Credendo Group: Credit Insurance News Digest

Welcome to issue 46 of Credit Insurance News Digest, 4 November 2014.
This issue is kindly sponsored by Credendo Group.

Index

• Credit Insurance News and Reports
• Industry Events and Offers
• Business Info: Recommended Reports
• Career Opportunities 
• About this issue's sponsor

Credit Insurance News and Reports
The Berne Union quantifies its credit insurance members' impact on international trade. Following its Annual General Meeting in London, the Berne Union has reported that, together with the Prague Club, it currently provides risk protection for 11% of world trade. In addition, in the first half of 2014, the credit limits extended to support short term exports reached $1,640 billion. Berne Union president Dan Riordan commented: ". . . members have continued to prove their ability to respond to the needs of their customers, offering innovative solutions for the managing of commercial and political risks. As the direction of the global economy is currently experiencing different signals from solid growth in some countries to regional instability in others, our members’ impact on international trade has never been more relevant.” To view the Berne Union's news release go to http://www.berneunion.org/wp-content/uploads/2014/10/2014-10-23-Berne-Union-Press-Release.pdf.

Euler Hermes' Chairman advises that credit insurance will be of even greater importance given recent macroeconomic news. Euler Hermes has advised that despite timid but positive developments in 2015, swift economic recovery in Europe is now unlikely as the necessary building blocks still need to be secured. As a result, Wilfried Verstraete, Chairman of the Euler Hermes Board of Management, has stressed the continuing importance of credit insurance: “Credit insurance will be of even greater importance to our clients given recent macroeconomic news . . . If this translates into another slowdown in Europe, in particular in Germany and France, it could lead to a resurgence in insolvencies.” In this environment, Euler Hermes stress that growing their business outside traditional markets remains a priority. A press release, consolidated financial statements and a presentation to analysts detailing Euler Hermes results over the last nine months are available to view at http://www.eulerhermes.com/mediacenter/news/Pages/q3-2014-financial-results.aspx.

Atradius finds that companies in the APAC and Americas regions are adopting more proactive debt collections measures. The latest Global Collections Review survey conducted by Atradius Collections reveals that companies in the APAC and the Americas regions seem more proactive than their European counterparts in recovering payments. The use of debt collection agencies is higher in the US (54%), China (52%) and Taiwan (57%), than in Europe (30%). Additionally, the debt collections market is evolving most rapidly in the Americas region, where an increase of almost 13% is observed compared to last year. The survey also found that in Asia Pacific, companies appear to be more proactive in trying to recover their money and are willing to use a variety of methods to achieve results, while European companies are more conservative and cautious when it comes to outsourcing collection of first party invoices. Across the world, the worst payers are typically domestic customers, irrespective of business size and industry. To view Atradius' news release with a link to the full report go to http://www.atradiuscollections.com/global/updates-publications/global-collections-review/apac.html.

Trade credit insurance claims chart company liquidation rates. A recent article by Datamonitor Financial has noted the link between company liquidation figures and the number and value of trade credit insurance claims made by suppliers to a company that has gone bust. The article cites recent research  which demonstrates how claims have tracked the wider economic cycle. “According to Association of British Insurers statistics, 2007-10 saw significant increases in the number of claims, with a gradual decline from 2011 onwards,” the analyst reports. This indicates “that a more stable business environment translates into more stable businesses”. However, the article also cautions that recent collapse of Phones4U may lead to a one-off surge in trade credit insurance claims this year. To view the full article go to http://www.datamonitorfinancial.com/trade-credit-insurance-key-for-goods-suppliers/.

Euler Hermes eyes double-digit growth in GCC trade credit insurance. According to a recent article in Gulfnews.com, Euler Hermes is eyeing double digit growth in trade credit insurance in the GCC for the next six years and it aims to achieve this by opening three more offices in the region next year, taking the total to seven. The company currently has exposure of $13 billion (Dh47.7 billion) in the GCC region. “On average the GDP of GCC countries is growing by approximately 5%, so we are expecting double-digit growth in this region,” GCC chief executive Mahan Bolourchi told Gulf News. Mr Bolourchi also added that there is huge potential owing to trade credit insurance being largely a new product in the region. To view the article on Gulfnews.com go to http://gulfnews.com/business/general/allianz-unit-euler-hermes-eyes-double-digit-growth-in-gcc-trade-credit-insurance-1.1401997.

Credendo Group advises that growth in Brazil will dwindle to 0.3% in 2014. Credendo Group has published its latest Risk Monthly newsletter in which its country analysts report and comment on the main events currently affecting country risks in Hong Kong, Ukraine, Bolivia, Brazil, Egypt, MENA oil exporting countries, Mozambique, Zambi. For example, in Brazil Credendo advises that the recent narrow re-election (on 26 November) of Brazilian President Dilma Rousseff has been negatively received by investors, many of whom has hoped for losing party the PSDB to bring about more pro-business policies (in particular a reduced tax burden and less state intervention in the economy). Credendo advises that its experts concur, and indeed without more investment it will prove difficult to boost growth (which is expected to dwindle to 0.3% in 2014 and 1.4% in 2015) in a sustainable way. " In a polarised Brazil, Dilma Rousseff has four years to prove her critics wrong and get the economy going again." To view the latest issue go to http://www.credimundi.co.uk/en/documentation/newsletters/.
The newsletter is available in five languages (Dutch, English, French, Italian, German) and subscribers are invited to register for free issues at http://www.credimundi.co.uk/en/newsletter/.

