Welcome to Issue 68 of Credit Insurance News Digest. This issue is kindly sponsored by Tinubu Square.
Index
Credit Insurance News
The risk of not getting paid on receivables is greater than automatically insured events such as fire, flood and accidents. PYMNTS.com has published an article, 'Derisking B2B Accounts Receivable Management', which describes Simplicity, Euler Hermes' newly launched product for US SMEs. James Daly, president and chief executive officer of Euler Hermes Americas, told PYMNTS that although credit risk policies do not cover all losses, they “do take care of bumps in the road” as businesses expand and/or take on new business with as-yet-untested buyers. He also stressed that the risk of not getting paid on receivables remains greater than might be seen with other events that do tend to be automatically insured by firms, such as fire, flood and accidents. To read the article on PYMNTS.com go to http://www.pymnts.com/news/b2b-payments/2016/derisking-b2b-accounts-receivable-management/.
QBE's Trade Credit team launch a new Tenant Default policy aimed at mid to large-sized commercial landlords.
QBE's Trade Credit team has announced that it has launched a new policy, Tenant Default,
which is designed to protect mid to large-sized commercial landlords in the UK, Ireland and mainland
Europe against the non-payment of rental income due to either the insolvency or protracted default of their tenants. The policy covers up to 12 months rental payments that have not been honoured and future payments that will not be collected as a result of insolvency or protracted default. QBE also advises that it will consider claims upfront without asking its clients to wait for rental dates to pass.
Trevor Williams, Head of Credit & Surety Europe at QBE says: "We believe that this is a unique type of
insurance in the UK.”
For more information about Tenant Default go to http://www.qbeeurope.com/credit-lines/trade-credit-tenant-default.asp.
Statistics show that failure to insure against trade credit losses generally leaves creditors severely out of pocket. Latest annual statistics from InfolinkGazette show that there were 182,000 unpaid and unsecured creditors from UK company liquidations and administration in 2015 compared to 134,000 in 2014 with total losses increasing from £8.4 billion in 2014 to £17 billion in 2015. Greg Connell, Managing Director of InfolinkGazette commented: "Every week there are over 2,000 ordinary trade creditors experiencing unexpected losses of over £30,000, when one of their customers enter liquidation." He added: "Our research indicates that less than 10% of losses are covered by credit insurance policies, which would have paid out up to 90% of losses; failure to insure against trade credit losses generally leaves creditors severely out of pocket, with payouts to unsecured creditors averaging between 9% and 13% over the last 4 years. To read Infolink Gazette's news release go to http://www.infolinkgazette.com/?pid=6.
Using trade credit insurance in the US energy industry. PropertyCasualty360.com has published an article, 'Using trade credit insurance in the energy industry', in which Jay Rose, managing director of Euler Hermes Energy, advises that North America is the fastest growing market for trade credit insurance in the world, and within North America, the largest industry is energy." Mr Rose observes that the US energy space has become global very quickly, and trade credit insurance has also evolved, with new policies which cover mark-to-market exposure. Mr Rose also notes that although trade credit insurance is currently used far less in the US than in emerging markets and Europe and Asia, he believes that globalisation, the volatility of the energy industry and the aspiration for growth compound the need for US agents and brokers to make their clients aware of credit insurance solutions. To read the article on PropertyCasualty360.com go to http://www.propertycasualty360.com/2016/02/26/using-trade-credit-insurance-in-the-energy-industr?utm_source=CreditInsuranceNewsUK&utm_medium=eNL&utm_campaign=PC360_LinkBuilding.
The credit insurance industry has proved its resilience. In a Q&A interview with Credit Insurance News Digest, Jérome Pezé, CEO of Tinubu Square, commented that the trade credit industry has proved its resilience through the economic crisis of the last few years, with 7.5% annual growth and expansion everywhere - and increasingly in emerging markets. Looking ahead, Mr Pezé noted that the key drivers for further major changes to the industry include: the shift and growth in trade flows, the impact of technology and the digital revolution, and also an increased demand for credit insurance due to solvency capital requirements. The volume of business will continue to grow, but, Mr Pezé added, flexibility and agility will be important for competitive advantage. Click here to read Mr Pezé's full interview.
Atradius warns that the recession continues to challenge the UK construction industry. Atradius' latest Construction Market Monitor warns that although construction output has rebounded, the construction industry remains affected by the trailing effects of the past recession. This became evident in H1 of 2015, when construction insolvencies increased steeply, and larger business failures had a knock-on effect causing their suppliers and subcontractors to go bust. Non-payment notifications also showed an increasing trend in 2015, and are expected to remain high in 2016. As a result, Atradius advises that it will maintain a cautious stance on the industry in the coming months, with risks considered on a case-by-case basis. "The speed of deterioration seen with some of the recently failed construction businesses highlights the need to receive the most updated management accounts from buyers." To read Atradius' news release go to https://group.atradius.com/publications/market-monitor-construction-uk-2016.html.
Euler Hermes advises that global sector risk downgrades point to trouble ahead. A new Euler Hermes report, 'Let the Sector Games Begin - Companies are having an early start at their own Olympics', warns that 2016 is set to be a tough year for corporates as companies face a series of short-and long-term challenges. These include: a protracted period of low commodity prices, turmoil in emerging markets, increasing debt, payment terms and credit risk, another M&A wave and more disruption. Ludovic Subran, chief economist at Euler Hermes, cautioned: “Management teams will need to keep a cool head in the coming months . . . In 2015, 148 industries were downgraded in our analysis, and only 76 were upgraded. As a result, 2016 starts with 1 in 4 industries in sensitive or high-risk territory.” To read Euler Hermes' news release with a link to the full report go to http://www.eulerhermes.com/mediacenter/news/Pages/press-release-EH-global-sector-risk-030216.aspx.
