform underwriting decisions of the team
- On-demand analysis: the analyst will prepare, on demand of underwriters and senior management, analysis on specific questions ranging from the risk profile of specific SOEs to shifts in geopolitical dynamics in the South China Sea
- Risk monitoring: the analyst will aggregate and present data on Chubb’s Political Risk and Credit team’s global risk exposure
- Credit risk analysis: depending on experience and interest, the analyst may also become involved in analysis of trade credit obligors
- Well-developed skills in country analysis including deep understanding of political and economic processes, keen interest in geopolitics and international affairs, excellent written and verbal communication skills
- Preferably degree in e.g. International Relations, Politics or Economics.
- An additional European language desirable
- Strong communications skills, ability to build internal and external relationships
- Excellent analytical, problem solving skills
- Highly computer literate and numerate
- Planning and organising – able to priorities and manage workload
Pension and annual bonus scheme, 25 days annual leave plus ability to purchase 5 additional days, Private Medical cover, Employee Share Purchase Plan, Life Assurance, Subsidised gym membership, Comprehensive Learning & development offerings, Employee Assistance program.
Integrity. Client focus. Respect. Excellence. Teamwork.
Our core values dictate how we live and work. We’re an ethical and honest company that’s wholly committed to its clients. A business that’s engaged in mutual trust and respect for its employees and partners. A place where colleagues perform at the highest levels. And a working environment that’s collaborative and supportive.
Diversity & Inclusion. At Chubb we consider our people our chief competitive advantage and as such we treat colleagues, candidates, clients, and business partners with equality, fairness and respect, regardless of their age, disability, race, religion or belief, gender, sexual orientation, marital status or family circumstances.
https://www2.chubb.com/emea-careers/working-for-us/diversity-inclusion.aspx.
Apply for this position at https://careers.chubb.com/global/en/job/210000YK/Country-Risk-Analyst.
Events & Professional Development
TXF Global 2021: Export, Agency & Project Finance: Madrid, 18-2O October.
HYBRID EVENT: PHYSICAL & VIRTUAL
We can't wait to welcome you in-person for the ultimate comeback festival in Madrid as TXF Global Export, Agency and Project Finance is back in the flesh for the first time in over 2 years at the Hotel Riu on October 19-20!
The conference will return with a twist, featuring only keynote speakers and panels, as well as much more networking sessions and activities than ever before.
While we are so excited to return in person, we will continue our investment and innovation in connecting this global community virtually too, whilst putting in place a range of measures to ensure all guests can be confident that your safety is absolutely paramount. Please take a look at our detailed travel and safety guidelines below.
TXF Members also get free access to the virtual aspects of the event, get in touch now to find out how you become a member and can get access to this event, all TXF export finance virtual events, our specialist export content library, members only content and events plus much more: membership@txfmedia.com.
Additional Networking Features for Physical Guests
18th October 17:00 CEST - WALKING TOUR (Meet outside Hotel Riu) Limited spaces left
Start the celebrations early and discover the history and culture of Madrid as you walk the medieval streets of Old Town . The tour will finish at our ice-breaker drinks where you can enjoy a drink or three.. and kick off your networking for the event with a bang!
18th October 19:00 CEST - ICE-BREAKER DRINKS (bar announced later this week)
Alternatively, skip the stroll and just join us for ice-breaker drinks, we can’t wait to toast to our first in person event in over 18 months!
(If you would like to join us for either of the above activities, please email Evan at evan@kujenga.tech to request a place!)
19th October 17:30 CEST - COCKTAIL RECEPTION (Terrace 21 – Hotel RIU)
As the first day of fantastic content and long awaited in-person deal-making comes to an end, it's time to join the ultimate fiesta, with the cocktails flowing and conga line going, let's party like it's 2019 at our MUFG hosted networking drinks!
20th October 7.00 CEST - MORNING RUN (Meet outside Hotel Riu)
One for the early birds and athletes among us! Join our CEO, Dan Sheriff bright and early for a morning run around Madrid.