Euler Hermes advises that Greek GDP should begin to grow in 2015. Euler Hermes recently held its 2014 International Trade Observatory summit in Athens during which its chief economist and senior executives outlined key elements that could drive Greece’s efforts to revive its economy. They advised that although Greek GDP is expected to remain flat in 2014 and 18% below its Q1 2008 peak, it should begin to grow in 2015 (+1.5%) due to renewed business and investor confidence. However, corporate profitability is expected to remain weak and the number of days required to collect on delivered goods remains two to three times the EU average. Business insolvencies are also three times higher than the 2007 domestic level.  To view Euler Hermes' news release go to http://www.eulerhermes.com/mediacenter/news/Pages/Euler-Hermes-offense-the-best-defense-in-driving-Greece-recovery.aspx.

Atradius: Nearly a third of ASX Listed Companies are facing the risk of financial catastrophe. Atradius has advised that an article from ABC News Online has highlighted details of a recent report by the accounting body CPA Australia which indicates that nearly a third of ASX listed companies are facing the risk of financial catastrophe. The report, based on going concern warnings from auditors used to flag "significant uncertainty" in a company's ability to survive, analysed almost 16,000 annual reports and showed that the Australian market is becoming increasingly unstable. This is news which, Atradius advised, will come as an eye opener for many Australian companies and should serve "to highlight the fact that large publicly listed companies are not immune to financial difficulty, and should not be overlooked when considering insolvency and bad debt protection". To view Atradius' news release go to http://www.atradius.com.au/corporate/press-relases/nearly-a-third-of-asx-listed-companies-are-facing-the-risk-of-financial-catastrophe.html.

Coface advises that global trade is experiencing a slowdown and asks if this is a cyclical phenomenon or long-lasting and structural? The latest Panorama report by Coface advises since the economic crisis of 2008-2009, the rate of growth of international trade has been slowing down and is still struggling to recover nearly 6 years after the start of crisis; a radical change in trend after 30 years of unprecedented expansion. However World exports are today are actually 10 times higher than in 1980 and even during the past decade, marked by the 2008-2009 crisis, exports increased two and a half times. Coface advises: "This raises the following question: is the slowdown in international trade since 2008 only a cyclical phenomenon or does it rather correspond to a lasting structural change?" To view Coface's news release go to http://www.coface.com/News-Publications/News/Global-trade-a-return-to-pre-crisis-levels-is-unlikely-but-the-potential-for-growth-exists. To view the full Panorama go to http://www.coface.com/News-Publications/Publications/Panorama-Country-Risk-World-Trade-a-Sluggish-Spell.

Atradius advises that the macro-economic fundamentals in many emerging markets are much stronger than they were in the past. Atradius has published its latest Economic Research into vulnerable emerging markets which advises that the change in US monetary policy has resulted in many financial investors re-assessing their asset allocations. For example, in the summer of 2013 there was some significant ‘taper turbulence’ in several emerging markets and Brazil, India, Indonesia, South Africa and Turkey were coined the ‘fragile five’ countries when their currencies suffered significant depreciations. However, despite this, Atradius stresses that the macro-economic fundamentals in many emerging markets are now much stronger than they were in the past, which significantly reduces the risk of balance of payment or financial crises. To view Atradius' report go to http://global.atradius.com/images/stories/Atradius_Economic_Research-Vulnerable_Emerging_Markets%20(3).pdf.

Euler Hermes expands its offer in Italy with Bonding. Euler Hermes has announced that it is expanding its product range in Italy with the addition of Bonding solutions. Dario Locatelli (see 'New Appointments' - below), the new head of Bonding activities for Euler Hermes Italia, commented: “Our focus will be international companies with complex risks in countries where it is difficult to find bonding coverage, while still serving the needs and opportunities in the domestic market." Bonding, also known as surety, is often required in industries such as construction or manufacturing to ensure that suppliers will fulfill contractual obligations. To view Euler Hermes' news release go to http://www.eulerhermes.com/mediacenter/news/Pages/Euler-Hermes-expands-Italy-offer-with-Bonding.aspx.

Atradius publishes its latest Risk Map. Atradius' Economic Research team has published the Atradius Risk Map which provides an at-a-glance overview of the level of risk associated with countries worldwide. The map uses a rating system for assessing country risk called the STAR rating system (STAR stands for Sovereign Transfer and Arbitrary Risk) and is designed as a summary measure of political risk. The STAR rating runs on a colour-coded scale from 1 to 10, where 1 (green) represents the lowest risk and 10 (red) the highest risk. To view the Map and download a copy go to http://www.atradius.com.au/atradius-risk-map.html.

Euler Hermes: Spain cautiously taking the bull by the horns. Euler Hermes has published a new Economic Insight which advises that the Spanish economy is now out of recession. Second-quarter growth surprised on the upside as GDP increased by +0.6% quarter on quarter, driven by a rebound in domestic demand but especially in household spending. Euler Hermes now expects Spain's GDP to grow by 1.2% in 2014 and by 1.3% in 2015. However while net exports were the main engine of growth in 2012 and 2013, due to improved competitiveness of the Spanish export sector export performance should stall in 2014 and 2015. On the other hand, imports should show positive growth rates in line with domestic demand recovery. To view Euler Hermes' Economic Insight go to http://www.eulerhermes.com/mediacenter/Lists/mediacenter-documents/Economic-Insight-Spain-cautiously-taking-the-bull-by-the-horns-Oct14.pdf.

