Welcome to the September 2020 issue of Credit Insurance News Digest. This issue is sponsored
by Atradius.
Index
PLUS: This month's featured article: 'Trade Credit Insurance; an essential part of the business equation'
By James Burgess, newly appointed Head of Commercial UK for leading trade credit insurer Atradius.
By James Burgess, newly appointed Head of Commercial UK for leading trade credit insurer Atradius.
Credit Insurance News
Trade credit insurers' Coronavirus losses will be mitigated by State Support. An article by Fitch Ratings has suggested that due to trade credit backstops provided by governments around the world as well as overall measures to aid the global economy, trade credit insurers' losses from the Coronavirus pandemic are unlikely to be as large as in the 2008 global financial crisis. The article notes that pandemic-related trade credit insurance claims are anticipated to peak in late 2020 and continue well into 2021. However, credit insurers' financial performance should then improve as they re-underwrite business at higher prices to recoup losses and meet higher demand. Fitch Ratings also predicts that there will be increased demand for credit insurance in the medium-to-long-term as a result of the pandemic. To read Fitch Rating's article go to https://www.fitchratings.com/research/insurance/credit-insurers-coronavirus-losses-mitigated-by-state-support-07-08-2020.
The UK Government's Trade Credit Reinsurance Scheme is given a green light . . . but will all limits be reinstated?
The Grocer has reported that the UK Government's Trade Credit Reinsurance Scheme, which has been given the go-ahead after months of delays, has given hope to businesses whose limits that have been cancelled or reduced in recent months.
However, a senior trade credit insurance director told The Grocer that, although it would be joining the scheme, it couldn't guarantee that all limits would be reinstated, noting: "remember this is public money."
Similarly, the CFO of Federation of Wholesale Distributors, James Bielby, commented that while the scheme was welcome, it still allows insurers to cut cover. To read The Grocer's article go to https://www.thegrocer.co.uk/wholesalers/governments-trade-credit-deal-to-support-supply-chains-given-green-light/647364.article.
Further trade credit losses for both insurers and reinsurers across 2020 and into 2021. Reinsurance News has reported that, although a number of
countries have put in place government schemes to ensure that trade credit insurance cover remains available, AM Best expects that trade credit insurers and reinsurers will experience further underwriting losses in 2020 and probably
into 2021. However, due to the actions taken by the primary writers to de-risk their portfolios and mitigate losses, the level of losses is expected to be manageable for reinsurers. AM Best notes that the leading trade credit insurance players have taken substantial
portfolio actions, including both reductions in exposures and increases in premium rate.
To read Reinsurance News' article go to https://www.reinsurancene.ws/further-trade-credit-losses-for-re-insurers-in-2020-2021-am-best/.
The global trade credit insurance market saw strong growth in 2019. AU Group has published its latest trade credit insurance market survey for 2020, which reviews the performance of the different insurers before the impact of the COVID-19 pandemic. The report notes the credit insurance market remains very oligopolistic, with Atradius, Coface and Euler Hermes accounting for more than 75% of the total premium and with global market shares of 24.5%, 17.2% and 34.6% respectively. The report also notes that the trade credit insurance industry saw strong growth of around 7% in 2019, with Atradius (this issue's sponsor), showing consistent improvement in its trade credit insurance activity. This included a "tremendous" 18% increase in operational profit, a 12.5% increase in net profit, and a profitability ratio of 11.3%. Go to https://www.au-group.com/credit-insurance-market-2020/ to download a copy of the report.
Why the lesser-known Trade Credit Reinsurance Scheme could be one of the most important UK Government support packages to date. Price Bailey has published an article that suggests that the UK Government's trade credit insurance scheme is arguably one of the most effective and important support schemes introduced by the Government. The article notes that trade credit insurance "is a quiet but critical foundation of the UK economy" and plays a vital role in the UK supply chain (both domestic and export) and for sectors such as manufacturing. Price Bailey also comments that the scheme has "unlocked" the invoice finance market, which had been temporarily constrained by the increased risk of lending without trade credit insurance. To read Price Bailey's article go to https://www.pricebailey.co.uk/blog/trade-credit-reinsurance-scheme/.
Why trade credit insurance will retain its purpose and popularity. GTR (Global Trade Review) has reported that a recent survey by the International Credit Brokers Alliance (ICBA) asked five brokers (Kirk Cheeseman of ICBA Australia, Rene Van Der Voor of ICBA Netherlands, Danilo Potenza of ICBA Italy, Joerg Kowalewski of ICBA Germany, and Richard Pickers of ICBA Spain) to discuss how they think trade credit insurance will retain its purpose and its popularity moving forward. Mr Kowalewski commented: "The corporate experience from the pandemic is that the ‘blue-chip’ buyers may not exist anymore. It has been shown time and again the world over that trade credit insurance protects the P&L when default risk occurs without any warning. This is what trade credit insurance was created for.”
