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Welcome to Issue 69 of Credit Insurance News Digest. This issue is kindly sponsored by QBE.
Credit Insurance News
Trade credit cover ready for take-off in high growth markets. Commercial Risk Europe has published an article, 'Trade credit cover ready for take-off in high growth markets', which reports that according to Tobias Povel, Regional Credit & Surety Manager, Asia-Pacific at SCOR Global P&C, Asia-Pacific held a 22% share of global short-term trade credit insurance premium in 2013 compared to 7.1% in 2003. (Latin America has also seen notable growth, but at a slower rate - 14.1% in 2013 versus 11% in 2003). In an article entitled The Value Of Trade-Credit (Re)Insurance In High Growth/Emerging Markets, Mr Povel noted that the estimated global trade credit insurance short-term market in 2015 is around €10 billion, 55% of which is shared by only three players. He also explained that although the Europe, Middle East & Africa market continues to be the most important contributor to the global trade credit insurance market, its share of premium has been shrinking quite significantly (from 82% in 2003 to 64% in 2013). To read the article on Commercial Risk Europe go to http://www.commercialriskeurope.com/cre/5079/15/Trade-credit-cover-ready-for-take-off-in-high-growth-markets/.
Huge rise in late payment problems in the UK construction sector. The Construction Index has published an article, 'Huge rise in late payment problems', which reports that late payments in the UK construction industry rose by 27% in 2015, according to analysis by Euler Hermes. In total, the construction sector registered more payment delays than any other UK sector, accounting for 31% of all payment incidents recorded. In addition, construction saw a surge in payment delays in the final quarter of 2015, with a 12% rise in incidents compared with the third quarter. The most affected sub-sectors were general contractors, civil engineering providers and installers of wiring and fittings. To read The Construction Index's article go to http://www.theconstructionindex.co.uk/news/view/huge-rise-in-late-payment-problems.
Australia's deteriorating insolvency landscape. Atradius has published an Insolvency Forecast which advises that although the Australian economy is generally stable compared to many other countries in the region and around the world, the local market is facing a deteriorating insolvency landscape and business risks are expected to increase in 2016. The research suggests that Australia will see a 6% increase in insolvencies in 2016 compared to the previous year, and it is unlikely there will be any improvement in insolvencies in the majority of industries in 2016. This follows an estimated 11% increase in company insolvencies in 2015, compared to 2014. These figures stand in stark contrast to the 2014 insolvency rates, which were 22% lower than in 2013. To read Atradius' news release go https://atradius.com.au/press/atradius-australian-insolvency-outlook-march-2016.html.
UK late payment hit two-year high at 2015 year-end. Euler Hermes' latest Quarterly Overdue Payments Report has warned that the number of overdue payments experienced by UK businesses reached a two-year high in the final quarter of 2015, with increases reported in 14 out of 17 major industry sectors. Firms reporting delayed debtor payments rose by 12% from October to December 2015 compared to the third quarter of 2015. In addition, 17% of companies reported having difficulty in making payments on time last year, up from 10% in 2014. “The increase in financial stress across much of UK plc illustrates that more needs to be done to stop the domino effect of late payments,” said Valerio Perinelli, CEO of Euler Hermes UK. “Our data suggests challenging times ahead, so firms should tread carefully when offering open credit terms on new contracts or to new customers.” To read Euler Hermes' news release go to http://www.eulerhermes.com/mediacenter/news/Pages/press-release-EH-UK-late-payments-hit-two-year-high-at-2015-year-end.aspx.
Unsecured, uninsured and unpaid creditors are more than three times as likely to fail than the UK's national average. Monthly statistics from InfolinkGazette reveal that there were 13,700 ordinary, unsecured and unpaid creditors in January with an average value of £21,300 (total £292 million), compared to 12,800 in February with an average value of £13,400 (total £172 million).
8% of the unsecured and unpaid creditors during the period under review had reported a negative net worth in their last filed accounts and 23.6% had reported a negative working capital.
Greg Connell, Managing Director of InfolinkGazette commented: "the toxic combination of poor financial health, a lack of credit insurance and unsecured creditor losses, incurred as a result of customers going out of business, is in itself a factor in business failure. As we have previously reported, unsecured and unpaid creditors are more than three times as likely themselves to succumb to creditors liquidation, than the national average." To read InfolinkGazette's news release go to http://www.infolinkgazette.com/?pid=6.
