Welcome to Issue 63 of Credit Insurance News Digest. This issue is kindly sponsored by HCC International.
Index
Credit Insurance News
HCC advises that it's a great time to buy trade credit insurance. Insurance Age has published an article, 'In focus: Making the most of trade credit', which examines the opportunities for brokers in the specialist trade credit market and advises that the trade credit market is in "fine fettle". "Plenty of insurers, capacity and affordable premiums mean it's a great time to buy." The claims environment is also described as 'benign' According to Ray Massey, director of HCC, cover currently represents excellent value. "Rates are soft and many companies find credit insurance is affordable. Banks are also encouraging take-up - seeing it as facilitating growth. As a result, brokers note more clients are buying credit insurance for the first time." To read the article on Insurance Age's website go to http://www.insuranceage.co.uk/insurance-age/feature/2434285/in-focus-making-the-most-of-trade-credit.
Equinox Global launches new credit insurance policy. GTR has published an article, 'Equinox to offer non-cancellable limits on whole-turnover basis', which reports that Equinox Global has launched a new product, Equinox Complete, which is designed to offer "all the advantages of a traditional whole-turnover credit insurance policy with credit limit service", but with non-cancellable limits for up to 12 months. The product is targeted at medium to large companies and restricted to OECD markets. “But it doesn’t mean we cannot write a non-OECD market as a matter of exception,” commented Alexandra Paton, chief market officer at Equinox Global. In addition, according to Ms Paton, the insurer is also working on a credit limit portal which will be launched at the beginning of next year. “This product will be complemented very well by this portal: where people can apply for credit limit online and get automatic decisions.” To read GTR's article go to http://www.gtreview.com/news/global/equinox-to-offer-non-cancellable-limits-on-whole-turnover-basis/.
Euler Hermes goes digital with its first online policy. Euler Hermes Germany has announced the launch of a new product, Simplicity Online - a trade credit insurance policy that customers can subscribe to online. The new product mainly targets small-and medium-sized businesses with annual sales of up to €5 million, and allows the customer to complete an online form, send it to Euler Hermes and receive both the insurance policy and digital access to the Euler Hermes database. Jonas Müller, head of product development at Euler Hermes Germany, advised: “The only precondition is that the customer first completes verification in the digital Euler Hermes database. With Simplicity Online . . . the customer can check credit ratings in real time and be protected automatically against delinquent payments. Customers can therefore finalize a transaction immediately without first having to submit a limit request or wait for confirmation.” To read Euler Hermes' news release go to http://www.eulerhermes.com/mediacenter/news/Pages/press-release-Real-time-coverage-with-just-a-click-Euler-Hermes-Germany-goes-digital-with-its-first-online-policy.aspx.
Ten reasons to use credit insurance. CFO Magazine has published an article (sponsored by Euler Hermes), 'Ten reasons to insure your receivables', which comments that no CFO would ever leave major assets like property, machinery, and equipment uninsured; yet, "CFOs in North America typically leave their largest and most vulnerable asset uninsured—their Accounts Receivable (A/R), which account for 40% of company assets, on average." The article lists ten reasons that companies typically insure their A/R via credit insurance and concludes that a credit insurance policy, if used properly, provides a valuable extension to a company’s credit management practices, a second pair of objective eyes when approving buyers, as well as an early-warning system if exposure is increasing. "Lastly, credit insurance helps the CFO ensure that there are no surprises in reported results. Because nobody hates surprises more than the CFO." To read the article go to http://ww2.cfo.com/sponsored/ten-reasons-insure-receivables/.
Nearly 40% of US SMEs find that that their overseas buyers pose higher risks than their domestic ones. PYMNTS.com has published an article, 'The SME 'minefield' of cross-border payments', which reports that research from Euler Hermes indicates that nearly 40% of US SMEs already exporting said that their overseas buyers pose higher risks than their domestic ones. According to Euler Hermes' President and CEO of North American operations James Daly, there is far from a straightforward answer as to why this is the case, although he suggests that “sometimes the sale is more tempting than the potential risk", and it can be more difficult to obtain the necessary information about a foreign customer or it might be available in a foreign language. However, Mr Daly also stresses that a key reason why overseas buyers would demand longer payment terms is simply because they are further away. To read the article on PYMNTS.com go to http://www.pymnts.com/in-depth/2015/the-sme-minefield-of-cross-border-payments/.
The global economy has entered turbulent water, although recovery is taking further hold in advanced economies. Atradius' latest Global Economic Outlook forecasts that the global economy will grow by just 2.5% in 2015 - well below average historical rates. The picture is mixed; the economic recovery in advanced markets has taken further hold, with the euro area forecast to grow by 1.5% in 2015 and 1.7% in 2016 and the US projected to expand by 2.5% in 2015 and 2.6% in 2016. After contraction in 2015, Latin America and Eastern Europe are also both expected to see modest economic growth of 0.8% and 1.9% respectively in 2016, while economic growth in Asia, excluding Japan, is stable and forecast at 5.7% in 2016. Atradius also forecasts that despite remaining at a historical high, insolvencies will fall in most advanced markets in 2015 and 2016 - especially in the eurozone. In contrast, insolvency conditions in many emerging markets have, however, deteriorated notably. To read Atradius' executive summary with a link to the full report go to https://group.atradius.com/publications/global-economic-outlook-november-2015.html.
2016 predicted to end six consecutive years of decline in global insolvencies. According to Euler Hermes' Economic Outlook 2015-16, instability in emerging markets is set to end six consecutive years of decline in global insolvencies. The insolvency U-turn predicts that worldwide insolvencies will stabilise at 300,000 cases and that 2015 will mark the end of the post-crisis adjustment trend which saw a healthy decline in insolvencies of -14% in 2014. As a result, Euler Hermes estimates that its Global Insolvency Index will decrease by only -4% this year and will remain higher by 3% than its pre-crisis average. The Outlook also predicted that the divergence between advanced economies and emerging markets should continue to grow in 2016, creating a -1% decline in insolvencies in advanced economies compared to a +4% increase in emerging markets. To read Euler Hermes' news release with a link to the full report go to http://www.eulerhermes.com/mediacenter/news/Pages/press-release-Economic-Outlook-2015-16-The-insolvency-U-turn.aspx.
