Welcome to Issue 62 of Credit Insurance News Digest. This issue is kindly sponsored by Atradius.
Index
Credit Insurance News
Atradius: Is the slowdown in world trade temporary or permanent?
Atradius has published a new report which advises that before the financial crisis the rule of thumb was that global trade grew at twice the rate of the global economy. However, since 2012 trade has been growing much more slowly (from 7% between 1992 and 2006 to 3% in the past three years), and there are now, Atradius warns, structural changes to trade flows which imply that global trade growth will remain low similarly in the coming years - even if global economic growth picks up. In addition, if the regional trade deals that are currently under negotiation do not come to fruition, Atradius predicts that, "we may be stuck with modest trade growth for the foreseeable future." To read Atradius' report go to https://group.atradius.com/reports-and-advice/economic-research-slowdown-in-world-trade-2015.html.
New research highlights the importance of credit insurance and credit information. InfolinkGazette has published research which indicates that that there were 12,000 unsecured creditors in the UK in October 2015 with an average loss of £33,000. In addition, over 800 companies entered liquidation and, on average, each declared unsecured creditors of more than £0.5 million. Greg Connell, Managing Director of InfolinkGazette commented: "Companies often enter liquidation without warning, and even the most powerful predictive scorecards can only identify between 70% and 80% of business failures and often only months before the failure occurs, making it vital that debtors use a combination of credit information and credit insurance." To read InfolinkGazette's news release go to http://www.infolinkgazette.co.uk/?pid=6.
Why New Zealand and Australian exporters need to rethink credit insurance. Exporter magazine has published an article, 'Why exporters need to rethink credit insurance', in which Mark Hoppe, managing director of Atradius ANZ, gives five reasons why Australian and New Zealand exporters continue to view credit insurance as non-essential. This includes ignorance of the product at the top of the list, followed by: underrating risk, complacency and incorrect advice. Mr Hoppe also suggests that many organisations still avoid credit insurance because they believe it is expensive and simply don’t understand the competitive edge that the insurance can give them. To read the article on Exporter magazine's website go to http://exportermagazine.co.nz/articles/why-exporters-need-rethink-credit-insurance.
Canada's trade credit insurers show a marked increase in incurred losses on Canadian policies. Canadianunderwriter.ca has advised that according to brokerage firm PBL Insurance, recently released figures from Canada’s eight licensed trade credit insurers (including Crown corporation Export Development Corporation (EDC)), show a marked increase in incurred losses on Canadian policies. Russ Parker, vice president of PBL Insurance, commented that official numbers show that net premium/loss ratio for Canadian insureds hit 105% in the first half of 2015, after more than $111 million of claims were incurred. This is just $17 million less than for the entire year in 2014. The three largest insurers in order of size had loss ratios of 122%, 124% and 85%. To read the article on Canadianunderwriter.ca go to http://www.canadianunderwriter.ca/news/canadas-licensed-trade-credit-insurers-show-increase-in-incurred-losses-on-canadian-policies/1003840533/?&er=NA.
47% of US SME exporters are familiar with trade credit insurance but see credit reporting services as a key way to protect against overseas buyer risk. Pymnts.com has published an article, 'When international buyers skip out on the bill', which describes how non-payment is becoming a major barrier to US SMEs that want to go global. According to recent research by Euler Hermes, one-third of US SME exporters have experienced non-payment in the last 12 months related to an export shipment. In addition, nearly one-third of SMEs say that in general their overseas buyers demand longer payment terms, and 39% of SMEs said that their overseas buyers are more risky than their domestic ones. However, although 47% of US SME exporters said they are familiar with trade credit insurance options, nearly half see credit reporting services as a key way to protect against overseas buyer risk, and about one-third view letters of credit and advance cash payments as useful ways to mitigate risk. To read the article on Pymnts.com go to http://www.pymnts.com/in-depth/2015/when-international-buyers-skip-out-on-the-bill/#.VilJJ36rRaQ.
Atradius publishes its latest Payment Practices Barometer for Asia Pacific. Atradius' latest Payment Practice Barometer for Asia Pacific 2015 reports that the region is set to remain the most dynamic performer in global growth in the medium term, with strong economic growth rates expected in many countries (notably, 5% in Indonesia and 7% in India). The Barometer also found that 90.2% of the survey respondents in Asia Pacific, down from 97.5% in 2014, have experienced late payment of invoices from their domestic and foreign B2B customers over the past year (compared to 94.7% respondents in the Americas and 92.8% in Europe). The percentage varies markedly from a high of 97% in India to a low of 63.2% in Japan. To read Atradius' Barometer for Asia Pacific go to https://group.atradius.com/reports-and-advice/payment-practices-barometer-asia-pacific-2015.html. Individual Country Barometers are also available for Australia, China, Hong Kong, India, Indonesia, Japan, Singapore and Taiwan at https://group.atradius.com/reports-and-advice/.