Few companies in China spared from overdue payments in 2015. A new Coface Panorama on corporate credit risk management in China reveals that corporate payments continued to deteriorate in 2015, with 80.6% of corporates experiencing overdue payments (vs 79.8% in 2014). 58.1% of these firms also reported an increase in the amount of overdues and 17.9% of surveyed companies have had to deal with ultra-long (of more than 180 days) overdue amounts exceeding 5% of their annual turnover. The construction sector appears to be the most at risk and the situation is deteriorating rapidly. 28.3% of the sector’s credit sales in overdue are over by more than 150 days and 57% of the sector’s respondents have more than 2% of their turnover impacted by overdues of more than 6 months. To read Coface's latest news release with a link to the Panorama go to http://www.coface.com/News-Publications/News/Few-companies-in-China-spared-from-overdue-payments-in-2015-80-of-corporates-affected.
Skyrocketing credit insurance claims in Australia. Insurance Business has published an article, 'Report signals new business opp for brokers', which advises that, according to figures released by National Credit Insurance (NCI), credit insurance claims in Australia skyrocketed in February to hit $10,021,956 - the highest level since the height of the global financial crisis. “There has definitely been a major increase in the trade credit risk aspect over the past quarter, resulting in the highest level of claims received in a month by NCI for seven years,” NIC managing director Kirk Cheesman said. “It is a timely reminder why trade credit insurance gives comfort and assists businesses in protecting themselves against bad debts.” To read Insurance Business' article go to http://www.insurancebusinessonline.com.au/features/weekend-update-report-signals-new-business-opp-for-brokers-213092.aspx.
High tension at the start of the year. Coface's latest Country Risk Barometer for Q1 2016 describes the global economy as "turning Japanese" - sharing the economic characteristics of Japan; world growth remains low - despite ultra-expansionist monetary policies, surplus cash on financial markets is intensifying volatility and there are increased risks relating to the Chinese slowdown, low oil prices and mounting political uncertainties. As a result, Coface has downgraded seven country risk assessments this quarter and has warned that although emerging economies recorded a slight recovery earlier this year (Coface forecasts a growth of 3.9% in 2016, after 3.4% in 2015 and 7.2% in 2010), the slowdown in advanced countries (1.7% in 2016) is disturbing the balance of the global economy more than ever before. Coface advises that growth is unlikely to exceed 2.7% this year. To read Coface's news release with a link to the full report go to http://www.coface.com/News-Publications/News/Quarterly-update-of-Coface-country-risk-assessments.
UK SMEs owed more than £255 billion in late payments. Results from the latest Zurich SME Risk Index show that more than half (53%) of Britain’s small-and-medium sized enterprises are owed money from late payments, with estimates totalling as much as £255 billion outstanding. The survey of over 600 SME owners and decision makers showed that, of those owed late payments, one in five (20%) are owed more than £25,000 and almost one in ten (8%) are owed more than £100,000. At the extreme end of the spectrum, more than 2,600 small businesses (1%) in Britain are owed upwards of £1 million. Two in five (41%) confirmed that late payments have had a significant impact on their own business’ cash flow. To read Zurich's news release go to https://www.zurich.co.uk/en/about-us/media-centre/general-insurance-news/2016/smes-owed-more-than-255bn-in-late-payments.
Companies in emerging countries: Can we once again believe in the Phoenix miracle?
Coface has published a new Panorama which reports that the nerves of companies in a great many emerging countries were severely tested in 2015. However, while this accumulation of bad news in the emerging world is unprecedented since 2003, Coface reminds readers that such crises occurred already in the 1990s and until after the turn of the century, and that countries normally "surprised all observers positively by rapidly recovering, to the point that there was talk about “Phoenix miracles” for these economies that thereby seemed to rise from their ashes." Coface considers another Phoenix miracle possible in the present situation? And if the answer is yes, in which countries? To read Coface's news release with a link to the full report go to http://www.coface.com/News-Publications/Publications/Companies-in-emerging-countries-Can-we-once-again-believe-in-the-Phoenix-miracle.
Atradius Collections strengthens its presence in India. Atradius Collections has announced the opening of a new office in Mumbai, India. Atradius' Managing Director, Raymond van der Loos, commented: "Doing business in India can sometimes be challenging as you need to fully understand the business environment and the legal differences. Therefore, a physical presence and local knowledge are crucial to understanding the rules of collecting debts in India." For more information go to http://www.atradiuscollections.com/global/news/opening-collections-office-india.html.