Coface predicts worldwide growth of 2.8% in 2014. Coface has advised that the economic recovery forecast for 2014 is confirmed, even if it is slower than initially expected by the markets. Coface experts now predict worldwide growth of 2.8% - 0.2 percentage points more than in 2013. Looking ahead, Coface advises that it will continue to roll out its new commercial organisation with new services, such as Easyliner (targeted at SMEs and now available in 8 countries), and is aiming at double-digit average growth in current operating income between 2013 and 2016. For a press release detailing Coface's results over the last nine months go to http://www.coface.com/News-Publications/News/Results-at-30-September-2014-Coface-continues-to-progress-on-a-path-of-growth-and-profitability.

Euler Hermes upgrades Indonesia's Country Rating. Euler Hermes has announced that it has upgraded Indonesia's country rating to 'B2', citing reduced political uncertainties following July presidential elections, the decrease in currency volatility and continued healthy domestic consumption. "The market is expecting the new government to focus on raising national savings to finance domestic investment, speed up business environment reforms and a rise in infrastructure expenditures to make the country more attractive for long term investors," said Mahamoud Islam, senior Asia economist at Euler Hermes. Euler Hermes economists now expect the country's GDP growth to reach +5.2% for the full year 2014 and +5.8% in 2015. To view Euler Hermes' news release  go to http://www.eulerhermes.com/mediacenter/news/Pages/press-release-Euler-Hermes-upgrades-Indonesia-country-rating.aspx.

Atradius launches a new group-wide logo.  Pamela Gunn from Atradius Corporate Communications UK commented: “Atradius has been delivering top quality protection from B2B payment defaults globally for over 90 years and 2014 marks the 150th anniversary of our parent company, Grupo Catalana Occidente. To commemorate this significant milestone we have updated our visual identity and our new look logo will be introduced from September onwards. However, we are the same Atradius and nothing will change for our customers and partners and our focus is very much on delivering exceptional quality in our products and service.” To view Atradius' news release go to http://www.atradius.com.au/corporate/press-relases/change-of-visual-identity.html.

Euler Hermes highlights solid growth in UAE and Saudi Arabia in 2015. At the recent Trade Credit Insurance Summit in Dubai on October 27-29, Mahan Bolourchi, Euler Hermes CEO for the GCC countries, shared with event participants several highlights of the latest GCC country economic updates produced by the Euler Hermes Economic Research team. Euler Hermes has advised that it expects UAE’s GDP to grow by 4.2% in 2014 and 4.5% in 2015. Total exports of $379 billion in 2013 are also expected to grow a further 6% in 2014, taking advantage of increasing demand from Asia – particularly in India, Singapore, Taiwan and Thailand. Similar growth of 4.5% is also expect in Saudi Arabia in both 2014 and 2015. To view Euler Hermes' news release go to http://www.eulerhermes.com/mediacenter/news/Pages/press-release-Euler-Hermes-highlights-solid-growth-UAE-Saudi-Arabia-2015.aspx.

* Webinar - Today! * : The Credit Insurance Puzzle: Why is it 5x more popular in Europe? Igor Zax, Managing Director of Tenzor Ltd. will be presenting a webinar “Credit Insurance: Common Misconceptions, and Can it Be a Useful Tool”, which will examine why the percentage of secured transactions that are credit insured is five times higher in Europe in the USA? And what can we learn from the difference? Mr Zax will also offer an unbiased overview of common misconceptions about credit insurance, and mistakes that are often made, and will explore the reasons (right and wrong) why it more popular in some markets and less so in other. The webcast, hosted by Commercial Finance Association (CFA), will take place on 4th of November at 4pm GMT, but for those that miss it slides will be available following the webinar at www.tenzor.co.uk. Free registration is available on CFA website via link https://www.cfa.com/eweb/DynamicPage.aspx?WebCode=EventInfo&RegPath=EventRegFees&Reg_evt_key=89CBC1A9-C350-4BCA-8CD7-E71C3ADD06A0.

And Finally . . . 
It's a small world . . . Credit Insurance News Digest is proud to have readers all over the world and in hundreds of companies. We would love to create a gallery page with photos of our subscribers and would be delighted to receive your informal individual, team, event or office photos for display. Please email photos - including the names of everyone shown - to sally.brown@creditinsurancenews.co.uk.



Industry Events, Offers and Training
4th Annual China Trade & Commodity Finance Conference. 4-6 November 2014. Beijing China.
GTR’s China Trade & Commodity Finance Conference returns for its fourth year, now a highlight on the calendar having cemented itself as the only such event for the Chinese market. With over 200 of the region’s trade finance experts, business leaders and trade bodies expected in attendance, discussions will look to address the key issues affecting both the Chinese trade and export community and those seeking to do business with Asia’s prevalent industrial leader. A 15% discount is available for Credit Insurance News Digest readers, please quote CIN15. Click here for more information.

2014 Trade Credit, Bond & Political Risk Insurance Dinner. Thursday 6 November, London.
AIG are pleased to announce that tickets are now available for this year’s industry dinner taking place on Thursday 6 November at The Landmark London Hotel, Marylebone Road, NW1 6JQ. Tickets per guest cost: £155 + VAT, while a table for 10 guests costs £1,550 + VAT. To book please contact: claudia.herwig@aig.com. AIG has also negotiated special rates, subject to availability, with The Landmark London Hotel and their sister hotel The Lancaster London. Please quote 'AIG Trade Credit Industry Dinner' when making your reservation.