The UK steel sector crisis highlights the value of credit insurance. Bdaily has published an article which reports that the UK steel sector crisis has turned a spotlight on what suppliers can do to protect themselves and highlights the value of credit insurance. According to Jonathan Willett, a Director at Henderson Insurance Brokers’ Teesside office, the demise of SSI in Redcar and other leading companies in the steel sector has had a detrimental knock-on effect for suppliers: “Aside from the obvious social and economic fallout there will be supply chain companies that will fold as a direct and indirect result of SSI’s demise. In addition, businesses reliant on the discretionary spending of those who earned a living in Redcar from the steel industry could find themselves under threat." To read Bdaily's article go to https://bdaily.co.uk/finance/21-10-2015/steel-crisis-teesside-insurance-brokers-offer-free-review-to-supply-chain-companies/.
Trade safely with Russia: 10 principles. Although Atradius advises that the legal basics that should be observed in relation to Russian customers are largely the same as those that apply in supply relationships with other customers, it cautions that there are certain peculiarities in Russian law, as well as practical specifics, which a supplier should take into account when planning sales to customers in Russia. This includes ensuring that you dealing with the correct company as, "it is not unusual in Russia to find more than one legal entity using the same corporate name", as well using simple and transparent supply arrangements. To read Atradius' ten principles to help businesses mitigate risks when exporting to Russia, go to https://group.atradius.com/reports-and-advice/trade-safely-with-russia-2015.html.
Insolvency Report: Coface advises that Poland continues to outperform. Coface's latest Barometer advises that although the current global economic situation could be summarised as a gradual recovery for advanced economies and turbulent times for emerging countries, there are exceptions to this rule in the emerging economies of Central and Eastern Europe. Poland, in particular, is outperforming, and Coface forecasts that the country's growth will reach 3.5% this year and 3.4% in 2016 - one of the highest GDP increases in the entire region. Polish company insolvencies also fell by 5.1% in 2014, with improvements expected to continue in 2015. To read Coface's news release with a link to the full report go to http://www.coface.com/News-Publications/News/Half-year-2015-Insolvency-Report-Poland-continues-on-improvement-track.
International Trade Survey 2015 shows that just under 60% of UK businesses felt that staying in the EU was critical to their business. Following the publication of the latest International Trade Survey, experts from the Institute of Export (IOE) and AIG have produced two short videos featuring AIG's Will Clark and the IOE's Lesley Batchelor to highlight some of the issues faced by UK businesses exporting to the EU and further afield, as well as issues related to the financing of export growth. Video 1: Exporting to the EU and beyond - http://www.aig.co.uk/insights/exporting-to-the-eu-and-beyond. Video 2: Financing export growth - http://www.aig.co.uk/insights/financing-export-growth. For a summary of the key findings of the IOE's International Trade Survey go to http://www.export.org.uk/blog/key-findings-of-the-2015-international-trade-survey.
A condensed view of political risk assessments published by Atradius, Coface, Credimundi and Euler Hermes. AU Group has published its latest AU G Grade for Q3 2015 which aims to provide a condensed view of political risk assessments published by Atradius, Coface, Credimundi and Euler Hermes. Since the previous edition, AU Group advises that fifteen countries have had a significant improvement or deterioration in their rating, with the top three changes being to Greece (grade dropped from 6.25 to 8.25), Brazil (rating changed from 4 to 5) and Cambodia (rating improved from 8.25 to 6.75). To obtain a copy of the free report go to http://www.au-group.com/how-to-monitor-country-risks.
Euler Hermes: Exports are critical to US SME's business growth. According to Euler Hermes’ 2015 US Export Survey, two-thirds of US SMEs feel that exporting has contributed to their business growth. Exporting SMEs also estimate they could increase revenues by 26.3% in three years and 42.4% in five years if armed with the right risk management tools. The majority of US businesses currently export to fewer than four markets, with Canada and the UK being the most common destinations. When asked which countries these companies would like to begin exporting to, China (14%), Canada (11%) and Germany (11%) top the list. To read Euler Hermes' news release with a link to the full report go to
http://www.eulerhermes.com/mediacenter/news/Pages/Euler-Hermes-Surve-Exports-Critical-to-U.S-Small-Medium-Business-Growth.aspx.
Coface's latest quarterly sector risk assessments. Coface has advised that it has revised its risk assessment for three sectors this quarter: automotive in emerging Asia, energy in the three zones surveyed, and ICT in Western Europe. It has also advised that despite being hardest hit by the difficulties of the oil industry, thanks to its still buoyant activity, North America remains the least risky region. Overall, Coface advises that energy is more risky than ever while information and communication technologies is only sector to receive a positive revision. To read Coface's news release with a link to its latest sector Barometer and at-a-glance infographic go to http://www.coface.com/News-Publications/News/Quarterly-sector-risk-assessments-update.