Euler Hermes warns of the extent to which weaker growth in China will impact its Asian neighbours – and most of Latin America as well. Euler Hermes predicts that following a 25% increase in China bankruptcies in 2015, insolvencies will increase 20% in 2016. Euler Hermes warns that this has implications not only for the 'Red Dragon' itself but also for its trading partners. "Industrial countries have a relatively robust immune system compared to many emerging markets. But "Chinese flu" is spreading in some of these latter countries, due to a strong and direct impact on supply chains of Chinese manufacturing companies. The China virus is escalating mainly in neighbouring countries such as Hong Kong, Singapore and Taiwan, but also in South Korea and especially in Latin America: Argentina, Brazil, Ecuador, Venezuela, and to some extent Chile." To read Euler Hermes' news release go to http://www.eulerhermes.com/mediacenter/news/Pages/press-release-EH-Why-Brazil-suffer-from-Chinese-flu-030816.aspx.
UKEF sharpens its tools. Trade & Export Finance (TXF) has published an interview with Louis Taylor, UK Export Finance's Chief Executive, in which Mr Taylor tells TXF how the export credit agency is broadening its product suite to offer more support to UK exporters. For SMEs this includes working with banks to widen the eligibility of UKEF's working capital product to UK export supply chains and working with the British Business Bank to ensure that there is no confusion about the products available and that, "brokers and bank are clear in their minds as well." To read TXF's article go to http://www.txfnews.com/News/Article/5476/ECA-Interview-UKEF-sharpens-its-tools. (A subscription may be required).
Iran: A new era after the lifting of sanctions. Coface has advised that after five years of sanctions, the return of Iran to the global community should have an effect on international growth via the oil channel and, above all, will bring huge changes to Iran itself. Coface expects real GDP growth to stand at 3.8% this year, on the back of the lifting of Western sanctions. “Key sectors that should lead the economy’s recovery in the post-sanctions period include transportation, housing and urban development. Besides these industries and the oil and gas sector that the economy relies heavily upon, the country has opportunities in almost every sector”, commented Seltem Iyigun, economist for the MENA and Turkey Region at Coface. To read Coface's news release with a link to the full Panorama go to http://www.coface.com/News-Publications/News/Iran-Sharp-turn-ahead-drive-carefully.
Atradius publishes new country reports on Argentina, Brazil, Chile, Columbia and Peru. Atradius has published a series of new country reports on Argentina, Brazil, Chile, Columbia and Peru. In Argentina and Brazil, growth in 2016 remains subdued (Argentina) or is expected to contract followed by a weak rebound in 2017 (Brazil) and inflation continues to be very high. In Chile, Columbia and Peru to outlook is slightly brighter with GDP forecast to increase 2.2%, 2.1% and 2.8% respectively in 2016. Both Columbia and Peru are expected to see GDP growth of 3.1% in 2017. To read Atradius' reports go to https://group.atradius.com/publications/.
Risks for German exports have risen significantly. Coface has published a Panorama which advises that in 2016, German exports will probably show the same trends as reported in 2015. German export companies still remain the most optimistic on future business with advanced economies, but foresee the weakest perspectives for this year in South and Central America, Eastern Europe, Russia, Turkey and China. In total, almost 29% of Germany’s total exports are currently delivered to emerging and developing economies (EMs) and, of these exports, more than a fifth are shipped to China. This share means that Germany is more exposed to external risks stemming from EMs than most other Eurozone countries.To read Coface's news release with a link to the full Panorama go to http://www.coface.com/News-Publications/News/Risks-for-German-exports-have-risen-significantly.
Indonesia's economic growth is forecast to progressively rise again towards 6% in the long term. Credendo Group has published a new Country Risk Assessment for Indonesia which advises that although, owing to exogenous shocks, including lower commodity prices and the Chinese slowdown (China is Indonesia’s main trade partner) Indonesia’s economy has been slowing down since 2012, economic growth is forecast to progressively rise again towards 6% in the long term. Credendo warns that this year, the Indonesian economies most immediate risks will lie in the impact from capital outflows – fuelled by the US Fed’s rate hike(s) – on the balance of payments and from a much depreciated rupiah on external debt repayments as local enterprises have significantly increased borrowing in USD in recent years. To read Credendo's analysis go to https://www.flexmail.eu/i-e28a61163cc7d9b7fe382fda4c34cc46dc60e9034b99e5e78f28970c35fdb9e5.
