Welcome to issue 55 of Credit Insurance News Digest, 19 May 2015. This issue is kindly sponsored by Tinubu Square.

Credit Insurance News and Reports
Asian businesses advised to step up protection against late payment from Western European countries. CFO Innovation has reported that businesses in Asia are being advised to step up their risk prevention to ensure business sustainability and avoid cash flow problems that may affect their businesses as a result of significant B2B payment default rates in Western Europe. Eric den Boogert, Managing Director of Atradius Asia commented: "Europe's economy has a significant impact on Asian countries, particularly due to the high level of two-way trade volumes and investment flows between the two continents. . . In the current business climate, we see an urgency for businesses in Asia to step up their risk prevention approaches." Around 40% of the total value of domestic and foreign B2B invoices issued by respondents of the latest edition of the Atradius Payment Practices Barometer survey for Western Europe was defaulted on. To view the article go to http://www.cfoinnovation.com/story/9757/asian-businesses-advised-step-protection-against-late-payments-western-european-companies.

Lawyers note that there is often a disconnect between how the policyholder and the credit insurer expects the policy to operate. Lexology has published an article' Trade Credit Insurance', written by lawyers John Barlow, Graham Denny and Daniel Martin at Holman Fenwick Willan in which they warn that they have been involved in a significant number of recent trade credit insurance disputes in relation to both national and international losses. They advise that common disputes relate to pre-qualifying obligations, reporting requirements (which the article describes as 'onerous'), and the requirement for the policyholder to take "all reasonable steps" to minmise their losses - which, they advise, may vary significantly depending on circumstances and geographic region. They also note that "there is often a disconnect between how the policyholder and the insurer considers the policy to operate." To view the article go to http://www.lexology.com/r.ashx?l=7NKDTNK.
"Insurance for a Bold New World": XL Catlin brand launched. Following the completion of XL Group plc's acquisition of Bermuda-based Catlin Group Limited on 1 May, XL and Catlin have officially joined operations to become XL Catlin. A global marketing campaign, 'Insurance for a Bold New World' has been launched to "reflect the greater scale, ambition and opportunity for the combined company to develop innovative risk solutions for complex risk problems?" and the new brand is being promoted in various business publications (including Credit Insurance News Digest), insurance trade journals, online networks, and in placements at major transportation hubs such as London's Liverpool Street Underground Station, and international Airports. A new website (xlcatlin.com) has also been launched. To view XL Catlin's press release go to http://xlgroup.com/press/xl-group-plc-and-catlin-group-limited-join-together.

Coface: 'Old world vs new: the geopolitical pendulum'. Management Issues has published an article, 'Old world vs new: the geopolitical pendulum', which recalls an interview two years ago in which, Yves Zlotowski, the chief economist at Coface, highlighted the dichotomy between the poorly performing old industrial world - "which is home to the majority of our risks" - and improving emerging markets. The article considers if this contrast is still as pronounced as it was two years ago and describes the current situation. The changes are immediately clear: not only has the decade of growth enjoyed by many emerging economies now largely come to an end, but the US has also seen a significant economic resurgence. However, the European situation still remains uncertain and Mr Zlotowski's comment that the "world is probably more dangerous today" remains as valid today as it was in 2013. To view the article go to http://www.management-issues.com/news/7052/old-world-vs-new-the-geopolitical-pendulum/.

Atradius' Payment Practices Barometer survey for Eastern Europe warns that 2015 is expected to be a difficult year. The region's overall economic growth is forecast to decrease by 0.3%, mainly due to expectations of a severe economic contraction in Russia and Ukraine as well as continued weak growth in the Eurozone. This is forecast to place a long-term strain on corporate payment behaviour in Eastern Europe, causing the risk of payment delays and default on B2B invoices to remain high during 2015. According to responses across the countries surveyed, 41.2% of the average total value of domestic B2B invoices currently remains unpaid after the due date compared to 40.2% average for Western Europe. In addition, around 3 in 5 respondents in Eastern Europe report that late payment of domestic B2B invoices is mainly attributable to their customers' insufficient availability of funds. Fewer respondents in Western Europe (51.4%) cite this reason. To view Atradius' report go to http://global.atradius.com/paymentpractice/list/paymentpractices.html.