German construction sector: Boom years are over. According to a new Euler Hermes study, during the boom from 2010 onwards German construction companies fared relatively well - particularly compared to their ailing European neighbours. However, more recently, the spirit of optimism that prevailed in the sector in recent years has largely disappeared and confidence in the sector is falling. Nevertheless, the profitability of German construction firms remains stable, leverage is low, and insolvencies - although accounting for 17% of all bankruptcies in Germany , the second highest figure after wholesale and retail - are expected to be slightly down by around 3% in 2015. To read Euler Hermes' news release with a link to the full report go to http://www.eulerhermes.com/mediacenter/news/Pages/press-release-germany-construction-221015.aspx.
Credendo Group sees high risks in Argentina and remains pessimistic about both commercial and political risk. One reason for this is the dire state of the Argentine economy. GDP fell by 2.1% in 2014 and is expected to contract by 1% in 2015, while inflation – according to private sector estimates – rose above 40% in 2014. Although some optimism prevails regarding the forthcoming presidential election - all three main candidates are seen as more pragmatic and business-friendly than incumbent President Kirchner - Credendo warns that Argentina's anti-business policy framework has become increasingly entrenched in recent years. As as result, a quick turnaround of economic policies will not be easy. To read Credendo's analysis go to http://riskreporter.credendogroup.com/2015/10/22124/.
Solunion launches operations in Panama. Following launches in Uruguay and Peru earlier this year, Solunion, the trade credit insurance joint venture created by Euler Hermes and MAPFRE, has launched operations in Panama - the seventh Latin American country in which Solunion operates. According to Euler Hermes economic research, Panama’s growth outlook is among the strongest in the region. Over the past 12 years, its economy has significantly outperformed the regional average, with very strong growth rates - such as the 6.2% growth recorded in 2014. Furthermore, the economy is expected to remain very dynamic over the coming years, with growth of around 6% forecast for 2015 and 2016. To read Euler Hermes' news release go to http://www.eulerhermes.com/mediacenter/news/Pages/Solunion-launches-operations-in-Panam.aspx.
Euler Hermes: Swiss foreign trade has boomed over the last 20 years. Euler Hermes has published a news release summarising its business journey in Switzerland over the last twenty years as well as economic changes which have seen Swiss foreign trade grow by 196% - from CHF96 billion in 1995 to to CHF285 billion in 2014. However, Euler Hermes warns that in order to continue to remain competitive internationally, the Swiss export sector must keep reorienting and adapting, "while increasingly bureaucratic hurdles at political level have to be met head on." To read Euler Hermes' news release go to http://www.eulerhermes.com/mediacenter/news/Pages/press-release-20years-EH-Switzerland.aspx.
Despite Chinese competition and the end of subsidies, the revival of the European photovoltaic industry seems likely. Coface's latest Panorama advises that worldwide momentum in favour of "greener" energy consumption caused European electricity from photovoltaics to increase sharply, from 0.7KWh in 2004 to 62.4 billion KWh eight years later. However the boom was short-lived and when, for a variety of reasons including the end of national and European subsidies, the bubble burst in 2011, company insolvencies in the sector rose sharply (in France they almost tripled). Looking ahead, Coface economists consider that this slowdown is temporary, and remain optimistic about that the industry will see a revival in Europe. To read Coface's news release with a link to the Panorama and an at-a-glance infographic go to http://www.coface.com/News-Publications/News/Focus-on-the-future-of-solar-energy-in-Europe-photovoltaics.
Marketshares of the main credit insurers in Chile. Latin Trade Risk (LTR) has published an information sheet which indicates the marketshares of the main credit insurers in Chile. In 2014, credit insurance premiums in Chile reached USD 75 million, and Continental (Atradius) and Coface dominated with market with marketshares of 51% and 25% respectively. Continental notably dominated the domestic credit insurance market with a 57% marketshare, followed in second position by Coface at 15%. However, the gap between the insurers in the export market was rather less: Coface held 45% of the market while Continental had a 36% marketshare. To view LTR's analysis go to https://www.slideshare.net/slideshow/embed_code/key/glLcqs5HjJz3rt.
Business Information
The pace of UK retailers shutting up shop drops to the lowest level for five years. New PwC research (compiled by the Local Data Company (LDC)) has shown that in the first six months of 2015, 2,634 shops closed on the UK high streets - a rate of 14 stores a day. This is the lowest closure rate in five years and also represents the lowest levels of churn on the high street since 2011. However, although these figures reflect a less hostile environment for retailers, the PwC/LDC study also shows that 2,634 outlets closed in a six-month period compared to 2,197 openings - a net reduction of 437 shops. This represents a slight widening of the gap when compared to the previous year. To read PWC's news release go to http://pwc.blogs.com/press_room/2015/10/pace-of-retailers-shutting-up-shop-plummets-to-lowest-level-for-five-years-says-pwc-and-the-local-da.html.