3rd Annual Malaysia Trade & Export Finance Conference. 11 November 2014. Kuala Lumpur, Malaysia.
Malaysia’s business and banking leaders, primary trade bodies and supporting actors will again gather in Kuala Lumpur for the only such event for the Malaysian trade and export finance community. An in-depth agenda will focus on the challenges currently being faced by the manufacturing and commodities sectors in contributing to export-led economic growth, the impact of ongoing regional integration and implementation of the Asean Economic Community (AEC) on international trade and financing, the key trade corridors and export markets offering opportunities to the region’s leading companies, and the latest financing and risk management techniques being employed by those financiers facilitating international business. A 15% discount is available forCredit Insurance News Digest readers, please quote CIN15. Click here for more information.

Warehouse, Cargo & Structured Commodity Finance. 12-13 November 2014. Singapore. 
CMT’s conference - Warehouse, Cargo & Structured Commodity Finance – Singapore, themed "Financing and mitigating risks for commodity cargoes in transit or in store in Asia, Africa & Europe” - a first in Asia, is designed by practitioners for traders facing huge challenges in financing commodities in warehouses or in transit inventory finance. An international panel of experts will share vital insights on overcoming challenges related to collateral risks as well as risk mitigation solutions within financing structures and overcoming issues related to fraud. To add value, the program also include a Post Conference Workshop on – What Could Possibly Go Wrong in Inventory Finance? The half day workshop is led by Dan Day-Robinson, Vice-Chairman, Swiss Futures & Options Association; John MacNamara, Global Head, Structured Commodity Trade Finance, Deutsche Bank and Matthew Cox, Partner, Dentons. Visit the event website or Contact Ms. Grace grace@cmtsp.com.sg or call at +65 6346 9218.

7th Annual Nordic Region Trade & Export Finance Conference. 19-20 November. Stockholm, Sweden.
Building on its established reputation as the only trade and export finance gathering for the Nordic market, GTR’s 7th Annual Nordic Region Trade & Export Finance Conference will convene in Stockholm for the first time, bringing together business leaders from the corporate, banking and government sectors to debate current trends and discuss future opportunities. With strong support from institutions across Scandinavia, and with a proven track record of attracting representatives from the region’s leading multinationals, the conference will continue crucial dialogue between exporters and their providers, as Nordic corporates look to negotiate the many market challenges and take advantage of the many opportunities available both domestically and further afield. A 15% discount is available for Credit Insurance News Digest readers, please quote CIN15. Click here for more information.

The future of the UK insurance sector - growth, competitiveness and regulation. Thursday, 22nd January 2015. Central London.
Attendees at this conference will consider the future of the UK's insurance industry, and key challenges ahead for developing growth, stability and competitiveness across the sector. The discussion is timed to consider next steps for implementing Government's UK insurance growth action plan - which sets out wide-ranging proposals to develop the sector's contribution to the UK economy - and will also bring out latest thinking on the industry’s regulatory framework in light of forthcoming developments, particularly preparation for the implementation of Solvency II. Guests of Honour include Paul Fisher, Acting Executive Director of Insurance, Prudential Regulation Authority and Frank Carson, Head of Insurance and Savings, HM Treasury. Click here for more information, and to book your place use the following link.


Training
Understanding International Credit Reports: New training course. Various dates throughout 2014.
Graydon has announced that it is introducing a new training course, Understanding International Credit Reports. The one-day course will examine: report content by region (MENA, North America, Latin America, Africa, Europe, Far East & 'Tax Havens'), sources of data (Credit Agencies, Public Registries, Local Agent in undeveloped markets & Law Firms), credit scoring/ratings and pricing. The course costs £599 + VAT (a 10% discount is offered to Credit Insurance News Digest readers) and will be held on various dates throughout the year. For more information, please go to https://www.graydon.co.uk/understanding-international-credit-reports-CIN-members.

STECIS - The Trade Credit Insurance and Surety Academy has announced the dates for its training seminars in 2015.
The STECIS training seminars are two-day events and are highly interactive. They cover technical and practical knowledge on respectively Trade Credit Insurance and Surety Bonds, the theory of underwriting, in-depth analysis of industry developments, the terminology and the current market. In addition, participants are asked to review case studies. The BASIC training seminars are on 23 and 24 April 2015 and are open to participants with up to 3 years of work experience. The ADVANCED training seminars are set for 9 and 10 July 2015 and are suited to participants who have attended the basic training seminars and/or have at least 4 years of work experience. All training seminars will take place in The Hague, The Netherlands.
As the International Credit Insurance & Surety Association (ICISA) strongly endorses the STECIS training seminar programme, ICISA member companies receive a 5% discount on the total seminar fee. Companies (ICISA members and non-ICISA members) registering three or more participants to one training seminar, receive a 10% discount on the total seminar fee. For more information, please visit the website http://www.stecis.org or contact STECIS by sending an e-mail to info@stecis.org or call+31 20 528 5170.



Business Information: Latest Reports and Business Shorts
Singapore is the most business-friendly economy in the world. Singapore tops the list of business-friendly economies globally, while five of the top 10 most improved countries are in sub-Saharan Africa, according to the World Bank Group’s Doing Business 2015 rankings. The 12th annual report finds that the 10 economies with the most business-friendly regulatory environments are Singapore; New Zealand; Hong Kong SAR, China; Denmark; the Republic of Korea; Norway; the United States; the United Kingdom; Finland; and Australia. The 10 economies that have improved the most since the previous year are Tajikistan, Benin, Togo, Côte d’Ivoire, Senegal, Trinidad and Tobago, the Democratic Republic of Congo, Azerbaijan, Ireland, and the United Arab Emirates. To view the full report go to http://www.doingbusiness.org/reports/global-reports/doing-business-2015.

