Welcome to the February 2021 issue of Credit Insurance News Digest. This issue is sponsored
by Credendo.
Index
Credit Insurance News
The US fashion industry highlights the need for a trade credit insurance backstop. As the US Congress debates additional stimulus measures in response to the pandemic, the American Apparel & Footwear Association (AAFA), and other associations representing the US fashion industry, have sent a letter to Congressional leaders to highlight the US industry’s needs. This includes a recommendation that the US introduce a federal, short-term backstop to support trade credit insurance. The letter notes that access to trade credit insurance, "a critical facility for cash flow in the industry", has "dried up" and suggests that a trade credit insurance backstop "would enable the thousands of small businesses who depend on trade credit insurance to stay in business and participate in the safe restart of our economy." To read AAFA's news release, with a link to the letter, go to https://www.aafaglobal.org/AAFA/AAFA_News/2021_Press_Releases/Fashion_Industry_
Trade credit weaknesses remain despite the UK government's scheme. CIR (Continuity Insurance & Risk) has published an article by Julia Graham, deputy CEO of Airmic, which reports that although the recent extension of the UK government's trade credit reinsurance scheme sends a strong message of support to protect business and position them for post-COVID-19 recovery, for many businesses the scheme itself has made little difference to their covers. The article suggests that the scheme's focus on capacity, rather than risk appetite or the suitability of products available, "means that many buyers are still underwhelmed by the products and services that the market offers." She also recommends that the trade credit insurance market "should step up more often as insurer of first resort than it typically does, if it wishes to remain relevant." To read CIR's news release go to https://www.cirmagazine.com/cir/2021088812103.php.
How the COVID-19 outbreak changed trade US credit insurance "virtually overnight". Willis Towers Watson has published an article that examines US trade credit insurers' response to the current pandemic. The article notes that before March 2020, the US trade credit insurance market had seen more than a decade’s worth of market softening terms and rates, with pricing at historic lows, capacity at an all-time high and extremely flexible policy structures. However, in less than one month following the COVID-19 outbreak, underwriting appetites, pricing and structures had all changed dramatically. For example, most clients with zero claims or low loss ratios incurred a minimum of 5-15% pricing increases, "with most settling in the 5-10% range", while clients deemed loss-making – with a 3-year loss ratio of 60%+ - saw price increases of 15-25%. However, Wilson Towers Watson adds that despite the challenges, US trade credit insurers have become "even more creative in adding sustainable risk." Furthermore, claims have continued to be paid without incident. To read the
article go to https://www.willistowerswatson.com/en-GB/Insights/2021/01/covid-19-and-trade-credit.
Please note that WTW will be publishing a UK/European paper on the same subject shortly.
Please note that WTW will be publishing a UK/European paper on the same subject shortly.
How the least well-known UK government's support scheme could turn out to be the most important.
Marsh has advised that unlike in the 2008 financial crisis, after which the business community was uncomfortable offering credit, the UK's current trade credit reinsurance scheme is enabling businesses
to affordably insure their trade against customer defaults on payment - despite "skyrocketing risk and uncertainty". As a result, and despite being "arguably still an under-utilised enabler of economic recovery", the least well-known of
the UK government's support schemes could be the most important for restarting the UK economy.
Marsh also notes that in contrast to an over-reliance on government loan schemes leading to overleveraging, "effectively putting the economy into hibernation," trade credit insurance encourages trade to continue, channels cash through viable businesses and offers a more sustainable alternative. To read Marsh's news release go to https://www.marshcommercial.co.uk/articles/trade-credit-insurance-can-help-protect/.
Dialogue Exchange launches a set of free, open common standards for single credit risk insurance. GTR
(Global Trade Review) has reported that Dialogue Exchange has created a set of free, open common standards for single credit risk insurance that aim to pave the way for the industry's full digitalisation.
In an exclusive interview with GTR, Dialogue's CEO, Ben Heaney, commented: "A broker or an underwriter would use a slightly different
word to mean broadly the same thing.
We recognised that we needed to standardise these basic terms not only for the scalability of Dialogue but also for the rest of the industry." While not a standards-setting organisation itself, Dialogue used its
position as a neutral intermediary to bring together 12 credit and political risk insurance brokers, underwriters and market specialists, to identify the terms that would underpin the data standard.
The new standard is now available for all brokers and insurers.
To read GTR's article go to https://www.gtreview.com/news/global/exclusive-single-credit-risk-insurance-gets-set-of-standards-as-dialogue-seeks-to-unify-market/.
Challenge-laden UK high street weighs heavily on trade credit insurers. Insurance Times has published an article
that explores the implications and challenges that the UK trade credit insurance industry faces with the COVID-19 pandemic continuing and non-essential retailers in lockdown. The article notes that there has been
a shift in thinking around trade credit insurance, with Graham Walsh, the ABI's Senior Policy Advisor for General Insurance, commenting that maintaining trade credit insurance throughout the pandemic will be a “key component" for economic recovery post-pandemic. Atradius' Regional Director for UK and Ireland, Stuart Ramsden, and Nimbla' Chief Executive, Flemming Bengtsen, are also quoted.
To read Insurance Times' article go to https://www.insurancetimes.co.uk/analysis/challenge-laden-high-street-weighs-heavily-on-trade-credit-insurers-but-could-premium-finance-be-a-solution/1436237.article.
Atradius expects a global economic rebound in 2021 but notes considerable uncertainty around its baseline forecast. Atradius' latest Global Economic Outlook forecasts that as countries gradually emerge from their lockdowns, global GDP will recover by 5.0% in 2021, following a 3.9% contraction in 2020. Advanced markets as a group are expected to rebound by 3.9% in 2021, after a 5.0% decline in 2020, with a partial recovery of 4.2% predicted to
occur in the eurozone this year and a return to pre-pandemic levels in 2022. Prospects for global trade in 2021 are also good, with global trade growth expected to rebound by 7-8% in 2021, after a contraction of similar size in
2020. However, although a global rebound is expected, Atradius also cautions that there is considerable uncertainty around its baseline forecast, warning that a stretched wave of global infections is likely to significantly reduce
GDP growth in 2021 and push the recovery into 2022. To read Atradius' news release go to https://group.atradius.com/publications/economic-research/global-economic-outlook-february-2021.html.
