Welcome to the April 2022 issue of Credit Insurance News Digest. This issue is sponsored by Co-pilot.
Index
PLUS: This month's featured article: Efficient management of large credit insurance programmes – the happy client, the happy broker, the happy underwriter.
Credit Insurance News
Trade credit Insurers face the prospect of elevated Russian claims.
DBRS Morningstar has released a commentary, 'Trade credit insurers face prospect of elevated Russian claims as war in Ukraine persists', that advises that trade credit insurers should expect to deal with an
inflow of credit default claims by insured entities once their business counterparts in Russia and Ukraine start missing payments for the goods or services.
Furthermore, Victor Adesanya, Vice President of Credit Ratings (Global Financial Institutions Group) at DBRS, warns that while war exclusions may limit trade credit insurers' loss exposures to business related to Ukraine,
they "will likely not apply to business in Russia since the conflict is not within Russia's borders." The commentary also notes that while trade credit insurers are likely to exit the Russian market, they will still be exposed to business
initiated before the conflict.
To read DBRS Morningstar's report go to https://www.dbrsmorningstar.com/research/394716/trade-credit-insurers-face-prospect-of-elevated-russian-claims-as-war-in-ukraine-persists.
Euler Hermes becomes Allianz Trade. Euler Hermes, which has been fully part of the Allianz Group since 2018,
has announced that it has now become Allianz Trade.
In a press statement, the company advised that its new brand name will directly support the implementation of its 2025 strategic plan: extending its core business and accelerating market penetration in the US,
developing growth engines such as surety and specialty solutions (Transactional Cover Unit & Excess of loss) and preparing for the future of trade. "Changing our brand name to Allianz Trade means reinforcing our position as a global player.
With the new brand name, we will benefit even more from the reputation and strength of the Allianz Group, which has
an extensive global network of expertise."
To read Allianz Trade's news release on the newly branded website, go to https://www.allianz-trade.com/en_global/news-insights/news/euler-hermes-becomes-allianz-trade.html.
Export credit agencies and trade credit insurers "slam door on Russia". GTR (Global Trade Review)
has reported that export credit agencies and trade credit insurers have "hurriedly axed coverage" for Russia and Belarus as the deepening conflict and Western sanctions interrupt trade and major projects.
The article suggests that while private trade credit insurers have not ruled out new transactions involving Russian or Ukrainian firms, industry figures say it is highly unlikely underwriters will be writing
any new business for these markets currently. Scott Ettien, Global Head of Willis Towers Watson, told GTR: "We don't know of any underwriters that are providing open cover for exports to Russia."
To read GTR's article go to https://www.gtreview.com/news/global/export-credit-agencies-and-trade-credit-insurers-slam-door-on-russia-2/.
Insurers face a raft of challenges from sanctions targeting Russia. S&P Global Market
Intelligence has warned that sanctions against Russian
banks will hit insurers' ability to receive premiums and pay claims through those banks,
even if the business is otherwise allowable. Bernie de Haldevang, Head of Credit, Political Risk and Crisis Management at Canopius, commented in an email that most trade credit insurers have already stopped providing short-term trade
credit cover for sales to sanctioned entities and people in Russia but remain "on the hook" for insured goods that have already been delivered on credit. "They're hoping money can come out, but with the Swift system now closed
to non-energy related transactions, this may be more challenging than before."
To read S&P Global Market Intelligence's article go to https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/global-insurers-face-raft-of-challenges-from-sanctions-targeting-russia-69290133.
Tokio Marine says Greensill obtained policies fraudulently. Insurance Journal has reported that, although Tokio Marine's investigations into Greensill-related policies written by its Australian
subsidiary BCC Trade Credit remain ongoing, Tokio Marine has issued a statement to advise it has found that since at least September 2018, matters material to the underwriting of the policies were "fraudulently misrepresented to
BCC by Greensill." Insurance Journal's article adds that, consequently, Tokio Marine does not intend to pay out on the policies. In response, Credit Suisse said in a statement that the insurance policies were valid and
stressed that it would "vigorously defend" its position to preserve the rights of the supply chain finance funds and their investors.
To read Insurance Journal's article go to https://www.insurancejournal.com/news/international/2022/04/04/661161.htm.
Paul Flanagan, Regional CEO of Allianz Trade in Asia Pacific, discusses the recent rebranding of Euler Hermes. Global Banking & Finance Review
has published a recording of an interview in which Paul Flanagan, Regional CEO of
Allianz Trade in Asia Pacific, talks about the recent rebranding of Euler Hermes to Allianz Trade, his new role as CEO, and trade credit insurance in Asia Pacific. Paul Flanagan advises that the new name provides
the company with access to the wider Allianz portfolio of clients — especially SMEs, but stresses that existing clients and brokers should not notice any difference apart from the brand name. He also suggests that the Allianz name is
well-known in APAC, and the former Euler Hermes rebranding to Allianz Trade will help raise awareness of the trade credit insurance product in a market that is still young and relatively unpenetrated.
To listen to the interview go to https://www.globalbankingandfinance.com/exclusive-interview-with-paul-flanagan-regional-ceo-of-allianz-trade-in-asia-pacific/.
Trade credit insurance is being overlooked by businesses in New Zealand. Insurance Business has published an article in which David Meys, Commercial Director of Coface's new branch in New Zealand,
discusses trade credit in New Zealand and the lack of awareness among local businesses when it comes to credit risk management. He commented: "While companies overseas use credit insurance as a cornerstone
part of granting credit, here it's very much been a 'she'll be right' mentality." However, with Coface's new licence to open a branch in New Zealand, David Meys hopes that Coface can educate brokers and directors that credit insurance
is a key part of managing credit risk and "having the receivables underwritten means that you can grow safely."
