Welcome to Issue 61 of Credit Insurance News Digest. This issue is kindly sponsored by XL Catlin.


Credit Insurance News
Why has it taken more than one century for credit insurance to become more widely used by American CFOs and Credit Professionals? An article by Arthur J. Gallagher advises that although the use of credit insurance has grown in the US from just one in fifty companies in the 1950s to around one in ten today, the popularity of the product still lags far behind Europe where, "easily 1/3 of European corporations of all sizes have credit insurance." The article suggests that this is primarily due to a number of misconceptions US companies still have about this type of credit risk mitigation strategy, and examines five of the most prevalent myths (e.g. credit insurance is too expensive and only makes sense if loss payments exceed premium) in order to debunk each in turn. To read the article go to http://www.ajg.com/knowledge-center/articles/the-five-most-common-misconceptions-about-credit-insurance/.
New research highlights the potential value of credit insurance. New research from InfolinkGazette has analysed 4,000 recent corporate liquidations and has found that the average value of realisable assets available for creditors of UK liquidations was just £15,967, leaving an average overall creditor shortfall of £466,229. Preferred Creditors fare reasonably well, with a net realisation percentage of 81% - although only 22% were expected to be completely paid in full. However, the 80,000 unsecured creditors, who are third in line for payout after preferred creditors and secured creditors, net a disappointing realisation of just 9%. Greg Connell, Managing Director of InfolinkGazette commented: “trade creditors can potentially reverse the loss ratio by taking out credit insurance; most credit insurance policies payout 90%, which compares to an average uninsured loss ratio of 91%." He added: “Businesses that have become an unsecured creditor of a failed business are over 3 times more likely than the national average "to succumb to business failure themselves.” To read InfolinkGazette's news release go to http://www.infolinkgazette.co.uk/?pid=6.
Long overdue invoices disrupt cash flow in the Americas. The September 2015 edition of Atradius' Payment Practices Barometer reveals that 1 in 3 businesses surveyed in Brazil, Canada, Mexico and the US report that around one-fifth of the value of their B2B receivables is more than 90 days overdue. In addition, approximately 95% of the respondents in the region report having experienced late invoice payment from their domestic and foreign B2B customers over the past year (response rate in Europe: 92.8%). This translates into an average of nearly 50% of the total value of B2B receivables - most often on foreign trade - being defaulted on. Overall, 2.2% of the value of B2B receivables was written off by survey respondents as uncollectable. To read Atradius' news release go to https://group.atradius.com/press/press-releases/ppb-the-americas-2015-press-release.html. Links to the individual reports for each region are available at https://group.atradius.com/reports-and-advice/.
Common reasons why trade credit insurance claims are rejected and how to avoid them. Cook Maran & Associates has published an article, 'How to prevent not getting paid on your trade credit insurance policy', which warns that one of the more challenging events that a credit department can experience is having a credit loss from a large client and trying to determine after the fact if the credit insurance policy will pay for the loss. As such, the article outlines the key items to be aware of before a claim is filed, common reasons claims are denied and how to avoid them. In praise of credit insurance the article comments: "Credit Insurance is one of the most powerful tools you can have to facilitate trade and get paid for what you sell."  To read Cook Maran & Associates' article go to http://www.cookmaran.com/blog/how-to-prevent-not-getting-paid-on-your-trade-credit-insurance-policy/#sthash.ENGjX4Tp.KRlW80Me.dpuf.
Atradius reports that Eurozone insolvencies in 2016 will exceed 2007's figure by 67%. According to a new report by Atradius, the global insolvency outlook for 2015 has weakened and a slowdown in the downward trend of insolvencies is forecast for the year ahead - with the fall revised to 7% compared to the previously forecast 10%. Insolvencies in the Eurozone are still 75% higher in 2015 than they were in 2007 and, although predicted to improve, they will remain 67% higher in 2016. Jason Curtis, Commercial Director at Atradius, said: “It is only when you compare the picture to pre-recession levels that you can clearly see how far we have to go on the road to recovery." To read Atradius' news release go to http://www.atradius.co.uk/corporate/press-releases/insolvency-outlook-revised-downwards-by-credit-insurer.html.
Scrap suppliers in the US feel credit insurers' pinch. Metal Bulletin.com has published an article, 'Scrap suppliers in USA feel credit insurers' pinch', which reports that some US ferrous scrap dealers were dealt a blow this past week as credit insurance was pulled from from Canton, Ohio-based Republic Steel, prompting suppliers to scramble to find a different home for their material. According to the article, a third insurer is still offering coverage to those that want to ship to the mill. This follows recent assessments from two credit insurers who have issued negative outlooks on the metal sector. To read the article on Metal Bulletin.com go to http://www.metalbulletin.com/Article/3492116/Scrap-suppliers-in-USA-feel-credit-insurers-pinch.html#axzz3nEh4oizG.