Legacies, Clouds, Uncertainties: The IMF publishes its latest World Economic Outlook.The IMF advises that, despite setbacks, an uneven global recovery continues. However, largely due to weaker-than-expected global activity in the first half of 2014, the IMF's growth forecast for the world economy has been revised downward to 3.3% for this year (0.4 percentage point lower than in the April 2014 World Economic Outlook (WEO)) and 3.6% in 2015. The IMF advises that short term risks include a worsening of geopolitical tensions and a reversal of recent risk spread and volatility compression in financial markets. Medium-term risks include stagnation and low potential growth in advanced economies and a decline in potential growth in emerging markets. To view the WEO go to http://www.imf.org/external/pubs/ft/weo/2014/02/.

New generation of “micropreneurs” changes landscape of UK business economy. A new study, Growing Pains, from RSA has found that micro-sized businesses are the only size category to have grown their proportion of the UK business stock since 2000 – compared with small, medium and large-sized businesses – rising sharply by 1.4 million or 43%. However, what looks like an increase in entrepreneurship is actually a new generation of “micropreneurs” or sole traders. When looking at more detailed size band information, the number of zero-employee firms has increased by 21.4% since the recession, making this the fastest growing business size category analysed. The research also found that 55% of SMEs don’t survive over five years and that business survival rates have fallen significantly since the financial crisis. To view the report go to http://www.rsabroker.com/sites/default/files/SME%20Growing%20Pains%20White%20paper.pdf.

UK businesses 'in the dark' about money owed. More than a third of small and medium-sized UK businesses are in the dark about how much money they are owed in unpaid invoices, research by Bibby Financial Services has revealed. In total, 36% of SMEs were unable to say how much they have outstanding. Of the businesses that did know, almost a third (31%), said they were owed more than £20,000 and more than one in 10 (14%) were owed more than £50,000. 6% were owed in excess of £100,000. The issue is particularly acute in the hospitality sector, with two thirds (67%) unsure of the amounts owed to them. Meanwhile, almost four in ten (39%) transport and distribution firms admit to being unclear about what was in their payment pipeline. To view Bibby Financial Services' news release go to http://www.bibbyfinancialservices.com/meta/press/news/2014/10/unpaid-invoices.

The number of Scots firms failing fell by 16.4% in Q3 2014. According to analysis of the latest figures by BDO, the number of Scottish firms failing in the third quarter of 2014 fell by 16.4% compared with the second quarter and by 22.0% year on year. The Accountant in Bankruptcy (AiB) figures show that 209 Scottish companies went bust during the third quarter compared with 250 in Q2 of 2014. Bryan Jackson, business restructuring partner at BDO in Scotland, explained: "The fall in corporate insolvencies in the third quarter reflects the relatively benign economic circumstances in which we are operating. The low interest rates, the falling energy costs, and the increase in demand have all lead to a period when many businesses can start to contemplate growth once more." To view BDO's news release go to http://www.bdo.co.uk/press/number-of-scots-firms-failing-fell-by-16.4-in-third-quarter.

UK High Street sales growth remains robust – CBI. Retail sales volumes continued to grow in the year to October, with another strong rise expected in the month ahead, according to the CBI. The CBI’s latest monthly Distributive Trades Survey of 124 firms showed a third successive month of firmly above-average sales growth. But sales growth was mixed across different sub-sectors, and sales fell below average for the time of year. The clothing sector, furniture & carpets and grocers in particular saw an acceleration in sales growth (+86%, +72% and +33% respectively). However a fall in sales was reported in other sectors, including Chemists (-55%), specialist food & drink (-24%) and hardware & DIY (-33%). To view the CBI's news release go to http://www.cbi.org.uk/media-centre/press-releases/2014/10/high-street-sales-growth-remains-robust-cbi/.

UK business leaders remain optimistic as balance swings in the eurozone. New research shows that the economic balance of the eurozone is undergoing significant change as German business confidence took a sharp nosedive in the last quarter, threatening to drag the world’s biggest trading block downwards. In contrast, UK business leaders remained highly optimistic over the UK's economic prospects during the past three months. According to Grant Thornton’s International Business Report (IBR) – a global quarterly survey - the changes across the eurozone uncover a ‘see-saw effect’, with prospects for growth rising in the economies of Spain, Ireland and Greece just as Germany’s and France’s fall. To view Grant Thornton's news release go to http://www.grant-thornton.co.uk/en/Media-Centre/News/2014/UK-business-leaders-remain-optimistic-as-balance-swings-in-the-eurozone-/.

Latest statistics indicates that the long-term UK corporate insolvency trend is downwards. Latest figures from the Insolvency Service indicate that the number of company liquidations in England and Wales decreased by 11.7% compared with July to September 2013. Administrations decreased by 18.8%, and company voluntary arrangements and receiverships also decreased. However, commenting on the July-September England & Wales insolvency statistics, R3 president Giles Frampton warned: “Decreasing corporate insolvencies and sustained economic growth don’t always go hand-in-hand: counter-intuitively, growth can lead to rising insolvency levels. . . Recent R3 research found 154,000 businesses, up from 103,000 in November 2013, were only able to pay the interest on their debts.” To view R3's news release go to https://www.r3.org.uk/index.cfm?page=1114&element=20253&refpage=1008. To view The Insolvency Service's latest figures in full go to https://www.gov.uk/government/statistics/insolvency-statistics-july-to-september-2014.