To read Insurance Business' news release go to https://www.insurancebusinessmag.com/nz/news/breaking-news/commercial-director-on-insurance-being-overlooked-by-nz-businesses-399780.aspx.
Russia's invasion of Ukraine "throws sand in the wheels of the global economy". Atradius' latest interim Economic Outlook reports that the Russia-Ukraine conflict is having a negative impact on
global growth mainly through its impact on commodity and energy prices. As a result, Atradius has downwardly revised global growth by 0.7% in 2022 and by 0.4% in 2023, although it warns that the impact
for Eastern Europe, including Russia and Ukraine, will be far higher than these global figures. Overall, Atradius forecasts that the resulting picture is one wherein global growth remains relatively robust,
at 3.4% in 2022 and only slightly lower in 2023. Asian growth remains relatively high at around 5% in both years. Growth in the eurozone and US is lower than the global average — though not much lower.
"War dents growth. But a recession is still far off, even in the eurozone."
To read Atradius' news release with a link to the full report go to https://atradius.co.uk/reports/economic-research-interim-economic-outlook-april-2022.html.
Deutsche Bank calculates that Coface's exposure to Russia's invasion of Ukraine equates to €5 billion. Reinsurance News has reported
that, according to Deutsche Bank, Coface's total exposure to Russia's invasion of Ukraine equated to €5 billion (95% Russia, 5% Ukraine) at the end of February 2022 — less than 1% of total group insured exposure. The article adds that in normal market conditions,
losses equate to 10bps of insured exposures, with Deutsche Bank estimating that in a medium stress scenario, this could stretch to 1% but in a more severe stress scenario, this could rise to 5%. "By way of reference,
this feels broadly aligned with Allianz's current guidance for Euler Hermes (now Allianz Trade) of potential losses in the low-triple-digit millions, and the relative exposures/scale of the two businesses."
To read Reinsurance News' article go to https://www.reinsurancene.ws/cofaces-exposure-to-russias-invasion-of-ukraine-equates-to-e5bn-deutsche-bank/.
Allianz Trade: "This rebranding is a game-changer for us". Insurance Business has published an article in which Chris Doubé, Chief
Executive for Australia and New Zealand, talks about what Euler Hermes' rebrand to Allianz Trade means for the business and what trends they’re seeing in New Zealand. The CEO told Insurance Business: "This rebranding is a game-changer for us. Despite being wholly owned by Allianz since
2018, now bearing the Allianz name means that we are officially a part of a bigger and stronger family." He notes that he has seen a trend of increasing demand for trade credit insurance by businesses in New Zealand
in recent years, and, looking ahead, Allianz Trade will aim to further extend its core business by focussing on account management and exploring SME opportunities. To read Insurance Business' article go to https://www.insurancebusinessmag.com/nz/news/breaking-news/allianz-trade-this-rebranding-is-a-gamechanger-for-us-401660.aspx.
Insolvencies increase as government support ends.
Atradius' latest Insolvency Forecast for April 2022 warns that, as government support after the pandemic is phased out, insolvencies in most markets will increase. Atradius notes that in some markets it has already noted a partial return to normality in 2021 in insolvency developments. For instance, in Spain, Italy and Czech Republic, insolvencies started to rise in 2021 after they declined in 2020.
However, for most markets, Atradius forecasts that an overshooting of the normal level of insolvencies will occur in the second half of 2022 or the start of 2023. Atradius also advises that, although
the Russia-Ukraine conflict influences its insolvency forecast via the negative impact on GDP growth (significant for Russia itself and to a lesser extent in other markets), compared to the phasing out
of government support measures the conflict's impact on insolvency projections will be relatively small outside Russia.
To read Atradius' news release with a link to the full report go to https://atradius.co.uk/reports/economic-research-insolvencies-increase-as-government-support-ends.html.
Allianz Trade cuts its global growth forecast for 2022 by 0.8%. Allianz Trade's latest Economic Insight has warned that the
Russian invasion of Ukraine has brought back significant headwinds to the global economic recovery
and raised wider geopolitical risks. As a result, Allianz Trade has cut its global growth forecast to +3.3% in 2022 and +2.8% in 2023, revised on the downside by -0.8% and -0.4%, respectively.
Almost two-thirds of Allianz Trade's downward revision of global growth is due to confidence and supply chain shocks, with the remainder attributable to higher commodity prices.
In addition, Allianz Trade expects that global trade growth will decline by at least -2% in 2022 to +4% in volume terms, just below its long-term average.
To read the Insight go to https://www.allianz-trade.com/en_global/news-insights/economic-insights/q1-2022-global-economic-outlook.html.
The level of debt placed for collection by trade credit insurance policyholders soared in Q1 2022. With post-pandemic B2B trade increasing, sanctions on collecting debt removed, and creditors being less tolerant of late-paying debtors, STA International has reported that they saw the level of debt placed with them in Q1 2022 by trade credit policyholders increase by 75% over the quarterly average since April 2020. 80% of the debt volumes came from policyholders in the Building/Construction, Food and Drink, and Wholesale/Manufacturing sectors.
Colin Thomas, Chairman of STA International, commented: "In summary, a return to pre-pandemic trading levels was bound to increase late payment levels, which we are seeing.
Cash flow is once again the priority for creditors with the speed of recovery vital, along with recovery of their costs."
To read STA International's news release go to https://www.stainternational.com/news/the-level-of-debt-placed-for-collection-by-trade-credit-insurers-soared-in-q1-2022/.
What do global exporters expect for 2022?