Political risk insurance is a buyers’ market according to Marsh. Business Day has published an article, 'Political risk insurance is a buyers’ market', which advises that, surprisingly, political risk insurance is cheap, freely available and can include countries where tensions are high. Indeed, according to a Political Risk Market Update from Marsh’s Credit & Political Risk Group, abundant capacity and strong competition have contributed to a generally favourable marketplace for buyers of political risk insurance. Evan Freely, Marsh’s Global Credit & Political Risk Practice leader, said: “The global political risk landscape continues to be shaped by falling oil prices, geopolitical tensions and regime change, whether as a result of constitutional elections or otherwise. But these trends have not yet translated into catastrophic losses for insurers." To read the article on Business Day's website go to http://businessdayonline.com/2015/09/political-risk-insurance-is-a-buyers-market-marsh/.
Coface describes the shift in the Chinese 'low cost' economic model. Coface's latest Panorama, 'Asia challenged by China's slowdown', advises that although China is trying to find a way to achieve healthier, more sustainable growth, this is not completely painless for its economy – or for those of its neighbours. According to Coface's estimates, growth in China is unlikely to exceed 6.7% in 2015 and 6.2% in 2016, compared with 13.4% over the period 2006-2007. Countries such as Hong Kong, Singapore and Mongolia are likely to be the first economic victims ('high risk of contagion' according to Coface). To read Coface's news release with a link to the full Panorama go to http://www.coface.com/News-Publications/News/Is-a-Chinese-shadow-cast-over-Asia. An at-a-glance infographic, 'Chinese slowdown: What risk of contagion for Asian countries' , is also available at http://www.coface.com/News-Publications/News/Infografics-Chinese-slowdown-what-risk-of-contagion-for-Asian-countries.
Euler Hermes plans to become one of the top two credit insurers in South Africa. BDlive has published an article, 'Global trade credit insurer Euler Hermes moves into SA', which reports that Euler Hermes has expanded into South Africa (SA) with ambitions to use the country as a base to start operations in Mozambique next year. The move will see Euler Hermes compete with SA's largest trade credit insure Credit Guarantee Insurance. Gregory Nosworthy, the MD of Euler Hermes in SA, said. "We are the fifth player to enter the South African market. SA has always been a spot that we have missed. It’s obviously a competitive market but we come with capacity." He continued: "We are going to be a substantial player within three to five years. Within five to eight years we plan to be in the top two." To read the article on BDlive's website go to http://www.bdlive.co.za/business/financial/2015/09/21/global-trade-credit-insurer-euler-hermes-moves-into-sa.
Coface latest Panorama report on Country Risk advises that large and small emerging countries are experiencing strong turbulence. Coface has warned that although worldwide growth continues to recover, its rate will not exceed 3% for the fourth year in a row and emerging countries forecasts are overshadowed by the weakness of raw material prices and the fall in exchange rates against the dollar. Activity has already slowed in a number of the larger emerging countries, such as China, Turkey and South Africa, while Russia and now Brazil are experiencing recession and Tunisia has a strong likelihood of going into recession. According to Coface, the country risk in the emerging countries will remain a major point of vigilance this year and several countries have been placed under negative watch.  To read Coface's news release with a link to the full Panorama go to http://www.coface.com/News-Publications/News/Quarterly-update-of-the-Coface-country-risk-assessments
Aon Credit International reports an increasing level of claims from the Middle East. Aon Credit International (ACI) has published a paper, 'Credit Insurance claims analysis: Evidence that claims are paid in a timely manner', which reports that total claims received by ACI year on year highlight that the value of claims is increasing mainly due to insolvencies. The paper advises that: "Whilst the UK and Western Europe still present the majority of losses, we are seeing an increase in the level of claims from the Middle East followed by the Americas/Caribbean, Eastern Europe and Asia/Pacific. Protracted default claims account for the majority of cases in non OECD markets." The paper also identifies the top ten claims that ACI negotiated in 2015 and claims turnaround by Aon underwriters. To read the report go to http://www.thehub-aon.co.uk/Insights/credit%20insurance%20claims%20analysis.pdf.
Euler Hermes study shows that the Netherlands are more positive than Germany on bilateral trade relations. According to Euler Hermes' latest Economic Insight, Dutch entrepreneurs are more enthusiastic about trade relations with Germany than Germans are about trade relations with the Netherlands. Two-thirds of Dutch companies say that cooperation in their sector between the Netherlands and Germany is successful, and can cite examples. In contrast, only a quarter of German entrepreneurs say this for their sectors. The research also found that more than 80% of Dutch businesses seeking to increase their exports aim for the German market. The converse is true for only 20% of German businesses. To read Euler Hermes' news release go to http://www.eulerhermes.com/mediacenter/news/Pages/press-release-netherlands-germany-24-09-15.aspx.
Atradius advises that the UK automotive sector's production volumes have increased by more than 50% in six years. Atradius has published a number of detailed country specific Market Monitor reports, 'Focus on automotive performance', for Brazil, China, Thailand, Spain, Sweden, Germany, Italy, Japan, Slovakia, the UK, US and France (see https://group.atradius.com/reports-and-advice/). The UK report advises that the UK automotive sector has continued growing in 2015 - albeit at a more modest rate than in 2014 - and overall production volumes have now increased by more than 50% since 2009. In addition, compared to other UK industries, the automotive sector’s default and insolvency rate is good, with a stable outlook. To read the UK's report go to https://group.atradius.com/reports-and-advice/market-monitor-automotive-uk-2015.html.