Profit warnings reach highest third quarter total since 2008, reveals EY. UK quoted companies issued 69 profit warnings in Q3 2014, the highest third quarter total since 2008 and 13 more than the same quarter of 2013, according to EY’s latest Profit Warnings report. The rise in profit warnings exposes the struggles of many companies to adapt and read the challenges of the new economy and cannot be explained by more companies warning multiple times. In the twelve months to the end of Q3, 23% of companies warning did so more than once - just above the calendar year average of 22%. Keith McGregor, EY’s Capital Transformation Leader for Europe, Middle East, India and Africa, commented: “The recovery isn’t returning us to the pre-crisis economy. Companies are finding this a tough economy to grow sales and margins, and a tough economy to read, as this latest rise in profit warnings indicates.” To view EY's news release go to http://www.ey.com/UK/en/Newsroom/News-releases/14-10-26---Profit-warnings-reach-highest-third-quarter-total-since-2008.

UK Businesses get lax on late payment as confidence grows. The current boom in UK business confidence could be short-lived if firms fail to keep an eye on cashflow warns Lovetts. In the third quarter of 2014, businesses saw the average debt owed to them rise by 17% on Q2 2014. However, rather than act on this dent to their cashflow, Lovetts found that businesses relaxed their attitude to chasing late payments, allowing debtors an average of 12 days longer before threatening legal action with a Letter Before Action (LBA) compared to Q2. In addition, the time from the LBA being issued to a legal claim to recover the debt being made rose from 23 days to 28 days suggesting businesses have been slower to recover the money owed to them. Charles Wilson, CEO of Lovetts commented: "Now is not the take to be taking the eye off the ball. Businesses need to get a grip on the debts owed to them so that they are in good shape to capitalise on the improving economic landscape." To view Lovetts' news release go to https://www.lovetts.co.uk/news/Businesses-get-lax-on-late-payment-as-confidence-grows.aspx.



Career Opportunities:
Field Credit Analyst (Ref: 6440257). Leicestershire / Northants, Salary to £40,000 plus car and package.
This is a leader in the Credit Insurance Services market operating in 50 countries and part of a large Insurer company. They offer credit insurance services to enable customers to trade and build their business safely and esponsibly. As part of the Birmingham regional risk office, this role will be based from home covering the East Midlands area.
The role holder will own a portfolio of clients across the region and you will manage your own diary involving home working, client meetings and occasional work in the Birmingham office. The main purpose of this role will be to manage a portfolio of risks in order to mitigate and prevent claims. You will monitor companies, conduct financial analysis, lead high level meetings, produce reports and take action in order to minimise risk of loss.
Applications are welcome from individuals from any credit analyst background which could include, insurance, banking or financial services. Proven experience in analysing financial and economic information relevant to assessing credit risk is essential, as well as substantial experience in interpreting balance sheets, P and L and other financial statements. The role will involve board level meetings and as such applicants must be able to hold high level meetings with credibility and gravitas.
To apply, please call Charlotte Webb on 0121 237 5550 or email charlotte.Webb@reedglobal.com.

Trade Credit Account Executive. City of London. £35,000 - £70,000 per annum, negotiable.
An opportunity which now exists within the growing Trade Credit team of a major UK broker. You will have specialised in the field of Trade Credit insurance and have a broker based client facing/servicing background. You might also have experience/knowledge of Political Risks business although this is by no means essential. Our client's accounts are corporate although they will also consider individuals with SME Trade Credit account experience. If you have a client following, this will always be an advantage and obviously, our client will respect your restrictive covenant. Prospects and training with this key player are second to none. Salary will be dependent upon experience and what you have to "bring to the party". Apply today for immediate consideration.
We would strongly suggest that if your background/experience genuinely matches this vacancy requirement, you should call us directly to highlight your application. To apply, please email David Leslie at david.leslie@leslie-james.co.uk or call 020 7873 2271. (Please mention Credit Insurance News Digest when applying).

Trade Credit Account Handler, Thames Valley. Reading, Berkshire. £30,000 - £35,000 per annum, negotiable.
Our client is a leading insurance broker with a world class reputation. This is an opportunity to join as an International Trade Credit Account Handler, dealing with a wide range of international, corporate Trade Credit clients. Given the international nature of our client's business, you will need to be fluent in at least one other European language (in addition to English). You will have experience dealing with international Trade Credit clients, gained either with a broker or insurer. Alternatively, you may be considered without Trade Credit experience if your background is within Finance or Economics.
We would strongly suggest that if your background/experience genuinely matches this vacancy requirement, you should call us directly to highlight your application. To apply, please email David Leslie at david.leslie@leslie-james.co.uk or call 020 7873 2271. (Please mention Credit Insurance News Digest when applying).

Account Handler (Trade Credit), Reading, salary negotiable.
I am currently working with one of the UK's leading brokerages, who are looking to recruit an Account Handler to work within their Trade Credit team. This is a fantastic opportunity to work for an excellent employer who encourage long term development. Duties will include: To project manage, applying a high degree of personal initiative, the service profile for multinational clients and prospects with particular responsibility for credit limits, contractual documentation, stewardship reports, sector research and marketing. To develop and maintain a deep understanding of clients and prospects and their trade sectors, leading to driving relationships with these companies. Make a strong contribution to the team through own ideas, initiatives and concepts.
Previous trade credit experience is required for this role, although project management experience in an insurance capacity will also be considered. For more information please contact Daniel Hurley on 02380 828 606, or via email to Daniel.hurley@reedglobal.com. (Please mention Credit Insurance News Digest when applying).