A survey by Allianz Trade has found that, following an exceptional year in which 7 out of 10 global exporters recorded higher-than-expected export performance, the share of Survey respondents expecting an increase in their export turnover decreased notably after the invasion of Ukraine — from 94% to 78%. Françoise Huang, Senior Economist for Global Trade and APAC at Allianz Trade, commented: "Even if Russia and Ukraine are not key final markets for European exporters, the war situation is affecting global trade through indirect effects (supply chains, raw material, energy), weighing on export opportunities for firms." In addition, the Survey found that before the invasion of Ukraine, nearly one exporter out of 3 expected payment terms and non-payment risk to increase. However, following the invasion, more than half of respondents in Europe now expect non-payment risk to grow in the next six to twelve months.
To read Allianz Trade's news release, with a link to a presentation of results, go to https://www.allianz-trade.com/en_global/news-insights/economic-insights/allianz-trade-global-survey-2022.html.
Chinese GDP growth slows down amid downside risks. New analysis by Atradius warns that, although the Chinese economy expanded by 8.1% in 2021, its growth lost momentum in H2 due to renewed COVID-19 outbreaks,
power shortages and issues in the property sector. As a result, Atradius forecasts that Chinese economic growth will slow down to less than 5% in 2022 and cautions that further COVID-19 outbreaks in China and the
impact of the war in Ukraine remain downside risks for the economic outlook. Atradius also predicts that China's exports, which increased by more than 18% in 2021, will likely slow down to 4.5% in 2022.
This is due to ongoing transport and electricity supply bottlenecks, additional lockdown measures and geopolitical issues. Lower demand from Europe triggered by the economic impacts of the war in Ukraine could dampen Chinese exports further.
To read Atradius' news release go to https://atradius.co.uk/reports/country-report-chinese-economic-growth-slows-down-amid-downside-risks.html.
Allianz Trade estimates that fashion spending growth in 2022 will remain far below pre-pandemic levels.
Allianz Trade's latest Economic Insight advises that European consumer confidence has taken a hit in the wake of the invasion of Ukraine, with retailers potentially facing a -€4.85 billion hit to fashion consumer spending for 2022,
with Italy (-€1.45 billion) and Germany (-€1.12 billion) facing the most significant declines. The Insight also predicts that fashion spending growth for 2022 will fall to +4.4%, down from +6.4% expected before the war,
meaning it will remain far below pre-pandemic levels. Allianz Trade notes that the war has brought back significant headwinds to the global economic recovery and raised wider geopolitical risks, and, as a result, it
now forecasts global growth of +3.3% in 2022 and +2.8% in 2023, revised on the downside by -0.8% and -0.4%, respectively.
To read Allianz Trade's news release with a link to the full report go to https://www.allianz-trade.com/en_global/news-insights/economic-insights/eurozone-fashion-retail.html.
BIBA launches a guide to trade credit insurance. The British Insurance Brokers' Association (BIBA) has launched a new guide explaining the need for, and the benefits of,
trade credit insurance. BIBA Technical Services Manager, Shaune Worrall said: "This type of insurance is invaluable to businesses, but many may not be fully aware of it.
This guide explains how trade credit insurance works and the additional benefits it provides. We worked with our member CMR Insurance Services (part of PIB Group Limited)
to create this guide and their expertise allowed us to highlight all of the benefits of this cover while simultaneously helping brokers to learn more about a class of
insurance they may not have advised on previously." The guide is designed to be easy to read and includes real-life examples of how trade credit insurance works.
For more information go to https://www.biba.org.uk/press-releases/trade-credit-guide/.
QBE Trade Credit releases the next phase of its SME Approve product. QBE Trade Credit has announced that brokers can now apply via its SME Approve website for prospect credit limit decisions. This means brokers can now check new business limit coverage on the Approve website, and "obtain a new business or renewal quotation in a matter of minutes supported by new resources such as a one-page quote summary and pre-filled forms." In addition, a new website feature, Chatnow, enables prompt query resolution for online users. SME Approve was launched in October 2021 and is
QBE's online Trade Credit solution for UK domiciled businesses with up to £10 million turnover. For more information go to https://qbeeurope.com/products/trade-credit/.
Ireland, Belgium and China stand out in the global pharmaceuticals sector. Atradius has published a new report that advises that the pharmaceuticals sector in the majority of the world's markets experienced a growth spike in 2021,
driven for the most part by vaccine production for COVID-19. Atradius notes that Ireland stands out as the industry's strongest performing market, accounting for more than 5% of global pharmaceuticals production. Belgium also benefited from COVID-19 vaccine production, resulting in 83% value-added output increase in 2021
and 15% of total Belgian exports. China also represents a vast market, with an annual growth of 9.4% predicted for the period spanning 2019 to 2025.
To read Atradius' news release with access to the full report, go to https://atradius.co.uk/reports/industry-trends-pharmaceuticals-united-states-2022.html.
Q&A with Xenia's Account Manager, Terry Kingston. Xenia Broking Group has published a Q&A in which Xenia's Account Manager, Terry Kingston,
describes his role at Xenia, how he got into the insurance sector and what he enjoys most about his job. He recalls that when he started there were really only two trade credit insurers and very little regulation.
"I remember getting the first computer in the office so we could enter limit applications on Trade Indemnity’s (now Allianz Trade) TRUMPS system! There was no e-mail of course so everything would be posted.
Anything quicker, you sent a telex!" To read the Q&A go to https://xeniabroking.com/news-and-insights/coffee-cup-corner-a-quick-q-a-with-our-account-manager-terry-kingston.
Xenia acquires a majority stake in Hong Kong-based Capstone Insurance Brokers.