Gaining access to trade finance by leveraging trade credit insurance. An article by Markel International describes how banks in the Gulf Cooperation Council countries' increased willingness to share their spreads with investment grade credit insurers has given rise to an increasing trend of credit insurance backed trade finance, where the insured can leverage their credit insurance policy to obtain funding facilities from their financing banks.  The simplest form, Markel advises, is where the bank is made a loss payee, which means if the insurer accepts liability of the loss, the claim will be agreed with the insured, but the claim will be paid to the nominated bank (loss payee). The bank in turn structures an invoice discounting facility, where funds are advanced on the invoices raised to insured buyers. Typically, advances of 80-90% of invoice values are provided. To read Markel's article go to http://www.markelinternational.com/regions/london-market/products-and-expertise/Extra/Cover-stories/Gaining-access-to-trade-finance-by-leveraging-trade-credit-insurance/.
Sutton Winson launches a specialist Trade Credit service. Independent insurance and risk management providers Sutton Winson have announced plans to enter into the specialist Trade Credit market. Managing Director, David Thomson, commented; "Trade Credit is a natural extension to our existing capabilities and will compliment the successes of our Risk Management and Healthcare divisions" Stuart Austen has joined from Euler Hermes to lead the new service. To read Sutton Winson's news release go to https://www.suttonwinson.com/news-article.html?id=161.
Credendo Group advises that Algeria has experienced robust economic growth but is now being adversely impacted by the experiencing from the fall in international oil prices. Credendo Group's latest report on Algeria reports that the steep fall in international oil prices in the past year is severely impacting the revenues of oil exporting countries, including Algeria, particularly in view of its heavy economic dependence on the hydrocarbon sector. However Algeria's foreign exchange reserves are at the second highest level in the MENA, after Saudi Arabia, and external and public debts are virtually non-existent - about 2 and 9% of GDP respectively at the end of 2014. Thanks to these buffers, Credendo Group have rated Algeria in category 2 for short-term political risk and category 3 for long-term political risk on a scale of 1 (best) to 7 (worst), while the commercial risk assessment is C on a scale of A-C. To view Credendo' full risk assessment report (which includes dedicated sections Algeria's risk drivers and outlook as well as well as facts and figures/pros and cons) go to http://riskreporter.credendogroup.com/risk-assessment/suffering-from-lower-oil-and-gas-prices/.
Coface publishes its latest country risk assessment map. Coface has published its latest at-a-glance country risk assessment map for the 3rd quarter of 2015. Countries are rated (and colour coded) according to the risk of their business defaulting (A1 - D) with highlighted sections on Ecuador, Brazil, Trinidad and Tobago and Chile. To download a copy go to http://www.coface.com/News-Publications/News/Country-risk-assessment-map-3rd-quarter-2015.
Atradius focuses on CEE countries with a series of new reports. Atradius has published a series of CEE Country Reports for Turkey (5, moderate risk), Slovakia (3, moderate-low risk), Hungary (5, moderate risk), Poland (3, moderate - low risk) and the Czech Republic (3, moderate - low risk). The STAR rating runs on a scale from 1 to 10, where 1 represents the lowest risk and 10 the highest risk. Note: The 10 rating steps are aggregated into five broad categories ranging from ‘Low Risk’, ‘Moderate-Low Risk’, ‘Moderate Risk’, ‘Moderate-High Risk’ to ‘High Risk’, with a separate grade reserved for ‘Very High Risk. To view the reports go to https://group.atradius.com/reports-and-advice/.
And Finally . . .
Atradius to host webinar on opportunities on how to trade in Russia.
Atradius has announced that it will be hosting a webinar on 15 October 2015 (15:00 CET) to examine the opportunities available for trade with Russia and how to safely transact business in Russia. A panel of experts on Russia’s economy, business culture and law will be led by award winning financial journalist and broadcaster Adam Shaw. To register to listen in go to http://edge.media-server.com/m/p/4m9wdz87.
Business Information
UK SMEs are owed £67 billion in unpaid invoices. According to latest research from the Asset Based Finance Association (ABFA), British SMEs are owed £67.4 billion in unpaid invoices, up 8% from £62.5 billion in the last year alone, and 36% from £49.5 billion in 2011. However ABFA explains that even this £67.4 billion figure in unpaid invoices is likely to be a conservative estimate of the true value of unpaid invoices, as it only reflects the invoices of 180,000 SMEs that report detailed accounts. The true total value is likely to be significantly larger. Previous research from the ABFA also showed that SMEs are now waiting an average of 72 days for payment of invoices, up from 61 days at the height of the recession in 2009. To view ABFA's news release go to http://www.abfa.org.uk/news/101/UK-SMEs-owed-GBP-67bn-in-unpaid-invoices.
