Welcome to the May 2022 issue of Credit Insurance News Digest. This issue is sponsored by Credendo.
Index
Credit Insurance News
5 May.
The effectiveness of trade credit insurance schemes during the pandemic. Daniel de Búrca, Head of Public Affairs at International Credit Insurance and Surety Association (ICISA), has published
an article that discusses the positive and negative impact of government intervention on credit insurance during the pandemic. Although he stresses that schemes had a clear and positive effect in
preserving viable businesses, he notes that credit insurance schemes perhaps remained in place for too long and could have been better targeted at those sectors most heavily impacted by the pandemic.
As a result, in any future crisis, should governments wish to preserve credit insurance coverage on a short-term basis, ICISA recommends that "a corresponding short-term intervention encouraging insurers
to hold their positions rather than reduce exposures may be beneficial." Then, rather than maintaining "just in case" protection, schemes should be withdrawn to allow trade credit insurers to return to normal
market functioning. "This approach would preserve the efficiency of credit insurance markets as well as reduce cost and administrative burdens which drain significant resources from insurers."
To read ICISA's news release go to https://icisa.org/news/10232/.
14 April. The Russia-Ukraine conflict is denting global confidence.
Reinsurance News has reported that, according to the latest Allianz Trade Global Survey 2022, Russia’s invasion of Ukraine in recent weeks has caused confidence in global trade to fall dramatically.
The report's authors conducted two surveys involving nearly 3,000 corporates, one survey before the invasion and the second after, that found the share of respondents expecting an increase in their export turnover dropped from 94% to 78%. Allianz Trade also advised that it was cutting its forecast for global
GDP growth to +3.3% in 2022 and +2.8% in 2023 from +5.9% in 2021, but warned that further escalations resulting in even harsher sanctions and counter-sanctions (including on energy supply)
would be damaging. Ana Boata, Global Head of Economic Research at Allianz Trade, commented: "In such an adverse scenario, global inflation would soar to 7% this year while growth would decline to
+2.5% before the global economy enters into a recession 2023 (-0.3%)."
To read Reinsurance News's article go to https://www.reinsurancene.ws/russia-ukraine-conflict-denting-global-confidence/.
13 April. Credit insurance in Latin America: 173% growth in 15 years.
The International Credit & Surety Association's (ICISA) latest issue of The Insider provides an overview of trade credit insurance in Latin America by Paulo Rogério Gonçalves De Morais, Vice President of Panamerican
Surety Association (PASA). The article notes that trade credit insurance premiums in the Latin American region grew from US$152 million at the end of 2007, to approximately US$415 million at the end of Q3 2021,
with the contribution of credit insurance premiums to the region’s GDP growing from 0.004% in 2007 at 0.009% in Q3 2021. However, as credit insurance premiums in the region do not represent much more than 3.5% of total premiums written
worldwide, PASA believes that, with the exception of Chile,
the only country in which credit insurance has a high degree of penetration, "the decisive role" that credit insurance has played in the development of international trade between Europe and the other regions is yet to reach
the Latin American region.
To download a copy of The Insider
go to https://icisa.org/news/10232/.
May. The principal trade credit carriers showed "exceptional trends" in 2021. Aon's latest Market Insights Reports for Q1 2022 reports that trade credit insurers emerged
from the COVID-19 crisis in 2021 with remarkably strong financial results, driven by i) increased premium volumes (gross written premiums increased by 10%) due to repricing from the pandemic as well as recovered client activity, ii) lower levels of expected business
insolvency due to government support measures, and iii) amplified demand for credit insurance solutions. Overall loss ratio levels were at historic lows (significantly below the trends of pre-pandemic years) and the total potential exposure of trade credit insurers increased by 12% — levels in excess of pre-pandemic levels.
However, in 2022 the return to a more "normal" business cycle has been thrown into doubt by persistent global inflationary pressures and the ripple effects that will be felt throughout the global economy following the actions taken by Russia in Ukraine. Although, for now, Aon notes that favourable underwriting conditions still exist, it predicts that the crisis will start to affect insurers' capacity, appetite and performance later in 2022.
To read Aon's report go to https://insights.aon.com/aons-credit-solutions-q1-2022-insights/market-overview.