70% of companies in the Asia-Pacific region experienced overdue payments in 2014. Coface's latest annual regional survey indicates that the risk of insolvency is increasing across Asia Pacific. 70% of companies operating across eight countries experienced late payments in 2014 - the highest level in 3 years - with 37% saying that the number of overdue payments rose over the course of the year. Companies in China, India, Singapore and Thailand are particularly affected, with the percentage of companies experiencing overdue payments remaining high at 80%, 86%, 85% and 89% respectively. In contrast, although the region's general overdue situation deteriorated, a marked improvement on all indicators was witnessed in Australia. Taiwan and Singapore also experienced improved payments in 2014. To read Coface's news release with a link to the full report go to http://www.coface.com/News-Publications/News/70-of-companies-in-the-Asia-Pacific-Region-experienced-overdue-payments-in-2014.

Atradius forecasts that US business insolvencies will decrease further in 2015. Atradius' latest Country Report on the US advises that after year-on-year increases of more than 40% in 2008 and 2009, the number of corporate insolvencies has decreased steadily each year since. According to the latest figures provided by the US Courts, the number of business bankruptcies filed in federal courts declined 18.8% year-on-year in 2014, to 26,983 cases, and Atradius predicts this positive downward trend will continue in 2015. Atradius also advises that due to robust private spending and increasing investment and net exports, the US economy should experience a surge in growth of 3.0% in 2015, followed by growth of 2.7% in 2016. With the exception of paper (poor outlook), the outlook for all other US trade sectors is fair or good. To read Atradius' detailed report go to http://global.atradius.com/images/stories/CountryReports/USA_April_2015_ENG.pdf.

Euler Hermes advises that Canadian GDP growth is expected to drop by 0.5% in 2015 as a result of the sharp drop in oil prices. Euler Hermes predicts that Canada's economy will drop from a projected 2015 GDP growth of 2.4% (with a U.S. $100/barrel assumption) to just 1.9% (U.S. $59/barrel assumption), before seeing a slight recovery (GDP of 2.1%) in 2016. Depressed oil prices will also take their toll on the private sector, and Euler Hermes warns that insolvencies are likely to rise by 4% - the first increase since 2001. Dan North, senior economist for Euler Hermes North America, commented: "Accounts receivables from oil producers throughout the supply chain are at a heightened risk of late payment or default. Companies selling to those businesses should consider mitigating risk by shortening payment terms, extending smaller credit lines or partnering with trade credit specialists." To view Euler Hermes' news release go to http://www.eulerhermes.com/mediacenter/news/Pages/press-release-canada-insight-110515.aspx.

A very favourable growth environment for the APAC trade credit insurance industry. Following the recent meeting of the ICISA's Asia Subcommittee, ICISA Insider has published an article summarising the presentation by the keynote speaker, Rajiv Biswas, Asia-Pacific Chief Economist for IHS Global Insight. In his conclusion, Mr Biswas stressed that the role of trade credit insurance must not be underestimated in the economic development of the region and the prospects for the trade credit insurance industry remain positive in the year ahead. "The APAC region is forecast to be the fastest growing region of the global economy over the next two decades. . . While some volatility in economic growth rates is inevitable over a long term forecast horizon, rapid growth in APAC trade and investment is projected over the next decade, creating a very favorable growth environment for the APAC trade credit insurance industry." To read the ICISA Insider article go to http://mercury.cs135.remotion.nl/websites/ICISA_2010/files_content/The%20ICISA%20Insider%20-%20April%202015.pdf.

Expo Milano: Giving the Italian economy a chance? Euler Hermes has published a new economic study 'Expo Milano 2015: Made in Italy alla grande?' which predicts that Expo Milan will make a limited but positive contribution of 0.1% to Italian GDP in 2015. "Universal Exhibitions have always been turning points and a chance for re-launch," said Michele Pignotti, the head of Mediterranean Countries, Middle East and Africa (MMEA) region for Euler Hermes. "Milan and Italy are ready to play that role, as Expo 2015 promises to be one of the levers to support the Italian recovery this year." However, the impact could be short-term and the authors of the report also warn that an increasing risk that a post-event drop in activity may lead to defaults by approximately 40% of newly created companies and, in the worst case scenario, 2,500 companies could default in 2017 (+14% rise from 2016) and 1,500 in 2018 (+7%). To read Euler Hermes' news release go to http://www.eulerhermes.com/mediacenter/news/Pages/press-release-expo-milano-050515.aspx.