Singapore tops the Global Competitiveness rankings, with the UK in tenth position. The World Economic Forum has published its latest Global Competitiveness Index and has announced that, for the seventh consecutive year, first place goes to Switzerland. Singapore remains in 2nd place, followed by the US in 3rd place. Germany improves by one place to 4th and the Netherlands returns to the 5th place it held three years ago. Japan (6th) and Hong Kong SAR (7th) follow, both stable. Finland falls to 8th place – its lowest position ever – followed by Sweden (9th). The UK is in tenth position. To read the WEF's news release and see the full rankings go to https://agenda.weforum.org/news/new-normal-productivity-spells-uncertainty-for-global-economy/.
Stability may finally be returning to the struggling UK grocery sector. According to Begbies Traynor's Red Flag Alert research for Q3 2015, which monitors the financial health of UK companies, UK food retailers experienced their first quarterly decline in ‘Significant’ financial distress in over two years, decreasing 5% to 5,002 struggling businesses over the past three months (Q2 2015: 5,258). The last time that UK food retailers saw any improvement in financial distress was during Q2 2013 when there were 2,428 failing businesses in the sector; 51% fewer than the number, "struggling to make ends meet today." To read Begbies Traynor's news release go to http://www.begbies-traynorgroup.com/news/business-health-statistics/uk-grocery-industry-fights-back-with-first-signs-of-sector-recovery.
A robust approach to late payment may win respect rather than lose customers. Following the announcement by Tesco that it plans to cut its payment terms to 14 days for suppliers that are small businesses, Lovetts is urging SMEs to use the Tesco initiative as a signal that a more robust approach to late payment may win them respect rather than lose custom. Currently, according to Lovetts’ figures, firms spend an average of 99 days waiting for an invoice to be paid before instructing their solicitor to issue a Letter Before Action threatening legal action. Charles Wilson, Chairman of Lovetts, commented: "We urge businesses to act early on late payments. . . In over 8 out of 10 cases, a simple warning of legal action is enough and can cost businesses less than a cup of coffee." To read Lovetts' news release go to https://www.lovetts.co.uk/news/Lovetts-welcome-Tesco-move-to-cut-payment-terms-to-14-days.aspx.
UK business confidence recalibrates but is still well above the global average. New research from Grant Thornton’s International Business Report (IBR), a survey of 2,500+ business leaders in 36 economies, reveals that UK business confidence dropped slightly in the third quarter of this year to 67%. This follows a post-election bounce in Q2, from 65% to 79%, following the outcome of the General Election. However, despite the quarterly decline, the UK remains one of the survey's most confident economies. Globally, average business confidence dropped to 38% (from 45% in the previous quarter), largely triggered by a slowdown of the Chinese economy, which had a knock-on effect on many of its key trading partners. To read Grant Thornton's news release go to http://www.grantthornton.co.uk/en/news-centre/uk-business-confidence-recalibrates-following-post-election-boost-yet-optimism-still-well-above-global-average/.
One-in-five businesses say they would be put in financial difficulty by an interest rate rise. According to the latest Business Distress Index from R3, nearly one-in-five businesses (19%) say they would be put in financial difficulty by an interest rate rise. Compared to last year, this is slightly fewer businesses (2014: 22%), but, according Phillip Sykes, President of R3, still represents, "a substantial amount of businesses and jobs that could be put in difficulty.” The survey also found that 4% of businesses – equivalent to 77,000 companies – say they would struggle to repay their debts if interest rates were to rise. To read R3's news release go to https://www.r3.org.uk/index.cfm?page=1114&element=25143&refpage=1008.
UK economy is resilient heading into 2016. According to the latest Business Trends Report by BDO, businesses expect growth to continue into 2016. BDO’s Optimism Index increased to 102.2 from 101.9 this month, the first uptick in confidence since February this year. This confidence is underpinned by continuing low inflation rates, which are helping manufacturers in particular. But BDO also warns that the IMF last week warned that the risk of a global recession is still on the horizon, and that UK businesses cannot afford to be complacent. To read BDO's news release go to http://www.bdo.co.uk/press/uk-economy-resilient-heading-into-2016.
The IMF predicts that the recovery will strengthen in advanced economies, but prospects remain uneven. The IMF has released its latest World Economic Outlook (WEO) update which advises that although global growth in 2015 is now projected at 3.1% - 0.3 percentage point lower than in 2014 - prospects across the main countries and regions remain uneven with growth in advanced economies expected to pick up slightly, but declines in emerging market and developing economies. In 2016, global activity is projected to gather some pace, with strengthening recovery in advanced economies and improvements in emerging and developing economies.