To read GTR's article go to https://www.gtreview.com/news/global/icba-survey-trade-credit-insurance-in-a-world-of-unprecedented-volatility/.
Atradius forecasts a 27% climb in UK business failures. According to new research by Atradius, insolvencies in the UK are forecast to jump by 27% this year, slightly higher than the global average rise of 26%. Atradius notes that every major economy - except for China - is expected to enter recession this year, with global GDP forecast to contract by 4.5%. This will make this recession more acute in magnitude than the Great Recession of 2009. Out of the 31 global markets analysed, the UK is expected to see the ninth highest insolvency forecast and the largest GDP contraction in Northern Europe. Atradius also predicts that every market is set to experience a rise in insolvencies in 2020, led by Turkey with a 41% forecast increase, followed by the US and Hong Kong with a forecast rise of 39%. To read Atradius' news release go to https://atradius.co.uk/reports/economic-research-2020-insolvencies-forecast-to-jump-due-to-covid-19.html.
Pullback by US trade credit insurers "leaves suppliers, retailers in a bind".
Insurance Journal has published an article that reports that, according to Robert Litan (an economist and attorney, who published a report in early July on the issue), trade credit insurance provides a financial backstop for at least $600 billion in annual US sales. However, with the pandemic creating uncertainty, Mr Litan estimates the US-based trade credit insurers have already have cut back their coverage by almost 14% across all types of industries this year. The resulting squeeze on trade credit is, according to experts, "far more acute" than during the Great Recession, and Insurance Journal provides comments from some of the struggling US companies impacted. To read Insurance Journal's article go to https://www.insurancejournal.com/news/national/2020/09/08/581776.htm.
Trade credit insurance claims are expected to surge in the UK construction sector. New Civil Engineer has reported that a survey carried out by M&DH Insurance Services
found that more than half (55%) of all construction related business were taking longer to pay their suppliers since the COVID-19 lockdown, thereby potentially "pushing many contractors and
subcontractors to insolvency”. M&DH Insurance Services' Managing Director, Richard Hames, said that, as a result, “We are expecting claims on trade credit insurance in the construction sector to surge towards the end of this year and well
into 2021
and demand {for trade credit insurance} to remain high as construction businesses look to reduce supply chain risks.” To read New Civil Engineer's article go to https://www.newcivilengineer.com/latest/uk-contractors-are-failing-to-meet-prompt-payment-requirements-02-09-2020/.
Construction Partnership's Administration highlights the value of trade credit insurance. InfolinkGazette's has noted that an aged debtor analysis for Construction Partnership UK Limited, which recently went into Administration owing £9,911,510 to 815 unsecured creditors, reveals that it was owed over £3 million owed by developer Hill Top Rise Ltd, who were wound-up in early June. InfolinkGazette's Managing Director, Greg Connell, commented: "This example demonstrates the catastrophic consequences of unsecured creditor losses, whereby trade suppliers are forced out of business when a customer becomes insolvent." He noted: "If limits are available, trade suppliers and contractors are well-advised to take out credit insurance in the current environment." To read InfolinkGazette's news release go to https://www.infolinkgazette.com/?pid=6.
The impact of the pandemic on trade credit insurance. Trade Finance Global (TFG) has published an interview with Robert Meters, Head of Marketing and Sales, Global Business & Financial Services at SCHUMANN in which, as part of a wide-ranging discussion on the impact of the pandemic on trade credit insurance, Mr Meters examines whether the reinsurance backstops that have been offered by some governments will be enough to keep the trade credit insurance market running. He also describes some of the actions being taken by insurers to ameliorate the impact of the pandemic, and cautions that the industry could face additional challenges once state guarantees have ended. To read TFG's article go to https://www.tradefinanceglobal.com/posts/schumann-interview-rethinking-credit-risk-management-in-2020-and-beyond/.
SCHUMANN's conference on 1 October (see description) will discuss some of the areas raised in the article.
SCHUMANN's conference on 1 October (see description) will discuss some of the areas raised in the article.
Mapfre anticipates a significant rise in trade credit insurance claims.
S&P Global Market Intelligence has reported that, according to the CFO of Mapfre, Fernando Mata Verdejo, although the number of credit insurance claims received to date is "very small", Mapfre is expecting a significant increase in credit insurance
claims due to Coronavirus in the coming quarters. Mr Verdejo was upbeat about Mapfre's ability to weather the Coronavirus crisis and confirmed that Mapfre has reserved €10 million towards the cost of meeting future claims. However, he noted that there was a "high level of uncertainty" regarding the level of claims the company would face from the pandemic.
To read S&P Global' news release go to https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/lockdown-easing-triggered-tsunami-of-claims-8211-mapfre-cfo-59578300.