Trade credit insurance: the insurance policy that can change on a daily basis. Insurance Business has published an article highlighting how,
unlike a car or
home insurance policy that may only need to be reviewed annually, a trade credit policy is constantly being adjusted. According to Phil Ashby, Director at National Credit Insurance (Brokers) NZ, despite the digitalisation
of many processes, this means significant attention to detail from the brokers dealing with this "dynamic" product, with quite a high staff to policy ratio to deal with the "huge amount" of data that needs to be processed for each policy.
Mr Ashby concluded that
as well as market intelligence "so that policyholders can get a heads up before hopping into a contract with a new buyer," the great thing about credit insurance "is the discipline that it brings into a business.”
To read Insurance Business' article go to https://www.insurancebusinessmag.com/nz/news/breaking-news/the-insurance-policy-that-can-change-on-a-daily-basis-243456.aspx.
Government intervention gives reprieve to credit risk in Australia - but what about 2021?
NCI has reported that its latest Trade Credit Index (Q4 2020) recorded the lowest figures for claims for at least the last 8 years, the lowest number of collections since 2014, and the lowest number of overdues since Q4/14.
Compared to Q4 2019, there was a 30% reduction in the number of claims lodged (with a 36% reduction in their value) and a 20% reduction in the number of collections lodged.
However, NCI notes that the reprieve in claim and collections is due to intervention by the Australian government, and, looking ahead, warns that although "we don't know at what point we will start to see insolvencies rise,
we do know that it will happen in 2021 and it will most likely result in a normalisation of 2020 numbers." To see NCI's Credit Risk Index go to https://nci.com.au/2021/01/28/trade-credit-risk-index-q4-3/.
How trade credit insurance supports the real economy. The Berne Union has published a new informational report that presents case studies and examples to illustrate the purpose,
function and impact of trade credit insurance (short, medium and long-term) in delivering industrial and economic development. The report notes that the sectors most supported by
short-term trade credit insurance are currently manufacturing (13%), electronics (11%), non-energy commodities (5%), transportation (5%), capital goods (4%), pharma (4%), agriculture
(4%) and construction (3%), and that Europe is by far the largest destination market for short-term insured exports - representing a share of 50% of total exports. To read the Berne Union's report go to https://www.berneunion.org/Articles/Details/529/How-credit-insurance-supports-the-real-economy.
Excess of Loss trade credit insurance – a first for South Africa. Debtsource,
a South African credit management company and specialist trade credit insurance brokerage,
has announced that Excess Of Loss trade credit insurance cover has finally made its way to South Africa after being in development for the past 2 years.
While this type of cover has been available in other developed markets for some time, this is the first time that a credit insurer has launched a product in South Africa that allows for an insured client
to have cover on a particular debtor from more than one insurer,
with an additional secured amount over and above the credit facility insured by the primary insurer."
Pioneered by Hollard Trade Credit, Debtsource notes that the product has been launched in the South African market at an extremely timely moment "as credit insurers have become more risk-averse owing to increased business
failures from a weakened economy and the fallout from the COVID pandemic."
To read Debtsource's news release go to https://www.debtsource.co.za/2021/01/excess-of-loss-cover-a-first-for-south-africa/.
A robust US economic rebound is expected in 2021, but substantial downside risks remain. After a 3.5% contraction in 2020 (milder than previously anticipated), Atradius latest Country Report predicts that US economic recovery will gain momentum in Q2, with GDP forecast to grow by 4.2% in 2021. However, Atradius stresses that this recovery expectation is based on the assumption that the vaccination process is rolled out in H1 of 2021, and massive stimulus measures are ongoing. Currently, the US economy remains on a weak footing. Atradius also notes that there were relatively few insolvencies in 2020, even though bankruptcy courts were still largely functioning, but stresses that as insolvencies historically lag economic downturns, an increase in business failures "is rather likely" in 2021. To read Atradius' news release go to https://group.atradius.com/publications/country-report/north-america-usa-2021.
Vaccination delay could cost Europe €90 billion in 2021.
Euler Hermes has warned that
delays to Europe's vaccination rollout could, if left uncorrected, result in negative implications that far exceed the immediate short-term economic costs of a double-dip recession at the start of 2021.
The report notes that economies that finish the race first will be rewarded with strong positive multiplier effects supercharging consumption and investment activity in H2 2021,
"whereas vaccination laggards will remain stuck in crisis mode and face substantial costs - economic as well as political."
Euler Hermes' calculations show that EU countries are already five weeks behind schedule; and with every week of prolonged sanitary restrictions reducing quarterly nominal EU GDP growth by -0.4%,
the current delay represents close to €90 billion.
To read Euler Hermes' news release go to https://www.eulerhermes.com/en_global/news-insights/economic-insights/Vaccination-delay-to-cost-Europe-EUR90bn-in-2021.html.
Brexit could cost UK exporters £25 billion.
According to a new report by Euler Hermes, Britain’s export-focused businesses will lose between £12.0 billion and £25 billion (€13.5- €27.3 billion) this year as a result of weak demand,
increased red tape and the depreciation of sterling (-3% forecast for 2021) following Brexit.
At its most impactful, this equates to 1.1% in lost GDP, with mineral and metal products, machinery and electrical equipment, transport equipment, chemicals and textiles likely to be the hardest-hit sectors.
Euler Hermes’ economists ultimately expect the pandemic combined with the Brexit transition period to limit GDP growth to +2.5% in 2021, meaning that the UK economy may not return to pre-crisis GDP levels until at least 2023.
To read Euler Hermes' news release go to https://www.eulerhermes.co.uk/newsroom/brexit-could-cost-uk-exporters-25bn-pounds.html.