Account Handler / Client Service x2. Aon Trade Credit. Positions in Glasgow and London. Competitive salary + 25 days holiday, pension & benefits package.
An exciting opportunity have arisen for three Account Handlers / Client Service Advisors within Aon’s Trade Credit team based in various locations. The primary responsibility of these roles is to support client managers and directors in servicing large corporate and international trade credit insurance clients.
Main responsibilities include: Under instruction and direction of client manager/client directors, helping with renewal, retention and growth of existing accounts with effective client relationships and ongoing servicing needs. Working on a portfolio of accounts to ensure that relevant information is shared among client team and required actions are taken to meet clients' needs. Acting as a contact within a broking team for a portfolio of clients to ensure client needs and expectations are met. Dealing with Client and Insurer day to day matters arising e.g. chasing/questioning/broking credit limit decisions, following up progress on reported buyers overdue in making payment to client for goods sold and delivered on credit terms. Assist with preparation for Policy renewal e.g. gather and analyse relative statistical detail, chase potential Insurer for indications of cover, assist in preparation of Renewal Report. Assisting with Claim examination and broking process. Where appropriate liaise with Aon network on Global Client outward/inward business.
Skills and qualifications: Educated to Degree level or equivalent. Work experience in Credit Management, trade finance, and or international affairs would be of advantage. An understanding of and interest in the Insurance market. Understanding of the client including risks, strategic and financial drivers would be advantageous. For further information and to apply for one of these roles, please email your CV and a covering letter to samantha.cook@aon.co.uk. (Please mention Credit Insurance News Digest when applying).

Senior Underwriter - Trade Credit. AIG, London.
AIG is recruiting for a Senior Underwriter with strong financial analysis skills and knowledge of UK and International corporate risks / trade sectors and export risks. Ideally candidate should be known to Local market with good commercial skills.
Key measures/Dimensions: Assist in setting and delivery of Trade Credit London strategy and budget. Setting Buyer risk appetite and underwriting standards for Trade Credit London. Develop new products for local markets. Establishing London as Centre of Excellence for EMEA.
Main duties/Accountabilities/Key Performance Indicators: Underwriting and monitoring of key buyer risks to achieve or better budgeted loss ratio. Ensure compliance of AIG underwriting standards, Credit procedures and PC guidelines. Identify risk opportunities to drive new business opportunities in order to achieve PC budget. Develop and maintain broker and client relationships to increase client retention and new business levels. Support PCM in meet deadlines for reporting PC strategy and budget development to senior management.
Technical skills & knowledge: Strong knowledge of XOL Credit Insurance. Expert Financial analysis skills. Knowledge of trade finance. Country / trade sector knowledge - risk awareness.
Experience: Insurance background. Awareness of Trade Credit Underwriting Practices.
For more information and/or to apply for this role, please go to www.aig.com/careers. (Please mention Credit Insurance News Digest when applying).

Communications Manager: Euler Hermes. Competitive salary and benefits.
Contributes to achieving profitable and sustainable growth targeted by the Euler Hermes NEUR/UK strategy by developing and implementing an integrated, region-specific communications program. Functional responsibilities are reputation management and protection, and thought leadership positioning in partnership with Marketing. Media activity includes targeted annual plan and metrics, agency management and budget, spokesperson development and management, the development of a network of journalist contacts, and social media. Leads employee communications, CSR, employee engagement support. Issues/crisis management expert that provides strategic counsel and tactical support at local, national and Group level.
Key Responsibilities: Manage key functional areas: external (including spokesperson function) and internal communication and serves as a Consultant to CEO, Executive Management Team and executives and peers locally. Development of UK and regional corporate communications plan, aligned to regional commercial goals and EH Group Communications. Set agenda and priorities. Develop communications guidelines and processes, ensure global standards and best practices. Ensure messaging and positioning consistency, and manage reputational risk. Development and management of an integrated media relations program supporting key objectives, external agency management. Optimize existing company initiatives, and materials. Foster cross-OE UK and regional collaboration with Allianz.
Key Requirements/Skills/Experience: Market knowledge: B2B and, ideally, financial services. Strategic corporate communications experience, internal and external. Excellent journalism and business writing skills. Proven reputational issues/crisis experience. Project management expertise. Proven presentation and public speaking skills. Effective with small-team building, ability to improve skills, standards and deliverables. Experienced with digital media management- inter/intranets, and social media. Excellent interpersonal skills, Executive and business peer coaching, and strong networking skills. Languages: English, excellent written and spoken.
If you are interested in the position above and think you have the right profile please follow the online application process at http://www.eulerhermes.com/careers/. For more detailed information on career opportunities at Euler Hermes go to http://www.eulerhermes.com/careers/. (Please mention Credit Insurance News Digestwhen applying).