Intrum Justitia finds that 37% of B2B debts in Europe remain unpaid after 30 days. According to new research by Intrum Justitia, 37% of all outstanding B2B debts in Europe are unsettled after 30 days and 3.1% of yearly revenues have to be written off because companies do not receive sufficient payment. This corresponds to EUR 289 billion. Businesses in the Construction and Building Sector see 3.9 % of their revenues having to be written off and are one of the sectors that are impacted the most from late payments. The average payment term given to B2B clients is 28 days, however, 40% of all outstanding debts are paid in more than 31 days and as much as 11% of all outstanding debts in the sector take more than 90 days to settle. To read Intrum Justitia's news release go to http://news.cision.com/intrum-justitia-ab/r/late-payments-hampers-growth-and-job-creation---yet-37--of-debts-in-europe-remain-unpaid-after-30-da,c9836816.
Late payment the biggest factor to blame for UK business current VAT arrears. Latest research from LDF shows that UK businesses owe almost £2.6 billion to HMRC in overdue VAT payments, up from £2.55 billion in 2014. This figure has remained consistent in recent years, despite the improving economic climate. LDF's Managing Director, Peter Alderson, explains that one of the biggest factors is likely to be the fact that businesses are waiting longer to receive payment from suppliers – currently standing at around 72 days. "Should a client pay late, the business is still expected to pay VAT on those invoices, despite having less cash available to do so." The present 20% VAT rate may also be having an effect, as it now represents a significantly larger tax consideration than pre-2011. To read LDF's news release go to http://www.ldf.co.uk/avoid-overdue-payments-with-a-short-term-vat-loan/.
The UK's business growth environment ranks 27 out of 60 economies. The UK's business growth environment is improving according to the Grant Thornton Global Dynamism Index (GDI). The UK now ranks 27 out of 60 economies, having rising 7 places from the previous iteration of the index. However, key competitors Germany (11), the US (12) and France (23) rank higher. Globally, Singapore offers the most promising business growth environment for dynamic businesses as a result of a strong financing and regulatory environment. Israel (rank 2) has also risen six places this year. Australia (rank 3) drops two places but still ranks in the top five for business operating environment and labour market. To read Grant Thornton's news release go to http://www.grantthornton.co.uk/en/news-centre/economic-stability-and-robust-technology-are-main-attractions-of-uk-to-foreign-investment-says-global-business-growth-environment-index/.
BCC: ‘Two-tier’ growth continues, with alarm bells for trade aspirations. The latest British Chambers of Commerce (BCC) Quarterly Economic Survey shows that Britain’s two-tier growth trend continues. While both manufacturing and service balances were generally weaker this quarter, manufacturing balances declined to a much larger extent than in services and nearly all key national manufacturing balances remained stagnant or fell, painting a picture of prolonged, slow manufacturing growth. In addition, the balance of manufacturing firms exporting their products reached a six year low. Overall, the BCC advises that the results signal moderate economic growth over the next year, but warns that the UK recovery is facing serious global challenges. To read the BCC's news release with a link to the full report go to http://www.britishchambers.org.uk/press-office/press-releases/bcc-%E2%80%98two-tier%E2%80%99-growth-continues,-with-alarm-bell-for-trade-aspirations.html.
UK growth remains strong and expectations are upbeat. According to the latest CBI Growth Indicator, the rate of UK economic expansion dipped slightly in the three months to September following a near record-breaking previous month – but growth is still strong The Indicator found that the business & professional services and retail sectors continue to show robust growth, but manufacturing stalled in the quarter to September for the first time in almost two and a half years. Firms anticipate another strong expansion in business volumes over the next three months. To read the CBI's news release go to http://news.cbi.org.uk/news/uk-growth-remains-strong-and-expectations-are-upbeat1/.
Declining trend in financial health of South African businesses in Q2 2015. The latest Experian Business Debt Index (BDI) has revealed that the financial health of South African businesses has fallen to its lowest point since the financial crisis in 2009. “Although the reading has remained above the 0.0 level - which distinguishes between improving and deteriorating business debt conditions - the reading is the worst since 2009, when the index reached negative levels,” says Michelle Beetar, Managing Director of Experian South Africa. “This indicates that the rate of improvement in business debt conditions has indeed diminished significantly, in line with worsening economic conditions both domestically and abroad.” As a corollary, the BDI also found a gradual increase in the number of outstanding debtor days from the 43.6 days for October 2013 to 51.4 days in May 2015. To read Atradius' news release https://www.experianplc.com/media/news/2015/business-debt-stress-increases-in-line-with-worsening-economic-conditions/.
The optimism of European family businesses improves by nearly 50% in two years. The European Family Business Barometer from KPMG and European Family Businesses (EFB) has found that 75% of family businesses across Europe are optimistic in their forecasting. This represents a jump of nearly 50% from the 54% who expressed positivity two years ago. At 84% even greater confidence is suggested in the UK, which may be due to the higher proportion to have grown their turnover – 79% compared to 58%. Gary Deans, KPMG’s UK head of family business, commented: “It’s pleasing to see both the extent of the confidence those leading family businesses have in their prospects, and that they are backed by a positive curve in their major performance indicators. To read KPMG's news release go to http://www.kpmg.com/UK/en/IssuesAndInsights/ArticlesPublications/NewsReleases/Pages/increased-competition-fails-to-dent-high-confidence-levels-in-family-businesses-acrossthe-uk-and-europe.aspx.