Balancing a demand for trade credit insurance in Australia alongside a spike in insolvencies. Insurance Business Australia
recently published an interview with Daniel Chapman, Director of Credit Solutions at Aon, in which Mr Chapman notes that given current "dire circumstances", the challenge for his business is balancing demand for trade credit insurance alongside
protecting it against "a huge" spike in the risk of insolvency. He concluded: "We’ve got to meet the needs and requirements of our clients but do that in a world where capacity and appetite from underwriters is contracting. Managing that balance is going to be the challenge.”
To read Insurance Business' article go to https://www.insurancebusinessmag.com/au/news/broker-perspective/broker-on-protecting-clients-from-insolvency-amid-covid19-229089.aspx.
Nexus unites under a single trading name and brand, Xenia. The independent broking arm of the Nexus Group, Xenia Broking Group, has announced that it is formally uniting under one trading name and brand, Xenia. Xenia’s news release reports that the business intends to develop its specialist focus by maintaining strong organic growth (approximately 15% per annum) and by acquisition, with targeted combined growth of over 30% per annum. Nexus launched Xenia Broking Group Limited in March 2019 when Tim Coles became CEO of Xenia alongside his role as Nexus Group COO. Nexus acquired Credit Risk Solutions in October 2017 and Credit and Business Finance in April 2019. To read Nexus' news release go to http://www.nexusunderwriting.com/news/nexus-unites-its-trade-credit-broking-under-single-xenia-brand.
Prepare for a significant spike in global insolvencies. Insurance Business has reported that a new study by Euler Hermes has warned that global insolvencies are expected to surge to a record high of +35% cumulated
over a two-year period (after +17% in 2020 and +16% in 2021), with most insolvencies expected during the second half of 2020 and the first half of 2021.
All global regions and countries are expected to post double-digit increases in insolvencies, with the biggest surges seen in North America (+56% by end-2021), followed by Central and Eastern Europe (+34%), Latin America, (+33%), Western Europe
(+32%), and Asia-Pacific (+31%). In Asia Pacific, China leads the region with +40% more insolvencies predicted by end-2021. To read Insurance Business' article go to https://www.insurancebusinessmag.com/nz/news/breaking-news/prepare-for-a-significant-spike-in-global-insolvencies-says-euler-hermes-229277.aspx.
European Commission approves a €2 billion Italian trade credit insurance guarantee scheme. Reinsurance News has reported that the European Commission has approved a €2 billion Italian scheme to support the trade credit insurance market during the COVID-19 pandemic.
Executive Vice-President, Margrethe Vestager (in charge of competition policy), said: “This €2 billion Italian scheme will contribute to ensuring that trade credit insurance remains available to all companies so that they can secure their
commercial exchanges. This will help them address their liquidity needs and continue their activities during and after the crisis." The Italian scheme will initially be in place until the end of December 2020, although it will be reassessed prior to the end of the year to see if it needs to be extended.
To read Reinsurance News' article go to https://www.reinsurancene.ws/e2bn-italian-trade-credit-insurance-guarantee-scheme-approved-by-ec/.
The impact of COVID-19 looks set to hit Britain harder than other developed economies. Euler Hermes has warned that UK business insolvencies are set to rise by more than 43%, ahead of the global trend of +35%, as the impact of COVID-19 hits Britain harder than other developed economies. Euler Hermes also believes that the UK economy will shrink by 13.3% this year, followed by a modest +5% rebound in GDP in 2021. Milo Bogaerts, CEO, Euler Hermes UK & Ireland, commented:
“The UK is amongst the countries with the longest and harshest lockdowns in Europe.
The economy is taking time to get back up and running and we are already seeing an increase in claims notifications, foretelling the pain that is still to come for many sectors and businesses.”
To read Euler Hermes' news release go to https://www.eulerhermes.co.uk/newsroom/covid-19-to-drive-43percent-rise-in-uk-insolvencies.html.
Podcast: US trade credit insurance post-COVID-19. Aon has published a podcast (part of a series on a wide range of issues) in which Aon's Public Affairs Manager, Daniel Serota, and Aon's US Trade Credit Solutions Practice Leader, Clay Sasse, discuss the history of trade credit insurance, its importance during a global pandemic, and how it will continue in the future. Mr Sasse notes that the short-term priority of trade credit insurance is to get companies trading again. In the longer term, trade credit insurers will be called on to innovate to provide "more types of capacity and products that can support more complicated types of projects." To listen to the podcast go to https://insights-north-america.aon.com/blog-posts-north-america/podcast-public-affairs-update.
An economic recovery Is possible, but massive uncertainty remains. An article in Global Trade reports that although the global economy is under undue strain at the moment, Atradius' economists predict a recovery could begin as early as this year. Atradius' baseline scenario, predicated on a successful vaccine becoming available in the near-term, limited further lockdowns, low oil prices and a standstill in the US-China trade war, has global GDP rebounding by 5.7% in 2021, with the US seeing growth of 4.2%. However, should these assumptions not play out, Atradius warns that the global economic recession could be much worse than anticipated – with contraction rates twice as damaging as those currently predicted. To read Global Trade's article go to https://www.globaltrademag.com/an-economic-recovery-from-covid-19-in-2021-is-possible-but-massive-uncertainty-remains/.
