Welcome to issue 100 of Credit Insurance News Digest. The industry newsletter devoted to the global trade credit insurance industry.
This issue is sponsored by AIG

Credit Insurance News
Tough trading times leads to the highest number of UK trade credit insurance claims since 2009. New figures from the Association of British Insurers (ABI) show that in the first quarter of 2018, the number of new UK trade credit insurance claims notified (at 3,966) was up by 50% on the previous quarter. This equated to 44 new claims every day during the quarter - the highest quarterly figure since Q3 2009. In addition, the value of UK domestic claims paid - £54 million - was a record amount for the first quarter of a year. Mark Shepherd, ABI's Assistant Director and Head of Property, Commercial and Specialist Lines, commented: “The collapse of Carillion was one of a number of high-profile major insolvencies, which dramatically highlighted how the ripple effect of a company failure can have a devastating impact throughout the supply chain . . . Never has the importance of trade credit insurance been greater – the survival of any business could be at risk without it." To read the ABI's news release go to https://www.abi.org.uk/news/news-articles/2018/06/tough-trading-times-leads-to-the-highest-number-of-trade-credit-insurance-claims-since-2009/.
Note: The ABI UK Trade Credit Data Report compiles data from nine trade credit insurers: AIG, Atradius, Coface, Euler Hermes, Markel International, QBE, Tokio Marine HCC, XL and Zurich.
Credit insurance doubles up as a true operational risk management tool. StrategicRisk has published an article in which François de Hennin, former Global Chief Risk Officer of GroupM, notes that the primary issue trade credit insurance suffers from in many companies is that it is called “insurance”, when it should be defined as a payment terms and cash generation support tool; part of day to day invoice-to-pay processes. Mr de Hennin advises that by considering credit insurance as a risk management tool, the product can be a tremendous help to operations and to smoothing the relationship with clients, while providing the expected protection of a standard insurance contract. In addition he adds that, "integrating the credit insurance process into the debtors’ management process allows a company to extract maximum value from their credit insurance policies." To read Strategic Risk's article go to https://www.strategic-risk-europe.com/when-credit-insurance-doubles-up-as-a-true-operational-risk-management-tool/1427603.article?adredir=1.
Could trade credit insurance get a boost from a trade war? Insurance Journal has published an article which reports that for some providers of trade credit insurance, "the sabre-rattling of trade war is the jingle of product placement." Evan Freely, Managing Director in the political risk and trade credit group at Marsh and McLennan, commented: “We’re seeing on a broad level, an uptick in demand. . . The tariff acts have been a catalyst to more applications coming in.” However, other insurers, such as Patrice Luscan, Head of Marketing and Innovation at Coface SA, are less sure of the benefits and suggests that while trade wars could increase demand for trade credit insurance, it could also blunt trade and therefore the amount of coverage. In an interview with Insurance Journal, Mr Luscan commented: “I don’t think protectionism is good for trade. And when it’s not good for trade, it’s not good for us.” To read Insurance Journal's article go to https://www.insurancejournal.com/news/national/2018/07/06/494308.htm.
Trade credit Insurance cuts and the UK high street. Drapers has published an article, 'Pushback coming from UK's high street suppliers', which examines the "unbearable pressure" faced by UK high street retailers and suppliers in part due to credit insurance cuts. The article cites one unnamed womenswear manufacturer who said credit insurers cutting cover is having a crippling effect: “The industry is now becoming uninsurable. Credit insurers are cutting levels or exiting altogether. In China, a lot of factories won’t work with the UK unless they’re paid a minimum 30% deposit and balance on delivery.” The article also cites David Steinberg, a partner in restructuring and insolvency at Stevens & Bolton, who commented that: “Credit insurance is popular but expensive and it gets pulled at short notice. The reality is for the creditor population, if they have a claim against a company, it will also owe money to the banks. The banks are first in line.” To read Drapers' article go to https://www.drapersonline.com/news/pushback-coming-from-uks-high-street-suppliers/7030879.article. (Subscription may be required).
US companies should consider trade credit insurance when business is good. Insurance Business has published an article which examines what the current volatile and unpredictable global marketplace (especially in light of the US' latest steel and aluminium tariffs) means for the US economy and trade credit insurers. The article advises that although trade credit insurance can help companies in covering their credit risks - the take-up rate in North America currently sits at just 3-4%, and firms tend to turn to trade credit insurance only when they have a credit problem or foresee exposure – often too late for insurers to take on the risk. QBE's North America Chief Economist Yue Ma commented: “At QBE, we would advise firms to consider trade credit insurance when business is good, so that when a problem does strike, they don’t find themselves trying to get coverage for an uninsurable risk.” To read Insurance Business' article go to https://www.insurancebusinessmag.com/us/news/risk-management/trump-trade-tariff-hikes-up-credit-risks-for-us-firms-103558.aspx.
Demand for trade credit insurance develops favourably in line with improving economic conditions. The members of the International Credit Insurance & Surety Association (ICISA) noted at their 76th Annual General Meeting that the credit insurance market experienced an increase of 3.7% in insured exposure (to €2.4 trillion) in 2017, with a 2% rise in trade credit insurance premium (to €6.1 billion). Members also reported that claims decreased by 1.5% to € 2.8 billion in 2017, with a claims ratio of 46.2% (down from 47.8% in 2018). New President of ICISA, Patrice Luscan, commented: “Increased exposure and increased premium data point to a lower average premium rate, which is a result of the soft market, but does not reflect the worsening risk outlook. . . We expect higher growth in the coming year, thanks to this awareness of higher risk." To read ICISA's news release go to http://www.icisa.org/press-releases/1561/.