Xenia Broking Group Limited has announced that it has acquired a majority stake in Capstone Insurance Brokers Limited, a Hong Kong-based insurance broker with specialist expertise in financial lines and digital asset insurance.
This acquisition marks the start of Xenia's international expansion and broadens the broking group's product offering into new and emerging classes of business.
It is Xenia’s ninth acquisition in three years.
Tim Coles, Xenia Group CEO, commented:
"This is a transformative deal for Xenia, marking our first international acquisition and adding breadth and diversity to our product range as we develop our vision to become the leading specialist broker for credit,
financial risks and financial lines insurance internationally." To read Xenia's news release go to https://xeniabroking.com/news-and-insights/xenia-acquires-majority-stake-in-hong-kong-based-capstone-insurance-brokers.
Berne Union launches Climate Working Group. Reinsurance News has reported that the Berne Union has launched a
new Climate Working Group with the objective to accelerate climate action in the export credit, trade finance and political risk insurance industries by fostering innovation and promoting alignment around low-carbon transition.
The group will initially focus on three workstreams based around: 1) Climate products, incentives and innovation; 2) Best practice in low-carbon transition; 3) Policy coherence and alignment.
Work will primarily involve sharing information, showcasing best practice and creating new tools and references. To read Reinsurance News' article go to https://www.reinsurancene.ws/berne-union-launches-climate-working-group/.
Russia: What are the risks for French companies?
Coface has published an article that asks whether French companies should stay in Russia or leave, and examines, whatever their decision, the risks they face. Sector Economist & Data Scientist, Erwan Madelénat, notes that the risks for French retail companies are mainly economic; Coface expects a surge in inflation, following the sharp depreciation of the rouble,
and a sharp recession in 2022 (-7.5%).
Regarding sanctions, Erwan notes that the Russian government is threatening companies that leave the country with seizure of their assets. To read Coface's article go to https://www.coface.com/News-Publications/News/Russia-what-are-the-risks-for-French-companies.
Shocks and short-circuits: The re-wiring of global trade. The Berne Union has published its latest BUlletin. Contributors this month look at the complex impacts on trade and investment across developed and developing economies. Articles include:
- Reflections on the CPRI market through crises, by Sian Aspinall, Managing Director, BPL Global.
- Spillover effects of the Ukraine crisis: How to approach political risk insurance in times of brinkmanship, by Luca Moneta, Team Leader, Political Risk Analysis, Global Sales, Marsh Specialty.
To download a copy go to https://www.berneunion.org//Publications/Details/55.
Atradius launches 'AtradiusCares' initiative to provide critical aid to those affected by the humanitarian crisis in Ukraine.
To provide humanitarian support to people in Ukraine and at its borders, Atradius has announced an ‘AtradiusCares' initiative and advised that it will donate €250,000 and match employee contributions up to a further €250,000 (up to 15th April).
If you wish to support Atradius' efforts with a donation, please go to https://donate.unhcr.org/int/en/ukraine-emergency-atradius-emg.
Congratulations to . . .
Atradius Collections Ltd for winning the award for Debt Collection Agency
of the year at the Chartered Institute of Credit Management (CICM) 2022 British Credit Awards.
Company Watch for winning the Risk Management Achievement Award at the Chartered Institute of Credit
Management (CICM) 2022 British Credit Awards for their Covid Forecast H-Score®. The score allowed users to better understand the impact of the COVID-19 pandemic on the financial health of UK companies when companies were not required to file accounts.
The following companies have been shortlisted at this year’s GTR's Leaders in Trade Awards.
- Best trade credit and political risk insurance underwriter shortlisted nominees: Chubb, HDI Global Specialty, The Hartford
- Best trade credit insurance broker shortlisted nominees: Aon, BPL Global, Marsh, WTW
- Best political risk insurance broker shortlisted nominees: BPL Global, Marsh, WTW.
New Appointments
Xenia Broking has made two new appointments.
- Barry Sharratt has been appointed as a Business Development Support Executive, based in Manchester. Barry joins Xenia from Euler Hermes (now Allianz Trade) where he was employed as Business Development Executive.
- Mike Lawrence has been promoted to Head of Sales, UK. Mike has been with Xenia for more than eight years and was most recently employed as a Business Development Executive.
Coface has appointed Christiane von Berg as Head of Economic Research Northern Europe & Belgium. Christiane was formerly Coface's Regional Economist Northern Europe & Belgium.
Atradius has promoted Alek Pillay from Underwriter to Senior Underwriter, based in London. Alek has been with Atradius since he started as an intern in June 2015.
Bartlett Group has appointed Simon Martin as Account Director. Simon joins from Acumen where he was also an Account Director. Simon is based in Leeds.
Bridge Insurance Brokers Ltd has announced that Andy Berry has joined as a Credit Insurance Specialist. This is a new role that combines New Business Development with Relationship Management.
Andy previously worked for Euler Hermes (now Allianz Trade), Coface, and various other Financial Service providers.
QBE Europe has made two promotions.
- Jack Staniforth has been promoted to New Business Commercial Underwriter for London, South, Midlands, Wales & Ireland. Jack has been with QBE since November 2020, and previously worked as an Assistant Underwriter (Trade Credit).
- Joshua White has been promoted from Assistant Underwriter to Underwriter (Trade Credit), Global Credit & Surety - Risk. Joshua has been with QBE since September 2019.
Career Opportunities
Claims Handler – Trade Credit, Political Risk and Surety London £Competitive + Bonus & Benefits.
Are you looking to develop a career within Insurance?
Help us become market-leaders in the provision of an efficient, cost-effective and professional service to our brokers and clients.