Alliant acquires One Source Risk Management & Funding.
Insurance Business has reported that Alliant Insurance Services, Inc. has acquired One Source Risk Management, a trade credit insurance and political risk insurance brokerage firm with headquarters in Houston, Texas,
and offices across the US and Canada.
The acquisition also launches a new industry vertical within Alliant Specialty – Alliant Trade Credit.
Peter Arkley, President, Alliant Specialty, commented: "The need for credit and political risk offerings will continue to grow as we enter 2021, and Alliant is well-positioned to meet the demand thanks to the deal.”
To read Insurance Business' article go to https://www.insurancebusinessmag.com/ca/news/breaking-news/alliant-swoops-for-one-source-risk-management-243685.aspx.
An uneven recovery across countries, sectors of activity and income levels. A year after the start of the COVID-19 pandemic and the most significant global recession since the end of the Second World War,
Coface's latest Barometer for Q4 2020 notes that although the performance of China and other Asian economies is boosting global growth, the main mature economies will not return to their pre-crisis GDP levels
in 2021. Coface estimates that world growth could reach +4.3% on average in 2021, but stresses that this projection assumes that the major mature economies can vaccinate at least 60% of their population by the Summer.
The Barometer also highlights that the drop in business failures seen in 2020 (-12% worldwide, -22% in the eurozone, -19% in Asia Pacific and -3% in North America) is attributable to government support, and predicts
that the impact of the pandemic will eventually lead (by 2022) to a surge in the number of insolvencies: +16% in Spain, +13% in France,
+9% in Italy and +6% in Germany compared to their 2019 level. To read Coface's news release go to https://www.coface.com/News-Publications/News/Coface-Barometer-Q4-2020-An-uneven-recovery.
US trade: 2021 will be a rocky road to recovery after a crisis "unlike any other".
Atradius has published an overview of the US economy which cautions that, while there is some optimism related to the vaccine roll-out, uncertainty remains.
Atradius notes that analysts and economists currently predict that a strong US economic rebound is expected in H2 as the vaccine settles in and more people can safely return to work, with GDP estimated to grow by 4.2% in 2021 as the economy
recovers during the year helped by significant government stimulus.
This means that US GDP will return to its 2019 level by the year-end.
However, "the more Covid-19, the more insolvencies", and as insolvencies historically lag economic downturns by 12-18 months, Atradius warns there will likely still see an overall uptick in insolvencies, although "we
are also hopeful that this crisis may follow a different, less severe path when it comes to defaults." To read Atradius' news release go to https://group.atradius.com/press/news/2021-us-trade-a-rocky-road-to-recovery.html.
Congratulations to . . .
Credendo on its 100th anniversary. The company was founded in 1921 by the Belgian Government to support Belgian international trade by granting guarantees and insurance. It is the world's second oldest public great insurer. Since 1921, Credendo has developed into an international group - the fourth-largest credit insurance group in the European market - with a presence in 15 European countries.
Credendo on its 100th anniversary. The company was founded in 1921 by the Belgian Government to support Belgian international trade by granting guarantees and insurance. It is the world's second oldest public great insurer. Since 1921, Credendo has developed into an international group - the fourth-largest credit insurance group in the European market - with a presence in 15 European countries.
To read more about '100 year of Credendo' go to https://www.credendo.com/100years.
John Cross: A message from QBE
It is with great sadness that we announce that John Cross passed away on the 12th January 2021.
It is with great sadness that we announce that John Cross passed away on the 12th January 2021.
John had a successful career in the Credit Insurance Industry that spanned over 25 years. He initially joined the industry at Euler Hermes, formerly Trade Indemnity, holding a variety of positions leaving in the role of Strategic Account Manager working with a number of large clients and key broking partners. In 2005, he joined
QBE working in both Commercial and Risk Underwriting roles and more latterly as Technical and Policy Manager, utilising his wealth of experience to guide the business forward into new areas.
A keen sportsman, whether it was squash, cricket, or football, which saw John as a life-long season
ticket holder at West Ham, he enjoyed all with great enthusiasm. His love of cricket saw him not
only following England on tour in Australia but also as the driving force in organising what became
the annual QBE Twenty20 Cricket day out at Lord’s or The Oval. Attendees always had fun, whether cricket enthusiasts or complete newcomers to the game. It was a great way to bring a group
together on warm summer evenings in a relaxed and social setting. We at QBE, will not only cherish
these memories but also make sure that the tradition continues in his honour.
John approached all his roles in our industry with great positivity, building strong relationships with everyone that knew him. His personality shone throughout his career and he will be greatly missed by all his family, friends, and colleagues.
John approached all his roles in our industry with great positivity, building strong relationships with everyone that knew him. His personality shone throughout his career and he will be greatly missed by all his family, friends, and colleagues.
Funeral details:
John’s funeral will be held at South Essex Crematorium, Upminster at 1.20pm on February 24th. Due to Covid restrictions as you will appreciate it will not be possible for anyone other than close family and friends to attend.
Celebrating the Life of John Cross : Time: Feb 24, 2021 01:15 PM London
https://youtu.be/NBlgZbsit80
John’s funeral will be held at South Essex Crematorium, Upminster at 1.20pm on February 24th. Due to Covid restrictions as you will appreciate it will not be possible for anyone other than close family and friends to attend.
Celebrating the Life of John Cross : Time: Feb 24, 2021 01:15 PM London
https://youtu.be/NBlgZbsit80
Alternatively, you may wish to make a donation in John’s memory. The family have set up a
Just Giving' page at https://www.justgiving.com/fundraising/inmemoryofjohncross in favour of Saint Francis Hospice to recognise John’s selfless campaigning and
support to raise funds for a charity that cared for his mother.
When we can be together in person, QBE plan to hold a memorial gathering to remember John where all his friends and colleagues can have the opportunity to celebrate his life. Details of this event will be circulated in due course, and we all very much hope it will be held in the not too distant future.