Career Opportunities
Business Development Manager, Atradius. London.
An exciting opportunity has arisen to join a global market leader in credit insurance services. This London based role will include prospecting, structuring and closing of UK based commercial business. The successful candidate will be a key entry point into Atradius for the London Broker community and work on a portfolio of dedicated Brokers. Promoting our products to UK based companies, together with the Broker and other areas within Atradius, you will be responsible for designing, presenting and negotiating credit insurance deals.
To succeed you will need to be a team-player, able to work alongside and with other team members to progress / enhance our offering to provide the optimum solution for our prospects and Brokers. You will be confident enough to negotiate business at an individual or board level and negotiate internally with other departments to gain a competitive offering. The successful candidate will be a confident, ambitious self-starter, responsible for raising awareness of the company in the market place with a desire to succeed in a competitive market. This role would suit candidates with experience gained in a consultative business development or sales remit where building lasting business relationships is essential. Ideally you will have previous sales experience, but we will also consider individuals who know the industry well and want to take a step up into this exciting role.
If you are ready to take the next step in your career contact James Burgess at james.burgess@atradius.com for further information and/or forward your CV to Caroline Bannister – caroline.bannister@atradius.com. (Please mention Credit Insurance News Digest).

Business Development Director, London.
Working within the Global Client arena, for this major Credit Insurer, you will take a lead on identifying and winning new business opportunities presented via Brokers, Financial Institutions and where applicable through direct channels. To secure these opportunities you will be responsible for pro-actively developing relationships with key brokers and relevant individuals within financial institutions, ensuring you’re aware of their pipeline and how your product offering could suit, structuring a proposed policy to reflect the company in best possibly light, pitching to intermediaries and clients to ensure the proposition is fully understood, closing the deal and agreeing on-boarding structure. As the policies will often be multi-country, multi-continent and highly complex in nature you will be required to manage a great deal of internal stakeholders when looking to deliver a solution, this will involve building strong relationships across the business. This is an integral role for the team and will ensure the continued success of the department within the UK. To discuss this role in confidence please contact Kerren Leach on 0207 092 3283 / 07841 917 187 / kerren.leach@eamesconsulting.com
(Please mention Credit Insurance News Digest).

Credit Analyst - Equinox Global/ The Netherlands. 
Equinox Global is a specialist trade credit insurer with offices in five countries (UK, USA, Germany, France and the Netherlands). Equinox wants to reduce volatility in credit management and understands that its customers need certainty of cover, reliability and transparency. That is why we offer products with non-cancellable credit limits. Our main products are whole turnover policies, excess of loss, top-up and key account policies. For our office in the Netherlands (located in Breukelen) we are looking for a credit analyst who will work for both our Dutch and US office (Dutch, USA and Canadian markets) to assess credit risk on buyers and to develop the trade credit market. 
Skills and Requirements: Business, Economics or Finance based degree or equivalent. Minimum 2 years’ work experience in an analytical/credit risk underwriting role (preferably in the in the credit insurance industry). Knowledge and understanding of both domestic and export sector underwriting, including familiarity with credit management, export finance, political risk etc. A broad knowledge of domestic and global economic trends. Good language skills in Dutch and English; Spanish would be beneficial too. Strong analytical, organisational and communication skills. Demonstrate commercial awareness and initiative. Team player. Accuracy, timeliness and consistency in analysis, approvals and administration. A fresh approach to credit insurance.
The job will include: Assessing credit insurance request, taking into account the full scope of the policy and risks relating to buyers, countries and industries. Conducting financial statement analysis and formulating credit decisions and risk strategies on buyers, industries and countries via written memoranda and reporting or presenting on these where necessary. Monitoring of credit limits and risk strategies.as well as industry and economic and political trends. Liaising internally and externally about risks and policies. This includes underwriters, brokers, clients, buyers and information providers. Some travel required. 
 To work in an innovative, diverse and dynamic industry, with an entrepreneurial and growing company that is part of Lloyd’s of London please send your CV and covering letter to: Equinox Global, Dutch office, 0346-715075 / 06-25500967 or email Frank.masteling@equinoxglobal.com. (Please mention Credit Insurance News Digest).
Senior Political Risk Underwriter, London, c.£125,000 + Excellent Bonus and Benefits.
This major Syndicate is looking to grow its Political Risk team with the appointment of an experienced underwriter to join the team. You will be working as part of a close knit team and will be acting in a “Deputy Head” capacity, covering for the “Head of” whilst they are travelling or otherwise engaged. The team have ambitious growth plans and to achieve these they wish to increase the amount of Credit business that is written, therefore experience in underwriting private obligor credit business for another syndicate or major company market is essential. You will be instrumental in continued growth and development of the book, including product development, business planning, key strategic decisions as well as day to day underwriting. In addition, supervision of a small team will be involved – jointly with the Head, to include day to day coaching and development. Presently the syndicate write a good mix of bank, corporate and trader business across all major Lloyds products.