A better year for company insolvencies in France. Coface has published a new Panorama report which shows that for the second year running, in 2015 the number of company insolvencies in France decreased by 2.1% (to 60,800, 1 company in 77) compared to 2014. This indicates that the failure rate is now back to its pre-crisis level in 2008. In addition, the increasing age of insolvent businesses - observed in periods of economic slowdown - came to a halt in April 2015, at 8 years 11 months. Coface advises that this stabilisation is proof that the situation is beginning to return to normal. In Western Europe, company liquidations also improved over the year and their number is down in 10 countries out of the 11 examined. Decreases are particularly noticeable in the Netherlands (-24%), Spain (-20%) and Finland (-13%). Only in Portugal did liquidations increase, due to the difficulties encountered in the construction sector. To read Coface's news release with a link to the full report http://www.coface.com/News-Publications/News/Panorama-Company-insolvencies-in-France.
Late payments to US businesses increase due to worsening economic conditions. Euler Hermes' latest quarterly Payment Behaviour Index has shown a marked increase in late payments to US businesses by their customers. The index – for which a value of 50 indicates average payment behaviour – has fallen substantially (from 67.2 to 60.8) over the past four quarters ending in Q4 2015. This trend indicates a higher incidence of past due receivables, also consistent with slower GDP growth in Q4 2015 versus the previous year. “The current financial environment has forced US bank lending conditions to tighten, making it more difficult and expensive for businesses to obtain credit and fund their operations,” explained Dan North, chief economist at Euler Hermes North America. “These tighter lending conditions have already contributed to the increase in slow payments. Businesses have started to resort to paying bills more slowly in order to maintain cash flow. If this continues, there is a strong possibility that we’ll see an increase in bankruptcies this year." To read Euler Hermes' news release with a link to the full report go to http://www.eulerhermes.com/mediacenter/news/Pages/press-release-EH-us-payment-behaviour-index-022416.aspx.
More solid foundations: Atradius advises that global construction insolvencies will level off or even to decrease in many countries.
Atradius' latest Market Monitor has reported that a return to economic normalcy is becoming visible in the construction sector, albeit at varying degrees. For example, while the US and Germany already record persistent growth and in France, Italy the Netherlands and Spain the construction recession has started to bottom out, the current economic slowdown in China has had adverse consequences on construction performance in other countries. In addition, the sharp decline in oil prices impacts construction in a positive and negative way; seriously hampering building activities in oil-producing countries and hitting the energy-related construction segment in the US, but helping construction activity in other markets indirectly. Globally, although late payments and cash flow problems of smaller players remain an issue for the industry, and the proportion of business failures in this sector is still higher than in most other industries, Atradius forecasts that construction insolvencies will level off or even to decrease in many countries. To read Atradius' Market Monitor go to https://group.atradius.com/publications/.
Euler Hermes warns that the UK would need at least ten years to cushion the blow of a Brexit. FreshPlaza has published an article which warns that if the UK turns its back on the EU on 23 June, the consequences would be severe. According to the research department of Euler Hermes, 60% of the total export loss would correspond to four countries: Germany, France, Ireland and the Netherlands, with Germany the most affected with an export loss of 6.1%. The sectors that would most suffer the impact of a Brexit would be Finance, Automotive, Machinery & Equipment, Chemicals, Agro-food, Textiles and Energy. According to Johan Geeroms, Senior Risk Manager at Euler Hermes, a Brexit, "would lead to all sorts of restrictions on the free movement of capital, goods, services and people." Mr Geeroms also expects London's position as one of the world's major financial centres to take a big hit. To read the article on FreshPlaza's website go to http://www.freshplaza.com/article/153940/Dutch-exports-would-fall-by-4.3-procent-with-a-Brexit.
Coface advises that Latin America will be one of the regions most affected by China's slowdown. Global Trade has published an article, 'China’s role in Latin America is much more than a trade issue', which reports that Coface's latest Panorama has forecasted that Chinese GDP growth will continue to decelerate, with 6.2% growth in 2016 (well below the annual growth average of 10% reported during the previous decade), and that Latin America appears to be one of the most affected regions by the slowdown. Coface adds that for many years, China’s relatively cheap labor force helped to increase the competitiveness of goods, which explains the strong increase in exports to Latin America. However, the situation has changed now, especially since China is not included in the Trans-Pacific Partnership. To read Global Trade's article go to http://www.globaltrademag.com/global-trade-daily/news/chinas-role-in-latin-america-is-much-more-than-a-trade-issue. To read Coface's Panorama report go to http://www.coface.com/News-Publications/News/China-s-role-in-Latin-America-is-much-more-than-a-trade-issue.
HCC announces that it is now using the Tokio Marine Brand and logo. Following its acquisition in October 2015 by Tokio Marine, HCC has announced that it will now start using the Tokio Marine Brand and logo, amending HCC's brand name to Tokio Marine HCC. HCC stress that there are no changes to staff, reporting structures or products. The new logo is now displayed on Tokio Marine HCC's website and on the rotating banner next to this Digest, and will be included on correspondence and policy documents shortly. Tokio Marine HCC transacts business in 180 countries, across 100 classes of speciality insurance, employing over 2,500 people.
Despite improvements, the number of Italian insolvencies in 2016 will continue to be 2.2 times greater than in 2007. Euler Hermes' latest 2016 Italian Non-payments Report has found that all indicators improved slightly. For example, although Italian DSO is still far above the EU 60-day directive, in 2015 it finally descended below the 100-day mark to 95 days. Past dues have also decreased by 16% and non-payments also showed signs of improvement in 2015 - falling in total value by 7%. In addition, after seven consecutive years of increases, insolvencies among Italian companies finally decreased by 6% to 14,681 cases in 2015, and this downward trend should continue in 2016 and 2017. However, despite this positive news, in 2016 the number of insolvencies will continue to be 2.2 times greater than the 2007 pre-crisis level. To read Euler Hermes' news release with a link to the full report go to http://www.eulerhermes.com/mediacenter/news/Pages/press-release-EH-italian-non-payments-average-17000-2015-022316.aspx.