Why trade credit insurance is so important for Canadian companies. Insurance Business has published an article in which Michael Sullo, Client Executive, trade credit specialist at BFL Canada, gives his opinion on the impact of current trade tariff increases on Canadian companies and the reasons why trade credit insurance is so crucial in the current era of trade protectionism. "Given the current level of uncertainty we’re facing, we believe that trade credit insurance is more important then ever. Canadian exporters need to ‘protect’ themselves against these obstructive policies." However, Mr Sullo also notes that despite the current rise of political uncertainty between the US and Canada, compared to other regions - like western Europe with a 12-20% market penetration, the Canadian credit insurance market is far behind. Currently, just 5-8% of applicable businesses purchase the product. To read Insurance Business' article go to https://www.insurancebusinessmag.com/ca/news/broker-perspective/broker-perspective-nobody-wins-in-trump-and-trudeau-trade-spat-105104.aspx.
Soaring unsecured UK creditors' losses highlight the value of trade credit insurance. A preview of the half-yearly statistics from InfolinkGazette reveals that in the first half of 2018, unsecured creditors have racked up the equivalent of almost 3 full quarters worth of losses, with unpaid/unsecured credit losses of almost £2.7 billion from UK insolvencies. The research also found that unsecured creditors' losses are up 26% on the corresponding period in 2017, leaving each creditor with average debts of £33,500, up 19.6% on the running average of £28,000. Greg Connell, Managing Director of InfolinkGazette, commented: “Unfortunately, most trade creditors are uninsured against such losses, and are forced to take a P&L and cash flow hit, whilst those creditors that are unable to absorb the loss, are often forced in to insolvency; with unsecured creditor losses soaring, now would certainly be a good time to look again at the benefit of taking out trade credit insurance.” To read InfolinkGazette's news release go to http://www.infolinkgazette.co.uk/?pid=6.
Non-cancellable trade credit insurance limits provide certainty in uncertain times. With trade disputes escalating, the rate of business failures accelerating and other economic indicators suggesting the next recession may be on its way, AIG's latest thought piece for Credit Insurance News Digest suggests that businesses should take a closer look at non-cancellable trade credit. insurance. This product ensures trade credit coverage for future shipments to buyers on a client’s policy, even if the buyer posts poor operating results or is downgraded. Likewise, coverage remains intact when a country or entire industry sector runs into trouble. AIG notes that the product is predominantly for larger companies that already have sophisticated risk and credit management strategies in place or mid-sized companies who are willing to strengthen those capabilities by utilising online platforms. In return, policy holders are given more autonomy in how they implement that strategy, "while being secure that their insurance partner will remain steadfast during a storm." Click here to read AIG's thought piece.
ICISA's new President expects further exposure and credit insurance premium growth. Patrice Luscan, Marketing and Innovation Director of the Coface Group, has been elected as the 41st President of ICISA (International Credit Insurance and Surety Association). Mr Luscan commented: “The appetite for trade credit insurance and surety moves upward in line with the unsecure economic environment. We expect further exposure and premium growth in the coming year, thanks to higher risks awareness within businesses. ICISA partly renewed team will continue to support its members, which account for over 95% of the world's private credit insurance market, and to facilitate together trade and economic development worldwide”. To read Coface's news release go to http://www.coface.com/News-Publications/News/Patrice-Luscan-Coface-becomes-the-41st-President-of-ICISA.
Brexit effect already being felt in UK-EU trade. Atradius has published a paper which finds that the UK pound's depreciation (14% against the euro since June 2016) has had significant impacts on UK-EU trade flows. Most recent figures show 6.8% growth in UK exports to the rest of the EU but only 0.9% growth the other way around. Although the exchange rate is expected to stabilise in 2018 and 2019, Atradius warns that should negotiations further stall or even break down, renewed downward pressure would be placed on Sterling, continuing and possibly worsening these trade effects. In previous analyses, Atradius identified Ireland, the Netherlands and Belgium as the most vulnerable economies in terms of export dependence on the UK. Germany, followed by France, exports the most to the UK in terms of volume. To read Atradius' news release go to https://group.atradius.com/publications/brexit-eu-trade-june-2018.html.
Euler Hermes’ insurtech startup expands its coverage for Swedish exporters. GTR (Global Trade Review) has reported that Euler Hermes' insurtech startup, Credable, is expanding the geographical coverage of its invoice insurance offering to exporting Swedish SMEs. Credable, which was launched in Sweden in March, is the first stand-alone brand that has come out of the Euler Hermes Digital Agency. During the pilot phase, which started in September 2017, Credable focused on insuring SMEs’ business in the four Nordic countries, but added another 13 European countries, including Italy, France and the UK, at the product launch. Now, adding another seven countries, Swedish SMEs can get coverage in 24 jurisdictions across Europe. To read GTR's article go to https://www.gtreview.com/news/fintech/euler-hermes-insurtech-brand-expands-coverage-for-exporters/.
Coface sells its stake in Cofacrédit. Coface has announced that it has ceded its 36% stake in the capital of Cofacrédit to Factofrance, a factoring company previously jointly owned by the two groups. Coface advises that the disposal of this non-strategic asset is in line with the objective of the second pillar of the company’s 'Fit to Win' plan, which aims to improve Coface’s capital efficiency. Regarding its other factoring activities, Coface reaffirmed its commitment to its factoring subsidiaries in Germany and Poland. Coface notes that these companies generate commercial and operational synergies with its credit insurance business. To read Coface's news release go to http://www.coface.com/News-Publications/News/Coface-sells-its-stake-in-Cofacredit.