For more information and to register for this event go to https://www.txfnews.com/Events/Event/global21.
HYBRID EVENT: PHYSICAL & VIRTUAL
We can't wait to welcome you in-person for the ultimate comeback festival in Madrid as TXF Global Export, Agency and Project Finance is back in the flesh for the first time in over 2 years at the Hotel Riu on October 19-20!
The conference will return with a twist, featuring only keynote speakers and panels, as well as much more networking sessions and activities than ever before.
While we are so excited to return in person, we will continue our investment and innovation in connecting this global community virtually too, whilst putting in place a range of measures to ensure all guests can be confident that your safety is absolutely paramount. Please take a look at our detailed travel and safety guidelines below.
TXF Members also get free access to the virtual aspects of the event, get in touch now to find out how you become a member and can get access to this event, all TXF export finance virtual events, our specialist export content library, members only content and events plus much more: membership@txfmedia.com.
Additional Networking Features for Physical Guests
18th October 17:00 CEST - WALKING TOUR (Meet outside Hotel Riu) Limited spaces left
Start the celebrations early and discover the history and culture of Madrid as you walk the medieval streets of Old Town . The tour will finish at our ice-breaker drinks where you can enjoy a drink or three.. and kick off your networking for the event with a bang!
18th October 19:00 CEST - ICE-BREAKER DRINKS (bar announced later this week)
Alternatively, skip the stroll and just join us for ice-breaker drinks, we can’t wait to toast to our first in person event in over 18 months!
(If you would like to join us for either of the above activities, please email Evan at evan@kujenga.tech to request a place!)
19th October 17:30 CEST - COCKTAIL RECEPTION (Terrace 21 – Hotel RIU)
As the first day of fantastic content and long awaited in-person deal-making comes to an end, it's time to join the ultimate fiesta, with the cocktails flowing and conga line going, let's party like it's 2019 at our MUFG hosted networking drinks!
20th October 7.00 CEST - MORNING RUN (Meet outside Hotel Riu)
One for the early birds and athletes among us! Join our CEO, Dan Sheriff bright and early for a morning run around Madrid.
For more information and to register for this event go to https://www.txfnews.com/Events/Event/global21.
Consortia 2021, London and Virtual,19-20 October.
Blockchain is continuously being looked at by both banks and independent receivables finance providers to massively streamline their trade and receivables finance operations. The pandemic has led to a huge shift toward digital platforms, making blockchain even more relevant to ensure safe and transparent transactions.
Back for a second year, BCR’s Consortia 2021 will once again bring together the major consortiums pioneering blockchain and distributed ledger technology (DLT) for trade and receivables finance to the business and financial community. Consortia 2021 will provide a forum for the consortiums and their prospective partners and other interested parties which will showcase and evaluate their development and future.
The event is a perfect opportunity for discussion on how blockchain and DLT are impacting trade finance and the business opportunities that these new technologies offer to banks, funders, SMEs, government bodies, trade bodies and corporates etc.
Blockchain is continuously being looked at by both banks and independent receivables finance providers to massively streamline their trade and receivables finance operations. The pandemic has led to a huge shift toward digital platforms, making blockchain even more relevant to ensure safe and transparent transactions.
Back for a second year, BCR’s Consortia 2021 will once again bring together the major consortiums pioneering blockchain and distributed ledger technology (DLT) for trade and receivables finance to the business and financial community. Consortia 2021 will provide a forum for the consortiums and their prospective partners and other interested parties which will showcase and evaluate their development and future.
The event is a perfect opportunity for discussion on how blockchain and DLT are impacting trade finance and the business opportunities that these new technologies offer to banks, funders, SMEs, government bodies, trade bodies and corporates etc.
For more information go to
https://bcrpub.com/events/consortia-2021.
National Credit Awards 2021. 21 October 2021. The Waldorf Hilton, London.
New for 2021, MoneyAge is proud to present the National Credit Awards.
