Welcome to the October 2020 issue of Credit Management News Digest. This issue is sponsored
by Chubb.
Index
PLUS: This month's featured article: Q&A with Julian Hudson,
Global Head of Trade Credit at Chubb & Short-Term Committee Chairman at Berne Union
Late Payment, Cashflow & Insolvencies
The number of struggling companies In London increases to over 135,000. Research by Red Flag Alert has found that the number of struggling London businesses in Q2 2020 rose by 4% compared to Q1.
This indicates that 135,760 of the capital’s companies are in significant financial distress and at serious risk of failure - 10% more than the same period a year ago.
The Red Flag Alert data also shows that the food and drug retail (+6%), logistics (+5%), property and construction (+4%), bars and restaurants (+4%), food and beverage (+4%) and professional services (+4%) sectors have seen some
of the highest percentage changes in distressed businesses since the first three months of the year. To read Red Flag Alert's news release go to https://www.redflagalert.com/news/uk-business-news/number-of-the-capitals-struggling-companies-rise-to-over-135000.
The pre-pandemic trend of rising UK business insolvencies looks set to re-start as support schemes end. Creditsafe has reported that the number of UK company insolvencies
has risen by 14,579 for the year so far - a 13% decrease when compared to the same period (January – September) in 2019; a "significant" reduction which reflects the particular circumstances
resulting from the COVID-19 pandemic. However, as UK Government schemes begin to come to an end and cash reserves become scarce, Creditsafe predicts that many businesses will struggle to stay afloat.
Furthermore, given that the trend
(pre-pandemic) was one of increasing insolvencies - for example, the period of January to March saw an increase of 13%, Creditsafe warns that we should expect UK insolvencies to rise again once the UK economy restarts.
To read Creditsafe's overview of data go to https://www.creditsafe.com/gb/en/blog/reports/insolvencies.html.
UK corporate insolvency statistics are not yet reflecting the impact of the pandemic.
Data from the Insolvency Service has found that UK corporate insolvencies fell to 778 in August 2020, compared to the previous month's figure of 961, and were significantly lower than they were in August 2019 (1,369).
However, as Colin Haig , R3's President, highlighted, the impact of the pandemic is not yet being reflected in the figures.
He warned: "With a number of temporary Government measures aimed at reducing insolvency numbers set to come to an end on 30 September, this situation may start to change before long."
He also noted that, despite growth in July, the UK economy is still nearly 12% below pre-pandemic levels. To read R3's news release go to https://www.r3.org.uk/press-policy-and-research/news/more/29558/page/1//.
A widening payment gap threatens the growth of European businesses. New research by Intrum of 9,980 companies across eleven industries in Europe, suggests that, against a backdrop of economic uncertainty, cashflow challenges and increased pressure on outgoing payments, the payment gap for European businesses is widening (from 6 days in 2019 to 14 days in 2020). However, although nearly half (46%) of Intrum's respondents warn that late payment is a real risk to the sustainable growth of their business, it also appears that 69% of European businesses are reluctant to challenge unfair payment practices for fear of losing business or tarnishing their reputation.
To read Intrum's news release and find a link to the full report go to https://www.intrum.com/press/news-stories/a-widening-payment-gap-threatens-business-growth/.
UK businesses need flexible financial support to recover from the pandemic.
Results from a British Chamber of Commerce (BCC) poll, conducted in partnership with TSB, indicate that 42% of UK firms have taken on debt through government lending schemes (such as the Coronavirus Business Interruption Loan Scheme
or the Bounce Back Loan Scheme) during the pandemic.
Of these businesses, more than one in four say that they may need to scale down operations to repay their debts, and more than 10% warn that they might have to cease trading.
Micro firms were more likely to say repaying debt may cause them to cease trading (15%) compared to non-micro firms (6%). To read the BCC's news release go to https://www.britishchambers.org.uk/news/2020/09/bcctsb-businesses-need-flexible-financial-support-to-recover-from-pandemic.
The UK's economic outlook is improving, but "a huge" SME debt challenge remains.
TheCityUK's Recapitalisation Group, supported by EY, has published new projections which estimate that the total unsustainable business debt that UK SMEs will face by March 2021 is approximately £67-70 billion.