Service and system Improvements at Nexus CIFS. Nexus CIFS has announced that its Integrated Collections debt recovery service with STA International is being expanded and renamed 'First Place' in line with the suite of sales and credit management products that Nexus CIFS has developed. In addition, CIFS has improved its Limit appeal process on the CIFS system, with a shortened sequence of screens and new processes which enables the system to automatically provide cover up to any available limit (taking into account system and policy thresholds) and appeal the remainder. To read Nexus CIFS' news releases go to http://www.creditindemnity.com/news-and-comment.
Companies in China are now forced to wait around a month longer on average for payment than a few years ago. Euler Hermes has published a new report, 'China: Monkey forces for the Year of the Monkey', which analyses what the Year of the Monkey has in store for the Chinese economy. Ludovic Subran, chief economist at Euler Hermes, commented: "According to our estimates, payment discipline has worsened by a further three days and now stands at 84 days. Insolvencies are expected to rise 20%." In total, companies are now forced to wait around a month longer on average for payment than a few years ago." To read Euler Hermes' news release go to http://www.eulerhermes.com/mediacenter/news/Pages/press-release-EH-study-issues-china-year-monkey-022916.aspx.
And Finally . . .
Announcement from Credit Insurance News. We are delighted to introduce a new Q&A page in this issue of Credit Insurance News Digest. We hope that this will become a regular feature, and we are very grateful to this issue's sponsor Tinubu Square's CEO, Jérome Pezé, for being our very first interviewee and for taking time out of his busy schedule to answer our questions. Click here to see the new page.
Congratulations to the Dubai Office of Markel’s trade credit division who won the Newcomer award at the MenaIR Insurance Awards last month.
An announcement from this issue's sponsor:
Tinubu Square has announced that it has enabled QBE to significantly enhance its domestic and international business expansion and footprint. Tinubu was instrumental in the delivery of the unified QBE’s Trade Credit System – QBE TCS. As a result, customers across the globe now benefit from a consistently high standard of service and the company has drastically improved its efficiency, cutting its development cycle from six months to just 14 days.Richard Wulff, Group General Manager, Credit & Surety at QBE, said: “An important focus for an international organisation like QBE was to get everyone on a shared platform with a common set of procedures in order to boost efficiency and ensure uniformity towards our customers. Previously each geography had slightly different ways of working, resulting in a lack of efficiency.”
QBE selected Tinubu, following a tender process to find a software company that could not only provide the appropriate technology but would also be knowledgeable and a specialist in the trade credit insurance industry. QBE found that Tinubu had the clearest understanding of its business and was most intuitive about what was needed and how QBE could best serve its customers. QBE was also impressed by Tinubu’s customer references and 15 years of experience specialising in this business. To read Tinubu's news release go to http://www.tinubu.com/tinubu-square-instrumental-in-helping-global-insurance-group-qbe-to-enhance-business-performance-and-enable-fast-international-expansion-2/.
Tinubu Square has announced that it has enabled QBE to significantly enhance its domestic and international business expansion and footprint. Tinubu was instrumental in the delivery of the unified QBE’s Trade Credit System – QBE TCS. As a result, customers across the globe now benefit from a consistently high standard of service and the company has drastically improved its efficiency, cutting its development cycle from six months to just 14 days.Richard Wulff, Group General Manager, Credit & Surety at QBE, said: “An important focus for an international organisation like QBE was to get everyone on a shared platform with a common set of procedures in order to boost efficiency and ensure uniformity towards our customers. Previously each geography had slightly different ways of working, resulting in a lack of efficiency.”
QBE selected Tinubu, following a tender process to find a software company that could not only provide the appropriate technology but would also be knowledgeable and a specialist in the trade credit insurance industry. QBE found that Tinubu had the clearest understanding of its business and was most intuitive about what was needed and how QBE could best serve its customers. QBE was also impressed by Tinubu’s customer references and 15 years of experience specialising in this business. To read Tinubu's news release go to http://www.tinubu.com/tinubu-square-instrumental-in-helping-global-insurance-group-qbe-to-enhance-business-performance-and-enable-fast-international-expansion-2/.
Business Information
Downside risks to UK economy have increased. According to the Warwick Business Forecasting System (WBSFS), although economic growth in the UK is likely to continue through 2016 and 2017 at the same rate as in 2015, the downside risks to economic growth in 2016 have increased relative to a quarter ago. The WBSFS now believes there to be a 10% chance of growth of less than 1% in 2016 (compared to a 6% chance a quarter ago), and a 45% chance of growth of less than 2% (relative to a 28% chance a quarter ago). Commenting on the latest Warwick Business School forecasts, timed to coincide with publication of the latest GDP data from the ONS that confirmed economic growth of 2.2% in 2015, Professor Ana Galvao, commented: “The downside risks to GDP growth in 2016 have increased relative to a quarter ago. While the most likely outcome is still that growth continues through 2016 at the same sort of pace as in 2015, the WBSFS now forecasts there to be a 35% chance of 'low growth' between 1% and 2%. Last quarter we forecast only a 21% chance of 'low growth." To read Warwick Business School's new release go to http://www.wbs.ac.uk/news/downside-risks-to-uk-economy-have-increased/.
UK SMEs are owed more than half a trillion pounds in outstanding invoices. MarketInvoice has published a new report, 'The state of late payment 2016', which finds that Britain’s SMEs – which make up 99% of all UK businesses – bear the brunt of the late payment problem. The report estimates that UK SMEs are owed more than half a trillion pounds in outstanding invoices and 59.6% of all UK small business invoices were paid late in 2015, with high-street retail stores the worst offenders. The report also found that late payment is very much a UK problem, and other European countries such as Germany, Switzerland, the Netherlands and Belgium have a significantly better payment record. To download a copy of the report go to http://info.marketinvoice.com/late-payment-report.
Construction industry tops most searched companies in 2015. New analysis by Creditsafe reveals that eight of the ten most searched for UK companies on the Creditsafe system in 2015 operate in the construction industry or are specialist suppliers to the sector. Five of these firms directly work in property construction and development, while three are specialist retailers servicing the industry. Creditsafe advises that in terms of growth the construction sector has experienced a dramatic upturn in 2015. On average, 1,840 new construction companies open per month in the UK, compared to 862 in France and 230 in Belgium. In contrast, in Germany the number of construction companies fell by an average of 25 per month. To read Creditsafe's news release go to
http://www2.creditsafeuk.com/resources/latest-news/its-booming-and-busting-construction-industry-tops-most-searched-companies-in-2015/.