Help us become market-leaders in the provision of an efficient, cost-effective and professional service to our brokers and clients.
The role of the Claims Handler is working within out Trade Credit, Political Risk and Surety team
based in London. You will be responsible for handling claims and recoveries, often utilising
professional resource such as expert loss adjusters and lawyers to assist.
The TCPRS team manages claims across several offices where Markel also write trade credit, political risk and surety. We have offices in London, Dubai, Singapore and the US. We are closely aligned with our underwriters, insurers and brokers, taking care of rescheduling, restructuring and buyers in financial difficulties at an early stage, to help mitigate potential losses.
What you’ll be doing:
Markel Corporation (NYSE – MKL) a fortune 500 company with over 60 offices in 20+ countries, is a holding company for insurance, reinsurance, specialist advisory and investment operations around the world.
In each of our businesses, we seek to deliver innovative products and responsive customer service so that we can be a market leader. Our time horizon is long-term, our approach is disciplined, and our focus is on continuously improving the quality of the customer experience.
The TCPRS team manages claims across several offices where Markel also write trade credit, political risk and surety. We have offices in London, Dubai, Singapore and the US. We are closely aligned with our underwriters, insurers and brokers, taking care of rescheduling, restructuring and buyers in financial difficulties at an early stage, to help mitigate potential losses.
What you’ll be doing:
- Meetings/calls with key insureds and brokers to assess debtor accounts and review collection strategy and any required follow-up correspondence
- To ensure all claims related work is fully documented and recorded and that the internal claims system is updated with appropriate narrative and financial information
- To review, process and authorise fees in respect of our service provider
- Responsibility for handling your (and if applicable other team members') claims and notifications in accordance with the MINT claims and reserving philosophy, Markel Style, the Claims Handling Manual and all regulatory requirements
- Raising claims to your manager, where appropriate, for input on strategy and/or reserving
- To drive, facilitate and personally deliver a customer focused approach to claims which is measurable through: speed of service and open, honest and personable communications with all brokers and (re)insureds
- To work closely with the underwriting team, including providing feedback on claims experiences, contract wordings, claims data or feedback for any renewal or new business. In addition you will interact with placing and claims brokers to assist in developing positive relationships and knowledge about the quality of our claims management at Markel
- To work collaboratively with our actuarial and outwards reinsurance teams, ensuring that they are all aware of new notifications and significant developments
- Bachelors degree that demonstrates analytical skills
- Studying for / or be willing to study for CII qualifications
- Demonstrate IT skills including MS Office including Excel
- Good attention to detail with analytical and organisational skills
Markel Corporation (NYSE – MKL) a fortune 500 company with over 60 offices in 20+ countries, is a holding company for insurance, reinsurance, specialist advisory and investment operations around the world.
In each of our businesses, we seek to deliver innovative products and responsive customer service so that we can be a market leader. Our time horizon is long-term, our approach is disciplined, and our focus is on continuously improving the quality of the customer experience.
What’s in it for you?
- A very competitive basic salary plus bonus & benefits
- 25 days’ holiday plus Bank Holidays, with the opportunity to buy / sell extra leave
- Company matched pension scheme, private medical and dental cover, life assurance, travel insurance cover, income protection, a cycle2work scheme, season ticket loan, Employee Assistance Programme (EAP), maternity, adoption and shared parental leave pay, paternity pay...and plenty more.
- Voluntary benefits designed to suit your lifestyle — from discounts on retail and socialising, to health & wellbeing, travel and technology
- The possibility of working from both the office and from home, flexible working or other options are available
- You’ll get the chance to follow your chosen career path anywhere within Markel
- You’ll be joining a global network of experienced, innovative and dedicated individuals across multiple teams and countries. There are countless opportunities to learn new skills and develop in your career, and we’ll provide the support you need to do just that.
What we hope you’ll do next:
Email your CV to hilary.beard@markel.com quoting “Claims Handler – TCPRS”
We’re an equal opportunity employer, which means we’ll consider all suitably qualified applicants regardless of gender identity or expression, ethnic origin, nationality, religion or beliefs, age, sexual orientation, disability status or any other protected characteristic.
Markel celebrates the value of a diverse workforce that brings experience and expertise from a wide variety of backgrounds and life circumstances. Whatever your background, if you feel you meet the requirements of this role then we want to hear from you.
We recruit and develop our people based on merit and their passion and we’re committed to creating an inclusive environment for all employees.
Email your CV to hilary.beard@markel.com quoting “Claims Handler – TCPRS”
We’re an equal opportunity employer, which means we’ll consider all suitably qualified applicants regardless of gender identity or expression, ethnic origin, nationality, religion or beliefs, age, sexual orientation, disability status or any other protected characteristic.
Markel celebrates the value of a diverse workforce that brings experience and expertise from a wide variety of backgrounds and life circumstances. Whatever your background, if you feel you meet the requirements of this role then we want to hear from you.
We recruit and develop our people based on merit and their passion and we’re committed to creating an inclusive environment for all employees.
Senior Trade Credit Broker
London
London
Great opportunity to join us in the Trade Credit Insurance team within our Global Financial Solutions business as a Senior Trade Credit Broker where the role will be based in either our London, Reading, or Cardiff office
with requirement to travel to other locations.
The Role
A senior business development role within our Trade Credit Insurance team in our Global Financial Solutions business, leading the growth and development of our GB Trade Credit business with varied Corporate and Financial Institutions Clients. You will bring the entire Willis Towers Watson value proposition to bear with a principal focus on growth orientated activities working to develop new clients and connections. You will craft strategies to grow our client book taking advantage of our specialist industry experience and unparalleled market know-how.