The awards are designed to honour the outstanding professionals and firms in the many varied fields of the credit industry, to recognise, celebrate, and promote best practice, to support continuing development, and to contribute towards raising the standards within the credit arena.
The awards are free to enter and you can enter as many categories as you like.
Head over to the website to find out more.
SUBMIT YOUR ENTRY: https://www.moneyage.co.uk/creditawards/index.php.
Deadline for entries: 25 June 2021
New for 2021, MoneyAge is proud to present the National Credit Awards.
The awards are designed to honour the outstanding professionals and firms in the many varied fields of the credit industry, to recognise, celebrate, and promote best practice, to support continuing development, and to contribute towards raising the standards within the credit arena.
The awards are free to enter and you can enter as many categories as you like.
Head over to the website to find out more.
SUBMIT YOUR ENTRY: https://www.moneyage.co.uk/creditawards/index.php.
Deadline for entries: 25 June 2021
BCR’s Alternative & Receivables Finance Forum, 18 November. London.
Businesses are adapting to changing global trade patterns and facing challenges of maintaining competitive and sustainable supply chains, while continuing to optimise their costs and cashflow. They are constantly looking for new technology-enabled funding models that have potential to help companies to adapt to geopolitical shifts, the rapid growth of eCommerce and the fallout from the Covid-19 pandemic. The Alternative & Receivables Finance Forum is a timely opportunity for receivables finance providers and ‘alternative’ SME funders to identify openings of this new trade era, address the choices SMEs are making to fill financial gaps, learn from the top industry players how the receivables finance sector is rebuilding and expanding after Covid. Join #ARF21 by booking your ticket at https://bcrpub.com/events/alternative-and-receivables-finance-2021. Professional Development.
Businesses are adapting to changing global trade patterns and facing challenges of maintaining competitive and sustainable supply chains, while continuing to optimise their costs and cashflow. They are constantly looking for new technology-enabled funding models that have potential to help companies to adapt to geopolitical shifts, the rapid growth of eCommerce and the fallout from the Covid-19 pandemic. The Alternative & Receivables Finance Forum is a timely opportunity for receivables finance providers and ‘alternative’ SME funders to identify openings of this new trade era, address the choices SMEs are making to fill financial gaps, learn from the top industry players how the receivables finance sector is rebuilding and expanding after Covid. Join #ARF21 by booking your ticket at https://bcrpub.com/events/alternative-and-receivables-finance-2021. Professional Development.
GTR Nordics, 25 November. Stockholm.
Global Trade Review is delighted to announce that GTR Nordics will be returning to Stockholm as an in-person event, taking place on November 25, 2021. Following hot on the heels of COP26, GTR will once again provide the region’s leading trade gathering, bringing together a host of financing experts and innovators to plot a path for Nordic industry and commerce. Exploring the latest initiatives taking steps toward a carbon neutral future, an in-depth agenda will address the regulatory, efficiency and profitability challenges facing the Nordic trade and export financing sectors in the here and now, and pinpoint emerging business opportunities as the global economy sets sights on sustainable post-pandemic growth.
Global Trade Review is delighted to announce that GTR Nordics will be returning to Stockholm as an in-person event, taking place on November 25, 2021. Following hot on the heels of COP26, GTR will once again provide the region’s leading trade gathering, bringing together a host of financing experts and innovators to plot a path for Nordic industry and commerce. Exploring the latest initiatives taking steps toward a carbon neutral future, an in-depth agenda will address the regulatory, efficiency and profitability challenges facing the Nordic trade and export financing sectors in the here and now, and pinpoint emerging business opportunities as the global economy sets sights on sustainable post-pandemic growth.
This hugely anticipated in-person event promises unparalleled networking opportunities with the sector’s most prominent experts, all within a Covid-safe environment in-line with the latest government regulations. For those seeking to catch up with old friends and forge fresh connections while gaining practical insights into the future of Nordic trade, export & ECA and supply chain financing, this event is not to be missed!
Click here for more information.