84% of UK CFOs now experience payment delays at least once a month. According to 'The Finance Leader of Tomorrow' - a new survey by Euler Hermes, eight in ten UK CFOs fear their business is ill-prepared to handle a decrease in sales volumes
as the full impact of COVID-19 begins to be felt on the UK economy. 62% of UK CFOs (up from the pre-lockdown level of 40%) also report that a decrease in sales volumes is now their greatest worry, and 84% of the CFOs surveyed say they
now experience payment delays for goods or services at least once a month.
Steve Scott, Chief Financial Officer, Euler Hermes UK and Ireland, commented: “It’s easy to forget the optimism that greeted the year as the UK welcomed a calmer political outlook and a more stable economy.
We’re now in a different world with a new set of challenges and opportunities." To read Euler Hermes' news release go to https://www.eulerhermes.co.uk/newsroom/uk-cfos-unprepared-for-covid-19-sales-slump.html.
Bridge Insurance Brokers announces the launch of Bridge Cover Exchange. Insurance Business has reported that Bridge Insurance Brokers Ltd has become the first UK credit insurance broker to use the Trade Cover Exchange platform as a fully branded portal for its clients. The Trade Cover Exchange platform allows businesses to get credit insurance quotes from multiple insurers for a single invoice by registering and selecting the debtor they wish to cover as well as the invoice amount and due date. Mark Johnson, Director of Trade Credit at Bridge Insurance Brokers, commented: "Credit insurance is no different from every other product and service out there – it must adapt to suit the current needs of those who use it, and it's fair to say that not every business needs to protect their whole debtor book." To read Insurance Business' article go to https://www.insurancebusinessmag.com/uk/news/breaking-news/bridge-insurance-brokers-announces-exciting-partnership-232030.aspx.
Trade credit insurance claims form the biggest proportion of total non-life claims in Indonesia in the first half of 2020. Asia Insurance Review
has reported that the Indonesian General Insurance Association has said that trade credit insurance business accounted for the largest proportion (24%) of the value of claims in the sector in the first half of 2020. In addition, trade
credit insurance claims reached the equivalent of USD$277 million, up by 16.3% from the same period last year. As the increase in claims was not accompanied by an increase in premiums, the claim ratio jumped
sharply to 70.8% - significantly higher than 57.2% for the corresponding half last year. To read Asia Insurance Review's article go to https://www.asiainsurancereview.com/News/View-NewsLetter-Article/id/73471/Type/eDaily/Indonesia-Credit-insurance-claims-form-biggest-proportion-of-total-non-life-claims-in-1H#.
Hard times ahead, but Asia is poised to lead the global recovery. Asia Insurance Review has reported that, although Asia's economic growth is dependent on how governments manage the risks of a second wave of COVID-19, Euler Hermes believes that the region is well-positioned to lead the way. Euler Hermes' Senior Economist for APAC, Françoise Huang, told Asia Insurance Review: "Our forecast for Asia is less negative compared to other regions like Latin America and the Eurozone, although there is disparity within Asia with some economies helping to drive growth while others will be laggards." China is predicted to be among those driving growth (+7.6% growth forecast in 2021 as long as downside risks do not materialise), with Hong Kong and Singapore also benefitting from China's nascent economic recovery. To read Asia Insurance Review's article go to https://www.asiainsurancereview.com/Magazine/ReadMagazineArticle?aid=43664.
The US economy is facing a grim outlook. Atradius' latest Payment Practices Barometer indicates that there has been a significant deterioration of B2B customer credit risk in the US, with "a staggering" 72% year-over-year increase in invoice payment defaults. The suppliers polled by Atradius also noted that 43% of the total value of B2B credit sales is overdue and that they have experienced a fourfold rise in the value of write-offs of uncollectable receivables. Furthermore, there was a 32% increase in US businesses stating they needed to delay payment to their suppliers due to late payments from their customers, and a 41% increase in respondents who said that their B2B customers use outstanding invoices as a form of short-term finance. Atradius forecasts that the US economy will contract by up to 7% in 2020. To read Atradius' news release go to https://group.atradius.com/publications/payment-practices-barometer/us-2020-business-environment-strained-by-cash-flow-issues.html.
Coface predicts a massive increase in US business bankruptcy filings.
Coface's latest economic publication predicts that as the COVID-19 epidemic hits the US very hard, the country's GDP will contract by 5.6% in 2020 before rebounding by 3.3% in 2021. However, Coface adds that this forecast is threatened by the resurgence of the pandemic in several states. In terms of business bankruptcy, Coface anticipates that the drop in GDP will be followed by a massive 43% increase in bankruptcy between the end of 2019 and the end of 2021. Furthermore, Coface's estimates show that 'zombie' companies, which have grown over the last decade to represent more than 6% of US companies in 2019, could also be pushed into bankruptcy in the coming months.