The candidate ideally:
Equal Opportunity Employer
The Role
A senior business development role within our Trade Credit Insurance team in our Global Financial Solutions business, leading the growth and development of our GB Trade Credit business with varied Corporate and Financial Institutions Clients. You will bring the entire Willis Towers Watson value proposition to bear with a principal focus on growth orientated activities working to develop new clients and connections. You will craft strategies to grow our client book taking advantage of our specialist industry experience and unparalleled market know-how.
The candidate ideally:
- Will have a full market knowledge of trade credit insurance and demonstrate ability to understand a clients’ business and risk management needs, determining appropriate solutions, structure, price and placement strategies
- Will be comfortable to actively identify new business opportunities both outside the group and with colleagues across the business to capitalise on cross selling opportunities
- Will manage and develop existing client relationships and be able to offer full specialist and best practice advice and support to new and existing clients
- Develop and maintain knowledge of relevant products and services offered by credit insurers and by WTW
- Deliver optimisation of revenue from new and existing clients, fostering and developing engagement with clients at C-suite level on cross functional level, leveraging and leading with industry sector insight.
- Whilst the role is based in GB, the role requires working with colleagues and the Trade Credit Line of Business teams across the global network.
- Previous substantial history of successful business development and sales growth.
- Ideally ACII qualified or working towards the ACII qualification (or equivalent credit risk qualification such as CICM)
- Strong analytical and numeracy skills
- Capability to prepare and present to prospects, industry groups and internally using our marketing resources
- Good working knowledge of the full range of Trade Credit Insurance and alternatives
- Track record building effective relationships, at all levels, with clients, prospects, colleagues and insurers
- Ability to represent the practice and WTW with integrity and credibility
- Strong team player with good people skills and credibility to work with, and to influence, colleagues at all levels within the company
- Credibility to work with, and to influence, colleagues at all levels within the company
- The above list is intended to be as accurate a reflection of the role as possible. However, it may be revised from time to time if different tasks commensurate with the role or level of responsibility are needed to be performed and/or when circumstances change.
Equal Opportunity Employer
Insurance Assistant Vice President
London
London
Want to build a stronger, more sustainable future and cultivate your career? Join Cargill's global team of 155,000 employees who use new technologies, dynamic insights and over 154 years of experience to connect farmers with markets,
customers with ingredients, and people and animals with the food they need to thrive.
Job Purpose and Impact
Location: London (City), UK (EC4V 4AY)
Competitive salary, plus comprehensive benefits package including contributory pension, private healthcare and performance related bonus.
The Risk Investors Group Insurance Trader will be responsible for developing and cultivating internal and external relationships. In this role, you will apply your general knowledge of insurance products to ensure successful placement of policies generated by the trade and capital markets group and wider Cargill. You will also participate in generating innovation ideas and developing new product strategies.
Key Accountabilities
Minimum Qualifications
We provide a fast paced stimulating international environment, which will stretch your abilities and channel your talents. We also offer competitive salary and benefits combined with outstanding career development opportunities in one of the largest and most solid private companies in the world.
Interested? Then make sure to send us your CV and cover letter in English today. To apply go to https://careers.cargill.com/job/london/insurance-assistant-vice-president/23251/25973510208.
Follow us on LinkedIn: https://www.linkedin.com/company/cargill.
Cargill is committed to being an inclusive employer. Click here to find out more https://careers.cargill.com/diversity/.
Job Purpose and Impact
Location: London (City), UK (EC4V 4AY)
Competitive salary, plus comprehensive benefits package including contributory pension, private healthcare and performance related bonus.
The Risk Investors Group Insurance Trader will be responsible for developing and cultivating internal and external relationships. In this role, you will apply your general knowledge of insurance products to ensure successful placement of policies generated by the trade and capital markets group and wider Cargill. You will also participate in generating innovation ideas and developing new product strategies.
Key Accountabilities
- Manage new or existing portfolio of Cargill policies and single buyer insurance policies, conduct policy wording negotiations and manage with our broker and insurance relationships
- Partner collaboratively to explore commercial opportunities with traders and maintain good relationship with brokers and insurers
- Develop deep understanding of trade credit insurance, including partnering with commercial teams and finance leads on requests for trade credit insurance, analyzing financial profiles, preparing background information for submission and communicating feedback from the insurance market internally
- Contribute to generate innovation ideas and develop new product strategies
- Independently solve challenging issues with minimal supervision, while escalating when appropriate
- Other duties as assigned
Minimum Qualifications
- Bachelor’s degree in a related field (Finance, Business, Economics, Law) or equivalent experience
- Knowledge of insurance, preferably in the Excess of Loss or Portfolio Insurance
- Knowledge of trade finance or banking market and product
- Confirmed experience of financial markets risk mitigation tools used widely in the industry
- Ability to analyze financial statements
- Fluency in other European languages
We provide a fast paced stimulating international environment, which will stretch your abilities and channel your talents. We also offer competitive salary and benefits combined with outstanding career development opportunities in one of the largest and most solid private companies in the world.
Interested? Then make sure to send us your CV and cover letter in English today. To apply go to https://careers.cargill.com/job/london/insurance-assistant-vice-president/23251/25973510208.
Follow us on LinkedIn: https://www.linkedin.com/company/cargill.
Cargill is committed to being an inclusive employer. Click here to find out more https://careers.cargill.com/diversity/.
Events & Professional Development
8th Annual Supply Chain Finance Summit, 26 April. London.
We are proud to become a media partner for the Supply Chain Finance Summit hold on 26 April in London. This in-depth event tracks the transformation of supply chain finance. Book your Early Bird tickets now: https://bcrpub.com/events/supply-chain-finance-summit-2022.