Export insurance made easy: new toolkit for brokers. UKEF has announced its first online toolkit. 'How to access export credit insurance: a guide to UK Export Finance's export insurance policy', which aims to give credit insurance brokers a step-by-step guide of the application process for UKEF's Export Insurance Policy (EXIP) and demystify policy management and claims and recoveries. Commenting on the new toolkit, Susan Ross, Vice President of the British Exporters Association (BExA) and account director at Aon Risk Solutions said: "This comprehensive toolkit will help build awareness of UKEF among brokers." To view UKEF's news release go to https://www.gov.uk/government/news/export-insurance-made-easy-new-toolkit-for-brokers.
Note: The EXIP is an insurance policy designed to protect UK exporters - including SMEs - against the risks of non-payment. EXIP cover is only available for companies which have been unable to secure insurance from the private sector.
Contains public sector information licensed under the Open Government Licence v3.0.

Dubai is named as a credit insurance hotspot. Trade Finance has published an article, 'Dubai: hotspot for expanding Middle East trade credit insurance market', which reports that as demand in the region grows, insurance firms are increasingly choosing Dubai as their base to offer trade credit insurance. Not only have Beazley and Markel recently opened offices there with a focus on trade credit insurance, QBE has also announced plans to offer the service to the Middle East and Africa region through its Dubai office. To read Trade Finance's article (subscription required, but free 7 day trials are available) go to http://www.tradefinancemagazine.com/Article/3451645/Channel/23025/Dubai-hotspot-for-expanding-Middle-East-trade-credit-insurance-market.html.

Coface advises that in an increasingly unstable international environment, Morocco remains stable. Coface's latest Panorama reports that Morocco remained resilient during the last world economic crisis. The country also succeeded in accelerating its potential growth while many of the major big emerging markets slowed down, suggesting that Morocco could, in the near future, join the group of the 'new emerging countries' (Colombia, Peru, Indonesia, the Philippines, Sri Lanka, Bangladesh, Kenya, Tanzania, Zambia, Ethiopia) and consolidate its place a leading African country. To read Coface's Panorama go to http://www.coface.com/News-Publications/Publications/Morocco-the-challenge-of-becoming-an-emerging-economy and click on the link provided.

Morocco: Credit Opinion Survey. Coface has published a Survey which provides detailed information on payment periods in Morocco and finds that among the payment methods used by Moroccan companies, cheques and bank transfers seem to be the favourite. After that comes commercial paper, cash settlement and then, to a lesser extent, credit and documentary drafts. The Survey also found that 10% of the companies surveyed grant payment terms longer than 120 days (which is within the European average), with the most frequent payment period between 30 and 60 days. 80% of the surveyed companies do not use a third party to manage credit risk. However, of those which insure themselves against non-payment risk, over 40% confirm use of a credit insurer, 15% favour factoring, 13% delegate this management to banks and 13% make use of debt collection firms. To view the Survey go to http://www.coface.com/News-Publications/Publications/Morocco-credit-opinion-survey.

New Service for Credit Managers
Credit Insurance News will begin trialling a new free service, Credit Management News/Credit Management News Digest, in the early Autumn and we would be delighted to hear from any readers -especially credit managers - who would be interested in subscribing as part of a test group. Please email sally.brown@creditinsurancenews.co.uk for more information.

And Finally . . .
Good luck and very best wishes to the team at CBF who are due to climb The 3 Peaks in Yorkshire on 23 May to raise money for The Liver Foundation UK (supported by the Queen Elizabeth Hospital in Birmingham). Blisters are predicted!
To find out more and support this very worthwhile cause go to https://www.justgiving.com/CBF-3Peaks/.

Industry Events, Offers and Training
Natural Resources & Commodities Finance 2015, 20-21 May. De La Mar Theatre, Amsterdam.
Returning for its second year, Natural Resources and Commodities Finance 2015 will take TXF's dynamic approach to the standard conference format a step further. Incorporating capped-attendance idea labs, small workshop groups, games, panel sessions and the TXF duels, the event looks to address the following questions: Is traditional commodity finance dying? The Big Energy Debate: How do we find a way out of the current market volatility? What are traders' treasury strategies for the next few years? What is behind the increasing number of prepayment arrangements and where have all the PXFs gone?
TXF will be joined by a global range of traders, producers, financiers, investors, economists, academics and consultants to discuss these issues.  For more information or to book please click here.