19 April. SCOR predicts "high double-digit million"
losses due to Ukraine's invasion and conflict. Insurance Business has reported that SCOR has warned
of potential losses in the "high double-digit EUR million range" in the first quarter
of the year as a result of the ongoing invasion of Ukraine by Russia. The firm noted that major losses were anticipated in several of its business lines, including political risks, credit and surety.
"SCOR expects a Q1 2022 charge in the high double-digit EUR million range for potential claims related to the conflict across both treaty reinsurance and specialty insurance," the firm said. "
As the conflict continues, this estimate will evolve." SCOR, however, added that the company "remains very well-capitalised," and its Q1 solvency ratio is expected to stand at a level
"significantly above the 226% position reported at the end of Q4 2021."
To read Insurance Business' article go to https://www.insurancebusinessmag.com/uk/news/breaking-news/scor-predicts-high-doubledigit-million-losses-due-to-ukraine-conflict-402820.aspx.
3 May. No region will be spared from the economic fallout of Russia's invasion of Ukraine. Coface's latest Economic
Publication has revised its estimate of the cost of the Russian invasion of Ukraine to the world economy upwards to approximately 1% in 2022, and forecast that the consequences of the conflict will be felt
mainly from the second half of this year and will further materialise in 2023 and beyond. Coface also predicts that no region will be truly spared from the economic fallout of the war and notes that
"after the successive shocks of the 2020s, our perception remains the same: the world has shifted, and nothing will ever be the same."
Overall, Western European countries are the most exposed because of their heavy dependence on Russian fossil fuels — with Germany and Italy likely to be the most strongly impacted
(a negative impact of 1.6% on GDP growth). Although the impact will likely be weaker in the rest of Europe, Coface expects that it will still be significant with "many (big) losers and few
(real) winners."
To read Coface's news release go to https://www.coface.com/News-Publications/News/War-in-Ukraine-Many-big-losers-few-real-winners.
4 May. Video. Credendo discusses how the trade credit insurance market
is dealing with the shockwaves following Russia's invasion of Ukraine.
TXF has published an interview with Kerlijne Van Steen, Head of Single Risk at Credendo — Guarantees & Speciality Risks, that gives insights from Credendo's perspective on the current
and potential impact on global trade, commodity trade finance and energy sector following Russia's invasion of Ukraine. Kerlijne also discusses the impact on trade credit and political
risk insurance and how Credendo underwriters are tackling current challenges. She notes that a big difference between current events and the sanitary crisis is that COVID did not lead to major
non-payment situations and claims for credit insurers, while the impact on nonpayment and claims for transactions related to the Russia/Ukraine war is currently unknown.
However, "what is happening now is precisely what political risk insurance is all about; it's insuring these force majeure events."
To watch the interview on TXF's website go to https://www.txfnews.com//News/Article/7378/TXF-Global-Commodity-finance-2022-Credendo-on-the-Russia-Ukraine-crisis.
2 May. Obstacles to a global recovery persist.
AU Group has released its latest AU 'G-Grade' for Q2 2022. The AU 'G-Grade' is based on the individual assessment of a country by each of the four main credit insurers
(Atradius, Coface, Credendo and Euler Hermes) and is calculated according to the real risk taken by these major insurers collectively. Also, the IMF Statistics Department's
seven key indicators give a view of the key trends and the level of risk per country. This issue notes that although economic improvements in the global economy have continued,
with many improvements in country risk (including upgrades for Croatia, Indonesia, Albania, Algeria, Azerbaijan, Cyprus, Czech Republic, Egypt, Ireland, Italy, Qatar, South Korea,
Spain, Turkey, Uganda and Uzbekistan), country risk remains in many areas and obstacles to a global recovery persist. This includes geopolitical tensions between Russia and Ukraine,
slowing growth in China and inflation in the UK, while in the US, the reforms expected from the Biden administration "are struggling to reassure and are considered disappointing at this stage."
To download a copy of the 'G' Grade' go to https://www.au-group.com/how-to-monitor-country-risks/.
12 April. Global insolvencies are set to rise. In its latest Insolvency Forecast report, Atradius
warns that as government support after the pandemic is phased out, insolvencies in most markets are projected to increase in 2022 and 2023.