Asset based finance supports 15% of all UK company turnover. New research from the Asset Based Finance Association (ABFA) shows that asset based finance supports businesses representing 15% of the UK’s economy, ahead of an average of 10% of the economy across Europe. Furthermore, despite relatively strong growth amongst businesses using asset based finance in France and Germany, both lag behind the UK in both the proportion of the economy supported by asset based finance. Aside from the UK, the top three European countries in terms of proportion of the economy supported by asset based finance are: Belgium – 14.5% of economy (€29.3 billion); Republic of Ireland – 13% of economy (€12.7 billion); Portugal – 12% of economy (€10.4 billion). To read ABFA's news release go to http://www.abfa.org.uk/news/108/UK-businesses-lead-Europe-in-use-of-asset-based-finance.
Export growth slows in the face of global headwinds. BCC and DHL's latest Quarterly International Trade Outlook report shows that UK export growth continued to slow at the end of 2015, with significant falls in export sales and orders across both manufacturing and services sectors. Among manufacturers, the balance of firms reporting improvements in export sales over the previous three months fell from +10% in Q3 to just +1% - the lowest level since Q3 2009 – while export orders dropped from +10% to +1%. Export growth also dipped in the services sector, where the sales balance fell three points to +15%, and export orders fell to +9% from +16% - the lowest level since Q4 2011. To read BCC's news release go to http://www.britishchambers.org.uk/press-office/press-releases/bcc-export-growth-slows-in-the-face-of-global-headwinds.html.
UK growth remains subdued but firms are still positive. According to the latest CBI Growth Indicator, economic growth saw a small improvement on January’s weak performance in the three months to February, and expectations improved for the coming quarter. Growth in the consumer services sector held up well (+21%), as did growth in retail sales (+11%). However, activity in the business and professional services sector remained flat (+1%) for a second consecutive month in February - the weakest spell since early 2013, while manufacturing saw a levelling off in output (0%) following two months of declines. To read the CBI's news release go to http://news.cbi.org.uk/news/uk-growth-remains-subdued-but-firms-still-positive1/.
UK online alternative finance market grows to £3.2 billion in 2015. According to a report published by the Cambridge Centre for Alternative Finance, UK innovation foundation Nesta, in partnership with KPMG and with the support of CME Group Foundation, in 2015 the UK online alternative finance sector grew 84%. However, although this is a significant increase in volume, growth of the online alternative finance market is actually slowing down, with the annual growth in 2014/2015 being nearly half the 161% growth from 2013/14. The report also highlights the rapid expansion of donations-based crowdfunding, the perceived risk of fraud and malpractice by the industry, and increasing institutionalisation. To read KPMG's news release go to https://home.kpmg.com/uk/en/home/media/press-releases/2016/02/new-research-shows-uk-online-alternative-finance-market-grows.html.
UK High Street sales fall after a strong start to the year. BDO has reported that its monthly High Street Sales Tracker recorded a -1.7% fall in year-on-year sales for February – the first negative growth for the month of February since 2012 (when it was down -1.5%). The fall for February reflects a downward trend that has been building since the middle of January. While the overall picture for January was positive (up 1.4%), sales dropped off as soon as the January discounting season ended and retailers started to bring in full-price Spring lines.
Sophie Michael, Head of Retail and Wholesale at BDO LLP, said: “After a strong start to the year, primarily driven by the sales period, retailers have returned to negative like-for-like revenue growth. The canny consumer continues to shop for bargains." To read BDO's news release go to http://www.bdo.co.uk/press/high-street-sales-fall-after-strong-start-to-the-year.
UK businesses of all sizes in favour of remaining in EU. New research from Grant Thornton suggests that UK businesses – large, small and mid-sized – are largely in favour of remaining in the EU, but few have considered the practical implications of a 'Brexit' and are unprepared for a potential vote to leave. A nationwide survey of over 200 senior executives suggests that 65% would vote to remain in the EU, and amongst London businesses this rises to 80% in favour of remaining. Outside of the capital, 59% of businesses would vote to remain in the EU. The survey finds a majority in favour of remaining in the EU amongst small businesses (60% in favour of remain), mid-sized businesses (61%) and large businesses (76%). To read Grant Thornton's news release go to http://www.grantthornton.co.uk/en/news-centre/uk-businesses-of-all-sizes-in-favour-of-remaining-in-eu-but-most-are-unprepared-for-a-possible-brexit/.
Business confidence rallied in Q4 2015, but is down for the year overall. The latest Q4 2015 of the Chartered Institute of Credit Management’s (CICM) UK Credit Managers Index (CMI) has reported that although the outlook for growth and nationwide levels of business confidence has rallied after a 7.1% drop in Q3 2015, worryingly, all three favourable factors – new applications for credit, sales and the order books – fell for the second consecutive quarter to end at 62.4, and none of the seven unfavourable factors, which include disputes, bad debt provision, and overdue debt, improved, finishing on an average of 56.2. Philip King, Chief Executive of the CICM, explains that these results are particularly ominous for the future: “With respondents reporting that overdue debt, insolvencies and disputes are on the rise, while new applications for credit are down we might expect to see a turbulent 2016". To read CICM's news release go to http://www.cicm.com/business-confidence-rallied-q4-2015-year-overall/.
Career Opportunities
Risk Underwriter, Euler Hermes UK. Manchester.
Euler Hermes, the world’s leading Credit Insurance Company and part of the Allianz Group, is expanding its regional Risk Underwriting presence in the North of England and is seeking to add a Risk Underwriter to its team in Manchester. The role’s primary function is to build long term customer relationships by providing an effective credit limit service in terms of quality of decision, speed of response and communication with customers and broker partners.