When we can be together in person, QBE plan to hold a memorial gathering to remember John where all his friends and colleagues can have the opportunity to celebrate his life. Details of this event will be circulated in due course, and we all very much hope it will be held in the not too distant future.
New Appointments
Chaucer has announced that it has promoted Deborah Wyatt to the role of Head of Political Risk and Credit,
and Neil Edwards, currently class underwriter - credit and political risk, to Deputy Head of Political Risk and Credit. Both will be based in London. Deborah is replacing Chaucer's current head, Nick Kilhams, who is retiring.
In addition, Jonathan Bint has been appointed as Senior Political Risks & Credit Analyst/Underwriter, joining Chaucer from XL Catlin.
Thomas Carroll has appointed Rob Farquharson as Head of Credit and Surety, a newly created role. Rob joins from Parker Norfolk, where he was Director of Trade Credit.
AIG has announced the appointment of Corine Troncy as Global Head of Trade Credit, based in London. Before joining AIG, Corine had been with Coface for thirty years, most recently as Group Executive Committee Special Advisor.
Other new London appointments include Liliana Slavova and Omar Bolton who join AIG as Senior Trade Finance Portfolio Underwriter, and Trade Finance Portfolio Underwriter.
Marsh has appointed Josh Madeiros as Assistant Vice President - Structured Credit & Political Risk, based in London. Josh has been with Marsh for just over two years and was formerly employed as Broker - Political Risk & Structured Credit.
The International Credit Insurance and Surety Association (ICISA) has appointed Richard Wulff as its Executive Director-in-waiting. Richard was formerly Regional Director at NCM (Netherlands), Executive Director at NCM Re (Ireland), Head of Department at Munich Re (Germany/India), Chief Underwriting Officer Ergo General Insurance (India) and Group General Manager at QBE (Australia/Hong Kong).
SCHUMANN has announced Mike Holley's appointment as Strategic Advisor for
the development of tech solutions for credit and political risk insurers and export credit agencies.
Mike has over 37 years’ experience in trade credit and political risk insurance, as well as in trade
finance. He was formerly a founder and CEO of Equinox Global Limited.
Credendo has announced the appointment of Arnaud de la Houplière to manage the French Branch of its specialised subsidiary,
Credendo – Excess & Surety, in Paris. Joining from Zurich, Arnaud will act as Country Manager and Surety Underwriter of the Branch in Paris
Chubb has announced Joe Godfrey's appointment as an Underwriter within their Trade Credit European team (based in London) Joe previously worked as an Underwriter for Atradius.
AXA XL has announced Caroline Tran's appointment as Regional Product Leader Continental Europe, Global Political Risk, Credit & Bond. Caroline joins from Atradius, where she was employed for twelve years - most recently as Deputy Head Special Products/Product Leader for
structured single situations and political risks. Caroline is based in Paris.
Euler Hermes has made several new appointments:
- Peter Farrell has been announced as Managing Director of Excess of Loss (XoL) for Euler Hermes Americas Region. Peter was part of the team that pioneered the company's first XoL product offering. His most recent position was Vice President and Head of XoL/Duo New Business.
- Matt Williams has been appointed as Director - Risk, Information, Claims & Collections, for the whole Benelux region. Matt has been with Euler Hermes since 2004 and was most recently employed in the same role for Belgium and Luxembourg.
- Janice Cheung becomes Regional Account Manager, World Agency, based in Singapore. Janice joins Euler Hermes from QBE where she had worked since 2017 as Regional Underwriter (Trade Credit).
- Thomas Gay has been appointed as XoL underwriter, based in London. Thomas has been with Euler Hermes for nearly three years as a Risk Underwriter.
- Ryan Watts has become a Strategic Account Manager, based in London. Ryan has been with Euler Hermes for over eleven years, most recently as Major Account Manager.
Aon has appointed Nick Hulland as Client Director, based in Manchester. Nick previously worked for Euler Hermes UK & Ireland for nearly fourteen years, most recently as Major & Strategic New Business Underwriter.
NCI Trade Credit Solutions, New Zealand has appointed Zara Mends as General Manager (Sales & Service). Zara has worked for NCI for more than 15 years, most recently as a Credit Insurance Specialist.
Hamilton Insurance Group has appointed Florence Mognetti to the post of Head of Political Risk, based in London. Florence has nearly twenty-two years' experience in the industry and joins Hamilton from Leadenhall Limited where she was employed as a Loss Adjuster.
Willis Towers Watson has appointed Lee Garvey as Head of Financial Solutions for Australia and New Zealand.
He will report to Fabien Conderanne, Regional Head of Financial Solutions, Asia Pacific, corporate risk and broking.
Lee returns to WTW from Marsh where he was Head of Lenders Solutions group Asia.
Job Vacancies
Trade Credit Specialists.
Excellent salary + company benefits
About Us:
We are a dynamic business created to fill a gap in the market for a specialist, independent, client-centric and service focussed insurance adviser. We provide insurance solutions to organisations of all shapes and sized, from start-ups, to SME’s through to larger corporate risks. Our team of personal insurance experts can also deliver bespoke cover for private individuals.
This is an exciting time to join PIB Insurance. Collaboration is at the heart of everything we do. We believe that working together as one team across the Group is better for our customers, our businesses, and our employees. We offer excellent rates of pay, fantastic benefits and excellent career opportunities.
As we continue to grow, we are interested in talking to experienced ‘Trade Credit Specialists’ for a number of vacancies we have in Management, Account Management and Business Development which can be based from any of our UK PIB offices. If you are interested in a career with PIB and want to find out more then please do get in touch.
Further information
Our employee’s success isn’t measured on time spent in the office, so please talk to us about your flexible working needs.
We have many sites across the UK, so whether this be working from home, logging on from another office then we would love to hear from you!
PIB Group is an equal opportunities employer, committed to hiring a diverse and inclusive workforce. We do not discriminate on the basis of race, colour, gender, religion, disability, age, sexual orientation or any other characteristic protected by law.