As much as £20-23 billion of this is expected to stem from UK government-guaranteed lending schemes (BBLS, CBILs CLBILS). EY also notes that since TheCityUK first highlighted industry concerns about the growing recapitalisation challenge in May,
a growing list of independent organisations (such as the Bank of England, Office for Budget Responsibility, House of Commons Treasury Select Committee, etc.) have also published related work adding to the evidence that a recapitalisation shortfall is expected be a significant drag on the UK's economic recovery.
To read EY's news release go to https://www.ey.com/en_uk/news/2020/09/economic-outlook-improving-but-data-shows-huge-sme-debt-challenge-remains.
Late payment in the UK is a talking point at the Conservative Party's virtual conference. Smallbusiness.co.uk has reported that
Alok Sharma - Secretary of State for Business, Energy and Industrial Strategy, and Martin McTague - Policy and Advocacy Chairman at the Federation of Small Business, both spoke about late payment at the Conservative’s virtual
party conference on 5 October. Mr McTague stressed that there needs to be a complete change in attitudes surrounding the issue, and noted that the Small Business Commissioner is currently operating with "one arm tied behind his back".
Mr Sharma talked about the possible extension of
powers for the Small Business Commissioner. This includes the idea of compelling companies to share information, investigating firms without the need for a third-party complaint, and
imposing financial penalties.
To read smallbusiness.co.uk's article go to https://smallbusiness.co.uk/large-firms-should-each-have-one-person-to-deal-with-late-payments-fsb-2551316/.
Dividends paid to unsecured creditors from insolvent UK companies look set to shrink next year. New research from InfolinkGazette has warned that dividends paid to unsecured creditors from insolvent companies in the UK will shrink next year. This will be partly due to HMRC becoming a preferential creditor, but will also be driven by a collapse in business asset values if they become stranded assets (i.e., assets that can't be fully utilised under COVID-19 countermeasures). InfolinkGazette's Managing Director, Greg Connell, said: "it is easy to see how a £300 million cruise ship, or an airliner becomes worth next to nothing when it is no longer possible to operate them profitably, and the same is happening with expensive fit-outs in restaurant kitchens and with high-end retail leasehold improvements." To read InfolinkGazette's news release go to https://www.infolinkgazette.com/?pid=6.
CONSULTATION. Share your views on late payment in the UK with the Small Business Commissioner.
The UK Government has proposed a number of measures to give more powers to the Small Business Commissioner to help small firms with late payment. This includes ordering businesses to pay in good time and
issuing fines if they do not, ordering companies to share information on payment practices, and the power to investigate bad practice.
Announcing the consultation, the UK Government noted: "UK business needs to embed in their DNA that late payment and unfair payment practices are not acceptable."
The consultation is now open and will run until 24 December 2020. Businesses are invited to share their views at https://beisgovuk.citizenspace.com/business-growth/sbc-powers-consultation/.
The consultation is now open and will run until 24 December 2020. Businesses are invited to share their views at https://beisgovuk.citizenspace.com/business-growth/sbc-powers-consultation/.
The UK Government gives businesses more breathing space with the extension of insolvency measures. The UK Government has announced that a raft of temporary changes to protect businesses
from insolvency, which were due to expire on 30 September 2020, will be extended. This means that:For more information go to https://www.gov.uk/government/news/government-gives-businesses-much-needed-breathing-space-with-extension-of-insolvency-measures.
Licensed under the terms of Open Government. Licence v3.0.
- Companies and other qualifying bodies with obligations to hold AGMs will continue to have the flexibility to hold these meetings virtually until 30 December 2020.
- Statutory demands and winding-up petitions will continue to be restricted until 31 December 2020 to protect companies from aggressive creditor enforcement actions.
- Termination clauses are still prohibited, stopping suppliers from ceasing their supply or asking for additional payments while a company is going through a rescue process. However, small suppliers will remain exempted from the obligation to supply until 30 March 2021.
- The modifications to the new moratorium procedure, which relax the entry requirements to it, will also be extended until 30 March 2021. A company may enter into a moratorium if they have been subject to an insolvency procedure in the previous 12 months. Measures will also ease access for companies subject to a winding-up petition.
- Businesses will be protected from the threat of eviction until the end of the year.
Licensed under the terms of Open Government. Licence v3.0.
UK pre-pack sales are set to face mandatory independent scrutiny.
The UK Government has announced that new laws will require the mandatory independent scrutiny of pre-pack administration sales where connected parties - such as the insolvent company’s existing directors or shareholders - are involved in the purchase.