To achieve this, the daily tasks would include: Using public information and proprietary information to provide consistent, timely credit limit decisions; Monitoring a portfolio of credit risk exposures within a defined trade sector; Responsiblity for a dedicated portfolio of customers, providing a high quality credit limit service; Communicating with customers and broker partners by both telephone and face to face meetings; Reviewing credit limit decisions and trade sector evolution; Working with Commercial Account Managers to win new customers; Retaining existing customers and where necessary, take actions to restore portfolio profitability.
Euler Hermes, the world’s leading Credit Insurance Company and part of the Allianz Group, is expanding its regional Risk Underwriting presence in the North of England and is seeking to add a Risk Underwriter to its team in Manchester. The role’s primary function is to build long term customer relationships by providing an effective credit limit service in terms of quality of decision, speed of response and communication with customers and broker partners.
To achieve this, the daily tasks would include: Using public information and proprietary information to provide consistent, timely credit limit decisions; Monitoring a portfolio of credit risk exposures within a defined trade sector; Responsiblity for a dedicated portfolio of customers, providing a high quality credit limit service; Communicating with customers and broker partners by both telephone and face to face meetings; Reviewing credit limit decisions and trade sector evolution; Working with Commercial Account Managers to win new customers; Retaining existing customers and where necessary, take actions to restore portfolio profitability.
We are seeking people with the following skills and attributes:
Strong credit assessment and analysis skills; Strong communication skills with experience of direct customer relationships
Knowledge of export credit procedures; Appreciation of micro and macro-economic factors.
We can offer: 22 days holiday Flexible working, providing up to an additional 10 days holiday; A contributory Pension Scheme; Annual Bonus; Comprehensive training and development and opportunities within Euler Hermes globally and the wider Allianz Group.
To apply, please go to https://jobs.allianz.com/sap/bc/bsp/sap/zhcmx_erc_ui_ex/?title=Risk-Underwriter&jobId=76562B4401031EE5B3CD6A81ABDD8A9D. (Please mention Credit Insurance News Digest).
We can offer: 22 days holiday Flexible working, providing up to an additional 10 days holiday; A contributory Pension Scheme; Annual Bonus; Comprehensive training and development and opportunities within Euler Hermes globally and the wider Allianz Group.
To apply, please go to https://jobs.allianz.com/sap/bc/bsp/sap/zhcmx_erc_ui_ex/?title=Risk-Underwriter&jobId=76562B4401031EE5B3CD6A81ABDD8A9D. (Please mention Credit Insurance News Digest).
Political Risk & Structured Credit Underwriter, London, c.£60,000 DOE.
This high profile Lloyds Syndicate with a prominent box position is looking to further expand their underwriting team within Political & Credit Risks with the appointment of an Underwriter or Assistant Underwriter. This role has arisen due to further growth within the book and volume of enquiries across the spectrum of products. The syndicate underwrite the full suite of Lloyds compliant risks (CEND, CF & CR) and the team is led by a very highly regarded Class Underwriter.
You will be responsible for managing enquiries at the box and the office, quoting within your authority, scratch endorsements, analyse the portfolio, engage in peer review meetings, review wordings, liaison with internal teams e.g. claims & exposure management, etc. As you progress you’ll be given increased levels of authority and will be expected to fully underwrite risks autonomously. A key part of the role will be broker liaison and management and you will be expected to network both formally and socially with brokers to market the syndicate appropriately. Working within a smaller team will give you a great deal of personal responsibility and help grow your market profile considerably.
To be considered you should have around 2-3 years’ experience within a company or syndicate Political Risk & Structured Credit team, ideally you will already have some quoting authority but this isn’t essential. If this role interests you then please contact me on kerren.leach@eamesconsulting.com to arrange a confidential discussion. (Please mention Credit Insurance News Digest).
This high profile Lloyds Syndicate with a prominent box position is looking to further expand their underwriting team within Political & Credit Risks with the appointment of an Underwriter or Assistant Underwriter. This role has arisen due to further growth within the book and volume of enquiries across the spectrum of products. The syndicate underwrite the full suite of Lloyds compliant risks (CEND, CF & CR) and the team is led by a very highly regarded Class Underwriter.
You will be responsible for managing enquiries at the box and the office, quoting within your authority, scratch endorsements, analyse the portfolio, engage in peer review meetings, review wordings, liaison with internal teams e.g. claims & exposure management, etc. As you progress you’ll be given increased levels of authority and will be expected to fully underwrite risks autonomously. A key part of the role will be broker liaison and management and you will be expected to network both formally and socially with brokers to market the syndicate appropriately. Working within a smaller team will give you a great deal of personal responsibility and help grow your market profile considerably.
To be considered you should have around 2-3 years’ experience within a company or syndicate Political Risk & Structured Credit team, ideally you will already have some quoting authority but this isn’t essential. If this role interests you then please contact me on kerren.leach@eamesconsulting.com to arrange a confidential discussion. (Please mention Credit Insurance News Digest).
Business Development Manager, Singapore, Excellent Package.
This global credit insurer are looking to hire a skilled underwriter and business developer to manage the broker channel business within AsiaPac. You’ll be focusing on the larger deals, primarily multinational either emanating from the local region or with a significant local presence. As the deals will be large, and complex in nature it’s essential that you have strong project management and organisation skills. Presentation skills are also key as you’ll either be presenting to brokers, or the client for virtually every transaction.
The company are keen to hire someone from one of the more evolved markets: UK, Europe, US or Australia to carry out this role and are prepared to tailor a package to suit the individual. You must be comfortable working to targets and should bring a solid knowledge of credit insurance with you from either a broking or underwriting environment.
Please contact kerren.leach@eamesconsulting.com for a confidential discussion. (Please mention Credit Insurance News Digest).
This global credit insurer are looking to hire a skilled underwriter and business developer to manage the broker channel business within AsiaPac. You’ll be focusing on the larger deals, primarily multinational either emanating from the local region or with a significant local presence. As the deals will be large, and complex in nature it’s essential that you have strong project management and organisation skills. Presentation skills are also key as you’ll either be presenting to brokers, or the client for virtually every transaction.