To apply for a position, complete the online application form at https://pibgroup.livevacancies.co.uk/#/job/details/591.
Your application will be treated in the strictest confidence.
We are a dynamic business created to fill a gap in the market for a specialist, independent, client-centric and service focussed insurance adviser. We provide insurance solutions to organisations of all shapes and sized, from start-ups, to SME’s through to larger corporate risks. Our team of personal insurance experts can also deliver bespoke cover for private individuals.
This is an exciting time to join PIB Insurance. Collaboration is at the heart of everything we do. We believe that working together as one team across the Group is better for our customers, our businesses, and our employees. We offer excellent rates of pay, fantastic benefits and excellent career opportunities.
As we continue to grow, we are interested in talking to experienced ‘Trade Credit Specialists’ for a number of vacancies we have in Management, Account Management and Business Development which can be based from any of our UK PIB offices. If you are interested in a career with PIB and want to find out more then please do get in touch.
Further information
Our employee’s success isn’t measured on time spent in the office, so please talk to us about your flexible working needs.
We have many sites across the UK, so whether this be working from home, logging on from another office then we would love to hear from you!
PIB Group is an equal opportunities employer, committed to hiring a diverse and inclusive workforce. We do not discriminate on the basis of race, colour, gender, religion, disability, age, sexual orientation or any other characteristic protected by law.
To apply for a position, complete the online application form at https://pibgroup.livevacancies.co.uk/#/job/details/591.
Your application will be treated in the strictest confidence.
Risk Underwriter / Credit Analyst, London.
Are you passionate about Credit Insurance? Are you seeking a progressive role in a growing and
reputable MGA?
Nexus Trade Credit are currently recruiting for a dynamic Risk Underwriter / Credit Analyst to join our busy underwriting team in London. The successful candidate will form an integral part of the team, helping to analyse domestic and export risk supporting our renewal and new business portfolio. This includes assessing and agreeing credit limits within authority levels and monitoring exposures in all sectors both domestically and globally.
The Nexus Trade Credit UK Non-Cancellable team is unique in the UK market, by offering non- cancellable coverage on a whole turnover and ground up basis. Our products may suit clients that are looking to take on a significant deductible (XOL) or more traditional middle market clients through our ‘trigger’ and ‘complete’ policies. In addition we offer Top Up coverage in excess of primary (typically cancellable) insurers, allowing clients to achieve full limit satisfaction on sectors and buyers with capacity constraints.
Responsibilities of the role
Nexus Underwriting is the largest independent specialty Managing General Agent (MGA) in the London market. We believe in the ability and potential of all our people and are committed to helping them reach their full potential and future career aspirations by providing a motivational and encouraging work environment.
To apply for this position, please email your CV to hsaar@nexusunderwriting.com and careers@nexusunderwriting.com.
Nexus Trade Credit are currently recruiting for a dynamic Risk Underwriter / Credit Analyst to join our busy underwriting team in London. The successful candidate will form an integral part of the team, helping to analyse domestic and export risk supporting our renewal and new business portfolio. This includes assessing and agreeing credit limits within authority levels and monitoring exposures in all sectors both domestically and globally.
The Nexus Trade Credit UK Non-Cancellable team is unique in the UK market, by offering non- cancellable coverage on a whole turnover and ground up basis. Our products may suit clients that are looking to take on a significant deductible (XOL) or more traditional middle market clients through our ‘trigger’ and ‘complete’ policies. In addition we offer Top Up coverage in excess of primary (typically cancellable) insurers, allowing clients to achieve full limit satisfaction on sectors and buyers with capacity constraints.
Responsibilities of the role
- Conducting detailed financial analysis and formulating credit decisions and risk strategies on buyers, industries and countries
- Managing credit limit requests, taking into account the full scope of the policy and risks relating to buyers, countries and industries
- Proactive monitoring of credit limits and risk strategies
- Monitoring industry, economic and political trends
- Liaising internally and externally about risks and policies, this includes Underwriters, Brokers, clients, risks and information providers on an international level
- You will have 3-5 years practical hands-on experience in a Financial / Credit Analyst role, prior credit insurance or reinsurance experience is a strong advantage
- A broad knowledge of and interest in domestic and global economic trends
- Enthusiastic and hardworking individual with a focus on providing the best possible service
- Commercial awareness partnered with a strategic mind-set
- Experience in delivering client-focused solutions and creating long-lasting relationships
- Proficient working knowledge of MS Office software
Nexus Underwriting is the largest independent specialty Managing General Agent (MGA) in the London market. We believe in the ability and potential of all our people and are committed to helping them reach their full potential and future career aspirations by providing a motivational and encouraging work environment.
This role reports to: Head of UK Non-Cancellable Underwriting
Office Location: 52-56 Leadenhall Street, London, EC3A 2EB.
To apply for this position, please email your CV to hsaar@nexusunderwriting.com and careers@nexusunderwriting.com.
Account Manager, Commercial UK & Ireland – Regional Sales, Manchester
Our organisation
Atradius provides trade credit insurance, surety and collections services worldwide through a strategic presence in 50 countries. Atradius has access to credit information on 200 million companies worldwide. Its credit insurance, bonding and collections products help protect companies throughout the world from payment risks associated with selling products and services on trade credit. Atradius forms part of Grupo Catalana Occidente, one of the leading insurers in Spain and worldwide in credit insurance.
Unit / Team
As the Commercial Unit is located across the UK and Ireland, our key responsibility within the Atradius group is to ensure profitable and sustainable growth of the Regional portfolio and to manage customer satisfaction, retention and distribution strategy.
Within the team are sales, account management, customer service & support, project management and control teams who work together to oversee and implement the Commercial strategy in order to achieve their targets.
Atradius has its UK and Ireland HQ in Cardiff Bay, and a network of offices throughout the United Kingdom and Ireland, so that our customers can be assured of our personal services.