1st Annual Conference on European Alternative Financing & Marketplace Lending, 28 May 2015. London.
Alternative Financing & Marketplace Lending encompasses a range of innovative and diverse financing tools and products evolving as a result of, and in response to, the changing conditions and structural reform affecting financial markets following the financial crisis. It is an evolving industry which will have a significant impact on the on-going reform and regulation of Europe's financial markets. IMN's 1st Annual Conference on European Alternative Financing & Marketplace Lending marks the first industry-led initiative to bring together leading public and private finance specialists, regulators, technology experts, entrepreneurs, investors and professional advisors to collaborate over the advancement and direction of this important and flourishing market. Featured Keynote Speaker: Niall Bohan, Head of Unit, Asset Management, European Commission. Credit Insurance News users are entitled to a 10% discount - reference code CIN10. Click here to reserve your place.

GTR Asia Supply Chain Finance Conference 2015, 2 June 2015. JW Marriott Hotel, Hong Kong.
Building on GTR's established presence across the continent, the inaugural GTR Asia Supply Chain Finance Conference will showcase the opportunities offered by Hong Kong as a base for tapping into business with China and other key North-East Asian economies. Providing expert insight with a technical programme focus, key topics will include the financing techniques being utilised to optimise international supply networks and key sector trends including RMB internationalisation, collateral management practices, and the impact of increasing regulation. Click here for more information. A 15% discount is available for Credit Insurance News Digest readers, please quote CIN15.

Coface Country Risk Conference 2015. Thursday 4 June, London.
Gathering economists, industry experts, companies and their business partners, this conference aims to help businesses trade safely by providing key information involved in making domestic and export trading decisions. This year's event will be on the morning of Thursday 4th June, followed by a buffet lunch. To register your interest in attending please email crc_uk@coface.com.

UK Trade & Export Finance Conference 2015, 9 June. The ICC, Birmingham.
Following the highly successful 2014 event which welcomed over 280 delegates, GTR's UK Trade & Export Finance Conference 2015 will return to Birmingham; once again providing the ideal forum for high level discussion and debate between the UK's corporate, government and financial sectors. The conference will focus on how best to increase UK export volumes. Themes discussed will include identifying new markets, tackling obstacles faced in terms of obtaining funding, highlighting the latest government initiatives and considering on the ground experiences from a range of UK businesses. As always, networking will form an integral part of the event, allowing delegates to make full use of their time by meeting key stakeholders and building relationships with those looking to further business prospects in the region. Click here for more information. A 15% discount is available for Credit Insurance News Digest readers, please quote CIN15.

North America Trade & Export Finance Conference 2015, 18 June. 32 Old Slip, New York.
GTR's North America Trade & Export Finance Conference 2015 will return to New York City for its third year, providing the key discussion forum for trade finance specialists across the United States and beyond. Over 200 business leaders are expected to attend to explore key issues and challenges involved in securing business with high-growth emerging markets as well as addressing concerns of those conducting cross border trade. Networking will form a crucial aspect of the event, offering access to key decision makers and ensuring delegates are able to gain new contacts and establish relationships with those serious about doing business in the region. Click here for more information. A 15% discount is available for Credit Insurance News Digest readers, please quote CIN15.

Insuring Export Credit & Political Risk Asia, 24-25 June 2015. Singapore, Venue TBC.
Insuring Export Credit and Political Risk Asia will bring together ECAs/DFIs, the private insurance sector, commercial banks and corporate exporters for 2 days of top-level industry insight and networking. Asia is the biggest growth market for credit insurance but it is also relatively underdeveloped. Building upon the success of our highly acclaimed London convention, Insuring Export Credit & Political Risk Asia will feature the same high-level content, providing: Insight into industry-specific developments and trends; Key commentary on the wider macro-political and economic environment; An ideal forum to meet and exchange views with leading figures and key stakeholders from the industry. 10% Discount available with VIP Code FKW52893CRN - Register here. View the latest agenda.