A domino effect as China's economy cools. Markel has published an article, 'Crouching China, hidden danger', which looks at the outlook for emerging markets and cautions that as China’s economy cools down, businesses and investors will need to anticipate the domino effects of this rebalancing. An increasing number of countries have already fallen into recession (e.g. Belarus, Brazil, Canada, Finland, Greece, Russia, Switzerland, Ukraine, and Venezuela), while economic data suggests that more are headed in that direction (e.g. Angola, Argentina, Chile, Colombia, Indonesia, Iran, Japan, Malaysia, Nigeria, Norway, Singapore, South Africa, Taiwan and Turkey). While the IMF expects China growth should increase by 6.8% (down from 7.4% last year), the article also reports that some economists expect that Chinese growth will decelerate even more - to below 6%. To read Markel's article go to http://www.markelinternational.com/regions/london-market/Markel-News-October-15/Trade-3-Crouching-China-Hidden-Danger/?dm_i=19BZ,3QJCI,C20B4B,DG8JC,1.
ArchOver and Coface announce an £100 million P2P partnership. GTR has published an article, 'ArchOver and Coface team up for crowdfunded loans', which reports that B2B crowdlending platform ArchOver has teamed up with Coface to protect its lenders from possible defaults on business loans. The new partnership is said to provide future protection of up to £100 million and will enable ArchOver to provide an “appropriate” level of lender coverage in place for its portfolio of loans.
Angus Dent, CEO of ArchOver, commented: “This represents a major advance for us and reinforces the double protection aspect of using credit insurance to protect our lenders alongside the security we take over borrowers’ accounts receivable.” To read GTR's article go to http://www.gtreview.com/news/europe/archover-partners-with-coface-to-insure-crowdfunded-loans/.
Euler Hermes advises that its expectations for the global economy remain conservative for 2016. During Euler Hermes' 2015 International Trade Observatory summit in Dubai, economists advised that after a tough year in the GCC region, (GDP growth 3%), 2016 will generate a modest economic rebound for most countries of 3.7%. However, Global GDP growth will remain below 3% for the third consecutive year. Ludovic Subran, Euler Hermes' chief economist, commented: “Mature markets have remained reasonably stable, whereas we have seen clear signs of deterioration in emerging economies. Global trade is set to lose at least US$400 billion in 2015, reflecting strong deflationary pressures in the short-term. Our expectations for the global economy remain conservative for 2016 (GDP 2.9%), although with some signs of improvement”. To read Euler Hermes' news release go to http://www.eulerhermes.com/mediacenter/news/Pages/press-release-Euler-Hermes-analysis-Shaping-regional-GCC-rebound.aspx.
Payment delays and corporate insolvencies: a “cause and effect” relationship. AU Group has published an article which examines the cause and effect relationship between payment delays and business insolvencies in Europe. In France, AU Group advises that although it was widely thought that corporate failures would continue to fall in 2015, within the first six months of the year insolvency proceedings were still on the rise, with one in four due to late payments. Within Europe, "it is the UK who clocks up the largest number of late payments", with a "staggering" 76% of businesses – regardless of size – not paying their bills within the legal time limit. Italy also remains high with 75%, whereas German businesses show 3 out of 4 invoices are paid on time. To read AU Group's article go to http://www.au-group.com/payment-delays-and-corporate-insolvencies-a-cause-and-effect-relationship.html.
Expo Milan 2015: the end or a fresh start. According to a study by Euler Hermes, although Expo Milan has avoided the financial deficit that affected some previous World Fairs, after the close of Expo a decline in Italian business levels should be expected - especially for sectors that have been most successful during the event. Overall, Euler Hermes expects that one Italian company in 10, most of them in the construction sector, will go bankrupt before 2018 with a peak in 2017. However, despite this, the declining trend in corporate defaults in Italy overall, which began in 2015 - afters seven years of increases - is expected to continue with a decrease of 8% in 2016, 10% in 2017 and 8% in 2018. Nevertheless, as Euler Hermes warns, the risk remains that post-Expo business could dwindle more than expected and, in the worst-case scenario, up to 3,000 companies could go bankrupt. To read Euler Hermes' news release with a link to the full report go to http://www.eulerhermes.com/mediacenter/news/Pages/press-release-Euler-Hermes-study-Expo-Milan-2015.aspx.
Brazil: no quick fixes for the crisis. Coface's latest Panorama advises that Brazil has been facing a scenario of economic juggling and political uncertainties that are weighing heavily on the country’s economic performance. GDP shrunk by 2.6 % year-on-year in the second quarter of 2015, and activity has been impacted by the free fall in investments and declining consumption. In early September, Standard & Poor’s downgraded Brazil to junk status. Coface also reviewed down the country risk assessment from A4 to B. In consequence, three industries, automotive, steel and construction) have been severely affected and downgraded from high risk to very high risk. No segments reported improvements. To read Coface's news release with a link to the full report go to http://www.coface.com/News-Publications/News/Brazil-no-quick-fix-for-the-crisis.
ACE Group expands its political risk and credit division to Japan. ACE has announced plans to offer its Japanese clients a broad range of comprehensive insurance solutions for risks including non-payment of trade receivables, protection against sovereign non-payment default and country risk cover for overseas assets and investments. Hiroya Takagi (see 'New Appointments' below) has been appointed to take the new role of political risk and credit manager. To read ACE's news release go to http://news.acegroup.com/press-release/europemiddle-eastafrica/ace-expands-political-risk-credit-division-japan-appoints-hiro.
AXA Insurance Singapore and Coface announce new trade credit insurance plans. AXA Insurance Singapore and Coface have announced the launch of new trade credit insurance plans designed to protect Singapore based companies from credit risks by preventing bad debts and providing support to collect overdue invoices. There will be three SmartCredit plans – “Essential”, “Optimum” and “Exclusive”, targeted at small, medium and larger corporations respectively, which will be available through all of AXA’s general insurance sales channels. Doina Palici-Chehab, Chief Executive Officer of AXA Insurance Singapore, said: “We foresee trade credit insurance playing an increasing role in providing business owners the peace of mind and confidence they need to grow their businesses with.” To read the press release go to
http://www.asiainsurancereview.com/Document/AXA%20Coface.pdf.