The company are keen to hire someone from one of the more evolved markets: UK, Europe, US or Australia to carry out this role and are prepared to tailor a package to suit the individual. You must be comfortable working to targets and should bring a solid knowledge of credit insurance with you from either a broking or underwriting environment.
Please contact kerren.leach@eamesconsulting.com for a confidential discussion. (Please mention Credit Insurance News Digest).
Account Manager, Coface. Australia.
Coface Australia is looking for an Account Manager to build up a strong business relationship with existing accounts as to maximise the achievement of company goals and sales targets.
Key responsibilities will include: To be a key contact for Credit Insurance and Services solutions between clients, brokers and Coface internal functions; Maintaining communication with the designated accounts and exploring other business opportunities to achieve sales target; Ensuring good working performance by improving own technical expertise on company products/ services; Preparing sales and/or progress reports; Preparing and negotiating tailored quotations for existing policies (direct and through intermediaries) prior to renewal and maintaining a high level of retention of the current portfolio through dedicated Customer Service and Portfolio Management: Preparing quotations and presentations by exercising commercial delegation and/or preparation for review by Commercial Committee; Coordinating and communicating with all other departments specifically Risk Underwriting; Preparation and management of the policy documentation and all associated paperwork.
To apply for this position, please email your resume and covering letter to maureen.moss@coface.com. Please note candidates need to have Australian Citizenship or Residence. (Please mention Credit Insurance News Digest).
Coface Australia is looking for an Account Manager to build up a strong business relationship with existing accounts as to maximise the achievement of company goals and sales targets.
Key responsibilities will include: To be a key contact for Credit Insurance and Services solutions between clients, brokers and Coface internal functions; Maintaining communication with the designated accounts and exploring other business opportunities to achieve sales target; Ensuring good working performance by improving own technical expertise on company products/ services; Preparing sales and/or progress reports; Preparing and negotiating tailored quotations for existing policies (direct and through intermediaries) prior to renewal and maintaining a high level of retention of the current portfolio through dedicated Customer Service and Portfolio Management: Preparing quotations and presentations by exercising commercial delegation and/or preparation for review by Commercial Committee; Coordinating and communicating with all other departments specifically Risk Underwriting; Preparation and management of the policy documentation and all associated paperwork.
To apply for this position, please email your resume and covering letter to maureen.moss@coface.com. Please note candidates need to have Australian Citizenship or Residence. (Please mention Credit Insurance News Digest).
Credit Insurance Agent, Coface North America.
Our fast-growing agency, Accounts Receivable Risk Management, is the exclusive agency for Coface in the Northeast. We are recruiting agents to sell Coface credit management products, including accounts receivable insurance, credit information and collection services. Coface North America Insurance Company is one of the fastest growing insurers of accounts receivables in North America. We have excellent opportunities in our CT, MA, NJ, NY and PA regions for motivated sales individuals.
The successful candidate will have 3-5 years sales experience in a relationship oriented position with strong organizational skills, a strong competitive drive and proactive prospecting skills. Excellent communications skills, both written and verbal, are a must along with being a team player. A property and casualty license is a plus but does not preclude the right individuals for consideration.
In addition to a unique employment opportunity, ARRM provides an excellent compensation program and the ability to achieve personal and financial growth. We provide full training and support. ARRM is an equal opportunity employer. To apply, please email adam_gussen@coface-usa.com with your cv and covering letter. (Please mention Credit Insurance News Digest).
Our fast-growing agency, Accounts Receivable Risk Management, is the exclusive agency for Coface in the Northeast. We are recruiting agents to sell Coface credit management products, including accounts receivable insurance, credit information and collection services. Coface North America Insurance Company is one of the fastest growing insurers of accounts receivables in North America. We have excellent opportunities in our CT, MA, NJ, NY and PA regions for motivated sales individuals.
The successful candidate will have 3-5 years sales experience in a relationship oriented position with strong organizational skills, a strong competitive drive and proactive prospecting skills. Excellent communications skills, both written and verbal, are a must along with being a team player. A property and casualty license is a plus but does not preclude the right individuals for consideration.
In addition to a unique employment opportunity, ARRM provides an excellent compensation program and the ability to achieve personal and financial growth. We provide full training and support. ARRM is an equal opportunity employer. To apply, please email adam_gussen@coface-usa.com with your cv and covering letter. (Please mention Credit Insurance News Digest).
New Appointments
XL Catlin has announced that it has appointed Lim Mei Yean as an underwriter in its political risk and trade credit team based in Singapore. Lim has more than 13 years of industry experience covering credit and risk management at Trafigura, Cargill and Euler Hermes. The XL Catlin Political Risk and Trade Credit underwriting team in Singapore currently comprises five people, including three specialist underwriters.
Equinox Global has announced the appointment of Maurice Stolk as Credit Analyst in the . Netherlands, reporting to Frank Masteling, Head of the Netherlands and the Nordic region.
Mr Stolk has 15+ years of experience in credit insurance in the Netherlands and was latterly, business development manager at Atradius Collections.
Mike Holley, Chief Executive of Equinox Global, said: “Maurice’s appointment represents an important step change in the scale, pace and service quality of our Dutch business, which has been one of our fastest growing businesses."
The supervisory board of Euler Hermes has announced a new board of management, including two departures and two nominations. Michele Pignotti, currently head of the Mediterranean Countries, Middle East and Africa (MMEA) region, is newly appointed to the board with responsibility for market management. Ludovic Sénécaut, currently head of the Northern European region, is newly appointed to the board as chief operating officer responsible for operations and IT services.
Gerd-Uwe Baden will retire after more than 25 years of service to Euler Hermes and Allianz and Dirk Oevermannhas requested that his mandate not be renewed.
Forthcoming Events
Featured Event
Coface Country Risk Conference 2016. Thursday 9 June 2016.
RISKS & OPPORTUNITIES IN THE WORLD OF TRADE. The Conference will provide country and sector information to help companies and their advisers to identify the risks and rewards of trading in the UK and exporting. This will then help companies to develop a strategy to maximise their trading opportunities. During the half day event, experienced commentators provide insight on: UK Economy, Emerging Markets, Cyber Security, Geo-political Risks. Plus two Roundtables with further contributors from industry. Register your interest by emailing crc_uk@coface.com.