Job description
As Account Managers in the Commercial UK & Ireland Unit and based in the Manchester office, to succeed in the role you must demonstrate a real desire to support our existing clients thus ensuring we remain the insurer of choice in a challenging marketplace. Working with our Broker community you will service and grow an existing portfolio of clients in order to meet their needs and achieve your retention and additionality targets. You will make presentations to clients, brokers and other industry professionals in order to negotiate and close renewal of the policies within your portfolio. To do this effectively you will have, or be able to demonstrate sound communication and negotiations skills. You must have the ability to plan and execute your work independently and be able to react quickly to changing priorities.
This is a full-time position (36 hours per week).
Knowledge, Skills and Experience
What we offer
Office Location
The Chancery, 58 Spring Gardens, Manchester, M2 1EW
Contact Person and Contact Details
Interested? Please send your CV and motivation letter to GBUKjobs@atradius.com
Only successful candidates will be contacted.
Closing date 16 February 2021
Atradius provides trade credit insurance, surety and collections services worldwide through a strategic presence in 50 countries. Atradius has access to credit information on 200 million companies worldwide. Its credit insurance, bonding and collections products help protect companies throughout the world from payment risks associated with selling products and services on trade credit. Atradius forms part of Grupo Catalana Occidente, one of the leading insurers in Spain and worldwide in credit insurance.
Unit / Team
As the Commercial Unit is located across the UK and Ireland, our key responsibility within the Atradius group is to ensure profitable and sustainable growth of the Regional portfolio and to manage customer satisfaction, retention and distribution strategy.
Within the team are sales, account management, customer service & support, project management and control teams who work together to oversee and implement the Commercial strategy in order to achieve their targets.
Atradius has its UK and Ireland HQ in Cardiff Bay, and a network of offices throughout the United Kingdom and Ireland, so that our customers can be assured of our personal services.
Job description
As Account Managers in the Commercial UK & Ireland Unit and based in the Manchester office, to succeed in the role you must demonstrate a real desire to support our existing clients thus ensuring we remain the insurer of choice in a challenging marketplace. Working with our Broker community you will service and grow an existing portfolio of clients in order to meet their needs and achieve your retention and additionality targets. You will make presentations to clients, brokers and other industry professionals in order to negotiate and close renewal of the policies within your portfolio. To do this effectively you will have, or be able to demonstrate sound communication and negotiations skills. You must have the ability to plan and execute your work independently and be able to react quickly to changing priorities.
This is a full-time position (36 hours per week).
Knowledge, Skills and Experience
- Experience within Credit Insurance desirable
- Strong understanding of policy structures and an excellent appreciation of the responsibility that comes with managing relationships and delivering against operational plans
- Ability to successful renew business, either at an individual or board level
- Well organised and prepared for all customer and broker visits
- Confident, ambitious self-starter with a desire to succeed in a competitive market
- A team-player, able to work alongside & with other team members to progress / enhance our offering to provide the optimum solution for our Clients & Brokers
- Proven ability to achieve financial targets
- Relevant business experience or degree Right to work in the UK
What we offer
- A great and challenging place to work - dynamic, transparent and informal
- An environment for our people where they can realise professional growth
- Work in a very international working place Good career opportunities
- Attractive terms and conditions: salary in line with market conditions, commission scheme, pension scheme etc.
Office Location
The Chancery, 58 Spring Gardens, Manchester, M2 1EW
Contact Person and Contact Details
Interested? Please send your CV and motivation letter to GBUKjobs@atradius.com
Only successful candidates will be contacted.
Closing date 16 February 2021
Account Handler – Marsh, Manchester
The company: Marsh
Marsh is the world’s leading insurance broker and risk adviser. With over 35,000 colleagues operating in more than 130 countries, Marsh serves commercial and individual clients with data driven risk solutions and advisory services.
The role: Account Handler
Due to unprecedented growth in our Manchester based Major Account Trade Credit Practice we have a fantastic opportunity for an experienced Account Handler. This is the perfect role for an individual with a background in commercial insurance/Credit Insurance or Underwriting looking to join an established, market leading insurance broker.
Marsh is the world’s leading insurance broker and risk adviser. With over 35,000 colleagues operating in more than 130 countries, Marsh serves commercial and individual clients with data driven risk solutions and advisory services.
The role: Account Handler
Due to unprecedented growth in our Manchester based Major Account Trade Credit Practice we have a fantastic opportunity for an experienced Account Handler. This is the perfect role for an individual with a background in commercial insurance/Credit Insurance or Underwriting looking to join an established, market leading insurance broker.
You can expect to work within a fast paced, specialised Credit Insurance team. You will act as
the main point of contact and support. for a rapidly expanding book of large and multinational
clients based outside London.
What you will be rewarded with?
We embrace a culture that celebrates and promotes the many backgrounds, heritages and perspectives of our colleagues and clients regardless of their gender expression or identity, marital and civil partnership status, ethnic origin, nationality, age, background, disability, sexual orientation or beliefs. We are proud of our inclusive culture where everyone feels empowered to bring their whole selves to work and thrive. Learn more about our foundational values, mission and vision for the future by reviewing our Greater Good Policy.
To apply, please send your CV with a covering letter to Steve Howells at Stephen.Howells@marsh.com.
What you will be rewarded with?
We offer competitive salaries and comprehensive benefits.
We also support programmes including: health & welfare, tuition assistance, pension,
employee assistance program, career mobility, employee network groups and volunteer
opportunities.
We will rely on you to:
What you need to have:
What makes you stand out:
About us
Marsh is the world’s leading insurance broker and risk adviser. With over 35,000 colleagues operating in more than 130 countries, Marsh serves commercial and individual clients with data driven risk solutions and advisory services. Marsh is a business of Marsh & McLennan Companies (NYSE: MMC), the leading global professional services firm in the areas of risk, strategy and people. With annual revenue approaching US $17 billion and 76,000 colleagues worldwide, MMC helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses: Marsh, Guy Carpenter, Mercer, and Oliver Wyman. Follow Marsh on Twitter, LinkedIn, Facebook, and YouTube, or subscribe to BRINK.