Panama established as the fastest growing economy in the Americas. Credendo Group has published a new Country Risk Assessment for Panama which describes how, in recent years, booming public investment along with consumer and international investor confidence have established Panama as the fastest growing economy in the Americas. In the decade before 2014, real GDP growth averaged no less than 8.6% per year, and in 2014, reflecting difficult trade relations with troubled Venezuela and a reduced pace of investment, the rate of expansion moderated to a still-high 6.2%. That seems in line with medium-term potential. Indeed, the IMF forecasts economic growth to fluctuate between 6% and 7% in the years ahead. To read Credendo's analysis go to https://www.flexmail.eu/i-65bbef16348cef2f4c2013291c465d46568cf7aec20a03b33ec6f29b0b059ec1.
Turkey: At a crossroads. During Euler Hermes' recent 2015 International Trade Observatory summit in Istanbul, Euler Hermes executives and chief economist shared their analyses of latest economic data and outlined key elements that could drive Turkey to register an economic rebound in 2016. Sharing the projected insolvency cases for Turkey, Euler Hermes' Chief Economist Ludovic Subran commented: “After a 9% decline in 2014, corporate bankruptcies in Turkey are expected to decline by 5% in 2015, but could increase by 6% in 2016. In addition, the lira will be one of the hardest hit currencies, with an expected average fall of -24% against the US$ in full-year 2015.” To read Euler Hermes' news release with a link to the full report go to http://www.eulerhermes.com/mediacenter/news/Pages/press-release-Euler-Hermes-International-Trade-Observatory-Turkey-crossroads.aspx.
Nexus CIFS describes its Single Situation Credit and Financial Risks division. Nexus CIFS has published an article in which Divisional Head James Steele-Perkins provides, in Q&A style, an overview of CIFS' Single Situation Credit and Financial Risks division. He advises that Nexus CIFS appreciate that there is a level to which some insurers do not wish to exceed, and stresses that although, "we are not in the habit of picking up limits that have been removed by the incumbent for material reasons", this can present an opportunity for CIFS. "Many of the enquiries we see in this field are a factor of the client winning a contract that doubles their sales with a particular customer, and aggregation restrictions by their existing insurer compromise their ability to fulfil these sales. This is where we can help.” To read CIFS' article go to http://www.creditindemnity.com/news-and-comment/detail/the-story-behind-the-success.
And Finally . . .
Industry Dinner. On 12 November the trade credit, bond and political risk community gathered for its annual industry dinner at the Tower Grange Hotel in London. Hosted by QBE Trade Credit, over 450 brokers and underwriters were treated to a lively performance by Sir Lenny Henry, including an impromptu few lines from his role as Othello, and some fond reminiscences from his very varied TV and stage career. QBE would like to thank everyone for their support on the evening and in particular for their generous pledges for the Sick Children’s Trust, QBE’s charity partner for 2015. Over £48,000 was raised for the Sick Children’s Trust which will be used to help families have a ‘home from home’ should their child be seriously ill in hospital.
Approach sales with a risk hat. On the 22nd October, Nexus CIFS' Managing Director Richard Marriage, presented on Domestic Risk at the Aon Aston Villa seminar under the heading of Domestic Risk and "safe growth". Click here to see a selection of his slides.
Euler Hermes launches blog webpage. Euler Hermes' website now includes a new blog, 'Periscope', from chief economist, Ludovic Subran, which is designed to share in real-time Euler Hermes analyses and advice "to navigate economic uncertainties and face political headwinds that may affect your business domestically or abroad.” For more information and to see current blog entries go to http://www.eulerhermes.com/economic-research/blog/default.aspx.
Industry Publications
Cash Flow Management for Small Businesses. STA International has published a useful new free guide, 'Cash Flow Management for Small Businesses', which gives a detailed overview of the importance of cash flow management and common cash flow 'killers' (late payment, unexpected expenses, not wanting to offend etc), tips for cash flow forecasting and invoicing and a step-by-step guide to getting paid. A section on late payment legislation stresses that the legislation's aim, in addition to giving claimants protection against companies who don’t pay on time, is to encourage those companies to pay on time in the first place and resolve these issues before they occur. However, in those instances where debt collection is needed, this may be free: "A Debt Collection Agency can charge its collection costs to late paying customers and this provides a free-of-charge collection service when they are successful." To obtain a copy of the Guide go to https://www.stainternational.com/small-business-advice/cashflow-guide.
New hardback reference book offers an in-depth guide to credit insurance. ‘A Guide to Trade Credit Insurance’ is a new hardback reference book, written by ICISA from an international perspective, which provides a comprehensive overview of trade credit insurance, including the history of trade credit insurance, trade credit insurance providers, the underwriting process, premium calculation, claims handling, case studies and a glossary of terminology. The book [ISBN: 978-1783084821], priced at £50 / US$80, is published by Anthem Press - click here for more information and to order your copy. Discounts are available on bulk book orders. Please contact orders@anthempress.com for further information.
Business Information
UK Businesses brush off prospect of rate rise – but 1-in-5 would struggle. According to the latest Business Distress Index from R3, while the vast majority of businesses (72%) say they would be unaffected by an interest rate rise, nearly one-in-five (19%) of businesses in the UK say they would be put in financial difficulty. The survey also found that 4% of businesses – equivalent to 77,000 companies – say they would struggle to repay their debts if interest rates were to rise. To read R3's news release go to https://www.r3.org.uk/index.cfm?page=1114&element=25143&refpage=1008.
Mid-market firms are essential to the UK's economic recovery. BDO had advised that the UK’s mid-sized businesses (firms with a revenue between £10 million and £300 million) are a thriving area of the UK economy, growing turnover by nearly 55% in the last five years (from £0.65 trillion to £1.02 trillion) and, despite making up only 1% of UK companies in 2014/15, accounting for nearly a third of all private sector turnover and 1 in 4 private sector jobs. Furthermore, in terms of profitability, the UK’s mid-sized firms can boast profits up 110% compared to a FTSE 100 shrinkage of 3%. To read BDO's news release go to http://www.bdo.co.uk/press/overlooked-mid-market-firms-essential-to-uk-economic-recovery.