Atradius notes
that in some markets, including Spain, Italy and the Czech Republic, a partial return to normality in 2021 resulted in an earlier rise in insolvency, with insolvencies expected to remain relatively
stable in 2022 in many of these markets. However, for the majority of markets, Atradius expects the adjustment to take place in 2022 and 2023, with insolvencies rising in line with the phased end
of government support. Two outliers are New Zealand and Hong Kong, where insolvencies are expected to decrease in 2022. Nicola Harris, Senior Underwriter at Atradius, commented: "Beyond 2023, we expect
that insolvency levels will have largely returned to normal. As a result, we’ll either see them start to decline or remain constant. In the coming years, businesses will have to adjust to an environment without significant government support."
To read Atradius' news release go to https://group.atradius.com/publications/economic-research/insolvencies-increase-as-government-support-ends.html.
11 May.
UK insolvencies look set to average 2500 businesses a month, resulting in rising trade credit insurance claims. InfolinkGazette has reported that March
2022's UK insolvency figures reinforce concerns over a prolonged surge. Overall, there were 2,114 company insolvencies recorded in the month, more than double the number registered in March 2021 and 34% up on the
pre-pandemic number of 1,582 in March 2019. InfolinkGazette warns that when compulsory liquidations and Administrations reach and eventually surpass pre-pandemic levels, this may result in average monthly insolvencies
of approximately 2,500 UK businesses. Greg Connell, Managing Director of InfolinkGazette, commented: "our experience of the current insolvencies is that the mean HMRC Loss per Debtor has almost doubled from £80,000 to
£156,000, which along with crown preference means dividends to unsecured creditors are falling and credit insurance claims will be rising." Greg added: "smaller unsecured creditor pay-outs will have a knock-on effect,
further driving up insolvencies, so anyone supplying goods and services on open credit terms would be well advised to check their credit insurance cover."
To read InfolinkGazette's news release go to https://www.infolinkgazette.co.uk/?pid=6.
3 May. The Latin American region has now returned to "the meagre" economic growth path it had prior to the pandemic.
Atradius' latest Regional Economic Outlook Latin America has advised that, although Latin America experienced an unexpectedly strong — albeit uneven — rebound from the deep COVID-19 induced contraction,
the region has now returned to "the meagre" economic growth path it had prior to the pandemic. With a forecasted 2.1% and 2.2% aggregate GDP growth in 2022 and 2023,
the region will, once again, be the slowest growing in the world (aside from conflict-hit Eastern Europe). Atradius notes that this reflects a less supportive external environment, strong inflationary pressures,
monetary tightening, and political uncertainty, which Russia’s invasion of Ukraine will further aggravate. Among the region’s six largest markets, Chile was the top performer, with its real GDP ending 2021 over 5% above
its pre-COVID-19 level. Mexico did the worst; its real GDP in 2021 was still some 4% smaller than in 2019.
To read Atradius' news release, with a link to the full report, go to https://group.atradius.com/publications/economic-research/regional-economic-outlook-latin-america-may-2022.html.
2 May. US Q1 GDP report was "certainly disappointing" but was caused by a record surge in net exports. Allianz Trade's Chief Economist in the US, Dan North, has advised that although the latest US GDP figures, which show that the economy shrank
at an annualised rate of -1.4% quarter on quarter in Q1, are "certainly disappointing", this was caused by net exports. In fact, excluding net exports,
he notes that the rest of the US economy actually grew +1.8% quarter on quarter.
However, Dan North warns that what’s really concerning is the combination of factors which could well result in a recession in 2023-24. "Worrisome signs for 2023-2024" include inflation (8.0% in Q1), pessimistic consumers, an
oil price spike caused in part by war, and a possible housing market bubble. However, a recession is not inevitable: "The war could end anytime, taking pressure off of oil prices, and that
could cause consumers to feel more optimistic about the future. Housing price growth could slow, and wage growth could rise. And the Fed could engineer a "soft landing", squelching inflation without
sending the economy into recession."
To read Allianz Trade's article go to https://www.allianz-trade.com/en_US/insights/nasty-surprise-05022022-GDP-falls-worry-more-about-future1.html.
3 May. Supporting the food and drink sector through a
challenging time: the role of trade credit insurance.
Rebecca Liddle, Business Development Manager — Trade Credit, Marsh Specialty UK, has published an article that advises that few industry segments have been more impacted by the pandemic — in both positive and negative ways —
than the food and drink sector.