And Finally . . .
Congratulations to XS Reserve Ltd, whose product, XS Reserve, is winner of a 2016 Business Insurance Innovation Award. XS Reserve is sold as part of an excess-of-loss trade credit insurance cover and enables risk managers to transfer a risk that otherwise would be wholly self-insured. The idea for the product was sparked in part because of the restrictions that banking rules, such as Basel III, place upon banks issuing credit with security. XS Reserve enables the credit risk to be passed onto insurers — which are the risk takers. Alastair Malcolm, founder and CEO of XS Reserve Ltd, commented to Business Insurance: “The need for credit insurance is vital, and risk managers are becoming more involved in trade credit". To read Business Insurance' article go to http://www.businessinsurance.com/article/20160313/NEWS06/303139986.
Business Information
European manufacturers feel Brexit could be a lose-lose situation. EEF has warned that a report by the EU manufacturing association, CEEMET has found that a vote against the UK’s membership of the EU would represent a lose-lose situation for manufacturers in the UK and across the EU. CEEMET has set out the potential implications of Brexit and highlighted analysis which warns that Brexit could trigger a downward spiral in UK GDP growth for industry, with the worst affected companies being medium-sized manufacturers in complex global supply chains. CEEMET Director General Uwe Combüchen, said: “The analysis confirms our concern about the implications of Brexit not just for Britain, but other countries in the EU. We think manufacturers in the UK and across Europe will be better served by the UK remaining a member of the EU.” To read EEF's news release go to https://www.eef.org.uk/campaigning/news-blogs-and-publications/blogs/2016/mar/brexit-could-be-a-lose-lose-situation-say-european-manufacturers.
The World Bank reports that cyclical economic factors dominated in 2015. According to a new World Bank Group paper, Global Trade Watch: Trade Development in 2015, by World Bank Group Economists Cristina Constantinescu, Aaditya Mattoo and Michele Rut, after dramatically declining in the first half of 2015, global trade recovered but at a slower pace over the rest of the year, so that world imports grew by only 1.7% in 2015 compared to 3% in 2014. “This paper builds on our earlier research that showed the global trade slowdown began in the early 2000s but has become more evident since the great recession, and had both cyclical and structural determinants,” the authors said. “Now we have found that in the context of the broader global trade slowdown, 2015 appears to have distinct characteristics compared to previous years. And our estimates suggest that cyclical factors dominated in 2015, accounting for approximately two thirds of the trade slowdown.” To read the World Bank's news release with a link to the full report go to http://www.worldbank.org/en/news/press-release/2016/03/09/emerging-economies-drive-global-trade-volatility-in-2015.
UK retail sales growth beats expectations of a slowdown. According to the CBI’s latest monthly Distributive Trades Survey, UK retail sales volumes held broadly steady in March beating expectations of growth slowing, Meanwhile, orders placed on suppliers also exceeded expectations of a fall in March and reported moderate growth over the year. Next month, orders are likely to remain steadfast and are expected to grow at the same rate. Overall, retail sales growth for the time of the year was considered to be at an average level. To read the CBI's news release go to http://news.cbi.org.uk/news/retail-sales-growth-beats-expectations-of-a-slowdown/.
Number of larger UK businesses securing asset based finance up 25% in 2015.
According to new research by the Asset Based Finance Association (ABFA), the number of larger businesses in the UK using invoice finance jumped by 25% in just a year, from 713 in 2014 to 893 last year, as they increasingly use it to complement ‘traditional’ sources of finance. The ABFA explains that around 80% of asset based finance is invoice finance, in which businesses secure funding against their unpaid invoices, while the other 20% represents the fast-growing area of asset based lending, in which, in addition to debts, businesses can raise funding secured against a range of other assets they own, including inventory, property and machinery. To read ABFA's news release go to http://www.abfa.org.uk/news/113/Number-of-larger-businesses-securing-asset-based-finance-up-25pc-in-2015.