UK economy is resilient against turbulent background. The CBI has advised that the UK economy remains resilient in the face of wider fears for global growth. The CBI’s quarterly forecast reveals solid growth, despite a modest downgrade for 2015, from 2.6% in August to 2.4%. Next year the business group expects the UK economy to grow at 2.6%, down from 2.8%, as a somewhat gloomier global outlook means that net trade will drag on growth. The business group has also unveiled its first forecast for 2017, predicting solid UK growth at 2.4%. To read the CBI's news release go to http://news.cbi.org.uk/news/uk-economy-resilient-despite-turbulence/.
Carlsberg enters the FPB's Hall of Shame again. Carlsberg have been entered into the Forum of Private Businesses’ (FPB) Hall of Shame for a record third time after giving their supplier just 14 days to adjust to new payment terms, which were the end of the month plus 93 days. A subsequent letter to the Forum, indicated that Carlsberg was “surprised” that any of their suppliers would complain and advised their suppliers that “parties are free under English law to agree payment terms longer than 60 days”. To read the FPB's news release go to https://www.fpb.org/press/november-2015/probably-not-best-payer-world-%E2%80%93-carlsberg-enters-hall-shame-again.
The legal right UK businesses have to claim late payment compensation is being stymied by a fear of upsetting their customers. A recent survey of credit personnel within small to medium sized businesses by Lovetts has found that 58% would not claim late payment compensation for fear that doing so will upset their customers and lead to loss of business. However, 23% businesses are being paid on average 1-2 months late, 49% are paid within the following month and only 22% get their bills paid within terms. Charles Wilson, Chairman of Lovetts commented: "The perception that action will lead to loss of custom is actually quite far removed from the reality in our experience and as such, it is a real concern that so many businesses live in fear of upsetting their customers by claiming what is rightfully theirs. " To read Lovetts' news release go to https://www.lovetts.co.uk/news/Fear-of-offending-customers-and-reputation-worries-stop-firms-acting-on-Late-Payment.aspx.
Emerging Europe sees stronger growth ahead, but faces new risks. According to the latest IMF’s Regional Economic Issues report, the regional outlook for Central, Eastern and Southeastern Europe (CESEE) shows a mixed picture this year, as countries in Central and Eastern Europe (CEE) continue to grow at a solid pace, while Russia and other Commonwealth of Independent States (CIS) are in recession. Although growth for the region as a whole is expected to turn positive next year, as CIS economies stabilise and start recovering, risks have shifted to the downside as new risks (decline in the import demand from China, volatility in emerging markets the refugee crisis) have emerged.
To read the IMF's news release with a link to the full report go to http://www.imf.org/external/pubs/ft/survey/so/2015/CAR111315A.htm.
Q3 UK insolvency figures decrease. The Insolvency Service has released insolvency statistics for July to September 2015 which show that an estimated total of 3,539 companies entered insolvency in Q3 2015 - 4.4% less than Q2 2015 and 10.2% lower than Q3 2014. Phillip Sykes, president of R3, commented: “The unique conditions of this recovery – low interest rates and creditor forbearance – meant we never saw the traditional post-recession spike in corporate insolvencies. . . According to R3’s most recent membership survey, the most common recent causes of business struggles have been the underperformance of particular products, the failure of long-term business strategy, or a mistake by the business. At the moment, it is more likely that businesses are causing their own problems rather than any particular economy-wide headwind.” To read R3's news release go to https://www.r3.org.uk/index.cfm?page=1114&element=25391&refpage=1008.
Slump in export growth and confidence dominates Q3 trade outlook. The latest Quarterly International Trade Outlook from the British Chambers of Commerce (BCC) and DHL reveals a drop in both export growth and confidence among UK exporters. While export orders have remained constant for just over half (54%) of UK businesses, and 50% report that export sales have remained the same as in the previous quarter, both have fallen to their lowest level since Q2 2009. The report also finds that confidence in expectations over turnover and profitability have worsened, with 13% reporting that they expect a fall in turnover (from 7% in Q2), and 16% expecting a fall in profits (from 11%). To read the BCC's news release with a link to the full report go to http://www.britishchambers.org.uk/press-office/press-releases/bcc-slump-in-export-growth-and-confidence-dominates-q3-trade-outlook.html.
Career Opportunities
UK Wide Broking Opportunities.
Eames Consulting are exclusively representing a major global broking house who are looking to dramatically increase their Trade Credit Team in the UK and would be keen to hear from experienced brokers across the UK. These opportunities have come following a recent review of the specialty businesses and Trade Credit being highlighted as a key growth area. Opportunities exist at all levels from Account Manager through to Regional Director including Senior Sales opportunities. The organisation have an outstanding platform to enable an experienced individual to flourish including top notch systems, large retail network enabling cross selling initiatives as well as the ambition to be a major player in this market. They also have an existing Trade Credit operation and therefore would be a recognised name to clients. For a confidential discussion, please send your CV to kerren.leach@eamesconsulting.com along with a cover note and contact details.
Eames Consulting are exclusively representing a major global broking house who are looking to dramatically increase their Trade Credit Team in the UK and would be keen to hear from experienced brokers across the UK. These opportunities have come following a recent review of the specialty businesses and Trade Credit being highlighted as a key growth area. Opportunities exist at all levels from Account Manager through to Regional Director including Senior Sales opportunities. The organisation have an outstanding platform to enable an experienced individual to flourish including top notch systems, large retail network enabling cross selling initiatives as well as the ambition to be a major player in this market. They also have an existing Trade Credit operation and therefore would be a recognised name to clients. For a confidential discussion, please send your CV to kerren.leach@eamesconsulting.com along with a cover note and contact details.
Senior Credit Risk Underwriter, London (Lloyds), £Negotiable.
This long established Lloyds syndicate who presently underwrite profitable Political Risk and Structured Credit business are looking to hire an experienced Trade Credit Underwriter into their team. You will be working alongside a team of experienced underwriters who will be able to team you the product suite within the Political Risk and Structured Credit market.