To read Coface's news release go to https://www.coface.com/News-Publications/News/United-States-Two-speed-business-bankruptcies.
The US trade credit insurance market. The International Trade and Forfaiting Association (ITFA) Americas has announced it has released its first industry reviewed and supported trade credit insurance (TCI) white paper for the US TCI market.
The topics considered include: What is Trade credit insurance; motivating factors behind the purchasing decision; underwriting philosophies; financial institutions and the role they play, and; trade credit insurance impact on global trade.
The paper notes that the US market currently protects over USD$600 billion in annual trade, with over USD$400 billion in committed credit
lines in nearly every trade sector. The paper is available to all ITFA members in the member area of the ITFA website. For more information go to https://itfa.org/itfa-white-paper-what-is-trade-credit-insurance-the-us-trade-credit-market/.
The impact of Coronavirus on Asian economies. Atradius has analysed the impact of the Coronavirus pandemic on five Asian markets (India, Japan, Indonesia, Thailand and Vietnam) in a series of country reports. Atradius notes that, although all the markets will see economic contraction and a rise in business insolvencies in 2020, India, Thailand, and Japan look set to see the largest GDP contractions of 5.7%, 5.7% and 6% respectively in 2020. India is also expected to see a notable 75% increase in business insolvencies. Darren Power, Regional Manager for Atradius UK’s northern region, said: "With no exception, the road ahead for these five markets is anything but smooth."
The full reports, and a suite of free economic research and trading reports, are available on Atradius' reports page at https://atradius.co.uk/publication-search/.
The full reports, and a suite of free economic research and trading reports, are available on Atradius' reports page at https://atradius.co.uk/publication-search/.
Texel bolsters its US presence. GTR (Global Trade Review) has reported that political and credit risk insurance broker, Texel, has completed its acquisition of US-based Meridian Finance Group,
after buying the remaining 50% of the company’s shares.
The move comes nearly three years after Texel bought an initial 50% stake in Meridian.
Texel is a privately-owned, independent Lloyd’s insurance broker with offices in London, Brussels, Singapore and the US. Its clients include large investment and commercial banks, commodity traders, and international corporates.
As part of the deal, the Meridian team will continue to operate under the leadership of its founder and president Gary Mendell. To read GTR's article go to https://www.gtreview.com/news/on-the-move/texel-looks-to-bolster-us-presence-after-completing-meridian-acquisition/.
Chinese business insolvencies look set to increase by more than 20% in 2020.
Atradius' latest Country Report on China advises that the Coronavirus outbreak severely hit the Chinese economy in Q1 of 2020. Chinese GDP contracted by 6.8% and the cash flow of many businesses came under pressure
as sales sharply deteriorated. Although Q2 economic activity rebounded (by 3.2% year-on-year), Atradius expects that Chinese business insolvencies will, nevertheless, increase by more than 20% in 2020, with small and medium-sized private
businesses mainly impacted. To read Atradius' Country Report go to https://group.atradius.com/publications/country-report-asia-china-2020.
New Country Reports are also available for Mexico, Russia, Turkey, Poland, Brazil, India, Japan, Vietnam, Indonesia and Thailand.
New Country Reports are also available for Mexico, Russia, Turkey, Poland, Brazil, India, Japan, Vietnam, Indonesia and Thailand.
Gracher and SCHUMANN announce a strategic partnership. Gracher, a provider of bond services in Germany, and SCHUMANN, a supplier of software
solutions for credit & surety, have announced that they are embarking on a strategic cooperation, the first step of which will link Gracher's Surety Manager with Schumann's CAM surety. Dr Martina Städtler-Schumann, Managing Director of SCHUMANN, commented: "In the trade credit insurance sector, 100% digital communication between policyholders and insurers has already been possible for
years. Cooperation with Gracher now allows us to digitally bring together our bond clients with their policyholders." Alfons-Maria Gracher added: "Together we will modernise bond insurance, moving it forward in the digital age."
For more information about SCHUMANN go to https://www.prof-schumann.com/solutions/cam-credit-and-surety.
New debt recovery company, Ko-bolt aims to provide the right tools for clients to reduce their DSO, manage their cash flow and protect themselves
from the risk of bad debt. Well-known trade credit insurance professional, Karl Hague, has announced that he has founded a new service, Ko-bolt - a debt recovery company, which will specialise in getting suppliers paid quickly by making use of the latest technology. The new service will also provide advice and support on improving cash flow so that business can be paid quickly and the buyer-supplier relationship maintained. Mr Hague commented: "I believe the commercial debt collection industry needs to change. What’s required is a sympathetic consumer approach to a commercial problem.” For more information go to www.ko-bolt.com.
New Appointments
Atradius has announced it has appointed James Burgess as Head of UK Commercial.