We will rely on you to:
- Act as lead advisory colleague on large and multinational Trade Credit clients.
- Develop renewal/placement strategies in conjunction with the Practice Leader and Client Executive and execute in accordance with client instructions.
- Analyse quotes from carriers and provides analysis to more senior Advisory colleagues and/or clients to assist with developing solutions and renewals.
- Support more senior Advisory colleagues to reach business goals and RFP’s through research and document preparation to support and assist the design, development, and marketing of new insurance and risk products.
- Support the client credit management function by training and advising on policy operation, and negotiating credit limits and other issues with underwriters.
- Build and maintain client and market contact at appropriate levels to execute effectively on clients program.
- Contribute to client retention through effective risk solutions and excellence in service.
What you need to have:
- Previous Insurance experience within either Account Handling or Underwriting
- Articulate with strong client facing and stakeholder management abilities
- Proven negotiation skills
- Good IT skills (MS Word / Excel / Power)
What makes you stand out:
- Credit Insurance experience would be a huge bonus
- Customer service skills
- Able to understand a set of financial accounts
- Effective team player
About us
Marsh is the world’s leading insurance broker and risk adviser. With over 35,000 colleagues operating in more than 130 countries, Marsh serves commercial and individual clients with data driven risk solutions and advisory services. Marsh is a business of Marsh & McLennan Companies (NYSE: MMC), the leading global professional services firm in the areas of risk, strategy and people. With annual revenue approaching US $17 billion and 76,000 colleagues worldwide, MMC helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses: Marsh, Guy Carpenter, Mercer, and Oliver Wyman. Follow Marsh on Twitter, LinkedIn, Facebook, and YouTube, or subscribe to BRINK.
We embrace a culture that celebrates and promotes the many backgrounds, heritages and perspectives of our colleagues and clients regardless of their gender expression or identity, marital and civil partnership status, ethnic origin, nationality, age, background, disability, sexual orientation or beliefs. We are proud of our inclusive culture where everyone feels empowered to bring their whole selves to work and thrive. Learn more about our foundational values, mission and vision for the future by reviewing our Greater Good Policy.
To apply, please send your CV with a covering letter to Steve Howells at Stephen.Howells@marsh.com.
Events
GTR MENA 2021 Virtual, 15-17 February 2021.
Global Trade Review's annual trade and export finance conference, GTR MENA, will return in 2021 as a hybrid event, providing an extended offering as the region’s leading gathering for networking and knowledge sharing, with a virtual event on February 15-17 and a physical event on September 29. Proceedings for the year will kick off with GTR MENA 2020 Virtual on February 15-17, set to welcome over 1,500 participants and featuring the chance to hear the latest insights and developments from experts on the most pertinent issues impacting on MENA trade, utilising a mixture of live-streamed and pre-recorded content and fostering a new way of networking via GTR’s dedicated virtual event platform.
As part of its hybrid offering for 2021, GTR MENA will also descend on Dubai in September for an exclusive one-day physical gathering. This will include an extensive programme, full exhibition and that much missed opportunity for participants to hold face-to-face discussions with industry peers and potential clients.
Global Trade Review's annual trade and export finance conference, GTR MENA, will return in 2021 as a hybrid event, providing an extended offering as the region’s leading gathering for networking and knowledge sharing, with a virtual event on February 15-17 and a physical event on September 29. Proceedings for the year will kick off with GTR MENA 2020 Virtual on February 15-17, set to welcome over 1,500 participants and featuring the chance to hear the latest insights and developments from experts on the most pertinent issues impacting on MENA trade, utilising a mixture of live-streamed and pre-recorded content and fostering a new way of networking via GTR’s dedicated virtual event platform.
As part of its hybrid offering for 2021, GTR MENA will also descend on Dubai in September for an exclusive one-day physical gathering. This will include an extensive programme, full exhibition and that much missed opportunity for participants to hold face-to-face discussions with industry peers and potential clients.
VIRTUAL EVENT LINK: https://bit.ly/2VT3Q1e
PHYSICAL EVENT LINK: https://bit.ly/3gnBJk8
GTR India 2021 Virtual, 10-11 March 2021.
GTR India will return in 2021 as a hybrid event, offering an extended offering as the country’s leading trade-based gathering for networking and knowledge sharing, with a virtual event on March 10-11 and a physical event in Mumbai in October.
For over 15 years GTR India has provided critical market insight combined with unrivalled networking opportunities with leading experts on the country’s trade environment and trade finance sector. Both events will delve into the most pertinent discussion topics impacting Indian #trade and #exports, from supply chain challenges, geopolitical considerations (including free trade agreements), support for exporters, digitisation drives and the measures taken across both public and private sector to aid business recovery.
VIRTUAL EVENT LINK: https://bit.ly/36VQ4By.
PHYSICAL EVENT LINK: https://bit.ly/36VbT48.
GTR India will return in 2021 as a hybrid event, offering an extended offering as the country’s leading trade-based gathering for networking and knowledge sharing, with a virtual event on March 10-11 and a physical event in Mumbai in October.
For over 15 years GTR India has provided critical market insight combined with unrivalled networking opportunities with leading experts on the country’s trade environment and trade finance sector. Both events will delve into the most pertinent discussion topics impacting Indian #trade and #exports, from supply chain challenges, geopolitical considerations (including free trade agreements), support for exporters, digitisation drives and the measures taken across both public and private sector to aid business recovery.
VIRTUAL EVENT LINK: https://bit.ly/36VQ4By.
PHYSICAL EVENT LINK: https://bit.ly/36VbT48.
GTR West Africa 2021 Virtual, 24-25 March 2021.
GTR West Africa will return in 2021 virtually, providing an extended digital offering as the region’s leading event for trade discussion and networking on March 24-25.
Encompassing all the key aspects of the live conference experience through GTR’s established virtual event format, this hugely anticipated gathering will combine the highest level content with bountiful networking opportunities via our dedicated platform.