The syndicate are looking for you to underwrite a new product suite which will include Top Up, Single Buyer, Limited Multibuyer XoL, Short Term Single Situation Credit. These risks will be supplied by the main Trade Credit brokers in the London, Regional UK and European market. This will include analysis of buyers within OECD territories and production of credit file information when needed. A limited obligor database exists and you will be involved in the scoping of new database or information providers where needed.
Therefore you must have experience in underwriting Trade Credit business within a recognised Trade Credit institution, ideally this will be both commercial and risk underwriting, however exceptionally commercial risk underwriters will also be considered. You should have an existing network of brokers within the UK Trade Credit market, although the company will also support in marketing efforts and assistance with developing the product suite.
This client aren’t looking to necessarily detract from the current Trade Credit Insurers but to add value where possible by providing extra capacity where needed and bespoke solutions that might not necessarily exist in the traditional markets. Alongside the Trade Credit risks you will be taught to underwrite Political and Structured Credit business by the other underwriters and will be expected to assist with underwriting within the Lloyds platform.
This is an excellent opportunity for an experienced and high calibre Trade Credit underwriter to make the move into a Lloyds environment whilst still utilising their existing skills and network. For further information and a confidential discussion, please contact kerren.leach@eamesconsulting.com or call 0207 092 3283. (Please mention Credit Insurance News Digest).
This long established Lloyds syndicate who presently underwrite profitable Political Risk and Structured Credit business are looking to hire an experienced Trade Credit Underwriter into their team. You will be working alongside a team of experienced underwriters who will be able to team you the product suite within the Political Risk and Structured Credit market.
The syndicate are looking for you to underwrite a new product suite which will include Top Up, Single Buyer, Limited Multibuyer XoL, Short Term Single Situation Credit. These risks will be supplied by the main Trade Credit brokers in the London, Regional UK and European market. This will include analysis of buyers within OECD territories and production of credit file information when needed. A limited obligor database exists and you will be involved in the scoping of new database or information providers where needed.
Therefore you must have experience in underwriting Trade Credit business within a recognised Trade Credit institution, ideally this will be both commercial and risk underwriting, however exceptionally commercial risk underwriters will also be considered. You should have an existing network of brokers within the UK Trade Credit market, although the company will also support in marketing efforts and assistance with developing the product suite.
This client aren’t looking to necessarily detract from the current Trade Credit Insurers but to add value where possible by providing extra capacity where needed and bespoke solutions that might not necessarily exist in the traditional markets. Alongside the Trade Credit risks you will be taught to underwrite Political and Structured Credit business by the other underwriters and will be expected to assist with underwriting within the Lloyds platform.
This is an excellent opportunity for an experienced and high calibre Trade Credit underwriter to make the move into a Lloyds environment whilst still utilising their existing skills and network. For further information and a confidential discussion, please contact kerren.leach@eamesconsulting.com or call 0207 092 3283. (Please mention Credit Insurance News Digest).
Business Development Director, London.
Working within the Global Client arena, for this major Credit Insurer, you will take a lead on identifying and winning new business opportunities presented via Brokers, Financial Institutions and where applicable through direct channels. To secure these opportunities you will be responsible for pro-actively developing relationships with key brokers and relevant individuals within financial institutions, ensuring you’re aware of their pipeline and how your product offering could suit, structuring a proposed policy to reflect the company in best possibly light, pitching to intermediaries and clients to ensure the proposition is fully understood, closing the deal and agreeing on-boarding structure. As the policies will often be multi-country, multi-continent and highly complex in nature you will be required to manage a great deal of internal stakeholders when looking to deliver a solution, this will involve building strong relationships across the business. This is an integral role for the team and will ensure the continued success of the department within the UK. To discuss this role in confidence please contact Kerren Leach on 0207 092 3283 / 07841 917 187 / kerren.leach@eamesconsulting.
Senior Political Risk Underwriter, London, c.£125,000 + Excellent Bonus and Benefits.
This major Syndicate is looking to grow its Political Risk team with the appointment of an experienced underwriter to join the team. You will be working as part of a close knit team and will be acting in a “Deputy Head” capacity, covering for the “Head of” whilst they are travelling or otherwise engaged. The team have ambitious growth plans and to achieve these they wish to increase the amount of Credit business that is written, therefore experience in underwriting private obligor credit business for another syndicate or major company market is essential. You will be instrumental in continued growth and development of the book, including product development, business planning, key strategic decisions as well as day to day underwriting. In addition, supervision of a small team will be involved – jointly with the Head, to include day to day coaching and development. Presently the syndicate write a good mix of bank, corporate and trader business across all major Lloyds products.
If you have the ambition and drive to help a team grow and reap the rewards associated, coupled with a strong network of supporting brokers in the London Market please don’t hesitate to contact Kerren Leach on kerren.leach@eamesconsulting.com / 0207 092 3283. (Please mention Credit Insurance News Digest).
This major Syndicate is looking to grow its Political Risk team with the appointment of an experienced underwriter to join the team. You will be working as part of a close knit team and will be acting in a “Deputy Head” capacity, covering for the “Head of” whilst they are travelling or otherwise engaged. The team have ambitious growth plans and to achieve these they wish to increase the amount of Credit business that is written, therefore experience in underwriting private obligor credit business for another syndicate or major company market is essential. You will be instrumental in continued growth and development of the book, including product development, business planning, key strategic decisions as well as day to day underwriting. In addition, supervision of a small team will be involved – jointly with the Head, to include day to day coaching and development. Presently the syndicate write a good mix of bank, corporate and trader business across all major Lloyds products.
If you have the ambition and drive to help a team grow and reap the rewards associated, coupled with a strong network of supporting brokers in the London Market please don’t hesitate to contact Kerren Leach on kerren.leach@eamesconsulting.com / 0207 092 3283. (Please mention Credit Insurance News Digest).
Experienced Risk Underwriter. London. Salary DOE.