Asia Structured Trade & Commodity Finance, 30 June - 01 July 2015. Singapore.
Asia Structured Trade & Commodity Finance to be held on 30 Jun-01 Jul, 2015 in Singapore with its theme "Innovative Structures & Collateral Solutions for Importers, Exporters & Financiers' will look in detail at challenges in China, developments in the metals, energy and softs/ag sector across the entire Asia region, bringing you the latest thinking and relevant case studies to show current techniques in a fast-changing marketplace. The key highlights will include the following: Risk, collateral and structuring: what are the latest developments in SCTF in both the Asian and global context? Trader Panel: international traders discuss financing needs and perspectives for 2015/2016 and beyond. Africa panel: how is Asia shaping up in the competition for Africa's development challenges? Assessing the needs for continuing transformation in Africa. Structuring supply chain solutions for working capital efficiency: where do traditional supply chain approaches meet innovation by banks to offer solutions across the value chain. Risk management: how is the private insurance market shaping up to the Asian challenge? Where does that leave the ECAs? For more information go to http://www.cmtevents.com/eventschedule.aspx?ev=150629&.

Global Trade Development Week. 27-29th October 2015, Ritz Carlton DIFC, Dubai, UAE.
Organised in partnership with the UAE Ministry of Economy, GTDW 2015 will be an unprecedented gathering of 1000 trade leaders from government and the private sector coming to Dubai from over 100 countries. The event will be addressed by 150 speakers whom are some the most influential leaders driving world trade today. GTDW is the world largest trade facilitation event and features a series of specialized trade summits that link key sectors across international trade; including business, banking, customs, corporate real estate, infrastructure, specialized economic zones, supply chain logistics and transport. 'Innovation in Global Trade and Economic Development' is the theme for GTDW 2015, and innovation will underpin discussion in all of GTD's six trade summits. For further information and to register as a delegate visit: www.kwglobaltrade.com.

Understanding International Credit Reports: New training course. Various dates throughout 2014.
Graydon has announced that it is introducing a new training course, Understanding International Credit Reports. The one-day course will examine: report content by region (MENA, North America, Latin America, Africa, Europe, Far East & 'Tax Havens'), sources of data (Credit Agencies, Public Registries, Local Agent in undeveloped markets & Law Firms), credit scoring/ratings and pricing. The course costs GBP599 + VAT (a 10% discount is offered to Credit Insurance News Digest readers) and will be held on various dates throughout the year. For more information, please go to https://www.graydon.co.uk/understanding-international-credit-reports-CIN-members.

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

Business Information: Latest Reports and Business Shorts
UK late payers allowed 20 more days to pay in Q1 2015. New figures on the amount of debt UK businesses are dealing with through late payment of their invoices throw into sharp relief the huge scale of the issue. New figures from Lovetts reveal that suppliers are bank rolling their customers for an average of 103 days from the point they issue an invoice, before they threaten legal action with a Letter Before Action (LBA). This is a 24% increase on the amount of time the same sample waited in Q1 2014 when the time from invoice to LBA was 83 days. Charles Wilson, CEO of Lovetts says: "From our figures, the scale of the late payment scandal in the UK is getting worse not better, despite the high profile campaigns to stamp out the problem. As the business climate improves, it seems that British businesses are reluctant to rock delicate client relationships by threatening legal action but their invoices will simply end up at the bottom of the pile." To view Lovetts' news release go to https://www.lovetts.co.uk/news/Late-payers-allowed-20-more-days-to-pay-in-Q1-2015.aspx.

ING predicts world trade recovery. GTR (Global Trade Review) has published an article, 'ING predicts world trade recovery', which advises that an ING report predicts that world trade will outpace the growth of world GDP by next year, despite trade numbers falling for the fourth consecutive year in 2015. Raoul Leering, head of international trade research at ING, told GTR. "There is a specific effect coming from Europe, which has been experiencing an economic downturn that has been deeper and longer than in the past. It had an amplifying effect on pushing world trade down during the downturn and now that Europe is recovering it will have an amplifying effect on the ratio going upward." However while retaining an optimist outlook, the report notes that the European recovery's positive effect on world trade will not be as big as the negative one experienced during the crisis. To view the article on GTR's website go to http://www.gtreview.com/news/europe/ing-predicts-world-trade-recovery/?_cldee=c2FsbHkuYnJvd25AY3JlZGl0aW5zdXJhbmNlbmV3cy5jby51aw%3d%3d&urlid=17.