Mr Burgess, who has been with Atradius since February 2014, joins the UK & Ireland Commercial Management Team under the leadership of recently-appointed Regional Director, Stuart Ramsden. He will assume overall responsibility for account teams and sales for both corporate and SME segments. Richard Reynolds, who also joins the UK management team, will continue to lead the strategic account segment.
Canopius has announced the promotion of Stephen Pike as its new Head of Credit and Political Risk, reporting to Bernie de Haldevang.
Mr Pike has been with Canopious since 2017 and previously worked as an underwriter. He began his career at Merrill Lynch, focusing on M&A and leveraged finance and later moved to ED&F Man Capital Markets.
QBE Trade Credit team announced the appointment of Kuljeet Ubhi (Kully) as a Risk Underwriter. Mr Ubhi has worked in the trade credit insurance industry for over 14 years in various risk-related roles at Coface, Euler Hermes and, most recently, Equinox Global and Nexus. He will be responsible for managing the QBE Oil and Gas portfolio whilst Annaka Charters is on maternity leave.
Euler Hermes has announced it has appointed Bora Akyildiz as its regional Head of Surety and Guarantee for Asia-Pacific.
Formerly, Mr Akyildiz was the regional surety and guarantee manager for Euler Hermes MMEA (Mediterranean, Middle East, and Africa).
He succeeds Stéphane Fauré, who has re-joined Euler Hermes France as Managing Director of Euler Hermes SFAC Direct Agency.
Tysers Insurance Brokers has announced it has appointed John Lentaigne as its new Global Head of Political Risk and Trade Credit.
Mr Lentaigne joins Tysers from the African Trade Insurance Agency, where he had been acting CEO since June 2019.
QBE North America has announced the appointment of Harpreet Mann as Head of Global Credit & Surety for its North America division.
Ms Mann was formerly QBE's Vice President, Global Credit & Surety. She will report to Nicky Ablett, Global Head of Credit & Surety, QBE Group, and Steve Gransbury, Head of Specialty Insurance, QBE North America.
Events
GTR Asia 2020, 8-9 September 2020. Singapore.
GTR Asia will return to Singapore from September 8-9 to host over 1,300 decision-makers and leaders from the global trade, export and fintech community. A leading global financial hub and home to a dynamic and thriving financial ecosystem, Singapore provides the perfect backdrop to explore the future of international trade and investment.
GTR Asia will return to Singapore from September 8-9 to host over 1,300 decision-makers and leaders from the global trade, export and fintech community. A leading global financial hub and home to a dynamic and thriving financial ecosystem, Singapore provides the perfect backdrop to explore the future of international trade and investment.
Offering a truly global perspective and tackling issues with a forward-looking outlook, GTR aim to create events for those passionate about issues that define the trade finance world. Hosted for over a decade, GTR Asia is recognised as the world’s largest international gathering for local and international organisations: from banks to multinational corporations and SMEs, independent financiers, commodity brokers and traders, insurers and risk managers, lawyers, consultants, ECAs and multilaterals and many more.
Attendees will gain valuable business contacts and learn from the leading figures in the industry; Hear fresh and challenging perspectives from over 100 of the world’s leading trade, treasury and fintech experts; Enjoy innovative content designed to foster maximum engagement between speakers and delegates, bringing all parties involved in Asian trade together for a two-day focused conference and networking exhibition.
Don’t miss your chance to join leading corporates and trade specialists for two days of discussion, debate and networking. Limited amounts of complementary corporate passes are available to those who are exporters, importers, manufacturers, distributors, traders & producers of physical goods only. For more information, visit here.
Commodities Trading Forum, 16 September 2020. Geneva.
Building on the success of 2019’s inaugural Geneva event and reflecting increased collaboration and partnership with the Swiss Trading & Shipping Association (STSA), GTR is delighted to announce that its newly expanded Commodities Trading Forum will be taking place at the Intercontinental Hotel Geneva on September 16, 2020. Co-hosted and held in partnership with both the STSA and PwC, and reflecting on Switzerland’s role as one for the world’s leading hubs for commodities from oil and gas to metals and agribusiness products, the conference will provide a comprehensive overview of the global commodities and commodity finance markets. Attendees will benefit from critical market insight and idea-sharing through a series of interactive and informative session formats, whilst unchallenged networking opportunities will provide access to over 200 different companies involved in the financing of global commodities.
Building on the success of 2019’s inaugural Geneva event and reflecting increased collaboration and partnership with the Swiss Trading & Shipping Association (STSA), GTR is delighted to announce that its newly expanded Commodities Trading Forum will be taking place at the Intercontinental Hotel Geneva on September 16, 2020. Co-hosted and held in partnership with both the STSA and PwC, and reflecting on Switzerland’s role as one for the world’s leading hubs for commodities from oil and gas to metals and agribusiness products, the conference will provide a comprehensive overview of the global commodities and commodity finance markets. Attendees will benefit from critical market insight and idea-sharing through a series of interactive and informative session formats, whilst unchallenged networking opportunities will provide access to over 200 different companies involved in the financing of global commodities.