Supply chain finance continues to accelerate, with global volumes growing by nearly 50% from the pre-pandemic period and utilisation also increasing dramatically. It is expanding faster than ever for new business as well as existing. Corporates are now fast-tracking their decision-making when it comes to approving supply chain finance programmes.
BCR’s SCF Summit will examine:
To register please follow this link https://bcrpub.com/events/supply-chain-finance-summit-2022.
As an event partner Credit Insurance News has negotiated a 20% discount for all its members.
The 20% delegate discount code is MEDIA-20 – please utilise the code upon booking.
For more information on the Summit and to book your Early Bird tickets, please click the link below:
https://bcrpub.com/events/supply-chain-finance-summit-2022.
We are proud to become a media partner for the Supply Chain Finance Summit hold on 26 April in London. This in-depth event tracks the transformation of supply chain finance. Book your Early Bird tickets now: https://bcrpub.com/events/supply-chain-finance-summit-2022.
Supply chain finance continues to accelerate, with global volumes growing by nearly 50% from the pre-pandemic period and utilisation also increasing dramatically. It is expanding faster than ever for new business as well as existing. Corporates are now fast-tracking their decision-making when it comes to approving supply chain finance programmes.
BCR’s SCF Summit will examine:
- The impact of the pandemic and other macro-economic issues on SCF?
- How much longer these spectacular rates of growth can continue?
- What are the latest innovations and trends in the sector?
- How did SCF become a driver for sustainability and how to carry ESG principles and alignment through to supply chains?
- The challenges of realising SCF’s potential to deliver ESG objectives?
- Risk management strategies - changes due to the pandemic
To register please follow this link https://bcrpub.com/events/supply-chain-finance-summit-2022.
As an event partner Credit Insurance News has negotiated a 20% discount for all its members.
The 20% delegate discount code is MEDIA-20 – please utilise the code upon booking.
For more information on the Summit and to book your Early Bird tickets, please click the link below:
https://bcrpub.com/events/supply-chain-finance-summit-2022.
GTR Turkey, 12 May. Istanbul, Turkey.
GTR Turkey returns for the first time since 2020 to the Hotel Fairmont Quasarin Istanbul on May 12, 2022.
As the leading trade and export financing event of its kind in the country, and with established support from key industry institutions, the event will provide Turkish corporates, financiers and investors with a key platform at which to make valuable business contacts and learn from the leading figures in international trade and investment.
Hear first-hand from the experts on Turkish trade opportunities in Europe, Africa, the Gulf and the US; discuss latest export trends, manufacturing and supply chain resilience, and developments in digital trade solutions and new trade corridors.
With over 300 representatives from international and regional companies expected in attendance, the event will feature innovative content designed to foster maximum engagement between speakers and delegates, bringing all parties involved in Turkish trade together for a one-day focused gathering. For more information go to https://www.gtreview.com/events/europe/gtr-turkey-2022.
Credit Insurance News readers can receive 15% off any pass to GTR India 2022 with code: CIN15.
GTR Turkey returns for the first time since 2020 to the Hotel Fairmont Quasarin Istanbul on May 12, 2022.
As the leading trade and export financing event of its kind in the country, and with established support from key industry institutions, the event will provide Turkish corporates, financiers and investors with a key platform at which to make valuable business contacts and learn from the leading figures in international trade and investment.
Hear first-hand from the experts on Turkish trade opportunities in Europe, Africa, the Gulf and the US; discuss latest export trends, manufacturing and supply chain resilience, and developments in digital trade solutions and new trade corridors.
With over 300 representatives from international and regional companies expected in attendance, the event will feature innovative content designed to foster maximum engagement between speakers and delegates, bringing all parties involved in Turkish trade together for a one-day focused gathering. For more information go to https://www.gtreview.com/events/europe/gtr-turkey-2022.
Credit Insurance News readers can receive 15% off any pass to GTR India 2022 with code: CIN15.
GTR India, 24 May 2022. Mumbai.
In-person since 2020, GTR India 2022 is finally returning to Mumbai for an exclusive one-day gathering on May 24 at Taj Lands End!
The day’s sessions will reflect on the latest developments across the Indian market, from trade and export policy and new supply chain opportunities, to banking and structural reforms, fintech innovation, sustainability and the role of manufacturing as a key export driver.
In-person since 2020, GTR India 2022 is finally returning to Mumbai for an exclusive one-day gathering on May 24 at Taj Lands End!
The day’s sessions will reflect on the latest developments across the Indian market, from trade and export policy and new supply chain opportunities, to banking and structural reforms, fintech innovation, sustainability and the role of manufacturing as a key export driver.
- Trends in global trade and advantages for Indian corporates and exporters
- The (M)SME credit gap and how are trade finance barriers lowering?
- Fintech and tradetech in India – balancing opportunities and risks
- High-value manufacturing and India’s position in global supply chains
- Exporter support and the scope of supply chain finance solutions
- Trade corridors – what is the direction of travel for Indian trade?
For more information about this event go to https://bit.ly/3tizPcM.
Credit Insurance News readers can receive 15% off any pass to GTR India 2022 with code: CIN15.
Annual Receivables Finance International Convention, 26-27 May. London/Hybrid
Join BCR Publishing for their 22nd Annual Receivables Finance International Convention.
RFIx’22 will be held in London at the offices of Clifford Chance and will bring together in person, senior receivables
finance executives from around the world, with live streaming also available.
BCR will be also holding its 4th Annual Receivables Finance International Awards on 26 May 2022, on the evening of the first day of RFIx’22.
Book your place for RFIx’22 and help define the future of working capital finance: https://bcrpub.com/events/rfix-receivables-finance-international-convention-2022.