This is an opportunity to join our Underwriting team, based in the London office. The successful candidate will be responsible for Underwriting credit limits on risks within primary delegated authority (UK and/or Ireland) and in accordance with group underwriting guidelines, and on export risks through use of secondary delegation in accordance with delegated authority and group underwriting guidelines. Monitoring and reporting on exposures will be required using reactive (automated messaging) and proactive methodologies. For part of this role the job holder will support the Commercial Department in the acquisition of new credit insurance business and the retention and renewal of existing policies. They will also represent the business clients, channel partners and professional bodies at the highest levels. The ability to read and interpret audited and management accounts is essential along with the ability and confidence to make risk decisions and provide explanations (both orally and in the form of internal report writing). Knowledge of company funding, turnaround, and buy-out situations is essential. Proven experience (5+ years) in a similar role from within the credit insurance is necessary. To apply, please contact: Ben Wade on 0207 220 4777 or email Ben.Wade@reedglobal.com. (Please mention Credit Insurance News Digest).
This is an opportunity to join our Underwriting team, based in the London office. The successful candidate will be responsible for Underwriting credit limits on risks within primary delegated authority (UK and/or Ireland) and in accordance with group underwriting guidelines, and on export risks through use of secondary delegation in accordance with delegated authority and group underwriting guidelines. Monitoring and reporting on exposures will be required using reactive (automated messaging) and proactive methodologies. For part of this role the job holder will support the Commercial Department in the acquisition of new credit insurance business and the retention and renewal of existing policies. They will also represent the business clients, channel partners and professional bodies at the highest levels. The ability to read and interpret audited and management accounts is essential along with the ability and confidence to make risk decisions and provide explanations (both orally and in the form of internal report writing). Knowledge of company funding, turnaround, and buy-out situations is essential. Proven experience (5+ years) in a similar role from within the credit insurance is necessary. To apply, please contact: Ben Wade on 0207 220 4777 or email Ben.Wade@reedglobal.com. (Please mention Credit Insurance News Digest).
New Appointments
ACE Group has announced that it has appointed Hiroya Takagi to the the new role of political risk and credit manager in Japan. He joins ACE from Euler Hermes in Japan where he held the position of head of commercial insurance. Mr Takagi’s appointment is effective immediately and he will be based in Tokyo.
The Berne Union has announced that Topi Vesteri, deputy CEO and chief credit officer at Finnvera, has been elected its president and takes over from Zurich’s Daniel Riordan. Thomas Krings, regional director, risk, and member of the board of management at Euler Hermes, and Jan Vassard, deputy CEO at EKF, were re-elected as the chair and vice-chair of the short-term committee.
Forthcoming Events
Trade credit seminar: Aon Insights Asia 2015.19 November 2015, Raffles Hotel, Singapore.
Learn more about the current global economic climate and the opportunities and challenges presented to corporates, insurers and banks. Featuring key note speech by Julien Marcilly, Coface Chief Economist, and an interactive panel discussion which will include representatives from Anglo American Marketing Limited, Concordia Agritrading Pte Ltd, DBS Bank and OCBC Bank. East India Room, Raffles Hotel, Singapore - Thursday, 19 November 2015, from 4pm. Click here to register.
Learn more about the current global economic climate and the opportunities and challenges presented to corporates, insurers and banks. Featuring key note speech by Julien Marcilly, Coface Chief Economist, and an interactive panel discussion which will include representatives from Anglo American Marketing Limited, Concordia Agritrading Pte Ltd, DBS Bank and OCBC Bank. East India Room, Raffles Hotel, Singapore - Thursday, 19 November 2015, from 4pm. Click here to register.
Transforming Factoring and Invoice Finance. 17 November 2015, London.
The event is open to all invoice finance, factoring and SME/lending professionals. A great opportunity to learn about the latest trends reshaping business finance and a chance to network with leaders in the industry. Get ahead of the game by joining BCR in adressing the future prospects and opportunities for the traditional factoring and invoice finance market, as the challenges of the alternative funding providers with their plethora of new platforms, appear to threaten its very existence. For further information go to http://www.bcrconferences.com/events/transforming-factoring-and-invoice-finance---the-alternative-and-receivables-finance-challenge.
The event is open to all invoice finance, factoring and SME/lending professionals. A great opportunity to learn about the latest trends reshaping business finance and a chance to network with leaders in the industry. Get ahead of the game by joining BCR in adressing the future prospects and opportunities for the traditional factoring and invoice finance market, as the challenges of the alternative funding providers with their plethora of new platforms, appear to threaten its very existence. For further information go to http://www.bcrconferences.com/events/transforming-factoring-and-invoice-finance---the-alternative-and-receivables-finance-challenge.
Trade credit seminar: Aon Insights Asia 2015.19 November 2015, Raffles Hotel, Singapore.
Learn more about the current global economic climate and the opportunities and challenges presented to corporates, insurers and banks. Featuring key note speech by Julien Marcilly, Coface Chief Economist, and an interactive panel discussion which will include representatives from Anglo American Marketing Limited, Concordia Agritrading Pte Ltd, DBS Bank and OCBC Bank. East India Room, Raffles Hotel, Singapore - Thursday, 19 November 2015, from 4pm. Click here to register.
Learn more about the current global economic climate and the opportunities and challenges presented to corporates, insurers and banks. Featuring key note speech by Julien Marcilly, Coface Chief Economist, and an interactive panel discussion which will include representatives from Anglo American Marketing Limited, Concordia Agritrading Pte Ltd, DBS Bank and OCBC Bank. East India Room, Raffles Hotel, Singapore - Thursday, 19 November 2015, from 4pm. Click here to register.
GTR’s West Coast Trade & Working Capital Conference 2015. 19 November, San Jose.
San Jose is the host city for GTR’s West Coast Trade & Working Capital Conference 2015, once again providing a key meeting point for business leaders and trade experts on the West Coast and beyond. Exporters, importers, producers, financiers and service providers will all be in attendance, ready to explore solutions to trading in the current economic climate as well as discussing potential opportunities in emerging markets. Networking sessions will take place throughout the event giving delegates the ideal platform for establishing new business relationships with those keen to do business within the region. Click here for more information.