Don’t miss your chance to join leading corporates and trade specialists for a day of discussion, debate and networking. Limited amounts of complementary corporate passes are available to those who are exporters, importers, manufacturers, distributors, traders & producers of physical goods only. For more information, visit here.
TXF Global 2020: Export, Agency & Project Finance, 29-30 September. Madrid.
The global export, agency & project finance games return for 2020! Join TXF on 28-29 September in Madrid for the largest gathering of its kind with a vision to taking your network further than ever before.
With the CEOs of EKF, MIGA, US EXIM and more already in training for the Olympic games, along with 1000 of the industry’s key players, quite simply, this is the event you cannot afford to miss.
Packing the mightiest of punches, TXF Global will again combine keynote addresses from CEOs and state ministers outlining the future of industry, sustainability and digitisation, as well as infrastructure and project roadmaps. Mixed with detailed technical workshops, lively debate forums and regional roundtables TXF Global allows for an intimate networking environment like no other.
As a Credit Insurance News member, get an exclusive 15% off the standard ticket price using code: LETTHEGAMESBEGIN on the booking page.
Visit the website to find out more.
The global export, agency & project finance games return for 2020! Join TXF on 28-29 September in Madrid for the largest gathering of its kind with a vision to taking your network further than ever before.
With the CEOs of EKF, MIGA, US EXIM and more already in training for the Olympic games, along with 1000 of the industry’s key players, quite simply, this is the event you cannot afford to miss.
Packing the mightiest of punches, TXF Global will again combine keynote addresses from CEOs and state ministers outlining the future of industry, sustainability and digitisation, as well as infrastructure and project roadmaps. Mixed with detailed technical workshops, lively debate forums and regional roundtables TXF Global allows for an intimate networking environment like no other.
As a Credit Insurance News member, get an exclusive 15% off the standard ticket price using code: LETTHEGAMESBEGIN on the booking page.
Visit the website to find out more.
Digital Credit Management Conference, 1 October 2020.
The Credit Risk Management Conference held by SCHUMANN annually will take place on 1st October 2020 and will be held on-line for the first time in its 20-year-history.
The Conference offers credit & risk managers from different industries the opportunity to discuss best practice and market trends affecting credit risk management in their business fields. Panel discussions, lectures and presentations will be divided into four tracks and will focus on the topics
“Credit risk managers should move closer together as Corona becomes a digitalization driver. The Conference gives insights in a technological platform for all business partners who need to cooperate digitally”, says Robert Meters, Head of Marketing & Sales, Global Business and Financial Services.
The Conference addresses managers specializing in finance, credit and risk management, compliance, debt collection, strategic controlling, digitalization and IT.
The Credit Risk Management Conference held by SCHUMANN annually will take place on 1st October 2020 and will be held on-line for the first time in its 20-year-history.
The Conference offers credit & risk managers from different industries the opportunity to discuss best practice and market trends affecting credit risk management in their business fields. Panel discussions, lectures and presentations will be divided into four tracks and will focus on the topics
- Risk assessment in times of crisis
- Debt collection management & liquidity planning
- Technology & Innovation
- Compliance
“Credit risk managers should move closer together as Corona becomes a digitalization driver. The Conference gives insights in a technological platform for all business partners who need to cooperate digitally”, says Robert Meters, Head of Marketing & Sales, Global Business and Financial Services.
The Conference addresses managers specializing in finance, credit and risk management, compliance, debt collection, strategic controlling, digitalization and IT.
Registration is free of charge. For more information and registration, visit here:
https://www.prof-schumann.com/conference.
GTR East Africa 2020, 1-2 October. Nairobi.
GTR East Africa marks its 11th annual conference in Nairobi, Kenya in October 2020, where a cutting edge agenda will explore the key macroeconomic, geopolitical, financial market and tech trends shaping the East African trade finance landscape. This two-day conference provides GTR attendees with a unique opportunity to network with over 350 delegates all under one roof.
Don’t miss your chance to join leading corporates and trade specialists for two days of discussion, debate and networking. Limited amounts of complementary corporate passes are available to those who are exporters, importers, manufacturers, distributors, traders & producers of physical goods only. For more information, visit here.
GTR East Africa marks its 11th annual conference in Nairobi, Kenya in October 2020, where a cutting edge agenda will explore the key macroeconomic, geopolitical, financial market and tech trends shaping the East African trade finance landscape. This two-day conference provides GTR attendees with a unique opportunity to network with over 350 delegates all under one roof.
Don’t miss your chance to join leading corporates and trade specialists for two days of discussion, debate and networking. Limited amounts of complementary corporate passes are available to those who are exporters, importers, manufacturers, distributors, traders & producers of physical goods only. For more information, visit here.