Trade credit insurance has a key part to play in the UK steel industry’s reboot. A new paper by QBE describes how after a tumultuous few years, optimism in the UK steel industry is on the up and the outlook for the industry, buoyed by rising prices and global economic growth, is positive. However, the current recovery is fragile; Brexit and concerns over lacklustre economic growth in the UK coupled with the recent announcement of US tariffs are creating uncertainty about future demand and prices for steel. QBE notes that these factors are likely to support continued strong demand for trade credit insurance from the steel sector, already one of the largest buyers of credit insurance in the UK market. To read QBE's news release go to https://qbeeurope.com/news-and-events/blog-articles/suppliers-into-steel-can-capitalise-on-a-resurgent-industry/.
An increasing level of deterioration in payment practices in the Americas. The latest results of the annual B2B payment practices Barometer conducted by Atradius indicates an increasing level of deterioration in payment practices in the Americas. Average payment duration increased from 61 days in 2017 to 63 days in 2018. On average, 90.3% of respondents frequently experience late payments (the average is highest in Mexico (94.4%) and the US (90.9%). On average 50% of invoices are unpaid by the due date. David Huey, Atradius President and Regional Director of US, Canada and Mexico stated, “It is interesting that in a healthy, growing economy, bad debt continues to plague the B2B markets. To think that 51% of respondents have had a customer suffer bankruptcy or simply close their doors is eye-opening." To read Atradius' Barometer go to https://group.atradius.com/publications/payment-practices-barometer-americas-2018.html.
Despite tensions, trade finance demand in Asia soars. GTR (Global Trade Review) has reported that major players in the sector have said that while they are preparing for some disruption, the tariffs regime driven by the Trump administration has failed to dampen what has been a bumper year to date. In fact, global trade grew by 4.8% last year, despite the fact that there were 489 new protectionist measures added by governments around the world (the majority in the US). Mahamoud Islam, Asia Pacific Economist at Euler Hermes, describes the situation as “trade games” rather than a fully-blown war, with actions to date designed to gain leverage. “We see these ‘trade games’ as a tool for negotiation", he commented. "We don’t see an impact on trade flow for the moment.” To read GTR's article go to https://www.gtreview.com/news/asia/despite-tensions-trade-finance-demand-in-asia-soars/.
International trade continues to grow despite US policy. Atradius has projected that although all eyes are on US trade policy, global trade growth will decelerate only slightly and remain solid around 3.5% on average. Atradius notes that this rosy outlook is driven by some fundamental factors. First, economic policy uncertainty is relatively limited at the moment, after a peak in early 2016. This holds true at the global level, in the EU, and – perhaps surprisingly – the US. Second, the US economy is enjoying robust and increasingly broad-based growth, with investment picking up strongly due to lower policy uncertainty and higher energy prices. Exports could also receive a further boost if the currently overvalued US dollar weakens. Third, China is continuing to significantly contribute to global trade. In 2017, Chinese exports grew 6.8% and imports 7.3%, and although these figures are expected to moderate in 2018 and 2019, they should remain high. To read Atradius' news release go to https://group.atradius.com/economic-research/international-trade-continues-to-grow.html.
Euler Hermes' macroeconomic scenario examines if the global economic growth is behind us. Euler Hermes' latest macroeconomic scenario warns that although global economic growth should accelerate in 2018 to 3.3%, versus 3.2% in 2017, the drivers of the global economy could desynchronise this year. This situation would be due to 3 shocks: an inflationary shock, with a rise in prices at a global level following the rise in oil prices (expected at US$72 on average in 2018); an interest rate shock, due to a likely tightening of the Fed's monetary policy to stem the risk of overheating in the US economy; a shock of uncertainty about the stability of economic policies, resulting from the rise of American protectionism. While Euler Hermes believes that the global economy is able to absorb these shocks, it also forecasts a moderate economic slowdown in 2019 to 3.1%.To read Euler Hermes' news release go to http://www.eulerhermes.com/mediacenter/news/Pages/Euler-Hermes-macroeconomic-scenario-2018-Is-the-growth-peak-behind-us.aspx.
Tokio Marine HCC announces a new International Collections Partner. Tokio Marine HCC has announced that STA International (STA) has become its new International Debt Collection partner. With immediate effect, Tokio Marine HCC advises that its policyholders will not need to report potential claims because STA will pass details back to Tokio Marine HCC. There will also be no charge for debts which are not collected (except in cases where legal proceedings have been instigated), while 10% (plus VAT) will be charged on amounts recovered with no minimum fees (cases requiring legal action are quoted on a case by case basis). Tokio Marine HCC notes that STA collects 77% of international debts itself, with only 23% collected by its overseas agents at extra cost. To learn more and download the Tokio Marine HCC International Collections leaflet, please visit https://www.tmhcc.com/en/products/whole-turnover and click on Collection Documents.
Atradius opens a new office in Bulgaria. Atradius has announced that it has opened a branch office in Sofia in order to strengthen its strategic presence in the "burgeoning" Bulgarian market. As part of the formal opening event, Andreas Tesch, Chief Market Officer of Atradius, gave a generally positive view of the current economic situation in Bulgaria, but at the same time warned of increasing domestic and international risks: “At first glance, macroeconomic data seems to be promising. GDP is expected to expand by 3.2% this year”, Mr Tesch said. “But”, he added, “this is only one side of the story. As Bulgarian companies are exporting more than 50% of their goods and services, the dependence on the EU and other international export markets is significantly high.” To read Atradius' news release go to https://group.atradius.com/new-office-in-bulgaria.html.
Congratulations to . . .