Coface Country Risk Conference 2016. Thursday 9 June 2016.
RISKS & OPPORTUNITIES IN THE WORLD OF TRADE. The Conference will provide country and sector information to help companies and their advisers to identify the risks and rewards of trading in the UK and exporting. This will then help companies to develop a strategy to maximise their trading opportunities. During the half day event, experienced commentators provide insight on: UK Economy, Emerging Markets, Cyber Security, Geo-political Risks. Plus two Roundtables with further contributors from industry. Register your interest by emailing crc_uk@coface.com.
GTR’s Australia Trade & Supply Chain Finance Conference, 7-8 March. Sheraton on the Park, Sydney.
Sydney will once again play host to GTR’s Australia Trade & Supply Chain Finance Conference, at the Sheraton on the Park on March 7-8. Attracting high level business leaders from across the domestic and international trade and supply chain finance community, over 250 delegates are expected to attend to discuss the current landscape of trade within Australia as well as explore new strategies going forward. Networking sessions throughout the day will provide ample opportunities to establish new relationships with key industry players as well as become reacquainted with old contacts surrounding with the aim of developing business across Australia and throughout the region.
15% discount for Credit Insurance News Readers with CIN15 - go to http://www.gtreview.com/events/asia/australia-trade-supply-chain-finance-conference-2016/.
Sydney will once again play host to GTR’s Australia Trade & Supply Chain Finance Conference, at the Sheraton on the Park on March 7-8. Attracting high level business leaders from across the domestic and international trade and supply chain finance community, over 250 delegates are expected to attend to discuss the current landscape of trade within Australia as well as explore new strategies going forward. Networking sessions throughout the day will provide ample opportunities to establish new relationships with key industry players as well as become reacquainted with old contacts surrounding with the aim of developing business across Australia and throughout the region.
15% discount for Credit Insurance News Readers with CIN15 - go to http://www.gtreview.com/events/asia/australia-trade-supply-chain-finance-conference-2016/.
Receivables Finance International - RFIx. 9-10 March 2016, Lisbon, Portugal.
This well established market leading two-day Convention brings together nearly 200 delegates from Europe, the Americas, Africa and Asia, attracted by the quality of speakers, panel discussions and wide-ranging subject matter. The theme for 2016 is being developed now. To get involved, please contact Malou Lindholm, Director, BCR Publishing. For more information go to http://www.bcrconferences.com/events/receivables-finance-international---rfix.
This well established market leading two-day Convention brings together nearly 200 delegates from Europe, the Americas, Africa and Asia, attracted by the quality of speakers, panel discussions and wide-ranging subject matter. The theme for 2016 is being developed now. To get involved, please contact Malou Lindholm, Director, BCR Publishing. For more information go to http://www.bcrconferences.com/events/receivables-finance-international---rfix.
ExCred26 - Insuring Export Credit & Political Risk , 16 – 17 March - Guoman Tower, London.
The leading event for ECAs, the private insurance sector and their clients 16 – 17 March - Guoman Tower, London. 10% discount available with VIP Code FKW52988CRN – Register here.
Join us at ExCred26 and gain expert insight from a panel of senior business leaders representing the global export credit and political risk insurance industry, discussing critical challenges in: Credit & Political Risk Insurance,Trade, Export & Project Finance, Geopolitics & Macro-Factors.
With 300+ leading executives from ECAs, DFIs, commercial banks, private insurers & corporate exporters, ExCred truly is the leading industry event for the global export credit & political risk industry. This year’s key themes will include: Commodities and the global slowdown; Impact of the rescheduling of debt across the bank and insurance markets; Is risk appetite the new ‘market gap’; Will over regulation / compliance kill export finance? Sustainability of ECA portfolios; Potential geopolitical flashpoints for 2016.
To register with your 10% discount please visit the website, call +44 (0) 20 7017 7790 or email kmregistration@informa.com – please remember to quote your VIP Code FKW52988CRN.
The leading event for ECAs, the private insurance sector and their clients 16 – 17 March - Guoman Tower, London. 10% discount available with VIP Code FKW52988CRN – Register here.
Join us at ExCred26 and gain expert insight from a panel of senior business leaders representing the global export credit and political risk insurance industry, discussing critical challenges in: Credit & Political Risk Insurance,Trade, Export & Project Finance, Geopolitics & Macro-Factors.
With 300+ leading executives from ECAs, DFIs, commercial banks, private insurers & corporate exporters, ExCred truly is the leading industry event for the global export credit & political risk industry. This year’s key themes will include: Commodities and the global slowdown; Impact of the rescheduling of debt across the bank and insurance markets; Is risk appetite the new ‘market gap’; Will over regulation / compliance kill export finance? Sustainability of ECA portfolios; Potential geopolitical flashpoints for 2016.
To register with your 10% discount please visit the website, call +44 (0) 20 7017 7790 or email kmregistration@informa.com – please remember to quote your VIP Code FKW52988CRN.
Financial Supply Chain. 17-18 March, Barcelona.
We invite you to join us on the 17th and 18th of March 2016 at our exclusive, interactive Financial Supply Chain Conference, in Barcelona, Spain at Hotel Avenida Palace. The aim of the meeting is to bring together professionals (Head of Credit, Head of Finance, Head Treasury, Customer Supply Chain Director, Global Process Owner, Accounts Receivable, Global Cash Leader, Head of Cash Performance …) from the leading multinational organisations across the EMEA region to network, benchmark and find answers regarding Financial Process Optimisation, Quality Improvement, Cost Cutting & Efficiency.
Attendance of the meeting includes: Full access to all of the presentations, discussions and round table · All refreshments and lunches · The online documentation: strategic information from the conference (speakers’ presentations) that you can use later internally.
Axiom Groupe is a leader in international business meetings and communication, producing conferences, delivering business intelligence and strategic information For more information about the conference, feel free to contact us at valentint@axiomgroupe.com.