Readers of Credit Insurance News' publications can receive a 10% booking discount, use code EBD10.
Stecis is getting back on track with Webinars, Classroom courses and Masterclasses.
As we all hope that the Covid-19 pandemic is under control after the summer, STECIS has planned again a number of classroom courses in November 2021. For Trade Credit Insurance and Surety Bonds, at each Foundation and Advanced courses will be offered in the vicinity of Amsterdam Schiphol. In case still necessary, all applicable Covid-19 restrictions will be in place during the classroom training courses. During the classroom trainings real, practical cases will be discussed. Additionally, various webinars on both Trade Credit Insurance and Surety Bonds have been already scheduled throughout the year. These webinars are interesting to all individuals who are starting their career in the TCI and/or Surety Bonds industry, but also for all other interested parties like brokers, re-insurers´ employees, lawyers, credit managers etc.
To expand our offering STECIS is currently developing three masterclasses on Trade Credit Insurance that will address the following topics: TCI and Digitalisation, Non-traditional TCI products and TCI and Finance. These masterclasses will be hold by top experts from the TCI industry presenting the recent developments and trends in the field of TCI. Joining these masterclass will be not only be an excellent way to keep up to date with important developments in the TCI world. The courses are also an excellent means to increase your professional network as you will meet other participants and top experts from the industry.
When the outlines of the three masterclasses are available, they will be shared via Credit Insurance News and the website of Stecis.
More information can be found on the Stecis’ website: www.stecis.org.
All courses will run at the Steigenberger Hotel at Amsterdam-Schiphol.
Further information can be obtained by sending an email to: info@stecis.org.
As we all hope that the Covid-19 pandemic is under control after the summer, STECIS has planned again a number of classroom courses in November 2021. For Trade Credit Insurance and Surety Bonds, at each Foundation and Advanced courses will be offered in the vicinity of Amsterdam Schiphol. In case still necessary, all applicable Covid-19 restrictions will be in place during the classroom training courses. During the classroom trainings real, practical cases will be discussed. Additionally, various webinars on both Trade Credit Insurance and Surety Bonds have been already scheduled throughout the year. These webinars are interesting to all individuals who are starting their career in the TCI and/or Surety Bonds industry, but also for all other interested parties like brokers, re-insurers´ employees, lawyers, credit managers etc.
To expand our offering STECIS is currently developing three masterclasses on Trade Credit Insurance that will address the following topics: TCI and Digitalisation, Non-traditional TCI products and TCI and Finance. These masterclasses will be hold by top experts from the TCI industry presenting the recent developments and trends in the field of TCI. Joining these masterclass will be not only be an excellent way to keep up to date with important developments in the TCI world. The courses are also an excellent means to increase your professional network as you will meet other participants and top experts from the industry.
When the outlines of the three masterclasses are available, they will be shared via Credit Insurance News and the website of Stecis.
More information can be found on the Stecis’ website: www.stecis.org.
All courses will run at the Steigenberger Hotel at Amsterdam-Schiphol.
Further information can be obtained by sending an email to: info@stecis.org.
About the Sponsor: Atradius
With first-class service and unrivalled expertise, we help customers build robust trade strategies and become an intrinsic part of their businesses.
We offer cutting-edge tools, real-time insights, worldwide business intelligence and decades of experience to steer customers away from risk and seize new opportunities.
Let us help you.
For more information and to access a suite of free downloadable economic, country, sector and payment practices reports and export guides, visit www.atradius.co.uk or follow AtradiusUK on LinkedIn.
We offer cutting-edge tools, real-time insights, worldwide business intelligence and decades of experience to steer customers away from risk and seize new opportunities.
Let us help you.
For more information and to access a suite of free downloadable economic, country, sector and payment practices reports and export guides, visit www.atradius.co.uk or follow AtradiusUK on LinkedIn.
Copyright ©2021 Credit Insurance News. All rights reserved.
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.
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.
Terms and Conditions Privacy and Cookie Policy © 2020 Credit Insurance News