If you have the ambition and drive to help a team grow and reap the rewards associated, coupled with a strong network of supporting brokers in the London Market please don’t hesitate to contact Kerren Leach on kerren.leach@eamesconsulting.com / 0207 092 3283. (Please mention Credit Insurance News Digest).
Risk Services Underwriter. Atradius, Singapore.
The Underwriter is responsible for approving /acceptance of new requests for credit insurance cover from both new and existing customers. Includes financial and political risk analysis, applying underwriting principles and procedures to support a new risk or modify an existing strategy. Applicants must have: Previous risk underwriting experience, the ability to analyse financial statements (essential), knowledge of relevant analytical techniques, the ability to work with MS office applications, an interest in worldwide current affairs, the ability to work efficiently under pressure, an understanding of political risk and excellent communication skills. 
Requirements: The ability to focus on service to customers is a key requirement and the successful candidate will be able to clearly demonstrate a positive attitude and proactive approach. Strong communication skills are essential to the role, including the ability to discuss complex risk issues confidently. The successful candidate will be able to assimilate information and process workflow quickly and arrive at decisions promptly without detriment to quality. An ability to work within a team environment is essential, candidates should also be confident to work independently. Candidates should be aware that the position would involve travel overseas. A flexible approach to work, including long working hours is essential. Candidates must be fluent English speakers, an additional language would be of benefit. The candidate will be employed on a local contract. For more information and to apply for this position please email Anthony Rasera at anthony.rasera@atradius.com. Please mention Credit Insurance News Digest).
Head of Trade Credit, London.
This global carrier who have a track record within the Trade Credit and Political Risk market are looking for a high profile individual to join the business to launch their products into the UK. You will be focusing primarily on larger clients and receivables transactions delivered through brokers and banks. Therefore it’s imperative you have a strong network with the UK brokers, a wider broker network would be an added benefit but isn’t essential in the short term.
The product suite will include, Excess of Loss Whole Account, Multi-Buyer, Single Buyer Top Up, Key Account, Receivables Purchase, Asset Based Facilities, Factoring/Discounting Programmes, and Off Balance Sheet Transactions. Whilst you won’t be directly responsible for the whole-turnover ground up products, you will be expected to work very closely with this team ensuring clients receive the best solution and the insurer presents “one message to market”, therefore a good understanding of this product would be beneficial. As first feet on the ground for this product in the region you will need to take a hands-on attitude to writing business, including carrying out commercial and risk review of potential policies, liaison with other offices on global programmes, networking and any client/broker events required. The business is already functioning in other territories, therefore you will be able to utilise the manpower in other offices to support on risk underwriting, administration, etc. In addition, full technical support exists to facilitate international business.
In the longer term you will be responsible for building out a team underneath you to effectively grow and service the business. Whilst the firm are ambitious and committed, they are realistic with the growth plans and prefer to underwrite for profit rather than premium. This is an outstanding opportunity for a well-known market individual to branch out on their own, really make a name for themselves in a leadership capacity, and grow a book with the support of a major global organisation. If the above appeals and you’d like to discuss in more depth, please contact Kerren Leach on kerren.leach@eamesconsulting.com or 0207 092 3283 for a confidential discussion. (Please mention Credit Insurance News Digest).
Business Development Manager / Trade Credit Insurance. Dubai.
Job Purpose/Role: To achieve new business targets and develop a portfolio of clients in Trade Credit Insurance; Call prospects from the CRM Database to establish levels of interest in Trade Credit Insurance and schedule meetings; Meet managers and educate businesses about Trade Credit Insurance and negotiate with top management and decision makers, CFO or GM/.
Key Requirements/Skills/Experience: English speaker; Energetic; Tenacity with charm; Positive attitude with a high desire to succeed; An ability to work autonomously and generate and convert leads An ability to close deals at the end of the sales cycle. A Bachelor or Master degree is required.
If you are interested in the position above and think you have the right profile please send your CV to paradis@au-group.com. (Please mention Credit Insurance News Digest).
Experienced Risk Underwriter. London. Salary DOE.
This is an opportunity to join our Underwriting team, based in the London office. The successful candidate will be responsible for Underwriting credit limits on risks within primary delegated authority (UK and/or Ireland) and in accordance with group underwriting guidelines, and on export risks through use of secondary delegation in accordance with delegated authority and group underwriting guidelines. Monitoring and reporting on exposures will be required using reactive (automated messaging) and proactive methodologies. For part of this role the job holder will support the Commercial Department in the acquisition of new credit insurance business and the retention and renewal of existing policies. They will also represent the business clients, channel partners and professional bodies at the highest levels. The ability to read and interpret audited and management accounts is essential along with the ability and confidence to make risk decisions and provide explanations (both orally and in the form of internal report writing). Knowledge of company funding, turnaround, and buy-out situations is essential. Proven experience (5+ years) in a similar role from within the credit insurance is necessary. To apply, please contact: Ben Wade on 0207 220 4777 or email Ben.Wade@reedglobal.com. (Please mention Credit Insurance News Digest).