We invite you to join us on the 17th and 18th of March 2016 at our exclusive, interactive Financial Supply Chain Conference, in Barcelona, Spain at Hotel Avenida Palace. The aim of the meeting is to bring together professionals (Head of Credit, Head of Finance, Head Treasury, Customer Supply Chain Director, Global Process Owner, Accounts Receivable, Global Cash Leader, Head of Cash Performance …) from the leading multinational organisations across the EMEA region to network, benchmark and find answers regarding Financial Process Optimisation, Quality Improvement, Cost Cutting & Efficiency.
Attendance of the meeting includes: Full access to all of the presentations, discussions and round table · All refreshments and lunches · The online documentation: strategic information from the conference (speakers’ presentations) that you can use later internally.
Axiom Groupe is a leader in international business meetings and communication, producing conferences, delivering business intelligence and strategic information For more information about the conference, feel free to contact us at valentint@axiomgroupe.com.
GTR’s Turkey Trade & Export Finance Conference, 22-23 March. Istanbul.
Following 2015’s highly successful event which welcomed 442 delegates, re-affirming its position as the country’s trade finance conference of choice, GTR’s Turkey Trade & Export Finance Conference returns to Istanbul on March 22-23. The two day event will provide timely insight on the significance of the global trading market and the challenges currently being faced by businesses operating in Turkey, welcoming representation from Turkey’s leading corporates, financiers, insurers, public bodies and all supporting sectors involved in international trade finance. Extensive networking sessions will offer unrivalled opportunities for delegate interaction, providing an ideal forum at which to develop relationships with Turkish businesses as well as those from the wider region.15% discount for Credit Insurance News Readers with CIN15 - go to http://www.gtreview.com/events/europe/turkey-trade-export-finance-conference-2016/#book.
Following 2015’s highly successful event which welcomed 442 delegates, re-affirming its position as the country’s trade finance conference of choice, GTR’s Turkey Trade & Export Finance Conference returns to Istanbul on March 22-23. The two day event will provide timely insight on the significance of the global trading market and the challenges currently being faced by businesses operating in Turkey, welcoming representation from Turkey’s leading corporates, financiers, insurers, public bodies and all supporting sectors involved in international trade finance. Extensive networking sessions will offer unrivalled opportunities for delegate interaction, providing an ideal forum at which to develop relationships with Turkish businesses as well as those from the wider region.15% discount for Credit Insurance News Readers with CIN15 - go to http://www.gtreview.com/events/europe/turkey-trade-export-finance-conference-2016/#book.
Structured Commodity Finance 2016 26-28 April 2016, Central London.
Structured Commodity Finance is well established as one of the largest annual gatherings of commodity finance professionals. Attend to meet with 180+ senior traders, bankers, producers, insurers, deal makers and advisors from across the industry and to discuss the most pressing issues in commodity trade and finance. Agenda highlights include: Restructuring the Banking Market Panorama of World Trade Developments How Will Commodities Trading Change over the next 5-10 Years?
Don’t miss out on your exclusive 10% Credit Insurance News Digest discount – quote VIP code FKW53272CINL when registering. For more information and to register please visit http://www.iiribcfinance.com/FKW53272CINL.
Structured Commodity Finance is well established as one of the largest annual gatherings of commodity finance professionals. Attend to meet with 180+ senior traders, bankers, producers, insurers, deal makers and advisors from across the industry and to discuss the most pressing issues in commodity trade and finance. Agenda highlights include: Restructuring the Banking Market Panorama of World Trade Developments How Will Commodities Trading Change over the next 5-10 Years?
Don’t miss out on your exclusive 10% Credit Insurance News Digest discount – quote VIP code FKW53272CINL when registering. For more information and to register please visit http://www.iiribcfinance.com/FKW53272CINL.
Coface Country Risk Conference 2016. Thursday 9 June 2016.
RISKS & OPPORTUNITIES IN THE WORLD OF TRADE. The Conference will provide country and sector information to help companies and their advisers to identify the risks and rewards of trading in the UK and exporting. This will then help companies to develop a strategy to maximise their trading opportunities. During the half day event, experienced commentators provide insight on: UK Economy, Emerging Markets, Cyber Security, Geo-political Risks. Plus two Roundtables with further contributors from industry. Register your interest by emailing crc_uk@coface.com.
RISKS & OPPORTUNITIES IN THE WORLD OF TRADE. The Conference will provide country and sector information to help companies and their advisers to identify the risks and rewards of trading in the UK and exporting. This will then help companies to develop a strategy to maximise their trading opportunities. During the half day event, experienced commentators provide insight on: UK Economy, Emerging Markets, Cyber Security, Geo-political Risks. Plus two Roundtables with further contributors from industry. Register your interest by emailing crc_uk@coface.com.
About this Issue's Sponsor: Tinubu Square
For 15 years, Tinubu Square has been the leading European expert in trade credit risk management.
Thanks to its high-level knowledge of credit risk, Tinubu enables organisations across the world to
significantly reduce their exposure to risk, and their financial, operational and technical costs with best-
in-class technology solutions and services.
Tinubu Square provides IT solutions and services to different businesses:
Tinubu Square's customers and partners include:
ACE, Alcatel-Lucent, Agepar, Argos North Sea Group, Bibby Financial Services, Bilcare Research, CESCE, Computers Unlimited, Eurofactor, Delachaux, EDC, EDF Energy, Eugène Perma, Fraikin, Kering, Samsung, QBE, SACE, Solar Edge, Soprema, Technicolor etc.
To find out more, visit www.tinubu.com.
Tinubu Square provides IT solutions and services to different businesses:
- Multinational corporations
- Credit insurers
- Receivables financing organisations
Tinubu Square's customers and partners include:
ACE, Alcatel-Lucent, Agepar, Argos North Sea Group, Bibby Financial Services, Bilcare Research, CESCE, Computers Unlimited, Eurofactor, Delachaux, EDC, EDF Energy, Eugène Perma, Fraikin, Kering, Samsung, QBE, SACE, Solar Edge, Soprema, Technicolor etc.
To find out more, visit www.tinubu.com.
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