Although the UK food and drink sector’s output is predicted to grow by more than 3% in 2022, following growth of more than 4% in 2021, she cautions that the sector faces a number of challenges
and, with the number of insolvencies in the sector slated to increase this year, many food and drink companies are now looking to trade credit coverage to enable them to grow safely, both in the
UK and in export markets. "Trade credit insurance coverages can help companies not just survive, but thrive, in this new normal."
To read Marsh's article go to https://www.marsh.com/uk/services/trade-credit/insights/supporting-food-drink-sector-through-challenging-time-role-of-trade-credit.html.
19 April. Tinubu Square rebrands as Tinubu and announces plans to
launch a 'Digital highway' in credit insurance and surety markets.
Tinubu has advised that, following its recent acquisitions of eSurety and SuretyWave, it is undergoing a transformation which called for a suitable change of its brand name and visual identity,
including a new look to its website. As a result, Tinubu is now the commercial and brand name of the company, as well as the prefix of all product names. Tinubu also advised that it is currently building a digital highway
in Credit Insurance and Surety markets; "a unique 360-degree pathway connecting smoothly and
quickly all the players in those industries." Olivier Placca, co-founder and Group Deputy CEO, commented: "Over the last five years, Tinubu has been consolidating and scaling up its Credit Insurance and Surety products and
services offering. That is why, to go one step further, we are launching in 2022 our Digital Highway."
To read Tinubu's news release go to https://www.tinubu.com/news/tinubu-square-rebrands-as-tinubu.
25 April. Podcast:
Company Watch discusses the latest UK insolvency figures. Company Watch has published a new 'On the Spot' podcast in which Jo Kettner,
CEO of Company Watch, and Nick Hood, Business Risk Analyst at Company Watch, discuss the latest UK business insolvency figures and the UK and global economies.
They note that the number of registered company insolvencies in March 2022 was 2,114 — 34% higher than the number registered three years prior (pre-pandemic; 1,582 in March 2019).
Overall, the first quarter of 2022 has seen 5,197 company insolvencies, the highest quarterly figure since Q3 2017. The bulk of these insolvencies was comprised of Creditors’ Voluntary Liquidations (CVLs),
with 1,844 CVLs in March 2022, more than twice the number of CVLs recorded in March 2021 up by 62% on figures from March 2019.
Jo Kettner comments: "It's not a massively pretty picture . . . we're starting to see what life looks like when there are no protections for debtors."
To listen to the podcast go to https://blog.companywatch.net/resources/12-company-insolvencies.
28 April. Q&A with Xenia's Business Development Support team member,
Simon Wheeler.
Xenia Broking Group has published a Q&A in which Xenia's Business Development Support team member, Simon Wheeler, describes his role as a 'new business hunter' at Xenia, his typical day, and what he enjoys most about his job.
Simon works for the UK team from his home in Slovakia but originally started his career in the UK — and by mistake. "I walked into Coface 20 years ago, simply looking for a job . . . discovered this thing called Credit Insurance,
thought the product was a very good one and moved through the ranks of Coface."
To read the Q&A go to https://xeniabroking.com/news-and-insights/coffee-cup-corner-a-quick-q-a-with-simon-wheeler-our-business-development-support-team-member.
22 April.
Getting to Know . . . Tokio Marine HCC's Trade Credit New Business Team. Tokio Marine HCC has published a Q&A in which Nick Dando, Senior Commercial Underwriter — New
Business, and Shane West, Senior Commercial Underwriter — New Business,
discuss how they became underwriters, the biggest changes they have noticed since they first started working in the industry and their predictions for the future of the market. Nick suggests
that the most notable challenges that his department has had to overcome in the past five years, "certainly from a claims perspective", was the great financial crisis of 2008/09.
"The ramifications of this are still felt today, with much of the invention and technology developed being an antidote for the problems the sector faced at the time." However, he adds:
"The true fallout from the pandemic is just starting to show itself economically, and so this time next year, I may have a different answer."
To read the Q&A go to https://www.tmhcc.com/en/news-and-events/getting-to-know-the-trade-credit-new-business-team.