In particular, growth in countries in economic distress in 2015 (including Brazil, Russia, and some countries in Latin America and in the Middle East), is projected to be higher next year.
To view the Update on the IMF's website go to http://www.imf.org/external/pubs/ft/weo/2015/02/.
UK SMEs account for 47.2% of private sector turnover. The Forum of Private Business (FPB) has published its latest analysis of Office of National Statistics figures and has reported that UK SMEs have a collective turnover of £1,753,900 and generate 47.2% of private sector turnover (previously 46.8%). Overall, there are now 5.4 million businesses in the UK (compared to 3.5 million in 2000), 76% of which have no employees. To read the FPB's news release go to https://www.fpb.org/press/october-2015/annual-business-population-statistics-2015.
Career Opportunities
Senior Credit Risk Underwriter, London (Lloyds), £Negotiable.
This long established Lloyds syndicate who presently underwrite profitable Political Risk and Structured Credit business are looking to hire an experienced Trade Credit Underwriter into their team. You will be working alongside a team of experienced underwriters who will be able to team you the product suite within the Political Risk and Structured Credit market.
The syndicate are looking for you to underwrite a new product suite which will include Top Up, Single Buyer, Limited Multibuyer XoL, Short Term Single Situation Credit. These risks will be supplied by the main Trade Credit brokers in the London, Regional UK and European market. This will include analysis of buyers within OECD territories and production of credit file information when needed. A limited obligor database exists and you will be involved in the scoping of new database or information providers where needed.
Therefore you must have experience in underwriting Trade Credit business within a recognised Trade Credit institution, ideally this will be both commercial and risk underwriting, however exceptionally commercial risk underwriters will also be considered. You should have an existing network of brokers within the UK Trade Credit market, although the company will also support in marketing efforts and assistance with developing the product suite.
This client aren’t looking to necessarily detract from the current Trade Credit Insurers but to add value where possible by providing extra capacity where needed and bespoke solutions that might not necessarily exist in the traditional markets. Alongside the Trade Credit risks you will be taught to underwrite Political and Structured Credit business by the other underwriters and will be expected to assist with underwriting within the Lloyds platform.
This is an excellent opportunity for an experienced and high calibre Trade Credit underwriter to make the move into a Lloyds environment whilst still utilising their existing skills and network. For further information and a confidential discussion, please contact kerren.leach@eamesconsulting.com or call 0207 092 3283. (Please mention Credit Insurance News Digest).
This long established Lloyds syndicate who presently underwrite profitable Political Risk and Structured Credit business are looking to hire an experienced Trade Credit Underwriter into their team. You will be working alongside a team of experienced underwriters who will be able to team you the product suite within the Political Risk and Structured Credit market.
The syndicate are looking for you to underwrite a new product suite which will include Top Up, Single Buyer, Limited Multibuyer XoL, Short Term Single Situation Credit. These risks will be supplied by the main Trade Credit brokers in the London, Regional UK and European market. This will include analysis of buyers within OECD territories and production of credit file information when needed. A limited obligor database exists and you will be involved in the scoping of new database or information providers where needed.
Therefore you must have experience in underwriting Trade Credit business within a recognised Trade Credit institution, ideally this will be both commercial and risk underwriting, however exceptionally commercial risk underwriters will also be considered. You should have an existing network of brokers within the UK Trade Credit market, although the company will also support in marketing efforts and assistance with developing the product suite.
This client aren’t looking to necessarily detract from the current Trade Credit Insurers but to add value where possible by providing extra capacity where needed and bespoke solutions that might not necessarily exist in the traditional markets. Alongside the Trade Credit risks you will be taught to underwrite Political and Structured Credit business by the other underwriters and will be expected to assist with underwriting within the Lloyds platform.
This is an excellent opportunity for an experienced and high calibre Trade Credit underwriter to make the move into a Lloyds environment whilst still utilising their existing skills and network. For further information and a confidential discussion, please contact kerren.leach@eamesconsulting.com or call 0207 092 3283. (Please mention Credit Insurance News Digest).
Business Development Director, London.
Working within the Global Client arena, for this major Credit Insurer, you will take a lead on identifying and winning new business opportunities presented via Brokers, Financial Institutions and where applicable through direct channels. To secure these opportunities you will be responsible for pro-actively developing relationships with key brokers and relevant individuals within financial institutions, ensuring you’re aware of their pipeline and how your product offering could suit, structuring a proposed policy to reflect the company in best possibly light, pitching to intermediaries and clients to ensure the proposition is fully understood, closing the deal and agreeing on-boarding structure. As the policies will often be multi-country, multi-continent and highly complex in nature you will be required to manage a great deal of internal stakeholders when looking to deliver a solution, this will involve building strong relationships across the business. This is an integral role for the team and will ensure the continued success of the department within the UK. To discuss this role in confidence please contact Kerren Leach on 0207 092 3283 / 07841 917 187 / kerren.leach@eamesconsulting.