The new laws are intended to improve confidence and transparency in pre-pack administration sales, giving creditors reassurance that their interests are being protected alongside that of the distressed business. The move follows concerns that pre-pack arrangements may not always be in the best interests of creditors. To read the Insolvency Services' news release go to https://www.gov.uk/government/news/pre-pack-sales-to-face-mandatory-independent-scrutiny.
UK Trade Sectors & Economy
UK recovery looks set to stall due to heightened COVID-19 uncertainty.
The National Institute of Economic and Social Research (NIESR) has reported that the latest ONS estimates indicate that the UK economy grew by 8% in the three months to August. All major sectors remained below February 2020 levels,
with services, manufacturing and construction 9.6%, 8.5% and 10.8% below, respectively. Looking ahead, NIESR warns that, with the likely re-imposition of lockdown measures, the winding down of government support measures,
and Brexit uncertainty, there is further cause for concern ahead. NIESR expects "a significantly slower" pace of recovery in the fourth quarter of 2020 - with growth of 1.3% predicted, and estimates that the UK economy at the end of
this year will be around 8.5% below its level at the end of 2019. To read NIESR's news release go to https://www.niesr.ac.uk/media/niesr-press-release-monthly-gdp-tracker-recovery-stall-due-heightened-covid-19-uncertainty.
The UK economy recovered more strongly than expected in Q3, but much slower growth could be ahead.
The UK economy’s initial recovery from recession has been much faster than expected, according to the EY ITEM Club’s Autumn Forecast, but future growth prospects have been downgraded.
In its latest forecast, the EY ITEM Club says GDP likely grew around 16-17% in Q3 2020 – much faster than the 12% growth predicted in July’s Summer Forecast – but growth of 1% or less is expected in Q4. Also, the growth forecast for 2021 has been lowered from 6.5% to 6.0%. The EY ITEM Club now expects the economy to contract by 10.1% in 2020 - an improvement from the 11.5% contraction forecast in the Summer, and estimates that it will regain its pre-pandemic size in the second half of 2023.
To read EY's news release go to https://www.ey.com/en_uk/news/2020/10/ey-uk-economy-recovering-faster-than-expected-but-much-slower-growth-could-be-ahead-reveals-latest-ey-item-club-forecast.
Despite economic improvements, UK GDP in August was still 9.2% below the pre-pandemic levels seen in February 2020. A House of Commons Library publication has reported that latest data from the Office for National Statistics (ONS) found that UK GDP grew by 2.1% in August 2020 compared to June - the fourth consecutive monthly increase
following April’s 19.5% decline (which was the largest fall of quarterly GDP on record). However, despite this improvement, August GDP was still 9.2% below the pre-pandemic level seen in February 2020, with output in all three key sectors lower than in
February: by 9.6% in services, 6.0% in production and 10.8% in
construction. The paper also notes that The Treasury’s September 2020 survey of independent forecasts estimated an average GDP contraction of -10.0% for 2020. To read the House of Common's publication go to https://commonslibrary.parliament.uk/research-briefings/sn02783/.
Licensed under the terms of Open Government. Licence v3.0.
Licensed under the terms of Open Government. Licence v3.0.
UK GDP is expected to shrink by between 11% and 12% in 2020 - but should return to growth in 2021. According to new research by PwC,
UK GDP is expected to contract by 11-12% in 2020 before returning to 10% growth in 2021 - if the virus remains relatively contained and a vaccine becomes available in the middle of 2021.
However, should further outbreaks and national lockdowns ensue, PwC warns that recovery may take until mid-2023. Jing Teow, Senior Economist at PwC, said: "There will be a sharp increase in the 2020/21 budget deficit to
around £380-430 billion, or around 19% to 22% of GDP, compared to just 10% in 2009/10 after the financial crisis. However, as the economy starts to recover in 2021/22, much of this rise will reverse." To read PwC's news release with a link to the full report go to https://www.pwc.co.uk/press-room/press-releases/gdp-expected-to-shrink-by-between-11--and-12--in-2020---but-will.html.
Nearly half of UK firms report a sales decrease as businesses endure a sustained cash crunch.
The British Chambers of Commerce's (BCC) latest Quarterly Economic Survey reported that key indicators have improved from historic lows in Q2 2020, but, nevertheless, remain significantly lower than before the pandemic struck.