Tokio Marine HCC  has been shortlisted to win the 'Quality Service Provider of the Year' Wow Award. The Wow Awards website comments that winners, "will have gone the extra mile for their external customers but also recognise the part internal customers, suppliers and the wider community within which they operate, play in enhancing their overall service offering." The gala ceremony takes place on Friday 30th November 2018.
Coface France has won Global Brands Magazine's Award for 'Best Credit Insurance brand France 2018'. The annual Global Brands Magazine (GBM) Awards honours key players across different sectors for “demonstrating excellence in performance and exceptional service delivery.” 
Tinubu Square has been awarded the 2018 'Trophées du Cloud' by Eurocloud as 'Best Vertical SaaS solution'. The jury noted that the award was in recognition of Tinubu Square's success in rethinking "the management of commercial credit through a cloud-based platform which supports credit insurance companies during their digital transformation process."
And Finally . . .
Trade Credit Industry Dinner.
Willis Towers Watson has announced that it is hosting this year's Trade Credit Industry Dinner at the Sheraton Grand London Park Lane, Piccadilly on Thursday 8 November 2018. Tickets will be on sale soon. As always, places will be limited! To register your interest for this event, please contact tradecreditdinner@willistowerswatson.com.
Note: Further details of this event are available in 'Events & Offers' - below.
Tony Smith of Nexus CIFS would like to thank everyone who participated in the recent Golf Day at Theydon Bois Golf Club in Epping in support of the Bobby Moore Fund for Cancer Research. Over £4,000 was raised for this wonderful charity.
New Appointments
QBE Trade Credit has announced it has recently restructured its Underwriting teams. Commercial Underwriting is now split into dedicated New Business and Retention teams, with the followoing changes of responsibility.
  • Seb Rice will lead the core new business team, with Antonia Heap based in Manchester.
  • Ian Bocca will have carriage of New Business for Single Risk, Multinational and Finance polices. In addition, Ian has responsibility for QBE's SME and 'Approve' portfolios, to be managed by Ruth Copperwheat and Florence Weight.
  • Dimitri Griek has been appointed to the new position of New Business Risk Underwriter.
  • David Semple (North) and James Evans (South) will lead the management of QBE Trade Credit's existing clients. David's team comprises Kathryn Forde and Emma Goulden with Mark Dawson and Lee Stubbington in the South. 
  • Tom Hunt is now singularly responsible for Risk Underwriting following James Evans' move to Commercial, supported by Dave Murray and Jamie Calder, following their recent promotion to Senior Risk Underwriters.
Coface has announced that it has elected François Riahi, Chief Executive Officer of Natixis, as the Chairman of its board of directors. He succeeds Laurent Mignon who is leaving COFACE SA’s Board to focus on his new responsibilities within Groupe BPCE. Mr Riahi has been CEO of Natixis since 1st June 2018.
Business Information & Reports
One in four UK companies has been hit by domino effect of another company’s insolvency in the last six months. Over a quarter (26%) of UK companies have suffered a hit to their finances following the insolvency of a customer, supplier or debtor in the last six months, according to new research from R3. The research also found that the financial impact of the insolvency of another business was described as “very negative” by one in ten UK companies (10%), and as “somewhat negative” by 16% of respondents. Construction businesses were the most likely to say the insolvency of another firm had had a negative impact on their finances in the last six months, with almost half (47%) reporting a hit Wholesale (35%) and transport (33%) were the next-most affected sectors. To read R3's news release go to https://www.r3.org.uk/index.cfm?page=1114&element=32054&refpage=1008.
2018 is on course to be the worst year on record for UK high street. Figures released by BDO reveal that UK high street sales declined by 1.7% year-on-year in June, marking the first time in at least 12 years that in-store growth has failed to exceed 1% in a single month for the first half of a calendar year. BDO’s High Street Sales Tracker figures also mark the fifth successive month of negative in-store growth. Sophie Michael, Head of Retail and Wholesale at BDO LLP, said: “These numbers confirm what many retailers have already suspected – this has been the worst first half of a calendar year for more than a decade . . . It will take a monumental change in fortunes on the high street to turn 2018 into anything other than an annus horribilis.” To read BDO's news release go to https://www.bdo.co.uk/en-gb/news/2018/2018-on-course-to-be-worst-year-on-record-for-uk-high-street.
The UK is set for its weakest year of GDP growth since 2009. The British Chambers of Commerce (BCC) has slightly downgraded its growth expectations for the UK economy, forecasting GDP growth for 2018 at 1.3% (from 1.4%) which, if realised, would be the weakest calendar year growth since 2009 when the economy was in the throes of the global financial crisis. The BCC has also downgraded its GDP growth forecast for 2019 from 1.5% to 1.4% and warned that the UK’s net trade position is likely to weaken over the next few years by more than expected in the previous forecast. To read the BCC's news release go to http://www.britishchambers.org.uk/press-office/press-releases/bcc-economic-forecast-uk-set-for-weakest-year-of-gdp-growth-since-2009.html.
Just half of UK small businesses were cash flow positive last year. A new Small Business Insights by Xero indicates that over the past year (in the 12 months to February 2018), on average only 49.9% of UK small businesses were cash flow positive in any given month, with incomings and outgoing highly variable at different times of the year. For example, in January 2016, 2017 and 2018, on average only 45% of small businesses had a positive cash flow. In addition, the report found that despite continued pledges to reduce late payments for small businesses, on average 52% of invoices with 30-day payment terms were paid late in 2017, with the worst months for late payments typically falling in the first quarter of the year. The slowest FTSE 350 sectors to pay small businesses are Food Producers (averaging 60 days), Construction and Materials (averaging 57 days), and Household Goods (averaging 53 days). To read Xero's news release go to https://www.xero.com/content/dam/xero/pdf/media-release/small-business-insights-launch-uk.pdf.