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.
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).
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.
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).
Experienced Risk Underwriter. London. Salary DOE.
This is an opportunity to join our Underwriting team, based in the London office. The successful candidate will be responsible for Underwriting credit limits on risks within primary delegated authority (UK and/or Ireland) and in accordance with group underwriting guidelines, and on export risks through use of secondary delegation in accordance with delegated authority and group underwriting guidelines. Monitoring and reporting on exposures will be required using reactive (automated messaging) and proactive methodologies. For part of this role the job holder will support the Commercial Department in the acquisition of new credit insurance business and the retention and renewal of existing policies. They will also represent the business clients, channel partners and professional bodies at the highest levels. The ability to read and interpret audited and management accounts is essential along with the ability and confidence to make risk decisions and provide explanations (both orally and in the form of internal report writing). Knowledge of company funding, turnaround, and buy-out situations is essential. Proven experience (5+ years) in a similar role from within the credit insurance is necessary. To apply, please contact: Ben Wade on 0207 220 4777 or email Ben.Wade@reedglobal.com. (Please mention Credit Insurance News Digest).
This is an opportunity to join our Underwriting team, based in the London office. The successful candidate will be responsible for Underwriting credit limits on risks within primary delegated authority (UK and/or Ireland) and in accordance with group underwriting guidelines, and on export risks through use of secondary delegation in accordance with delegated authority and group underwriting guidelines. Monitoring and reporting on exposures will be required using reactive (automated messaging) and proactive methodologies. For part of this role the job holder will support the Commercial Department in the acquisition of new credit insurance business and the retention and renewal of existing policies. They will also represent the business clients, channel partners and professional bodies at the highest levels. The ability to read and interpret audited and management accounts is essential along with the ability and confidence to make risk decisions and provide explanations (both orally and in the form of internal report writing). Knowledge of company funding, turnaround, and buy-out situations is essential. Proven experience (5+ years) in a similar role from within the credit insurance is necessary. To apply, please contact: Ben Wade on 0207 220 4777 or email Ben.Wade@reedglobal.com. (Please mention Credit Insurance News Digest).
New Appointments
QBE has announced the following new appointments.
- James Calder joins QBE from Euler Hermes and as Risk Underwriter will be responsible for Retail, Media and Financial risks.
- Emma Goulden is joining QBE Trade Credit’s Manchester team as Commercial Underwriter. Emma was previously account manager and new business underwriter in the strategic account and major account arena with Euler Hermes.
- Antonia Heap has joined QBE as an Assistant Underwriter. Her focus will be on developing an SME Portfolio in the North. She moves to QBE from AXA Insurance.
AIG has announced the following new appointments:
- Jas Jalaf joined on 14th September to take the position of Trade Finance – Origination and Structuring. Jas joins AIG from the Credit Solutions Group at Deutsche Bank. Jas is a Chartered Accountant and has held previous positions at XL Capital Assurance, CIBC World Markets and UBS.
- Meera Savjani transferred to the Trade Finance team on 21st September as Trade Finance - Operations Specialist. Meera previously worked at AIG as Business Development Implementation Manager.
- Marilyn Blattner-Hoyle will join on 8th December as Trade Finance – Legal Counsel. Marilyn joins AIG from Hogan Lovells International LLP. Marilyn will be responsible for managing the legal operations aspects of our insurance-backed receivable financing and supply chain finance initiatives.
Forthcoming Events
EVENT OF THE MONTH:
Creating Transparency and Growth in Project and Infrastructure Finance. 4 November, London.Join S&P Capital IQ on 4th November in London to hear speakers from Insurance Europe, Standard & Poor’s Ratings Services, Platts and S&P Dow Jones Indices discuss latest market observations, default & recovery trends, and the potential implications of Solvency II and energy prices on infrastructure investment. Register here: http://bit.ly/1RRsvti.
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.
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.
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.
Creating Transparency and Growth in Project and Infrastructure Finance. 4 November, London.
Join S&P Capital IQ on 4th November in London to hear speakers from Insurance Europe, Standard & Poor’s Ratings Services, Platts and S&P Dow Jones Indices discuss latest market observations, default & recovery trends, and the potential implications of Solvency II and energy prices on infrastructure investment. Register here: http://bit.ly/1RRsvti.
Join S&P Capital IQ on 4th November in London to hear speakers from Insurance Europe, Standard & Poor’s Ratings Services, Platts and S&P Dow Jones Indices discuss latest market observations, default & recovery trends, and the potential implications of Solvency II and energy prices on infrastructure investment. Register here: http://bit.ly/1RRsvti.
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.
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---the-alternative-and-receivables-finance-challenge.