New Appointments
Markel International has announced that it has appointed Bennett Wong as assistant trade credit underwriter in its Singapore office. Bennett joins Markel from United Overseas Bank where, since 2013, he was vice president of the structured trade and commodity finance. Bennett will report to Abhishek Chhajer, senior underwriter and head of trade credit in Asia, and will work closely with Linda Naili, who joined the business last year from GE Capital.
Aon Risk Solutions has announced that it has appointed Pieter van Ede as head of business development, global trade credit. Mr. Van Ede has over 25 years of experience in trade credit and trade finance and was most recently head of global clients at Marsh Trade Credit. He will be based in Denver, Colorado, and will work closely with Stuart Lawson, chief executive officer, Aon Credit International Emea, and Steve Keogh, chief administrative officer, Americas.
QBE Trade Credit has announced the arrival of several new joiners.
  • Thomas Hunt has recently joined as Underwriting Manager – Risk. Thomas most recently worked for Barclays where he held the role of Case Director within the Business Support Team, looking after a portfolio of financially distressed corporate customers. 
  • James Evans is set to join the Trade Credit team in November and will work alongside Thomas Hunt as the second of QBE’s Underwriting Managers. James joins from SABMiller Procurement GmbH in Prague, where he held the position of Financial Planning and Analysis. 
  • James Price will be joining QBE as a Risk Underwriter in the Trade Credit team later this month. James joins from Euler Hermes where he held the position of Risk Underwriter within the Surety team, and prior to this as Risk Underwriter specialising in the construction, metal, and timber sectors.
QBE Australia has announced that its general manager of credit and surety, Richard Wulff, is to relocate from Sydney to Hong Kong as the company looks to develop its international offering. Mr Wulff will retain responsibility for the Group’s trade credit, surety and political risk portfolios in Australia and New Zealand alongside responsibilities for Asia, Europe North American and Latin America
Forthcoming Events
Trade Credit & Risk Insurance Forum, 11-13 October 2015. Dubai.
Trade Credit & Risk Insurance Forum provides a platform for interactive debate, networking and learning between trade credit stakeholders. This year's forum will enable effective partnerships and dialogue for trade promotion, insurance and credit and risk management between ministries, regulators, corporates, SMEs, ECAs, insurers, banks and financiers.
What's In It For Insurers, Reinsurers and Brokers? Gain first-hand knowledge of the changing criteria and requirements for trade credit insurance from leading regional corporates and SMEs to develop innovative products. Discover the evolution and adoption of standard TCI policies and other alternatives including top-ups, political risk, single buyer and top buyer in the region to access their potential and profitability. Drive market penetration and density by working with existing and potential clients, financiers as well as with other insurers through syndicates. Assess the market and improve business decisions through latest information on economic and political outlook and trends. Top tips to overcome the lack of information as well as drive transparency in claims and premium.
What's In It For Banks and Financiers? Understand criteria and requirements for trade finance from leading regional corporates and SMEs to develop innovative products. Discover the evolution and adoption of factoring and other alternatives in the region to assess its potential and profitability. Increase sales and market penetration by providing extra benefits to existing and potential clients by working closely with insurers and other financiers. Learn proven strategies for leveraging insurance to attract new pockets of liquidity and alleviate pressures of credit exposures, capital adequacy and capital allocation. Make better risk adjusted decisions through latest information on economic and political outlook and trends.
Click here for more information.
Receivables Finance Masterclass. 13 October, London.
Effective cash management is essential for any business to thrive in an increasingly competitive marketplace. Receivables purchasing arrangements, in which companies sell their receivables for cash, is becoming increasingly important in providing solutions to cash flow management problems and provides a valuable supplement to loan finance. However, there are important differences between receivables purchasing arrangements and bank debt, and it is essential that both providers and users of this form of finance understand how it operates.
This masterclass is designed for people who already have a working knowledge of receivables purchasing arrangements. It focuses on legal, commercial and practical issues that arise in implementing these structures domestically and internationally. It is important that delegates come armed with questions and an enthusiasm to engage and share experiences.
A clear understanding of receivables purchasing and its use in conjunction with loan financing has never been more important. This intensive one-day event will provide the information needed to exploit the opportunities provided by receivables purchasing. For more information go to http://www.bcrconferences.com/events/receivables-finance-masterclass.
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 GTDW'€™s six trade summits. For further information and to register as a delegate visit: www.kwglobaltrade.com.
TXF Asia 2015: Export, Agency and Project Finance. 28 - 29 October, Hong Kong.
As the Berne Union/ Prague Club Joint Annual Meeting 2015 takes place in Shanghai the week after our conference, TXF Asia 2015: Export, agency and project finance will capitalise on the attendance of all the Export Credit Agencies (ECAs) already confirmed to visit the region. This will add to the international flavour of the event and maximise networking opportunities for all guests. Moving away from just theory, senior speakers and moderators will instead present real case studies, share best practice and always consider how the actions of today will affect the future of this industry.