Portugal is the only European nation with a worse Days Beyond Terms score than England at this year’s Payments World Cup. Data released in Creditsafe’s Late Payments World Cup has revealed that Brazil would be crowned champions if the World Cup was decided by how quickly countries are able to pay suppliers. Based on the same draw and format as its real-life counterpart, Brazil would win the tournament by beating debutants Iceland in the final. Brazil pays its suppliers on average only 4.3 Days Beyond Terms (DBT), with Iceland coming up second best at 6.4 DBT. England, meanwhile, would qualify from their group in second place with a DBT of 16.0 days, before being knocked out by Columbia in the last sixteen with a superior DBT of just 8.9. The only European nation with a worse DBT than England at this year’s World Cup is Portugal (16.2 DBT), with the average DBT between all nations in the competition standing at 19.4 days. To read Creditsafe's news release go to https://www.creditsafe.com/gb/en/more/hub/newsroom/late-payments-world-cup.html.
The OECD predicts that UK growth will stabilise at a weak rate. The OECD latest assessment of the UK economy predicts that UK growth will remain modest at 1.4% in 2018 and 1.3% in 2019, "owing to high uncertainties about the outcome of Brexit negotiations". Although the latest assessment is an improvement of 0.2% from the OECD's November report, the predictions suggest that the UK's growth will still be notably slower than Germany (2.1% for 2018 and 2019), France, (1.9% in 2018 and 2019), Spain (2.8% in 2018 and 2.4% in 2019), as well as the eurozone average of 2.2% in 2018 and 2.1% in 2019. To read the OECD's latest country assessments go to http://www.oecd.org/eco/outlook/economic-outlook/.
© 2018 Organisation for Economic Co-operation and Development.
UK export growth slows, while European exporters flourish. The latest findings from the latest European Export Index by BDO indicate that UK exports have fallen to their lowest level since Q1 of 2016. The UK’s Export Growth Index, which charts annual growth in total exports, fell to 96.0 from 98.2 in the first quarter of 2018, creeping closer to the point of contraction (below 95.0), and falling by 12.1 index points from this time last year. By comparison, European export growth is accelerating. BDO’s Export Growth Index for the EU has risen to 99.8 in the second quarter of this year, up from 98.7 in Q1. This is in part due to the solid performance of Spanish and German exporters. To read BDO's news release go to https://www.bdo.co.uk/en-gb/news/2018/uk-export-growth-slows-while-european-exporters-flourish.
Just 14% of CFOs in the UK are willing to take on greater risk. CFOs across Europe remain focused on their company’s growth despite levels of optimism and revenue expectations softening, according to Deloitte’s latest European CFO Survey. Deloitte has found that 38% of Europe’s CFOs say they are more optimistic about the prospects for their company than they were three months ago, down from 43% in the Autumn 2017 survey. 12% say they are less optimistic, up from 11%. Deloitte's survey also found that 51% of European CFOs say there is a high level of financial and economic uncertainty, with CFOs in the UK experiencing the highest reading on perceptions of uncertainty. In fact, just 14% of CFOs in the UK are willing to take on greater risk (the lowest of the countries surveyed), compared to 64% in Finland. Overall, 41% of CFOs in euro area countries say now is a good time to take on risk. To read Deloitte's news release go to https://www2.deloitte.com/uk/en/pages/press-releases/articles/deloitte-european-cfo-survey-spring-2018.html.
Career Opportunities

RISK Manager - Cardiff
Managing the UK based risk team responsible for Africa and Israel (RS3) the successful candidate will play a pivotal role in the success of RS3. To succeed you will already be able to fully evidence strong management traits or possess those characteristics to make a strong Manager.
The role will include the continuation of the work done to integrate the AIM team based in 3 locations, make the team more efficient and agile, and create culture of open feedback and close collaboration.
You will also need to be able to self-manage, be adaptable and work independently as this post is remotely managed. The challenge of remote management brings with it greater responsibilities but in return you can expect the full support from the RS3 Senior Management team and the opportunity to meet with them over the course of a year at various locations within the RS3 area. Your willingness to travel is therefore essential. In addition to the travel in your managerial capacity you may also be required to travel to countries within your responsibility to undertake buyer / customer / partner visits, either with or without the owing Underwriter.
Job Description
The successful candidate will lead a team of underwriters with operational duties to include both management of those staff and compliance to Atradius governance and corporate values. They will be responsible for maintaining the agreed level of human resources using the appropriate HR guidelines and be fully accountable for the performance and results of the team, monitoring their performance via sampling of cases and ensuring tight controls on quality whilst focusing on developing staff skills as appropriate. Critical throughout is the maintenance of a strong relationship with Business Units both locally and across Atradius. 
There are specific challenges in managing the provision of high quality risk assessment for the responsible region. Against the background of a highly competitive commercial environment the level of information, in particular financial data can be limited and it is vital that the team develop close relationships with both buyers and market contacts. The political and cultural landscape is also complex and the successful candidate must ensure that he/she, and the team, operates in such a manner as to meet both Atradius standards and governance and regional local cultural sensitivities.
The successful candidate will contribute to departmental plans, sets goals and allocates resources according to organizational priorities and in line with RS strategic pillars.
Role profile
In reflection of this challenge our Manager in Cardiff needs to both look after the long term best interests of Atradius and recognize the need for good governance/compliance. Demands in the region must be met whilst maintaining a strong and acceptable risk portfolio.