31 March. Trade Credit: Advertising — super-charged COVID recovery. Tokio Marine HCC has published an article by Chris Ardern, Risk Underwriting Manager, that reports that although the COVID-19 pandemic
had a massive impact on advertising, the advertising industry rapidly came back to life. Chris notes that the latest Advertising Association/WARC Expenditure report published in January 2022 revealed a stronger recovery
for UK advertising than previously anticipated, with a growth of 26.4% in 2021 — reaching a total spend of £29.7 billion. This was the strongest year in UK advertising history. Although Brexit,
COVID, and now a European war in close succession are all colluding to create the most uncertain outlook for many years, the article notes that the advertising industry is resilient, and it would
not be surprising to see the sector deliver a positive performance despite this backdrop.
To read Tokio Marine's article go to https://www.tmhcc.com/en/news-and-events/trade-credit-advertising-2021-super-charged-covid-recovery.
3 May. Supporting the food and drink sector through a challenging time: the role of trade credit insurance. Rebecca Liddle, Business Development Manager — Trade Credit, Marsh Specialty UK, has published an article which advises that there have been
few industry segments more impacted by the pandemic — in both positive and negative ways — than the food and drink sector. Although the UK food and drink sector’s output is predicted to grow
by more than 3% in 2022, following growth of more than 4% in 2021, she cautions that the sector faces a number of challenges and, with the number of insolvencies in the sector slated to increase this
year, many food and drink companies are now looking to trade credit coverage to enable them to grow safely, both in the UK and in export markets, and gain access to better financing rates and additional capacity.
"Trade credit insurance coverages can help companies not just survive, but thrive, in this new normal."
To read Marsh's article go to https://www.marsh.com/uk/services/trade-credit/insights/supporting-food-drink-sector-through-challenging-time-role-of-trade-credit.html.
7 April. Getting To Know . . . Laura Devoir, Senior Underwriter — Credit, at Tokio Marine HCC.
Tokio Marine HCC has published a Q&A in which Laura
Devoir, Senior Underwriter — Credit at Tokio Marine HCC, describes her industry background and the biggest challenges/risks that her department has had to overcome in the past five years. Describing her predictions for
the future of the market, Laura notes that she expects the industry to see an increase in corporate failures in the short term. "We are starting to see companies struggle. Inflation, rising energy costs, increases in
interest rates and the crisis in Ukraine are all putting immense pressure on margins at a time when additional debt has been taken on to survive COVID. This is taking its toll, and an uplift in companies going into
administration will increase claims within the Trade Credit market." To read the Q&A go to https://www.tmhcc.com/en/news-and-events/getting-to-know-laura-devoir-senior-underwriter-credit.
21 April. Payment defaults, commodity finance, credit insurance — SCHUMANN on the impact of the Russia-Ukraine crisis. Trade Finance Global has published an article in which
Robert Meters, director of Schumann International Limited, discusses the current and long-term impacts of the conflict on receivables finance and credit risk management.
He notes that payment defaults, from the prevention of payments due to sanctions against Russia and the inability of companies in Ukraine to continue operating, will lead to insolvencies.
and recommends that businesses should review their insurance policies with credit insurers to determine if they are still valid or require renegotiation in light of the current climate. To read Trade Finance Global's article go to
https://www.tradefinanceglobal.com/posts/payment-defaults-commodity-finance-credit-insurance-schumann-on-the-impact-of-the-russia-ukraine-crisis/.
28 March.
Volaris Group has acquired Company Watch.
Company Watch has announced that it has been acquired by Volaris Group Inc. Jo Kettner, CEO of Company Watch, commented:
"In Volaris, we found an ethos that resonated with us: a buy and hold company, focused on profitable growth, concentrating on the qualities that make small businesses thrive,
while bringing years of expertise and a professional business framework to support us in our growth."
Over the next decade, Company Watch plans to build on the disruptive technologies they brought to market in the 2000s, applying cutting-edge machine learning techniques to new, alternative data.
To read Volaris' news release go to https://explore.volarisgroup.com/press-room/volaris-group-has-acquired-company-watch.
Congratulations to . . .
AIG and EFUK. Both AIG and UKEF have won awards at Trade Finance Global (TFG) International Trade Awards 2022 in cooperation with BAFT (Bankers Association for Finance and Trade). AIG has been recognised as the Best Trade Credit Insurance Provider, while UKEF won the Best Export Credit Agency award.