The event is open to all invoice finance, factoring and SME/lending professionals. A great opportunity to learn about the latest trends reshaping business finance and a chance to network with leaders in the industry. Get ahead of the game by joining BCR in adressing the future prospects and opportunities for the traditional factoring and invoice finance market, as the challenges of the alternative funding providers with their plethora of new platforms, appear to threaten its very existence. For further information go to http://www.bcrconferences.com/events/transforming-factoring-and-invoice-finance---the-alternative-and-receivables-finance-challenge.
Trade credit seminar: Aon Insights Asia 2015.19 November 2015, Raffles Hotel, Singapore.
Learn more about the current global economic climate and the opportunities and challenges presented to corporates, insurers and banks. Featuring key note speech by Julien Marcilly, Coface Chief Economist, and an interactive panel discussion which will include representatives from Anglo American Marketing Limited, Concordia Agritrading Pte Ltd, DBS Bank and OCBC Bank. East India Room, Raffles Hotel, Singapore - Thursday, 19 November 2015, from 4pm. Click here to register.
Learn more about the current global economic climate and the opportunities and challenges presented to corporates, insurers and banks. Featuring key note speech by Julien Marcilly, Coface Chief Economist, and an interactive panel discussion which will include representatives from Anglo American Marketing Limited, Concordia Agritrading Pte Ltd, DBS Bank and OCBC Bank. East India Room, Raffles Hotel, Singapore - Thursday, 19 November 2015, from 4pm. Click here to register.
GTR’s West Coast Trade & Working Capital Conference 2015. 19 November, San Jose.
San Jose is the host city for GTR’s West Coast Trade & Working Capital Conference 2015, once again providing a key meeting point for business leaders and trade experts on the West Coast and beyond. Exporters, importers, producers, financiers and service providers will all be in attendance, ready to explore solutions to trading in the current economic climate as well as discussing potential opportunities in emerging markets. Networking sessions will take place throughout the event giving delegates the ideal platform for establishing new business relationships with those keen to do business within the region. Click here for more information.
San Jose is the host city for GTR’s West Coast Trade & Working Capital Conference 2015, once again providing a key meeting point for business leaders and trade experts on the West Coast and beyond. Exporters, importers, producers, financiers and service providers will all be in attendance, ready to explore solutions to trading in the current economic climate as well as discussing potential opportunities in emerging markets. Networking sessions will take place throughout the event giving delegates the ideal platform for establishing new business relationships with those keen to do business within the region. Click here for more information.
The future for general insurance in the UK: regulation, competition and innovation. 2 December 2015. London.
Attendees at this conference will consider the future of the general insurance sector in the UK, and key challenges ahead for supporting competition and innovation across the sector. The seminar will present a timely opportunity to examine the industry's regulatory framework, in light of preparation for an operational Solvency II framework in January 2016. It is also timed to consider the impact of a wide-range of policy and regulatory developments impacting on the sector - including implementation of the recent Insurance Act, the Financial Conduct Authority's forthcoming consultation on competition remedies for insurance add-ons and the Competition and Markets Authority's Private Motor Insurance Market Investigation. Sessions will bring out latest thinking on contract law, tackling fraudulent claims as well as consumer protection, developing skills and attracting talent to the sector.
Chris Moulder, Director, General Insurance, Prudential Regulation Authority and Mary Starks, Director of Competition, Financial Conduct Authority have kindly agreed to deliver keynote addresses at this seminar. David Hertzell, Chair, Insurance Fraud Taskforce; Paula Jarzabkowski, Professor of Strategic Management, Cass Business School, City University London; Geraldine Quirk, Partner, Clyde & Co; Dr Alexander Scott, Chief Executive Officer, Chartered Insurance Institute; Max Taylor, Chairman, Islamic Insurance Association of London; Geoff White, Underwriting Manager, Cyber, Technology and Media, Barbican Insurance Group and a speaker confirmed from the Consumer Council for Northern Ireland have also agreed to speak. Lord Davidson of Glen Clova QC, Shadow Treasury Spokesperson has very kindly agreed to chair part of this seminar. Click here for more information.
Attendees at this conference will consider the future of the general insurance sector in the UK, and key challenges ahead for supporting competition and innovation across the sector. The seminar will present a timely opportunity to examine the industry's regulatory framework, in light of preparation for an operational Solvency II framework in January 2016. It is also timed to consider the impact of a wide-range of policy and regulatory developments impacting on the sector - including implementation of the recent Insurance Act, the Financial Conduct Authority's forthcoming consultation on competition remedies for insurance add-ons and the Competition and Markets Authority's Private Motor Insurance Market Investigation. Sessions will bring out latest thinking on contract law, tackling fraudulent claims as well as consumer protection, developing skills and attracting talent to the sector.