The Manager will need to be a self-starter who can also work independently and under pressure. It is essential that the successful candidate is a strong communicator, aware of cultural differences and sensitivities and have an aptitude for relationship building and strong inter-personal skills. The Manager must be able to take on board and execute the risk strategies and to take a full part in discussing and developing these with the Senior Management of RS3.
The Manager must:
  • Have demonstrated good management skills in his/her current or past roles 
  • Be an open and able communicator both internally and externally. 
  • Be able to work closely with Commercial colleagues to develop the Atradius presence in the region
  • Have current or recent buyer underwriting experience 
  • Have an open and self-confident style 
  • Have the confidence and judgment to know when to consult 
  • Have a “winning and convincing” style in explaining difficult decisions both to AM’s and to clients 
  •  Have the integrity to fight cases when he/she feels there is a need when Management has a different opinion. Equally, must have the professionalism to be able to acknowledge when a battle is lost 
  • Be a good listener and team player 
  • Be willing and able to travel across the RS3 region
The RS3 Underwriting team is well established and experienced so whilst it would be beneficial for the successful candidate to have an export underwriting background it is not essential to succeed in this post. We are looking for someone ready, willing and able to take on this exciting Management challenge and be able to continue to work on building a successful team. The ideal candidate will be expected to demonstrate a proven and natural ability to lead, develop, inspire and positively impact their team. They will demonstrate the enthusiasm and motivational skills that get results, as well as being able to embrace change to adapt to what is required to maximize the demands of delivering a first class Underwriting offering.
To be suitable for the role ideally you will have some risk underwriting, credit management or analytical experience. Fluent written and spoken English will be essential. The ideal candidate will also show an understanding of differences in International business, commercial and risk environments. 
The candidate will be employed on a local UK contract.
Applying for the role.
CV’s and covering letters to gbukjobs@atradius.com by close of play 27th July 2018

Senior Account Manager, Global. Cardiff
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
Designed for multinational clients, Atradius Global is a specialist team dedicated to the individual trade credit insurance needs of multinational businesses. We provide a more personal and tailor made response to multinational credit risk solutions that is a unique proposition within the credit insurance management industry. Our team, on the ground in 50 countries, is exceptional in its reach and experience but primarily in its unity. We are one global team, working with genuine global spirit and supported by one global platform that together avoids duplication and conflict.

We know each other, we support each other and we rely on one another – creating a seamless service which has earned us the trust of major organisations worldwide.
Job description
A vacancy has arisen for a Senior Account Manager position in the Global UK & Ireland Team. Based in our Cardiff office and reporting to a Global Manager in the UK & Ireland Team, the purpose of the role is to manage and grow a portfolio of existing and new Global accounts providing the highest standard of service and expertise to customers worldwide.
The successful candidate should have first class organisational skills and have the ability to manage strategic partnerships at a high-level.
Highly developed interpersonal and presentation skill are vital together with a confident and persuasive manner, since the role also requires expertise in setting the agenda and leading negotiations at senior level both internally and externally. A strong understanding of the business environment and creativity in finding the right solutions for customers is key.

 Knowledge, Skills and Experience

  • The role is open to anyone that has a real desire to provide a first class service to our clients.
  • A team player with excellent communication skills (both verbal and written).
  • Previous business experience in customer facing roles and managing a portfolio of customers.
  • Proactive and confident to take the lead.
  • Innovative and creative in finding the right solutions for our customers.
  • The ability to be well organised and able to work well under pressure.
What we offer
  • A great and challenging place to work.
  • Work in a very international environment.
  • Flexible working hours.
  • Attractive base salary.
  • On target bonus.
  • Pension.
  • Flexible benefits
Office Location:
3 Harbour Drive Capital Waterside Cardiff CF10 4WZ.

Interested? Please send your CV and motivation letter and a salary-indication to gbukjobs@atradius.com, to arrive no later than 27th July 2018.

Commercial New Business Underwriter
Trade Credit. Stafford.
Competitive Salary
QBE’s European Operations, which accounts for over 27% of QBE Group turnover, is a leading specialist in London market and European commercial lines business. Active in both the Lloyd’s and company market, QBE offers considerable diversity to the broking community. We are a socially responsible company and give our customers the ability to invest a portion of their premiums in environmentally and socially beneficial projects.

The Opportunity:
We are looking for an Underwriter to join our team, this is your chance to create your career in an exciting environment where anything is possible. Are you ready to grow your career with us? As an Underwriter for QBE you will underwrite and develop business in accordance with the business plan. This is an excellent opportunity for you to work closely with key stakeholders to help grow the QBE Trade Credit book.

Your responsibilities for this role may include, but are not limited to:
  • Cultivating and maintaining positive relationships with agents and brokers
  • Research and project work to support the new business process - identifying opportunities for growth
  • Minimising risk and maximising efficiency by adhering to underwriting standards, instructions and good practice
  • Properly recording and measuring insurance risks
  • Working with brokers and customers to negotiate rates, terms and conditions on new business opportunities
  • Presenting to prospects and brokers on QBE’s products and offering
  • Producing and issuing contract certainty documentation
  • Ensuring compliance with internal and external regulations and guidelines
  • Reviewing and analysing the broker performance to identify progress toward business objectives
  • Contributing to the peer review processes to encourage and develop excellence 
You will need to be able to display you have the following qualifications and experience:
  • Experience in Underwriting
  • Knowledge of the UK Trade Credit market
  • Intermediate level understanding of relevant software, including Powerpoint, Excel and other departmental software packages
  • Knowledge of legal and regulatory requirements (specific reference to FCA / Lloyds regulation)
  • Experienced in the use of risk profiling and pricing tools and loss models
  • Cultivate and maintain positive relationships with agents and brokers
  • Strong technical underwriting skills and sales acumen
  • Strong negotiating skills
  • Degree certification or equivalent 
At QBE, we view our people as our most precious asset. We understand the importance of fostering a work environment that is responsive to the changing needs of today's workforce. QBE aims to build a workplace that is fair and inclusive because we want to attract and retain the best people to do the job. Search for QBE on Vercida to learn more about our Diversity and Inclusion programmes and policies.