GTR US 2020, 28 October 2020. Chicago.
GTR US 2020 will return to Chicago for its fourth year, where US companies and their financing partners will meet to discuss the evolution of the trade, supply chain and working capital space. Featuring a host of expert speakers, the event will provide the latest business intelligence required to navigate trade-related risks, and the practical know-how enabling those tasked with facilitating US commerce to form resilient, agile trade financing and risk management strategies. With leading corporates, banks, financiers, insurers and digitization specialists in attendance, this event is not to be missed for those looking to create crucial industry contacts and optimize their trade business.
GTR US 2020 will return to Chicago for its fourth year, where US companies and their financing partners will meet to discuss the evolution of the trade, supply chain and working capital space. Featuring a host of expert speakers, the event will provide the latest business intelligence required to navigate trade-related risks, and the practical know-how enabling those tasked with facilitating US commerce to form resilient, agile trade financing and risk management strategies. With leading corporates, banks, financiers, insurers and digitization specialists in attendance, this event is not to be missed for those looking to create crucial industry contacts and optimize their trade business.
Don’t miss your chance to join leading corporates and trade specialists for a day of discussion, debate and networking. Limited amounts of complementary corporate passes are available to those who are exporters, importers, manufacturers, distributors, traders & producers of physical goods only. For more information, visit here.
GTR UK 2020. 2 November. London.
GTR UK 2020 will take place in London in November bringing the trade community together to discuss the potential implications for corporates, financiers and policymakers alike. The event will also consider the important role that all stakeholders have to play in promoting British businesses abroad and seizing on the huge opportunities to secure the UK’s future prosperity, with a strong focus on the role of the financial services community and the UK Government in developing a global network to support trading companies.
GTR UK 2020 will take place in London in November bringing the trade community together to discuss the potential implications for corporates, financiers and policymakers alike. The event will also consider the important role that all stakeholders have to play in promoting British businesses abroad and seizing on the huge opportunities to secure the UK’s future prosperity, with a strong focus on the role of the financial services community and the UK Government in developing a global network to support trading companies.
Don’t miss your chance to join leading corporates and trade specialists for a day of discussion, debate and networking. Limited amounts of complementary corporate passes are available to those who are exporters, importers, manufacturers, distributors, traders & producers of physical goods only. For more information, visit here.
GTR Nordics 2020, 12 November 2020. Stockholm.
After many consecutive years of attendance growth we are delighted to announce that GTR Nordics 2020 will take place on November 12, moving to the larger event space at the Radisson Blu Waterfront, Stockholm. While offering a more comfortable space to mingle, this also provides the opportunity to add some exciting new event features. GTR Nordics 2020 promises to be the biggest and best yet: Watch this space for more details as we move towards the conference date! Last year GTR Nordics returned to Stockholm and welcomed another record-breaking audience of over 500 trade finance experts, insurers, bankers, ECAs, technology innovators and corporates of all sizes.
After many consecutive years of attendance growth we are delighted to announce that GTR Nordics 2020 will take place on November 12, moving to the larger event space at the Radisson Blu Waterfront, Stockholm. While offering a more comfortable space to mingle, this also provides the opportunity to add some exciting new event features. GTR Nordics 2020 promises to be the biggest and best yet: Watch this space for more details as we move towards the conference date! Last year GTR Nordics returned to Stockholm and welcomed another record-breaking audience of over 500 trade finance experts, insurers, bankers, ECAs, technology innovators and corporates of all sizes.
Don’t miss your chance to join leading corporates and trade specialists for a day of discussion, debate and networking. Limited amounts of complementary corporate passes are available to those who are exporters, importers, manufacturers, distributors, traders & producers of physical goods only. For more information, visit here.
Professional Training
New Stecis’ courses in Trade Credit Insurance and Surety.
End of September – start of October 2020.
After having cancelled all April courses in 2020, Stecis’ pics up the pieces again end of September. All classroom courses in various levels of Credit Insurance and Surety are led by professionals from the industry. The courses are meant for starting and experienced professionals who are working in the Trade Credit Insurance and Surety industry and for all other interested parties like reinsurers, brokers and lawyers. There are courses on offer that will cater for the level of knowledge you are looking. Also it is a perfect way to enhance your network within the industry. So please check the course descriptions and course dates on our website www.stecis.org – where you are able to register for the Stecis’ courses.
End of September – start of October 2020.
After having cancelled all April courses in 2020, Stecis’ pics up the pieces again end of September. All classroom courses in various levels of Credit Insurance and Surety are led by professionals from the industry. The courses are meant for starting and experienced professionals who are working in the Trade Credit Insurance and Surety industry and for all other interested parties like reinsurers, brokers and lawyers. There are courses on offer that will cater for the level of knowledge you are looking. Also it is a perfect way to enhance your network within the industry. So please check the course descriptions and course dates on our website www.stecis.org – where you are able to register for the Stecis’ courses.
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.
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.
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