San Jose is the host city for GTR’s West Coast Trade & Working Capital Conference 2015, once again providing a key meeting point for business leaders and trade experts on the West Coast and beyond. Exporters, importers, producers, financiers and service providers will all be in attendance, ready to explore solutions to trading in the current economic climate as well as discussing potential opportunities in emerging markets. Networking sessions will take place throughout the event giving delegates the ideal platform for establishing new business relationships with those keen to do business within the region. Click here for more information.
China Trade & Commodity Finance Conference 2015. 24 November, Beijing.
Returning for its 5th year, the China Trade & Commodity Finance Conference 2015 will once again provide the only forum for discussion and debate between leading figures from China’s trade and commodity finance community. Senior decision-makers from across the country’s business, government and financial sectors will examine the current state of Chinese exports at this focused one-day event, with strong emphasis to be placed on the need for greater engagement between exporting and importing companies and those tasked with financing them. 15% discount for Credit Insurance News Readers with CIN15. http://www.gtreview.com/events/asia/china-trade-export-finance-conference-2015/.
Returning for its 5th year, the China Trade & Commodity Finance Conference 2015 will once again provide the only forum for discussion and debate between leading figures from China’s trade and commodity finance community. Senior decision-makers from across the country’s business, government and financial sectors will examine the current state of Chinese exports at this focused one-day event, with strong emphasis to be placed on the need for greater engagement between exporting and importing companies and those tasked with financing them. 15% discount for Credit Insurance News Readers with CIN15. http://www.gtreview.com/events/asia/china-trade-export-finance-conference-2015/.
Nordic Region Trade & Export Finance Conference 2015. 25 -26 November, Stockholm.
GTR will return to Stockholm for the Nordic Region Trade & Export Finance Conference 2015, building on its established reputation as the only trade and export finance gathering for the Nordic market. Bringing together business leaders from the corporate, banking and government sectors, the conference will seek to explore current trends and discuss future opportunities whilst continuing crucial dialogue between exporters and their providers, as Nordic corporates negotiate the many market challenges and look to take advantage of numerous opportunities available both domestically and across the region. 15% discount for Credit Insurance News Readers with CIN15. http://www.gtreview.com/events/europe/nordic-region-trade-export-finance-conference-2015/.
GTR will return to Stockholm for the Nordic Region Trade & Export Finance Conference 2015, building on its established reputation as the only trade and export finance gathering for the Nordic market. Bringing together business leaders from the corporate, banking and government sectors, the conference will seek to explore current trends and discuss future opportunities whilst continuing crucial dialogue between exporters and their providers, as Nordic corporates negotiate the many market challenges and look to take advantage of numerous opportunities available both domestically and across the region. 15% discount for Credit Insurance News Readers with CIN15. http://www.gtreview.com/events/europe/nordic-region-trade-export-finance-conference-2015/.
The future for general insurance in the UK: regulation, competition and innovation. 2 December 2015. London.
Attendees at this conference will consider the future of the general insurance sector in the UK, and key challenges ahead for supporting competition and innovation across the sector. The seminar will present a timely opportunity to examine the industry's regulatory framework, in light of preparation for an operational Solvency II framework in January 2016. It is also timed to consider the impact of a wide-range of policy and regulatory developments impacting on the sector - including implementation of the recent Insurance Act, the Financial Conduct Authority's forthcoming consultation on competition remedies for insurance add-ons and the Competition and Markets Authority's Private Motor Insurance Market Investigation. Sessions will bring out latest thinking on contract law, tackling fraudulent claims as well as consumer protection, developing skills and attracting talent to the sector.
Chris Moulder, Director, General Insurance, Prudential Regulation Authority and Mary Starks, Director of Competition, Financial Conduct Authority have kindly agreed to deliver keynote addresses at this seminar. David Hertzell, Chair, Insurance Fraud Taskforce; Paula Jarzabkowski, Professor of Strategic Management, Cass Business School, City University London; Geraldine Quirk, Partner, Clyde & Co; Dr Alexander Scott, Chief Executive Officer, Chartered Insurance Institute; Max Taylor, Chairman, Islamic Insurance Association of London; Geoff White, Underwriting Manager, Cyber, Technology and Media, Barbican Insurance Group and a speaker confirmed from the Consumer Council for Northern Ireland have also agreed to speak. Lord Davidson of Glen Clova QC, Shadow Treasury Spokesperson has very kindly agreed to chair part of this seminar. Click here for more information.
Attendees at this conference will consider the future of the general insurance sector in the UK, and key challenges ahead for supporting competition and innovation across the sector. The seminar will present a timely opportunity to examine the industry's regulatory framework, in light of preparation for an operational Solvency II framework in January 2016. It is also timed to consider the impact of a wide-range of policy and regulatory developments impacting on the sector - including implementation of the recent Insurance Act, the Financial Conduct Authority's forthcoming consultation on competition remedies for insurance add-ons and the Competition and Markets Authority's Private Motor Insurance Market Investigation. Sessions will bring out latest thinking on contract law, tackling fraudulent claims as well as consumer protection, developing skills and attracting talent to the sector.
Chris Moulder, Director, General Insurance, Prudential Regulation Authority and Mary Starks, Director of Competition, Financial Conduct Authority have kindly agreed to deliver keynote addresses at this seminar. David Hertzell, Chair, Insurance Fraud Taskforce; Paula Jarzabkowski, Professor of Strategic Management, Cass Business School, City University London; Geraldine Quirk, Partner, Clyde & Co; Dr Alexander Scott, Chief Executive Officer, Chartered Insurance Institute; Max Taylor, Chairman, Islamic Insurance Association of London; Geoff White, Underwriting Manager, Cyber, Technology and Media, Barbican Insurance Group and a speaker confirmed from the Consumer Council for Northern Ireland have also agreed to speak. Lord Davidson of Glen Clova QC, Shadow Treasury Spokesperson has very kindly agreed to chair part of this seminar. Click here for more information.
ExCred Africa Insuring Export Credit & Political Risk 2-3 December 2015 | Radisson Blu Le Vendome Hotel, Cape Town, South Africa.
View the latest agenda. The Leading Event for the Export Credit & Political Risk Insurance Industry in Cape Town, ExCred Africa will bring together leading experts in trade, export and project finance, credit and political risk insurance, to discuss how cross-border trade and projects are getting financed in the hottest market for the industry. Join us in Cape Town this December and meet key African and international institutions financing and facilitating trade. 10% Discount available with VIP Code FKW52987CRNB – Register here.