To apply for this position send your CV and a covering letter to Alex.Yates@uk.qbe.com.

Credit Risk Underwriter 
Credendo - Short-Term Non-EU Risks
Reporting directly to the UK Country Manager of Credendo (Short-Term Non-EU Risk) in London and also to the Team Leader in Brussels. You will work closely with the account managers in the London branch and your colleagues at HQ in Brussels (and other branches).
As a Risk Underwriter your duties will include:
  • Gathering and analysing all relevant information for the assessment of short-term credit risks.
  • Making decisions on acceptance of credit risk within individual delegated authority or submitting proposals to Credit & Executive Committees.
  • Being the contact person for existing / potential clients / brokers and advising them on the decision making process & respond to their specific questions & queries. 
  • Following up of decisions and monitoring of credit risk within the portfolio.
  • Consult and monitor changes in macro and micro-economic conditions of countries & regions where clients of Credendo - Short-Term Non-EU Risk are active.
  • Ensuring that procedures, KPI’s and all ancillary information are maintained within the portfolio and kept up to date. 
  • Preferably a graduate with 2 years relevant working experience.
  • Excellent knowledge of English. An additional language would be an advantage.
  • Competent IT skills.
  • Clients oriented and have a commercial mind-set.
  • Excellent analytical skills and enjoy working with figures.
  • Great negotiation skills and be able to present your analyses and ideas both orally and in writing.
  • Dynamic and result-oriented; you take the initiative and have a sense of responsibility.
  • Be well-organised, accurate and able to work within deadlines.
  • Enthusiastic and have a broad interest in international economics and finance.
Our offer
  • Being part of a dynamic, high achieving London team.
  • A challenging career in a multilingual and international environment.
  • Continuous learning opportunities to develop your talent.
  • An attractive salary supplemented by excellent fringe benefits.
  • The role is based in the City of London.
To apply, please send your CV and a covering letter to mycareer-be@credendo.com
Senior Client Advisor - Trade Credit. Marsh, Manchester.
The Team
The UK Trade Credit Practice helps clients manage their receivables risk by providing bespoke credit insurance solutions. Our diverse market spread encompasses global multinationals through to UK SME’s and our UK team is part of an internationally coordinated group of colleagues dedicated to facilitating credit placements and providing expert advice and guidance to clients in more than 50 countries.
The Role
The Senior Client Advisor will build and maintain relationships with clients, being the primary point of contact for day-to-day service needs, ensuring that we meet/exceed clients’ needs and expectations. In addition, they will contribute to the team’s achievement of client retention and growth targets.
Key responsibilities
Daily servicing of our clients and assisting Client Executives with the renewal process and/or conducting and concluding the renewal process.
Tasks to include but not limited to: 
  •  Managing credit limit requirements for our clients via the various insurer on-line portals and speaking directly with the insurers; 
  • Providing our clients with support and guidance to ensure they adhere to their policy terms and conditions, e.g. reporting overdue invoices, making claims on time etc; 
  • Administering any action logs, ensuring tasks are actioned in a timely fashion, monitored and followed to their completion; 
  • Preparing pre-renewal submission data; 
  • Carrying out client meetings to provide client service, conduct renewals and/or assist the Client Executives, producing minutes and managing any resulting action points; 
  • Preparation of renewal reports and invoicing; 
  • Manage renewals within the SME portfolio; 
  • Assist Development Executives on New Business cases as required; 
  • Actively build relationships across Marsh and with other departments; 
  • Adhere to Marsh business processes, systems and procedures at all times.
Skills and experience
  • Excellent time management and organisational skills; 
  • Strong interpersonal skills and a good communicator; 
  • Competent user of Microsoft Excel; 
  • Self- motivated with a positive and flexible attitude to getting things done; 
  • Excellent attention to detail; 
  • Able to perform well under pressure; 
  • Able to work using own initiative; 
  • Have the ability to listen and acquire new skills. 
  • Previous knowledge and experience of Credit Insurance would be ideal but is not essential; 
  • A basic knowledge of insurance would be advantageous; 
  • You will be required to build a strong knowledge of Credit Insurance policy wordings and features. 
  • The successful candidate will need to be used to working as part of a team, be flexible both in terms of the tasks performed and hours worked in order for the wider team to collectively achieve our goals. 
  •  Full Driving License – you will be required to travel within the UK.
To apply for this position please send your CV with a covering letter to Steve Howells Stephen.Howells@marsh.com.
Events & Offers
Commodity Trade Finance Conference 2018, 27 September. Lugano.
GTR’s annual Commodity Trade Finance Conference, organised in partnership with the Lugano Commodity Trading Association (LCTA), returns to Switzerland on September 27. Set to gather over 200 commodity trade experts from multinationals, trading companies, financial institutions and service providers, the event will assess the key trends impacting global commodity markets and trade, from geopolitical volatility to commodity financing appetite and liquidity. 
Established as the ultimate networking and learning platform for the industry’s key players, attendees will receive critical market insight, build business relationships and gain the inside track on the latest commodity financing trends and techniques.