Harnessing the vast potential of technology for connecting West African trade leaders with their peers, this online gathering promises a comprehensive programme of live and on-demand debate, discussion and engagement, welcoming the region’s leading practitioners in trade, export and commodity finance to explore the latest developments, strategies and solutions employed to drive growth.
LINK: https://bit.ly/36XnLTf
GTR West Africa will return in 2021 virtually, providing an extended digital offering as the region’s leading event for trade discussion and networking on March 24-25.
Encompassing all the key aspects of the live conference experience through GTR’s established virtual event format, this hugely anticipated gathering will combine the highest level content with bountiful networking opportunities via our dedicated platform.
Harnessing the vast potential of technology for connecting West African trade leaders with their peers, this online gathering promises a comprehensive programme of live and on-demand debate, discussion and engagement, welcoming the region’s leading practitioners in trade, export and commodity finance to explore the latest developments, strategies and solutions employed to drive growth.
LINK: https://bit.ly/36XnLTf
GTR East Africa 2021 Virtual. 12-13 May 2021.
Following the success of the inaugural virtual event in October 2020, GTR East Africa will return once again in a digital form for 2021, taking place on May 12-13, 2021. Utilising GTR’s bespoke virtual event platform, this online gathering promises expansive networking and an extensive and comprehensive programme of live and on-demand content, welcoming the leading practitioners in trade, agribusiness, supply chain and commodity finance. Join industry experts from across the region to explore the latest developments, strategies and solutions employed to drive East African trade growth. LINK: https://bit.ly/3gphJ0x.
Following the success of the inaugural virtual event in October 2020, GTR East Africa will return once again in a digital form for 2021, taking place on May 12-13, 2021. Utilising GTR’s bespoke virtual event platform, this online gathering promises expansive networking and an extensive and comprehensive programme of live and on-demand content, welcoming the leading practitioners in trade, agribusiness, supply chain and commodity finance. Join industry experts from across the region to explore the latest developments, strategies and solutions employed to drive East African trade growth. LINK: https://bit.ly/3gphJ0x.
National Credit Awards 2021. 21 October 2021. The Waldorf Hilton, London.
New for 2021, MoneyAge is proud to present the National Credit Awards.
The awards are designed to honour the outstanding professionals and firms in the many varied fields of the credit industry, to recognise, celebrate, and promote best practice, to support continuing development, and to contribute towards raising the standards within the credit arena.
The awards are free to enter and you can enter as many categories as you like.
Head over to the website to find out more.
SUBMIT YOUR ENTRY: https://www.moneyage.co.uk/creditawards/index.php.
Deadline for entries: 25 June 2021
New for 2021, MoneyAge is proud to present the National Credit Awards.
The awards are designed to honour the outstanding professionals and firms in the many varied fields of the credit industry, to recognise, celebrate, and promote best practice, to support continuing development, and to contribute towards raising the standards within the credit arena.
The awards are free to enter and you can enter as many categories as you like.
Head over to the website to find out more.
SUBMIT YOUR ENTRY: https://www.moneyage.co.uk/creditawards/index.php.
Deadline for entries: 25 June 2021
About the Sponsor: Credendo
For 100 years, Credendo has been forging strong links between entrepreneurs and their export markets, as well as creating tailor-made solutions,
for large companies and SMEs.
Credendo is a European credit insurance group that is present all over the continent and active in all segments of trade credit and political risk insurance, providing a range of products that cover risks worldwide.
We are the first-choice business partner to protect against the risks of trade and investments in the real economy and to facilitate the financing of such transactions.
Our mission is to support trade relations.
We provide customised solutions of insurance, reinsurance, guarantees, bonding and financing related to domestic and international trade transactions or investments abroad. We protect companies, banks and insurance undertakings against credit and political risks or facilitate the financing of such transactions.
Full spectrum of political and commercial risks
Tit-for-tat retaliation, return of protectionism and political backlashes are making headlines.
Our single risk insurance policies can help any corporate to trade more effectively worldwide by protecting them against the full spectrum of political and commercial risks associated with doing business overseas. Our products also support banks and financial institutions by protecting their interests in financial contracts and investment projects. We work in partnership with our clients to establish the cover they need in line with their business strategies. Our specialists offer an excellent track record in assessing emerging markets- country risks, proven know-how and experience in insuring complex transactions, and substantial insurance capacity backed by our excellent credit ratings.
Find out more about Credendo at www.credendo.com or email at c.ramillon@credendo.com.
Credendo is a European credit insurance group that is present all over the continent and active in all segments of trade credit and political risk insurance, providing a range of products that cover risks worldwide.
We are the first-choice business partner to protect against the risks of trade and investments in the real economy and to facilitate the financing of such transactions.
Our mission is to support trade relations.
We provide customised solutions of insurance, reinsurance, guarantees, bonding and financing related to domestic and international trade transactions or investments abroad. We protect companies, banks and insurance undertakings against credit and political risks or facilitate the financing of such transactions.
Full spectrum of political and commercial risks
Tit-for-tat retaliation, return of protectionism and political backlashes are making headlines.
Our single risk insurance policies can help any corporate to trade more effectively worldwide by protecting them against the full spectrum of political and commercial risks associated with doing business overseas. Our products also support banks and financial institutions by protecting their interests in financial contracts and investment projects. We work in partnership with our clients to establish the cover they need in line with their business strategies. Our specialists offer an excellent track record in assessing emerging markets- country risks, proven know-how and experience in insuring complex transactions, and substantial insurance capacity backed by our excellent credit ratings.
Find out more about Credendo at www.credendo.com or email at c.ramillon@credendo.com.
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All news stories on Credit Insurance News' website are included with the prior permission of the copyright holder. Reproduction or redistribution in whole or in part, in any manner, without the express prior written consent of the copyright holder, is a violation of copyright law. If you, or your organisation wish to redistribute, republish or link-to all or any part of any Credit Insurance News Digest, you must first contact the copyright holder direct or email sally.brown@creditinsurancenews.co.uk for further information.
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