AIG and EFUK. Both AIG and UKEF have won awards at Trade Finance Global (TFG) International Trade Awards 2022 in cooperation with BAFT (Bankers Association for Finance and Trade). AIG has been recognised as the Best Trade Credit Insurance Provider, while UKEF won the Best Export Credit Agency award.
Atradius Global, which is celebrating its 25th anniversary.
Atradius Global was founded in 1997 in response to a customer request seeking policy alignment across several markets.
All the winners and nominees of GTR's Leaders in Trade Awards. The winners were revealed at the GTR Charity Awards Dinner on 4 May, and include:
- Best trade credit and political risk insurance underwriter: Shortlisted nominees: Chubb, HDI Global Specialty, The Hartford. Winner: Chubb
- Best trade credit insurance broker: Shortlisted nominees: Aon, BPL Global, Marsh, WTW. Winner: WTW Best political risk insurance broker: Shortlisted nominees: BPL Global, Marsh, WTW. Winner: BPL Global
New Appointments
QBE has announced it has filled a vacancy in its Trade Credit sales team with the appointment of Abbie Sandford to the role of Senior New Business Underwriter.
Abbie joins from Coface UK, where she had been for six years holding roles in Commercial account management and new business.
Abbie will be responsible for looking after the London and south-east region, and continental Europe.
Coface has appointed Hugh Burke as the CEO of Coface Asia-Pacific Region, taking over from Bhupesh Gupta. Hugh joined Coface as Chief Commercial Officer for the Asia-Pacific region in 2016 and has more than 20 years of experience within the trade credit insurance industry. Prior to joining Coface, Hugh was Head of Aon Asia’s trade credit business.
Atradius has promoted Max Dingermann to
Manager, Key Account Underwriting — Risk Services. Max has worked for Atradius for nearly nine years, most recently as Manager, Underwriting — Risk Services. He is based in
Köln, Germany.
Allianz Trade has promoted Yasmine Zerradi to Global Surety Underwriter, based in London. Yasmine joined Allianz Trade (then Euler Hermes) nearly seven years ago, and was most recently employed as a Senior Risk Underwriter — Surety.
Career Opportunities
Associate Director – Credit & Political Risk
London or Paris (Hybrid Working)
Reports to: Head of Specialty Lines. Department: CTA – Specialty Lines
Background
Charles Taylor is a global provider of professional services and technology solutions dedicated to enabling the global insurance market to do its business fundamentally better. Dating back to 1884, Charles Taylor now is currently in more than 120 locations spread across 30 countries in Europe, the Americas, Asia Pacific, the Middle East, and Africa.
Charles Taylor believes that it holds a distinctive position in its markets in that it is able to provide professional services and technology solutions in order to support every stage of the insurance lifecycle and every aspect of the insurance operating model. Charles Taylor serves a diversified blue-chip international customer base that includes national and international insurance companies, mutuals, captives, MGAs, Lloyd's syndicates, and reinsurers, along with brokers, distributors, and corporate insureds.
Charles Taylor has three distinct business areas — Claims Services, InsureTech and Insurance Management.
Charles Taylor was recently acquired by an investment company managed and controlled by Lovell Minnick Partners LLC. Lovell Minnick is a US Private Equity firm that invests in the global financial services industry, including related technology and business services companies, with a focus on helping to build long term value for clients, employees, and shareholders. The acquisition will support the continuation of Charles Taylor's successful growth strategy, with a focus on expanding client relationships, broadening specialist capabilities and the range of services and technology solutions, deepening geographic coverage, and reinvesting in quality of service and technology.
For more information, please visit www.charlestaylor.com.
The Role
You will be responsible for the international loss adjusting business in the credit and political risk class. As well as carrying out and supervising loss adjustment for clients, this includes developing the existing political risk / credit business for current clients and requires you to identify and bring in new business, and to build new relationships and networks both internally and externally.
Key Responsibilities
Required Skills
Why join Charles Taylor?
We are very proud of the fact that nine out of ten of our people recommend Charles Taylor as a place to work. We pride ourselves on having a positive work environment where our people are empowered to make the best decisions and where learning is valued highly and shared across our business.