Business to consumer firms, including hospitality, fared worst, with 66% of respondents in hospitality and catering reporting decreases in sales and bookings in the last three months (compared with 46% overall). In addition, cash flow continued to deteriorate for almost half of the UK firms surveyed. In Q3 2020, 21% of firms reported an improvement in cash flow, 34% reported no change and 45% reported a deterioration. In Q2, 11% of firms reported an improvement, 25% no change, and 64% a deterioration. To read the BCC's news release go to https://www.britishchambers.org.uk/news/2020/10/nearly-half-of-firms-report-uk-sales-decrease-as-businesses-endure-sustained-cash-crunch.
A spark in UK sales in September was extinguished by the second COVID-19 spike. According to BDO’s latest High Street Sales Tracker, UK in-store like-for-like sales dropped by -23.4% in September from a base of -3.1%
for the same month last year. BDO noted that although September had a relatively promising start, fears of a second COVID-19 spike weighed heavily on high street sales throughout the month.
Most notably, the final two weeks of September saw fashion in-stores sales plummet more than -30% below last year’s results for the seventh straight month.
Sophie Michael, Head of Retail and Wholesale at BDO LLP, warned: "A worse-than-expected Christmas season coupled with a second lockdown could ignite an unstoppable series of further closures on the British high street and the demise of even more brands." To read BDO's news release go to https://www.bdo.co.uk/en-gb/news/2020/spark-in-september-sales-extinguished-by-secondary-spike.
More UK stores are at risk with staff facing redundancy than at the height of the 2007-9 recession. New research by The Centre for Retail Research has found that by the end of June 2020 more UK bricks-and-mortar retailers had gone into administration, putting more stores at risk and more employees under threat of losing their jobs, than in the whole of 2019. In addition, by early October 2020, there were more stores at risk and staff facing redundancy than at the height of the 2007-9 recession. Overall, for the year to 10 October, 50 UK retailers had failed, affecting 4,206 stores and 82,880 employees. In comparison, the full year 2019 saw 43 UK retailers fail, affecting 2,051 stores and 46,506 employees. To read The Centre for Retail Research's analysis see https://www.retailresearch.org/whos-gone-bust-retail.html.
UK manufacturing activity remained poor in the three months to September. According to the latest CBI monthly Industrial Trends Survey, UK manufacturer output volumes in the three months to September fell at a slower pace than in August, with declines in 10 of 17 sub-sectors – compared with 16 sectors reporting a fall last month. Furthermore, for the first time since April, there was no improvement in overall order books, with both total and export order books remaining far weaker than their long-run averages. Anna Leach, CBI Deputy Chief Economist, said:
“While it’s good to see that output volumes once again fell at a slower pace this month compared to August, it is disappointing to see the modest improvements in order books stall, with demand at a still weak level."
To read the CBI's news release go to https://www.cbi.org.uk/media-centre/articles/manufacturing-activity-remains-poor-cbi/.
A second wave of COVID-19 poses a bigger threat than no-deal Brexit according to UK mid-sized businesses. New research from BDO LLP has indicated that only one-third of the UK's mid-sized businesses feel that adapting their business for Brexit is among their immediate business concerns. Instead, their top priorities are on making loan payments (37%), managing redundancies (36%) and managing supply chains (36%). The research also shows that the majority of UK medium-sized businesses consider a domestic second wave of COVID-19 as a greater risk than a no-deal Brexit for both their businesses (66.5%) and the broader UK economy (61%). This sentiment is echoed by businesses throughout the UK, with Greater London (87%), the South East, and the West Midlands (74%) the most concerned about a second wave. To read BDO's news release go to https://www.bdo.co.uk/en-gb/news/2020/second-wave-of-covid-19-a-bigger-threat-than-no-deal-brexit-say-mid-sized-businesses.
Global Economy
Global GDP is predicted to fall by -4.5% this year. The OECD has published its latest Interim Economic Outlook which projects that global GDP will fall by -4.5% this year, before growing by 5% in 2021. These forecasts are less negative than those in the OECD’s June Economic Outlook, due primarily to better than expected outcomes for China and the US in the first half of this year, as well as economic support measures put in place by governments. However, the OECD stresses that output in many countries at the end of 2021 will still be below the levels at the end of 2019 - and well below what was projected before the pandemic. In addition, the OECD warns that a stronger resurgence of the virus, with more stringent lockdowns, could cut 2-3% from global growth in 2021. For the full report and more information, visit https://www.oecd.org/newsroom/building-confidence-crucial-amid-an-uncertain-economic-recovery.htm.