Political & Credit Risk Underwriter.
This major insurer who has operations in all of the key global hubs is looking to recruit an additional underwriter into its London operation. Due to the dynamic within the team and present skill-set they would like to recruit someone who is presently working within the London market in either an Underwriting or Broking capacity and is already known to the local market. You’ll be working as part of a small team of Underwriters who are responsible for writing a profitable book of business across all key sectors with emphasis on bank led business, although traders and corporates do play their part too. Typically the bulk of risks written are CF/CR with some CEN/CCP. As the team is fairly well established and very technically capable, they can be fairly flexible as to the level of individual brought in, this could range from Assistant Underwriter through to Underwriter or even an experienced and technically capable broker. Regardless of level, its key that you bring an outgoing and social personality as you’ll be expected to network heavily with brokers and clients and represent the organisation at events (formal and informal). This is an excellent opportunity to work in a team who can offer excellent training and development, good exposure to a wide variety of trade related and non-trade products, outstanding risk support in-house and the ability to really develop your market profile. To be considered you should have previous experience within an underwriting team (e.g 3-5yrs) even if your scratch is relatively recent, or at least 5 - 10 years broking these risks with a solid technical understanding. Please don’t hesitate to apply as this opportunity is available immediately. Please contact Kerren Leach on +44 207 092 3283 or email kerren.leach@eamesconsulting.com for more information. (Please mention Credit Insurance News Digest when applying).

Trade Credit Account Executive, London, £40,000 - £60,000 plus benefits.
A new opportunity with a developing broker has arisen for an experienced individual with a track record of acquiring & developing new business. The successful candidate will have considerable knowledge within the credit space and will be a self-starter committed to providing a quality service. For a confidential discussion, please contact Nicole on 07931 808 349 or nicole.mcshane@idexconsulting.com. Ref:J9402. (Please mention Credit Insurance News Digest when applying).

Political Risk Broker – London.
Do you want to work for one of the fastest growing broking houses in the Political Risk market? Do you want to become an expert in your field with the opportunity to manage some high profile accounts? Do you have 1-3yrs experience in broking Political & Structured Credit risks into the London market? If so then I might have the perfect opportunity for you. I’ve been exclusively mandated to recruit a dynamic and ambitious broker into the existing team of this broking house. Working with high calibre individuals and driven by a highly charismatic leader you can’t help but learn and grow. As well as a great working environment you’ll be rewarded with a competitive salary (to £55k for the right individual) as well a good benefits package. Opportunities to work overseas in the medium – long term also exist. If you want to discuss this opportunity in more depth then please call or email Kerren Leach on 0207 092 3283 or email kerren.leach@eamesconsulting.com. (Please mention Credit Insurance News Digest when applying).

New Appointments
Euler Hermes has appointed Dario Locatelli as its head Bonding activities for Euler Hermes Italia. Mr Locatelli began his career at Zurich Insurance Company, then moved to AXA Assicurazioni where he held the position of bond underwriting manager, and most recently served as head of bonding at Sun RSA Insurance. He has a degree in economics from the University of Brescia and a master in risk engineering from Cineas.

Nexus CIFS has appointed Tony Smith, a Credit Risk analyst and underwriter specialising in Export Risk, to the new position of Export Underwriting Manager. He joins from AIG Europe Limited where he was Head of International Trade Credit Western and Central Europe. In addition he was responsible for supporting the development of business via AIG’s Dubai office which commenced at the end of 2013.



About this issue's sponsor: A HOUSE OF SPECIALISMS: CREDENDO GROUP.
Uncertainties can be transformed into opportunities through effective credit insurance. This common principle federates all business units in Credendo Group. Each has its specialist strengths, but all are committed to providing European exporters with the risk protection and service support they need to grow their trade activities around the world.

The parent company Delcredere | Ducroire was founded as a Belgian autonomous body in 1939, with roots back to 1921. But over the past decade Delcredere | Ducroire has developed into a group present in 13 European countries.

Medium- and long-term trade credit insurance cover is the metier of Delcredere | Ducroire, the official Belgian export credit agency. With its cover capacity of EUR 30 billion and its AA rating from Standard & Poor’s, it underwrites major projects worldwide and capital goods sales, to a wide range of markets, largely outside OECD.

Besides trade credit and foreign direct investment insurance, Delcredere | Ducroire also offers direct financing for limited amounts and financial guarantees.

Short-term trade credit insurance, underwritten on a commercial market basis, is provided by Credimundi, KUPEG and INGO-ONDD. Their on-the-spot presence in key exporting markets ensures that they are close to their clients and able to tailor solutions to their local needs.

• Credimundi, headquartered in Brussels, has branches in the United Kingdom, Germany, France and Italy and underwrites trade activities worldwide. This business is noted for its expertise in emerging and developing market risk. Credimundi has a strong capacity for political as well as commercial exposures. It also issues surety contracts for bonds and guarantees.
• KUPEG is based in Prague, with a presence in Slovakia. Its expert focus is on the increasingly important Central and East European economies.
• INGO-ONDD, in Moscow, is the specialist underwriter in the Russian and CIS markets, a fast evolving region where credit insurance plays a growing role.

Bespoke single-risk cover is required for some individual transactions; the specialist underwriter Garant, located in Vienna and Geneva, structures insurance to meet the specific circumstances of an individual deal. Its experience in this specialist field is reflected in the independent A- ratings from Fitch and AM Best.

Certain exporters develop strong risk management structures of their own. However, they still require excess-of-loss insurance or top-up cover to ensure an adequately high level of protection against unexpected risks. This is provided by Trade Credit. Trade Credit has its head office in Brussels and subsidiaries in seven countries: France, Germany, Italy, Luxemburg, the Netherlands, Spain and the United Kingdom.

All businesses across Credendo Group are committed to customer focus and risk appetite. Credendo Group tailors solutions to the needs of each client and the challenges they face.

www.credendogroup.com



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