We are very committed to ensuring our people are given continuous learning and development. As well as structured induction programmes and job training, we provide study support for relevant professional qualifications and have a Core Learning & Development Curriculum.
Charles Taylor is a fun and inclusive place to work where people are truly valued and encouraged to enjoy a host of social and sporting activities available. Quiz nights, tennis tournaments, football matches and a range of other events take place throughout the year.
Equal Opportunity Employer
Here at Charles Taylor, we are proud to be an Inclusive Employer. We provide an environment of mutual respect with zero tolerance to discrimination of any kind regardless of age, disability, gender identity, marital/ family status, race, religion, sex, or sexual orientation.
Our external partnerships and the dedicated work we do in promoting a transparent and fair recruitment and selection process all contribute to the successful, inclusive, and diverse culture and environment which we are proud to be a part of at Charles Taylor.
Interested? Please send your CV to Nicholas La Stella, Director & Head of Specialty Lines at Nicholas.LaStella@charlestaylor.com.
Charles Taylor is a global provider of professional services and technology solutions dedicated to enabling the global insurance market to do its business fundamentally better. Dating back to 1884, Charles Taylor now is currently in more than 120 locations spread across 30 countries in Europe, the Americas, Asia Pacific, the Middle East, and Africa.
Charles Taylor believes that it holds a distinctive position in its markets in that it is able to provide professional services and technology solutions in order to support every stage of the insurance lifecycle and every aspect of the insurance operating model. Charles Taylor serves a diversified blue-chip international customer base that includes national and international insurance companies, mutuals, captives, MGAs, Lloyd's syndicates, and reinsurers, along with brokers, distributors, and corporate insureds.
Charles Taylor has three distinct business areas — Claims Services, InsureTech and Insurance Management.
Charles Taylor was recently acquired by an investment company managed and controlled by Lovell Minnick Partners LLC. Lovell Minnick is a US Private Equity firm that invests in the global financial services industry, including related technology and business services companies, with a focus on helping to build long term value for clients, employees, and shareholders. The acquisition will support the continuation of Charles Taylor's successful growth strategy, with a focus on expanding client relationships, broadening specialist capabilities and the range of services and technology solutions, deepening geographic coverage, and reinvesting in quality of service and technology.
For more information, please visit www.charlestaylor.com.
The Role
You will be responsible for the international loss adjusting business in the credit and political risk class. As well as carrying out and supervising loss adjustment for clients, this includes developing the existing political risk / credit business for current clients and requires you to identify and bring in new business, and to build new relationships and networks both internally and externally.
Key Responsibilities
- Demonstrate and role model the Charles Taylor six Values by ensuring a Supportive Environment, upholding Excellence in People, focusing on Partnership with Clients, delivering High quality Work, promoting Group-wide Entrepreneurship, and having an Appetite for Change.
- To perform a loss adjusting function for political risk and credit claims, for losses emanating in the UK and overseas, and develop existing skills to assist with other areas of loss adjusting as required. This will involve:-
- Receiving and acknowledging new instructions from clients
- Managing and coordinating claims in a timely and professional fashion
- Undertaking site visits, meeting with Insurers, Reinsurers, Brokers, Claimants, Insureds, and other interested parties as required
- Preparing reports and e-mail advice commenting in detail on all aspects of the claim including technical investigations by CT and experts, potential quantum, reviewing policies and contracts and planning and recommending future actions
- Instructing and controlling third party experts and others as necessary
- Communicating regularly with all interested parties, calculating and approving payments, and other communications
- Calculating and agreeing settlement of claims, and preparing accurate final reports
- To assist, with the help of others, in the development of the Specialty Lines Team and other staff in your field of expertise
- Other such duties and tasks which are allocated to you at the discretion of management and that are within your capabilities and within the scope of your role.
- To assist in and develop the effective marketing of Charles Taylor adjusting including: -
- Identifying any key BD and marketing opportunities in the political risk and credit area and with support, manage these to successful conclusion
- Travel as necessary to manage allocated claims, attend to client issues and undertake marketing and BD activities in key locations with key stakeholders
- Lead and develop the London market and international political risk and credit footprint and brand profile o Support the near term and long-term political risk and credit strategic development plan in conjunction with the MD and Exec team
- Developing working relationships with existing Clients
- Assist others with their marketing functions
- Preparation and delivery of presentations to Clients
- Hosting and attending social events
- Demonstrate and role model the Charles Taylor six Values by ensuring a Supportive Environment, upholding Excellence in People, focusing on Partnership with Clients, delivering High quality Work, promoting Group-wide Entrepreneurship, and having an Appetite for Change.