The IMF predicts that global growth will contract by -4.4% in 2020.
The IMF has published it latest World Economic Outlook (WEO) and predicts that global growth will contract by −4.4% in 2020, a less severe contraction than
forecast in the June 2020 (WEO) Update. This revision reflects better-than anticipated second quarter GDP outturns, mostly in
advanced economies, where activity began to improve
sooner than expected in May and June, as well as indicators of a stronger
recovery in the third quarter. Looking ahead, global growth is projected at 5.2% in 2021, a little lower than in the
June 2020 WEO Update, reflecting the more moderate downturn projected for 2020. Following
the contraction in 2020 and recovery in 2021, the level of global GDP in 2021 is expected to be a modest 0.6% above that of 2019.
To read the WEO go to https://www.imf.org/en/Publications/WEO/Issues/2020/09/30/world-economic-outlook-october-2020.
World trade shows signs of a rebound from COVID-19, but recovery is still uncertain. The World Trade Organisation (WTO) has advised that world trade shows signs of bouncing back from "a deep,
COVID-19 induced slump", but cautions that any recovery could be disrupted by the ongoing pandemic effects.
Despite a 14.3% quarter-on-quarter decline in world merchandise trade in the second quarter of 2020 - the largest decline on record, the WTO data points to a partial rebound in Q3. As a result, world merchandise trade volume is now forecast to fall by 9.2% in 2020 - less than the
12.9% drop predicted in the 'optimistic scenario' of the WTO's April trade forecast. The WTO also predicts that trade volume growth should rebound to 7.2% in 2021 - although it will remain well below the pre-crisis trend.
To read the WTO's news release go to https://www.wto.org/english/news_e/pres20_e/pr862_e.htm.
The resurgence of COVID-19 will lead to significant variations in GDP. A new analysis by Dun and Bradstreet warns that the global short-term economic outlook remains highly uncertain, with significant variations in GDP across countries and sectors in 2020 and few economies likely to be net beneficiaries of the ‘global’ recovery. Dun and Bradstreet's GDP forecasts range from a high of 2% growth for Vietnam and Malawi, to double-digit contractions for Argentina (-12%), Spain (-12%) and Italy (-11.5%). It also predicts that of the three economic powerhouses in 2020, only China will grow (by just 0.6%), while the US and the Eurozone will contract by -5.5% and -8.3% respectively. To read Dun and Bradstreet's latest analysis go to https://www.dnb.co.uk/perspectives/finance-credit-risk/country-risk-global-outlook.html.
A sharp increase in global business insolvencies by 2021. Euler Hermes has warned that, although the temporary
adjustments made to countries' insolvency frameworks and temporary business support measures have - so far - resulted in decreases in business failures, the overall outlook remains that of a sharp increase
in global insolvencies by 2021 (+31% by 2021 compared to 2019). In most countries, this reversal will begin in Q4 2020 and accelerate in H1 2021 amid the withdrawal of various support measures and as the result of the "zombification" of many companies.
Euler Hermes expects all regions to post a double-digit increase in insolvencies by 2021, but with an "uneven tempo" ranging from +21% in Asia to +64% in
North America. In 2020, the larger increases are expected in North America, Latin America and Central Europe, while Western Europe and Asia will post larger increases in 2021.
To read Euler Hermes' report go to https://www.eulerhermes.com/en_global/news-insights/economic-insights/Living-on-with-a-Covid-19-hum.html.
European businesses are taking steps to protect themselves from a historic recession. Intrum has advised that findings from its latest European Payment Report 2020 indicate that 38% of the 9,980 companies European businesses it surveyed expect the global recession to have a severe effect on their business. Europe's hospitality sector appears to be the most concerned, with more than four in ten respondents from this sector warning that a recession will have a severe impact on their businesses. As a result, 38% of the businesses surveyed plan to cut costs, 35% plan to be more cautious about debt, and 29% plan to cut down on recruitment. To read Intrum's news release, with a link to the full report, go to https://www.intrum.com/press/news-stories/businesses-are-taking-steps-to-protect-themselves-from-a-historic-recession/.
US bankruptcies in 2020 now exceed any comparable period since 2010.
S&P Global Market Intelligence has warned that a total of 509 US companies have gone bankrupt in the year to 4 October, exceeding the number of filings during any comparable period since 2010.