View the latest agenda. The Leading Event for the Export Credit & Political Risk Insurance Industry in Cape Town, ExCred Africa will bring together leading experts in trade, export and project finance, credit and political risk insurance, to discuss how cross-border trade and projects are getting financed in the hottest market for the industry. Join us in Cape Town this December and meet key African and international institutions financing and facilitating trade. 10% Discount available with VIP Code FKW52987CRNB – Register here.
Supply Chain Finance Summit. 27-28 January 2016. Frankfurt, Germany.
The market for supply chain finance (SCF) is lighting up. For EMEA alone, the market size is estimated to be as high as €17 Billion with an estimated annual growth rate of between 15-30%. This two day event covers the rapidly growing interest in targeting both domestic and cross border opportunities in the SCF space, as well as the increased interest from mid-sized companies now looking to supply chain finance to increase profitability and strengthen supply chains. Brought to you by BCR, specialist publishers in receivables, factoring and supply chain finance, the conference is open to all finance and supply chain professionals. It is a great opportunity to learn about the latest trends transforming the approach to supply chain management and a chance to network with leaders in the industry. Treasurers/CFOs, heads of supply chain/procurement from corporates & SME directors attend free of charge. For more information go to http://www.bcrconferences.com/events/supply-chain-finance-summit.
The market for supply chain finance (SCF) is lighting up. For EMEA alone, the market size is estimated to be as high as €17 Billion with an estimated annual growth rate of between 15-30%. This two day event covers the rapidly growing interest in targeting both domestic and cross border opportunities in the SCF space, as well as the increased interest from mid-sized companies now looking to supply chain finance to increase profitability and strengthen supply chains. Brought to you by BCR, specialist publishers in receivables, factoring and supply chain finance, the conference is open to all finance and supply chain professionals. It is a great opportunity to learn about the latest trends transforming the approach to supply chain management and a chance to network with leaders in the industry. Treasurers/CFOs, heads of supply chain/procurement from corporates & SME directors attend free of charge. For more information go to http://www.bcrconferences.com/events/supply-chain-finance-summit.
India Trade & Export Finance Conference 2016. 2 February 2016, Mumbai.
Returning to Mumbai for its 13th year, GTR‘s India Trade & Export Finance Conference will once again re-affirm its position as the conference of choice for the region’s trade finance community. 15% discount for Credit Insurance News Readers with CIN15. http://www.gtreview.com/events/asia/india-trade-export-finance-conference-2016/.
Returning to Mumbai for its 13th year, GTR‘s India Trade & Export Finance Conference will once again re-affirm its position as the conference of choice for the region’s trade finance community. 15% discount for Credit Insurance News Readers with CIN15. http://www.gtreview.com/events/asia/india-trade-export-finance-conference-2016/.
West Africa Trade & Export Finance Conference 2016. 3-4 February 2016, Lagos.
Recognised as the biggest gathering of trade finance professionals in the region, the West Africa Trade & Export Finance Conference will return to Lagos for 2016. With over 300 delegates expected in attendance, the conference will bring together delegates from the market’s leading corporate, banking and financial services organisations to discuss key market issues within agribusiness, hard commodities, risk mitigation and infrastructural development. 15% discount for Credit Insurance News Readers with CIN15. http://www.gtreview.com/events/africa/west-africa-trade-export-finance-conference-2016/.
Recognised as the biggest gathering of trade finance professionals in the region, the West Africa Trade & Export Finance Conference will return to Lagos for 2016. With over 300 delegates expected in attendance, the conference will bring together delegates from the market’s leading corporate, banking and financial services organisations to discuss key market issues within agribusiness, hard commodities, risk mitigation and infrastructural development. 15% discount for Credit Insurance News Readers with CIN15. http://www.gtreview.com/events/africa/west-africa-trade-export-finance-conference-2016/.
Receivables Finance International - RFIx. 9-10 March 2016, Lisbon, Portugal.
This well established market leading two-day Convention brings together nearly 200 delegates from Europe, the Americas, Africa and Asia, attracted by the quality of speakers, panel discussions and wide-ranging subject matter. The theme for 2016 is being developed now. To get involved, please contact Malou Lindholm, Director, BCR Publishing. For more information go to http://www.bcrconferences.com/events/receivables-finance-international---rfix.
This well established market leading two-day Convention brings together nearly 200 delegates from Europe, the Americas, Africa and Asia, attracted by the quality of speakers, panel discussions and wide-ranging subject matter. The theme for 2016 is being developed now. To get involved, please contact Malou Lindholm, Director, BCR Publishing. For more information go to http://www.bcrconferences.com/events/receivables-finance-international---rfix.
About this Issue's Sponsor: HCC
HCC International Insurance Company PLC (HCCI) is a subsidiary of HCC Insurance
Holdings, Inc., based in Houston, Texas, with group offices across the United States, United
Kingdom, Spain, Ireland and Germany.
HCCI is a UK domiciled specialty insurer with a high ‘AA-’ (Very Strong) rating with Standard & Poor’s, and has successfully developed a book of niche products ranging from Professional Indemnity, Liability, Energy, Credit and Surety through to Film Production and Event Cancellation.
HCCI’s Credit division is based in Leicester and London and provides the full suite of insurance structures to a wide range of industries, with specific expertise in construction, factoring, paper and publishing, food and drink, recruitment, metals and retail. HCCI’s offering is focused on excellent customer service and clear product wordings delivered through the specialist broker network.
HCCI is a UK domiciled specialty insurer with a high ‘AA-’ (Very Strong) rating with Standard & Poor’s, and has successfully developed a book of niche products ranging from Professional Indemnity, Liability, Energy, Credit and Surety through to Film Production and Event Cancellation.
HCCI’s Credit division is based in Leicester and London and provides the full suite of insurance structures to a wide range of industries, with specific expertise in construction, factoring, paper and publishing, food and drink, recruitment, metals and retail. HCCI’s offering is focused on excellent customer service and clear product wordings delivered through the specialist broker network.
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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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