Required Skills
- Preferably, at least 5 years’ experience of the class of business
- Good written and spoken communication skills
- Familiarity with accounting principles and ledger analysis
- Understanding of corporate restructuring and insolvency principles and practices
- Knowledge of the Credit and Political risk insurance market
Foreign language skills
Ability to work jointly with colleagues, often on large and complex technical cases
We are very proud of the fact that nine out of ten of our people recommend Charles Taylor as a place to work. We pride ourselves on having a positive work environment where our people are empowered to make the best decisions and where learning is valued highly and shared across our business.
We are very committed to ensuring our people are given continuous learning and development. As well as structured induction programmes and job training, we provide study support for relevant professional qualifications and have a Core Learning & Development Curriculum.
Charles Taylor is a fun and inclusive place to work where people are truly valued and encouraged to enjoy a host of social and sporting activities available. Quiz nights, tennis tournaments, football matches and a range of other events take place throughout the year.
Equal Opportunity Employer
Here at Charles Taylor, we are proud to be an Inclusive Employer. We provide an environment of mutual respect with zero tolerance to discrimination of any kind regardless of age, disability, gender identity, marital/ family status, race, religion, sex, or sexual orientation.
Our external partnerships and the dedicated work we do in promoting a transparent and fair recruitment and selection process all contribute to the successful, inclusive, and diverse culture and environment which we are proud to be a part of at Charles Taylor.
Interested? Please send your CV to Nicholas La Stella, Director & Head of Specialty Lines at Nicholas.LaStella@charlestaylor.com.
Events & Professional Development
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 on Innovation and Digitalisation in Trade Credit Insurance and Surety: this webinar will take place on the 15th of June 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.
For bookings before the 1st of June there is an "Early Bird" reduction applicable of 10%.
Also there is the possibility to arrange an inhouse training: then there will be created a tailor made outline for your staff on basis the training demand of your of your company. The training will be effected at your own offices or at a venue of choice.
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 on Innovation and Digitalisation in Trade Credit Insurance and Surety: this webinar will take place on the 15th of June 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.
For bookings before the 1st of June there is an "Early Bird" reduction applicable of 10%.
Also there is the possibility to arrange an inhouse training: then there will be created a tailor made outline for your staff on basis the training demand of your of your company. The training will be effected at your own offices or at a venue of choice.
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: Credendo
Part of Credendo Group, Credendo — Guarantees & Speciality Risks is the single
gateway to speciality trade insurance and surety solutions.
Credendo — Guarantees & Speciality Risks helps corporates to secure projects and existing business with tailor-made and non-cancellable coverage against a wide range of commercial and political risks and creates new business opportunities through a wide range of surety bonds and guarantees for domestic and cross-border contracts.
Set up through the merger of Credendo — Single Risk with Credendo — Excess & Surety in June 2021, Credendo — Guarantees & Speciality Risks combines three strategic business lines: excess of loss credit insurance and top-up, single risk insurance and surety bonds.
To make it easier to get in touch with us, we have a network of branches across Europe: our headquarters in Belgium and regional offices in Austria, Germany, France, Italy, Ireland, the Netherlands, Poland, Spain and Switzerland.
www.credendo.com.
Credendo — Guarantees & Speciality Risks helps corporates to secure projects and existing business with tailor-made and non-cancellable coverage against a wide range of commercial and political risks and creates new business opportunities through a wide range of surety bonds and guarantees for domestic and cross-border contracts.
Set up through the merger of Credendo — Single Risk with Credendo — Excess & Surety in June 2021, Credendo — Guarantees & Speciality Risks combines three strategic business lines: excess of loss credit insurance and top-up, single risk insurance and surety bonds.
To make it easier to get in touch with us, we have a network of branches across Europe: our headquarters in Belgium and regional offices in Austria, Germany, France, Italy, Ireland, the Netherlands, Poland, Spain and Switzerland.
www.credendo.com.
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