Click here for more information and to register, or contact Judith at jmulhausen@gtreview.com. Note, Credit Insurance News readers enjoy a 15% discount to all GTR events. Quote code CIN15.
Supply Chain Finance Summit – APAC, 3-4 October 2018, Singapore
BCR’s inaugural Supply Chain Finance Summit-APAC in Singapore focuses on the growth of supply
chain finance across the APAC region.
With local governments, international and regional banks; and investors all actively encouraging the
development of local and cross-border SCF programmes, it is now, more than ever before, vital to
review the latest developments in this market and understand how to capitalise on opportunities in
this region. Join us in Singapore to hear from the industry's thought leaders, engage in debate,
network with your peers and help define the future of working capital.
BCR are delighted to offer Credit Insurance News members a 10% discount on booking. Register now using code CIN18 at www.bcrpub.com/events.
Supply Chain Finance Masterclass, 16 October 2018, London
Attend this advanced and comprehensive workshop to gain a practical understanding of the characteristics of the market and sector, an appreciation of the challenges of working capital management in the supply chain, the various forms, and how supply chain finance can operate to the benefit of all parties. Covering an in-depth insight into the market drivers, types, operations and benefits of SCF, this masterclass enables participants to: 
  • Understand the decision drivers & financial benefits for Buyers and Suppliers
  • Determine the decision drivers for Banks in offering SCF Programs
  • Explore how to genuinely make a success out of a SCF Program
  • Held ahead of the Supply Chain Finance Forum in London, the masterclass will provide your company with a comprehensive overview of unlocking liquidity through supply chain finance 
BCR are delighted to offer Credit Insurance News members a 10% discount on booking. Register now using code CIN18 at www.bcrpub.com/events/.
Supply Chain Finance Forum, 17 October 2018, London 
BCR’s inaugural Supply Chain Finance Forum in London focuses on the industry’s emerging evolutionary trends and in particular the move towards targeting the largely untapped mid-cap buyers market. The forum will showcase innovations within supply chain finance for the mid-market, new arbitrage opportunities this market can provide, and review developing markets such as Asia and other high interest rate regions.
BCR are delighted to offer Credit Insurance News members a 10% discount on booking. Register now using code CIN18 at www.bcrpub.com/events/.
Trade Credit Industry Dinner, 8 November, London.
Willis Towers Watson is honoured to announce that we are hosting this year's dinner at the Sheraton Grand London Park Lane, Piccadilly on Thursday 8 November 2018 (TIME 19.00 to 01.00) at the Sheraton Grand, London Park Lane, Piccadilly, London, England, W1J 7BX . DRESS CODE Black Tie.
"For our inaugural hosting of the dinner, we promise you a memorable evening and would be delighted if you would join us for a glass of bubbles on the Balcony, before dining in the Ballroom. Dinner will be followed by music, entertainment and fundraising.
An important part of the evening is the opportunity it provides to support worthwhile causes through our charity raffle and silent auctions. This year Willis Towers Watson has selected an outstanding charity, The Silver Line https://www.thesilverline.org.uk/ to receive the full benefit of that support.
Don't miss your opportunity to join us at this special event. Tickets will be on sale soon. As always, places will be limited!
To register your interest for this event, please contact tradecreditdinner@willistowerswatson.com.
Alternative & Receivables Finance Forum, 14 November 2018, London
Alternative & Receivables Finance Forum tracks the transformation of receivables and invoice finance; showcasing the most successful new entrants to the market, examining the future of technology-enabled funding models, and driving the conversation on alternative finance for SMEs. 
This is a unique gathering, where you can network with established receivables finance providers and ‘alternative’ SME funders and find out how the competitive landscape for commercial finance is changing. 
The comprehensive programme provides insights into the priorities influencing SMEs’ financial choices and showcases the latest technology-enabled distribution models. 
BCR are delighted to offer Credit Insurance News members a 10% discount on booking. Register now using code CIN18 at www.bcrpub.com/events.
Bridging The Trade Finance Gap, Delivering Paperless Trade,15 November 2018, London.
The International Chamber of Commerce in the United Kingdom is delighted to invite you to the conference“Bridging The Trade Finance Gap, Delivering Paperless Trade”in London on November 15th. For the first time this conference will bring trade and supply chain finance ‘under one roof’ for a discussion on how to foster more collaboration and innovation to bridge the trade finance gap and deliver paperless trade. Join ICC, Falcon Group and a number of world class speakers for this great event! For further information and full agenda click here: earlybirdtickets.
About the Sponsor: AIG
AIG Trade Credit provides solutions with non-cancellable credit limits for large and mid-sized companies alike.
For businesses with an annual turnover of £10m and above Trade+ provides credit limits that are non-cancellable for 12 months. All credit limits are calculated automatically using trading history or are set by an AIG underwriter. Trade+ uses an online platform to analyse how the policyholder’s buyers are performing. It displays an up to date picture of exposure cover, provides stop shipment alerts and ensures policy compliance by removing the need for overdue reporting and turnover declarations. Pre-approved limits and invoice data captured within the IT platform enable a simplified claims process.
For larger companies our Global Trade Excess of Loss policy includes non-cancellable credit limits to provide certainty of cover for the duration of a policy. Our online platform, Global Limits Manager, supports the policyholder’s existing credit management procedures by setting credit limits below a DCL, managing stop shipments and overdue reporting.
We would welcome discussions about how we can tailor bespoke solutions to meet your client’s Excess of Loss requirements for Multinational and Captive Solutions.

To find out more please call Sharon Giddings on +44 (0) 20 7954 8289 or via email: sharon.giddings@aig.com or speak to a member of the UK Trade Credit team.

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