Chris Moulder, Director, General Insurance, Prudential Regulation Authority and Mary Starks, Director of Competition, Financial Conduct Authority have kindly agreed to deliver keynote addresses at this seminar. David Hertzell, Chair, Insurance Fraud Taskforce; Paula Jarzabkowski, Professor of Strategic Management, Cass Business School, City University London; Geraldine Quirk, Partner, Clyde & Co; Dr Alexander Scott, Chief Executive Officer, Chartered Insurance Institute; Max Taylor, Chairman, Islamic Insurance Association of London; Geoff White, Underwriting Manager, Cyber, Technology and Media, Barbican Insurance Group and a speaker confirmed from the Consumer Council for Northern Ireland have also agreed to speak. Lord Davidson of Glen Clova QC, Shadow Treasury Spokesperson has very kindly agreed to chair part of this seminar. Click here for more information.
Supply Chain Finance Summit. 27-28 January 2016. Frankfurt, Germany.
The market for supply chain finance (SCF) is lighting up. For EMEA alone, the market size is estimated to be as high as €17 Billion with an estimated annual growth rate of between 15-30%. This two day event covers the rapidly growing interest in targeting both domestic and cross border opportunities in the SCF space, as well as the increased interest from mid-sized companies now looking to supply chain finance to increase profitability and strengthen supply chains. Brought to you by BCR, specialist publishers in receivables, factoring and supply chain finance, the conference is open to all finance and supply chain professionals. It is a great opportunity to learn about the latest trends transforming the approach to supply chain management and a chance to network with leaders in the industry. Treasurers/CFOs, heads of supply chain/procurement from corporates & SME directors attend free of charge. For more information go to http://www.bcrconferences.com/events/supply-chain-finance-summit.
The market for supply chain finance (SCF) is lighting up. For EMEA alone, the market size is estimated to be as high as €17 Billion with an estimated annual growth rate of between 15-30%. This two day event covers the rapidly growing interest in targeting both domestic and cross border opportunities in the SCF space, as well as the increased interest from mid-sized companies now looking to supply chain finance to increase profitability and strengthen supply chains. Brought to you by BCR, specialist publishers in receivables, factoring and supply chain finance, the conference is open to all finance and supply chain professionals. It is a great opportunity to learn about the latest trends transforming the approach to supply chain management and a chance to network with leaders in the industry. Treasurers/CFOs, heads of supply chain/procurement from corporates & SME directors attend free of charge. For more information go to http://www.bcrconferences.com/events/supply-chain-finance-summit.
Receivables Finance International - RFIx. 9-10 March 2016, Lisbon, Portugal.
This well established market leading two-day Convention brings together nearly 200 delegates from Europe, the Americas, Africa and Asia, attracted by the quality of speakers, panel discussions and wide-ranging subject matter. The theme for 2016 is being developed now. To get involved, please contact Malou Lindholm, Director, BCR Publishing. For more information go to http://www.bcrconferences.com/events/receivables-finance-international---rfix.
This well established market leading two-day Convention brings together nearly 200 delegates from Europe, the Americas, Africa and Asia, attracted by the quality of speakers, panel discussions and wide-ranging subject matter. The theme for 2016 is being developed now. To get involved, please contact Malou Lindholm, Director, BCR Publishing. For more information go to http://www.bcrconferences.com/events/receivables-finance-international---rfix.
About this Issue's Sponsor: Atradius
With a presence in over 50 countries worldwide, Atradius’ reach stretches all around the globe; and
the challenges, opportunities and competition of international trade is something that we talk to our
customers and brokers about every day. However, this autumn we have been talking about
international competition of a different kind. With our UK head offices just a stone’s throw from Wales
Millennium stadium, the Rugby World Cup has been very much on our mind and so we have
challenged our broker partners to a rugby themed tournament of our own, testing knowledge not only
about rugby, but also about the 20 nations taking part. The Atradius Around the World Quiz has
captured everyone’s attention and whilst participants have certainly enjoyed the ‘fun’ aspect, there
has also been an opportunity to think about where international competition fits in to our own world.
Atradius has access to credit information on 200 million companies worldwide and supports businesses to manage the risks associated with trading overseas. For a company selling goods or services knowledge about trading partners is vital and that is one of the ways that we as Credit Insurers can help. At Atradius we have been supporting exporters for over 90 years and our worldwide team of experts is on hand to help businesses of all sizes and in all sectors.
The Around the World with Atradius campaign has helped to remind us of the opportunities that international trade presents and that Atradius is the perfect partner to help ensure that opportunity is converted into success.
Atradius has access to credit information on 200 million companies worldwide and supports businesses to manage the risks associated with trading overseas. For a company selling goods or services knowledge about trading partners is vital and that is one of the ways that we as Credit Insurers can help. At Atradius we have been supporting exporters for over 90 years and our worldwide team of experts is on hand to help businesses of all sizes and in all sectors.
The Around the World with Atradius campaign has helped to remind us of the opportunities that international trade presents and that Atradius is the perfect partner to help ensure that opportunity is converted into success.
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