To apply for free to receive RFIx22 Award, download your info pack today: https://bcrpub.com/awards/rfix22-awards-and-gala-dinner.
BCR will be also holding its 4th Annual Receivables Finance International Awards on 26 May 2022, on the evening of the first day of RFIx’22.
Book your place for RFIx’22 and help define the future of working capital finance: https://bcrpub.com/events/rfix-receivables-finance-international-convention-2022.
To apply for free to receive RFIx22 Award, download your info pack today: https://bcrpub.com/awards/rfix22-awards-and-gala-dinner.
TXF Global 2022: Export, Agency & Project Finance
HYBRID EVENT: LISBON & ONLINE, 7-8 June 2022. Lisbon, Portugal.
TXF Global Export is back for 2022 and this time, *drumroll*... we’re taking the global export roadshow to Lisbon!
Join us on the 7th & 8th June 2022 for another unmissable hybrid event. Deal makers from across the globe are already lining up to save their spot. Topics up for debate include:
For more information go to https://www.txfnews.com/Events/Event/249/TXF-Global-2022-Export-Agency-Project-Finance.
HYBRID EVENT: LISBON & ONLINE, 7-8 June 2022. Lisbon, Portugal.
TXF Global Export is back for 2022 and this time, *drumroll*... we’re taking the global export roadshow to Lisbon!
Join us on the 7th & 8th June 2022 for another unmissable hybrid event. Deal makers from across the globe are already lining up to save their spot. Topics up for debate include:
- Financing the goals of COP 26
- Mega borrowers of the future
- Mega borrowers of the future
- Guardians of Export Credit - The Government perspective
-
The Green ECA CEO panel
Two types of participation are available for TXF hybrid events:
1. Physical Event Ticket
1. Physical Event Ticket
- Get your feet on the ground to come together with key clients, colleagues and industry experts. Your ticket will also include:
- Additional networking features such as the poolside cocktail reception Access to the virtual event platform – reach out to virtual-only attendees and watch all sessions on-demand if you miss them
- Networking concierge service – allow us to do the leg work and introduce you to new potential clients
2. Virtual Ticket/ On-Demand (Available TXF events 365 Members Only)
From the comfort of your desk watch all sessions live or on-demand as well as use our ‘Search the Guest List’ feature to reach out to other virtual attendees and those joining the physical event in-person.
To find out more about joining virtually as part of a TXF Membership, please email membership@txfmedia.com. email membership@txfmedia.com.From the comfort of your desk watch all sessions live or on-demand as well as use our ‘Search the Guest List’ feature to reach out to other virtual attendees and those joining the physical event in-person.
For more information go to https://www.txfnews.com/Events/Event/249/TXF-Global-2022-Export-Agency-Project-Finance.
Professional Development
STECIS, the Trade Credit Insurance & Surety Academy endorsed by ICISA, offers a range of
webinars and classroom training courses.
The webinars on Trade Credit Insurance and Surety are organised multiple times per year: the next webinar on Trade Credit Insurance is the Fundamentals of TCI and will take place on the 4th of May 2022.
The classroom training courses are scheduled to take place in September 2022 on the following dates:
The courses are hosted by seasoned expert from the industry and there is enough opportunity for posing questions, discussions and networking.
Details information about the webinar and classroom training courses are available on the Stecis’ website: www.stecis.org also further information can be obtained by sending an e-mail to info@stecis.org.
The webinars on Trade Credit Insurance and Surety are organised multiple times per year: the next webinar on Trade Credit Insurance is the Fundamentals of TCI and will take place on the 4th of May 2022.
The classroom training courses are scheduled to take place in September 2022 on the following dates:
- 27 & 28 September 2022: Trade Credit Insurance Foundation Course
- 29 & 30 September 2022: Trade Credit Insurance Advanced Course
- 27 & 28 September 2022: Surety Foundation Course
- 29 & 30 September 2022: Surety Advanced Course
The courses are hosted by seasoned expert from the industry and there is enough opportunity for posing questions, discussions and networking.
Details information about the webinar and classroom training courses are available on the Stecis’ website: www.stecis.org also further information can be obtained by sending an e-mail to info@stecis.org.
About this month's sponsor: Co-pilot
Co-pilot’s expertise in Credit Risk Management and Technology has been built up over many years.
The important thing for brokers is that we have “walked in your shoes”. We understand credit
insurance and the value it delivers, and we understand client and broker needs. We deal in a
straightforward way with clients and brokers alike.
This has enabled us to build a fine client portfolio. In one trade sector alone, we have three of the global top five companies as clients — each runs a multi-million-dollar global Trade Credit Insurance programme.
We are rolling out some innovations which touch the worlds of Trade Credit Insurance and Invoice Finance, you’ll see more of this later in the year. We will also shortly be announcing our “Essence of Credit Risk” events programme for 2022 and beyond. These highly regarded events are aimed at Credit Professionals and Event Partners at the highest level.
We are rolling out some innovations which touch the worlds of Trade Credit Insurance and Invoice Finance, you’ll see more of this later in the year. We will also shortly be announcing our “Essence of Credit Risk” events programme for 2022 and beyond. These highly regarded events are aimed at Credit Professionals and Event Partners at the highest level.
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All news stories on Credit Insurance News' website are included with the prior permission of the copyright holder. Reproduction or redistribution in whole or in part, in any manner, without the express prior written consent of the copyright holder, is a violation of copyright law. If you, or your organisation wish to redistribute, republish or link-to all or any part of any Credit Insurance News Digest, you must first contact the copyright holder direct or email sally.brown@creditinsurancenews.co.uk for further information.
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