New to 2015, we are introducing some brand new session types, including a corporate knowledge exchange. This corporates only workshop allows for sharing of best practice, advice and tips away from the hustle and bustle of the main conference area. To view the full agenda please follow this link: http://www.txfnews.com/Events/Event/30/TXF-Asia-2015-Export-Agency-and-Project-Finance.
TXF Trade and Treasury 2015, 12 - 13 November, Frankfurt.
From digitisation and disruptive innovation to regulation and reprioritisation, the worlds of trade finance and treasury management are changing rapidly. TXF Trade and Treasury 2015 will provide participants with an honest appraisal of the trade finance environment whilst ensuring content is always solution-driven and forward thinking. This years agenda has the confidence to take on the most difficult questions in the industry and tackle them with open and honest debate. Find out more by visiting our event page here: http://www.txfnews.com/Events/Event/35/TXF-Trade-and-Treasury-2015
Transforming Factoring and Invoice Finance. 17 November 2015, London.
The event is open to all invoice finance, factoring and SME/lending professionals. A great opportunity to learn about the latest trends reshaping business finance and a chance to network with leaders in the industry. Get ahead of the game by joining BCR in adressing the future prospects and opportunities for the traditional factoring and invoice finance market, as the challenges of the alternative funding providers with their plethora of new platforms, appear to threaten its very existence. For further information go to http://www.bcrconferences.com/events/transforming-factoring-and-invoice-finance.
GTR’s West Coast Trade & Working Capital Conference 2015. 19 November, San Jose.
San Jose is the host city for GTR’s West Coast Trade & Working Capital Conference 2015, once again providing a key meeting point for business leaders and trade experts on the West Coast and beyond. Exporters, importers, producers, financiers and service providers will all be in attendance, ready to explore solutions to trading in the current economic climate as well as discussing potential opportunities in emerging markets. Networking sessions will take place throughout the event giving delegates the ideal platform for establishing new business relationships with those keen to do business within the region. Click here for more information.
The future for general insurance in the UK: regulation, competition and innovation. 2 December 2015. London.
Attendees at this conference will consider the future of the general insurance sector in the UK, and key challenges ahead for supporting competition and innovation across the sector. The seminar will present a timely opportunity to examine the industry's regulatory framework, in light of preparation for an operational Solvency II framework in January 2016. It is also timed to consider the impact of a wide-range of policy and regulatory developments impacting on the sector - including implementation of the recent Insurance Act, the Financial Conduct Authority's forthcoming consultation on competition remedies for insurance add-ons and the Competition and Markets Authority's Private Motor Insurance Market Investigation. Sessions will bring out latest thinking on contract law, tackling fraudulent claims as well as consumer protection, developing skills and attracting talent to the sector.
Chris Moulder, Director, General Insurance, Prudential Regulation Authority and Mary Starks, Director of Competition, Financial Conduct Authority have kindly agreed to deliver keynote addresses at this seminar. David Hertzell, Chair, Insurance Fraud Taskforce; Paula Jarzabkowski, Professor of Strategic Management, Cass Business School, City University London; Geraldine Quirk, Partner, Clyde & Co; Dr Alexander Scott, Chief Executive Officer, Chartered Insurance Institute; Max Taylor, Chairman, Islamic Insurance Association of London; Geoff White, Underwriting Manager, Cyber, Technology and Media, Barbican Insurance Group and a speaker confirmed from the Consumer Council for Northern Ireland have also agreed to speak. Lord Davidson of Glen Clova QC, Shadow Treasury Spokesperson has very kindly agreed to chair part of this seminar. Click here for more information.
Supply Chain Finance Summit. 27-28 January 2016. Frankfurt, Germany.
The market for supply chain finance (SCF) is lighting up. For EMEA alone, the market size is estimated to be as high as €17 Billion with an estimated annual growth rate of between 15-30%. This two day event covers the rapidly growing interest in targeting both domestic and cross border opportunities in the SCF space, as well as the increased interest from mid-sized companies now looking to supply chain finance to increase profitability and strengthen supply chains. Brought to you by BCR, specialist publishers in receivables, factoring and supply chain finance, the conference is open to all finance and supply chain professionals. It is a great opportunity to learn about the latest trends transforming the approach to supply chain management and a chance to network with leaders in the industry. Treasurers/CFOs, heads of supply chain/procurement from corporates & SME directors attend free of charge. For more information go to http://www.bcrconferences.com/events/supply-chain-finance-summit.
Receivables Finance International - RFIx. 9-10 March 2016, Lisbon, Portugal.
This well established market leading two-day Convention brings together nearly 200 delegates from Europe, the Americas, Africa and Asia, attracted by the quality of speakers, panel discussions and wide-ranging subject matter. The theme for 2016 is being developed now. To get involved, please contact Malou Lindholm, Director, BCR Publishing. For more information go to http://www.bcrconferences.com/events/receivables-finance-international---rfix.

About this issues's sponsor: XL Catlin 
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