Lowest level of company insolvencies for 7 years, however companies remain vulnerable. The Insolvency Service latest statistics for Q1 2015 show that total company insolvencies in England and Wales were at their lowest level since Q4 2007. A total of 4,052 companies entered into formal insolvency in Q1 2015, which was 1.3% less than Q4 2014 and 11.3% lower than Q1 2014. In addition, the number of creditors' voluntary liquidations was at its lowest since Q2 2008, with a 3.7% decrease on the previous quarter and 5.6% lower compared to the same period in 2014. Although this is undoubtedly positive news, Graham Bushby, Baker Tilly's National Head of Restructuring and Recovery, cautioned that these statistics don't tell the whole story: ". . . there are many companies still experiencing significant financial distress and a number of reasons why we could see insolvency levels rising again within the next one to two years." To view Baker Tilly's news release go to http://www.bakertilly.co.uk/media/news/Baker-Tilly-responds-to-latest-corporate-insolvency-statistics.aspx.

Eurozone periphery grows faster than the core for the first time since 2006 - PwC comments. In response to flash Q1 2015 Eurozone GDP figures produced by Eurostat, Richard Boxshall, senior economist at PwC, commented: "Eurozone GDP growth started off the year on the right foot expanding by 0.4% quarter-on-quarter, outstripping UK and US growth. However, the real success story lies in the peripheral Eurozone economies. Spain grew by 0.9% and Cyprus by 1.6%, which was the fastest rate recorded in the Eurozone. Peripheral GDP growth is now within a hair's breadth of the core economies and the last time they grew faster was in the first quarter of 2006." Germany, the largest Eurozone economy, expanded by 0.3% quarter-on-quarter with net exports dragging down the headline growth number. The UK also expanded by 0.3%. In contrast, France expanded by 0.6% in Q1 driven by strong household consumption, and an accumulation of inventory. To read PwC's news release go to http://pwc.blogs.com/press_room/2015/05/eurozone-periphery-grows-faster-than-the-core-for-the-first-time-since-2006-pwc-comments.html.

Asia accounts for 40% of global output and two-thirds of global growth. According to the IMF's latest Regional Economic Outlook, not only has Asia and Pacific's position as the growth engine of the world economy intensified in recent years, but the outlook continues to be stable and robust with growth of 5.6% and 5.5% predicted in 2015 and 2016 respectively. Furthermore, while in 2000 the region accounted for less than 30% of world output, by 2014 this contribution had risen to almost 40% and the region accounted for nearly two-thirds of global growth last year. However, the report also warns that although Asia will remain the global growth leader, vulnerabilities associated with increased domestic and foreign debt are rising. To view the IMF's report go to http://www.imf.org/external/pubs/ft/reo/2015/apd/eng/areo0415.htm.

UK firms with fewer than 50 employees are typically twice as likely as larger businesses to get paid beyond the agreed terms. Dun & Bradstreet has published an article, 'Late Payments Spark Action from UK Lawmakers', which reports that a recent findings from the Association of Chartered Certified Accountants has shown that firms with fewer than 50 employees are typically twice as likely as larger businesses to get paid beyond the agreed terms. In addition, although late payments affect all sizes of company, Bacs data suggest that SMEs may bear the brunt of poor payment practices. As of January 2015, SMEs were owed more than GBP32 billion, down from GBP39.4 billion in January 2014; on the other hand, large firms were owed less than GBP10 billion, up from GBP6.7 billion in January 2014. SMEs face an average late payment burden of GBP31,901 per year. To read D&B's news release go to http://bizmology.hoovers.com/late-payments-spark-action-from-uk-lawmakers/.

BCC: UK Businesses want to be in the EU. In the largest private sector business survey on the issue of the UK's relationship in Europe, the BCC (British Chamber of Commerce) has advised that 55% of bosses said the most positive outcome for their business would be to operate in a reformed EU and 63% of firms believe withdrawing from the EU would have a negative impact on their business. The Survey also found that businesses are most positive about remaining in the European Union, but with specific powers transferred from Brussels back to Westminster. 55% of firms view this scenario as positive, 17% no impact, 18% don't know and 10% negative. John Longworth, BCC Director General, commented: "UK bosses continue to tell us that the best scenario for their business would be for the UK to remain in the EU, but with a new relationship." To view the BCC's news release go to http://www.britishchambers.org.uk/press-office/press-releases/bcc-businesses-want-to-be-in-the-eu,-but-a-reformed-eu.html.