Companies that entered bankruptcy proceedings between 21 September - 4 October include: independent oil and gas producer Oasis Petroleum Inc.; Bouchard Transportation Co. Inc., which operates
a fleet of barges and tugs; oilfield services company FTS International Inc.; film distribution company Aviron Pictures LLC; oil and gas company Lonestar Resources US Inc.; and King Mountain Tobacco Co. Inc., which makes cigarettes. To read
S&P Global Market Intelligence's news release go to https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/us-bankruptcies-surpass-500-mark-as-coronavirus-takes-toll-60607609.
Credit Management Tools and Useful Publications
Recommended App: Forest. A brilliant app when most of us are working from home again. Plant a tree when you need to stay focused, and, if you commit to a task without getting distracted and picking up your phone, your trees grows.
Conversely, your tree dies if you give in and use your phone. You can plant and grow a forest over time! Forest also partners with a real-tree-planting organisation, Trees for the Future, which enables users to spend the virtual coins they
earn in Forest on planting real trees. If you don't feel you need it, we can attest that the app is ideal for encouraging (and monitoring) children's homework and revision. It costs £1.99 and is available for iOS/Android.
Recommended App: Miro is an online collaborative whiteboard platform (desktop and app) that aims to help remotely located teams work effectively together, from brainstorming with digital sticky notes to planning and managing workflows. It's available for free for iOS/Android and Microsoft. For the desktop version go to https://miro.com/.
New edition of Trade Profiles publication. The World Trade Organisation (WTO) has issued the latest edition of its statistical publication, Trade Profiles, an annual publication which provides a concise series of key indicators on merchandise trade and trade in commercial services for 197 economies (presented in alphabetical order). A two-page analysis provides a snapshot of the importance of trade in each economy, as well as its ranking in world merchandise trade and a breakdown of its exports and imports and main trading partners. The publication can be downloaded in English, French, and Spanish, and printed copies will be available later this month. To download a copy, go to https://www.wto.org/english/news_e/news20_e/publ_08oct20_e.htm.
New COVID-19 CVA Standard Form for smaller businesses. R3 has announced that it has developed a Standard Form for Company Voluntary Arrangements (CVAs), which aims to make it easier for small businesses affected by the pandemic to enter a CVA. The form, which is available free of charge, includes a "breathing space" to allow a business time to restructure without fear of action from its creditors, to be followed by a payment period where a company’s debts are paid in line with the CVA agreement. An additional introductory period of a maximum of three months is also included for businesses who haven’t resumed trading as a result of the COVID pandemic, as well as the ability to temporarily halt payments if the business is in local lock-down. To read R3's news release go to https://www.r3.org.uk/press-policy-and-research/news/more/29598/page/1//.
Webinar: SME webinar to discuss UK SME finance issues. The CBI has announced that it will be holding a webinar on 15 October from 10-10.45 (BST) to discuss latest UK SME finance issues. This includes the latest on the government loan schemes and their revised terms, including Pay as You Grow, as well as an update on trade credit insurance and the CBI’s push for an extension of the current backstop. The webinar is free for both CBI members and non-members. For further details and to register to attend go to https://www.cbi.org.uk/events/sme-webinar-76818/.
Events & Training
New Stecis’ courses in Trade Credit Insurance and Surety.
After having cancelled all April courses in 2020, Stecis’ has picked up the pieces again.
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.
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.
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.
About the Sponsor: Chubb
Chubb Global Markets (CGM) is the London Market wholesale and specialty division of Chubb European Group, part of Chubb Group - the world’s largest publicly traded property and
casualty insurer.
CGM has twenty years' experience in underwriting Excess of Loss trade credit policies, providing non- cancellable cover to companies with well-established credit management procedures, offering certainty during uncertain political and economic times.
CGM’s trade credit underwriters are experienced in all aspects of the client relationship ensuring a single point of contact and quick decisions.
Chubb’s core political risk and credit underwriting expertise and its ability to provide bespoke wordings deliver a flexible underwriting approach to meet the changing needs of clients.
CGM has twenty years' experience in underwriting Excess of Loss trade credit policies, providing non- cancellable cover to companies with well-established credit management procedures, offering certainty during uncertain political and economic times.
CGM’s trade credit underwriters are experienced in all aspects of the client relationship ensuring a single point of contact and quick decisions.
Chubb’s core political risk and credit underwriting expertise and its ability to provide bespoke wordings deliver a flexible underwriting approach to meet the changing needs of clients.
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