UK growth resilient, but manufacturers under pressure. The CBI's latest Growth Indicator shows growth in the three months to April held up at around the average pace since mid-2014 and that solid growth in the service sector compensated for a poorer performance in manufacturing. Firms again expect growth to pick up over the next three months, although optimism has continued to decline slightly since the turn of the year. Katja Hall, CBI Deputy Director-General, commented: "UK economic growth appears resilient. Our surveys and member feedback indicate prospects for 2015 as a whole remain bright, with lower oil prices and inflation boosting household spending power and helping businesses, aside from the hit taken by the North Sea oil industry." To view the CBI's news release go to http://news.cbi.org.uk/news/uk-growth-resilient-but-manufacturers-under-pressure-growth-indicator/.

British exporters reap rewards. The BCC (British Chamber of Commerce) has published its latest International Trade Survey which shows that businesses who make the leap into international markets are reaping the rewards. The results show that the majority of current exporters (59%) recorded sales growth in 2014, despite stagnation in the Eurozone and the appreciation of sterling. Furthermore, a third of exporters (34%) had to expand their production capacity last year to cope with demand from international markets, compared to only 3% that reduced capacity. The Survey also found that despite the rewards on offer to all firms, it's the long-established international players that are getting most of the benefits. Of the exporters that responded to the survey, the majority (61%) have been trading internationally for more than 10 years, compared to only 6% who have been exporting for up to two years. To view the BCC's news release go to http://www.britishchambers.org.uk/press-office/press-releases/british-exporters-reap-rewards-%E2%80%93-but-more-companies-must-make-the-leap.html.

Career Opportunities:
Renewals Underwriter, Salary up to GBP30,000 plus bonus - Ref 201.
Nexus CIFS, Credit Insurer of the year is seeking to re-enforce its account management team with a Commercial Underwriter to manage SME accounts (insurable turnover up to GBP5 million). The role requires an experienced client facing underwriter with exceptional people skills and proven track record in client retention. Experience of managing a portfolio across a broad range of sectors and country-wide geographic locations is key. Team player, results orientated with a flair for creative thinking & customer service focus is required to fit with the existing team. Nova Search & Selection is acting as an Employment Agency in respect of this vacancy. All applications, without exception, should be forwarded to Kristina@novasearch.co.uk or M: 07931-371990. (Please mention Credit Insurance News Digest when applying).

New Business Underwriter, Salary GBP35,000- 50,000 including commission / bonus - Ref 202.
Nexus CIFS, Credit Insurer of the year is seeking an experienced New Business Underwriter to join our dynamic and high achieving team. With a target market of business with insurable sales of GBP15-50 million turnover, the successful candidate will have a proven track record in on target/over target new business success and also possess exceptional relationships with the broking market. You should be a good team contributor whilst being able to manage your individual pipeline and budget to achieve results in your target area. Nova Search & Selection is acting as an Employment Agency in respect of this vacancy. All applications, without exception, should be forwarded to Kristina@novasearch.co.uk or M: 07931-371990. (Please mention Credit Insurance News Digest when applying).

Opportunities at HCC International: Commercial Underwriting, Risk Underwriting and Claims. Various locations.
HCC International's Credit and Surety Division is looking for talented, experienced individuals to join its credit teams across the UK as part of its continuing growth strategy. We have opportunities in Commercial Underwriting (new business and client relationships), Risk Underwriting and Claims. With clients across the UK and Ireland, we are looking for people who could be based in our London, Leicester, Birmingham, Manchester and Dublin offices as well as mobile positions. HCC offers an attractive reward package and working conditions together with a superb culture and plenty of opportunity for talented employees to progress. As part of a global AA rated insurance company, HCC International is well-positioned in the market to maximise its potential for growth in the credit insurance market and you could be part of our team. If you have an excellent track record in one of these areas, submit your CV via our company careers page http://www.hcc.com/careers/Searchjobs. Closing date for applications is 12 June 2015. (Please mention Credit Insurance News Digest when applying).

Trade Credit Insurance Broker, Bradford. Salary GBP30,000+ negotiable (DOE).
A well established national Broker are looking for experienced Trade Credit Insurance professionals to join their Bradford office to aid them with their growth plans. The salary is negotiable, dependent on experience and balance of responsibilities, but on average, new starters earn around GBP30,000. They are looking for someone who have experience of developing new business within the Trade Credit Insurance industry whist also maintaining existing relationships and servicing client needs. You must have Trade Credit Insurance Experience in order to be considered. To apply, please call 0161 833 2033 and ask for Michelle Chalmers or email michelle.chalmers@reedglobal.com. (Please mention Credit Insurance News Digest when applying).

Client Advisor / Client Manager. Reading.
This well-known broking house is seeking an additional team member to oversee a portfolio of UK based clients. The role itself will see you in regular contact with both clients and underwriters dealing with policy queries, limit requests, as well as getting involved in annual renewals and any spot business that needs to be carried out. You'll be working within a friendly and social team who have a good deal of credit experience, therefore are well able to support you. Within the role there is a clear development path and progression is definitely an option, this could either be within the local office or with a move into London. To be considered you should have a minimum of 6 months credit insurance experience from either a broking house or underwriter. Alternatively outgoing, ambitious and dynamic individuals who work in a related field will be considered. Contact Kerren.Leach@eamesconsulting.com / 0207 092 3283 for more detail. (Please mention Credit Insurance News Digest when applying).

Senior Trade Credit Broker. Singapore. S$120,000 - S$150,000 per annum.
Leading International Insurance Broker is looking to expand their Trade Credit team in Singapore. Knowledge and experience of working in the Asia Pacific Trade Credit Insurance market is essential. Contact: Richard.Burfitt@ipsgroupasia.com. Ref: CI490919RB. (Please mention Credit Insurance News Digest when applying).

New Appointments
Euler Hermes has announced the appointment of three regional chief executive officers - Germany, Austria, Switzerland (DACH), World Agency and France - and two senior leaders to its Group and MMEA Risk teams. Ron van het Hof, chief executive officer of Euler Hermes World Agency since 2013, becomes chief executive officer, DACH region. Nicolas Delzant, chief executive officer of Euler Hermes France since 2012, returns to his prior responsibilities as chief executive officer of the Euler Hermes World Agency. Eric Lenoir, Group head of Risk Underwriting, succeeds Delzant as chief executive officer of Euler Hermes France. Paolo Cioni, Euler Hermes MMEA regional director for Risk, Information and Claims, is promoted to Group head of Risk Underwriting, and Akgun Dogan, Group head of Claims, succeeds Cioni as regional Risk director for Euler Hermes MMEA.
In addition, Euler Hermes has announced several senior executive appointments in its APAC region. Victor Jiang is appointed chief executive officer of Euler Hermes China, based in Shanghai. Celine Ang will succeed Jiang as chief executive officer for Euler Hermes ASEAN, based in Singapore.
Lastly, Euler Hermes has announced that Pascal Personne, former CEO Spain for Solunion, the joint venture with MAPFRE operating in Spain and in Latin America, will become the head of Commercial & Distribution.

About this issue's sponsor: Tinubu Square.
Tinubu Square, the leader in cloud-based risk management tools, is delighted to provide you with the first release of the Success Toolkit. The Tookit will provide you with topical and relevant content about the key issues in credit management today. This is the first in a series that we will send to you each month.

Tinubu Square promotes credit management
For 15 years, Tinubu Square has shared its expertise in credit management, providing customers with innovative software solutions to improve their risk management: The RMC (Risk Management Center), our unique cloud technology (SaaS platform) integrates a risk management module and a credit insurance module which optimizes risk management and decision making.
Tinubu Square is a sponsor of professional associations specializing in credit management including the Chartered Institute of Credit Management (CICM) in United-Kingdom.
The objective of the Success Toolkit is to deliver insight and enhance knowledge about the current credit management market by sharing relevant content.

Success Toolkit assets
The toolkit contains ideas, case studies, specialist testimonies and news. Our goal is to answer all your questions with a variety of thought provoking stories.
The first edition deals with the essential role played by the Credit Manager in a company. How they are crucial in anticipating customer risk and what they see as the main issues affecting credit managers in 2015 are. This month's exclusive testimony comes from Peter Whitmore, a Senior Credit Manager and well-known figure in the UK credit management industry.

Credit Insurance News Digests: Sponsorship
Sponsoring an issue of Credit Insurance News Digest is a great way to promote your company or brand to a committed audience of trade credit insurance professionals.
If you are interested in sponsoring an issue in 2015 see our sponsorship page for further information.
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