UK retailer net closure rate drops by 50% in 2015. Despite the rate of openings remaining constant at 13 per day in 2015, the rate of store closures across Britain fell from 16 closures per day in 2014 to 14 closures per day in 2015. According to PwC analysis compiled by the Local Data Company (LDC), 5,138 outlets closed in 2015 compared to 4,640 openings, equating to a net reduction of 498 shops. This is a drop of 50.4% when compared to 2014 where 5,839 outlets closed compared to 4,852 openings, a net reduction of 987 shops - the lowest closure rate in five years since the peak seen in 2012. It also represents the lowest levels of High Street churn - entries and exits – since 2010. To read PWC's news release go to http://pwc.blogs.com/press_room/2016/03/retailer-net-closure-rate-drops-by-50-in-2015-from-987-to-498-says-pwc-and-the-local-data-company.html.
Late payments hamper growth of European SMEs. Intrum Justitia has warned that although global markets are awash with capital and interest rates are at record lows, a notable issue weighing on European SME’s financing are late or delinquent payments. In Intrum Justitia’s European Payment Report for 2015, almost a third of the surveyed businesses say that faster payments would enable them to hire more staff and one in four said late payments contribute to the need to lay off staff. Especially for SME’s, late payment often means that they would have to drastically increase their operating capital or have extensive credit lines to cope with the situation. To read Intrum Justitia's news release go to http://www.intrum.com/Newsroom/Publication-Container/Late-payments-hamper-growth/.
BCC: Global headwinds and uncertainty slow UK growth in 2016. The British Chambers of Commerce (BCC) has announced that it has downgraded its UK GDP growth forecast, from 2.5% to 2.2% in 2016, and from 2.5% to 2.3% in 2017; for 2018, included for the first time in the forecast, GDP growth of 2.4% is predicted. The downgrade is due to weaker than expected growth across most areas of the economy, reflecting a general global slowdown. Despite these issues, UK GDP is expected to expand at a moderate and relatively steady pace over the next three years. Dr Adam Marshall, Acting Director General of the British Chambers of Commerce, said: “The UK’s economic performance is reasonably good when measured against our main competitors, but it’s only mediocre when compared against long-term trends." To read the BCC's news release go to http://www.britishchambers.org.uk/press-office/press-releases/bcc-global-headwinds-and-uncertainty-slow-uk-growth-in-2016.html.
Nearly two-thirds of UK mid-market firms back staying in the EU. According to new figures published by BDO, 65% of UK mid-market firms (those with revenue of between £10 million and £300 million) want to stay in Europe. The poll – which surveyed 632 British mid-sized companies – found that 70% of the mid-market believed that leaving the EU would make it harder to run a successful business. However, despite wishing to remain in the EU, mid-market firms would like to see further changes to the EU. For example, 63% of firms wanted less red tape and gold-plating of EU legislation to make it easier to do business, and 52% want the EU to have a greater focus on trade agreements such as the Transatlantic Trade and Investment Partnership with the US and other high growth markets like India. To read BDO's news release go to http://www.bdo.co.uk/press/nearly-two-thirds-of-uk-mid-market-back-staying-in-the-eu.
8 of 18 UK manufacturing sub-sectors posted a decline in output in March. According to the latest CBI Industrial Trends Survey, activity in the UK manufacturing sector fell in March but production is expected to rebound over the next three months. The survey found that manufacturing output volumes over the three months to March fell at the fastest pace since September 2009. In total, 8 of the 18 manufacturing sub-sectors posted a decline in output. Two-thirds of this decline (relative to February) reflected weakness in the food and drink sector. However, manufacturers anticipate a particularly strong rise in output over the next quarter, placing expectations at the highest level for thirteen months, with a rebound in food and drink.To read the CBI's news release go to http://news.cbi.org.uk/news/manufacturing-activity-drops-but-demand-remains-steady-cbi/.
Career Opportunities
Growth Market Speculative applications
Euler Hermes is investing in a number of growth markets as the key to success is through our staff. We want to invest in a number of growth markets to reduce our dependency on mature markets. One of the main roadblocks to faster growth market development is the struggle to attack local talent and build sustainable staff pyramids. Our own experience has shown that some of the best resources (in terms of competence and commitment to EH) are local people returning after a first experience in a mature market. Therefore we set up the Growth Market Talent Pool (GMTP) whereby we source promising talent in mature markets with a view to relocating them to growth markets after a few years.
What we will offer you:
Euler Hermes is investing in a number of growth markets as the key to success is through our staff. We want to invest in a number of growth markets to reduce our dependency on mature markets. One of the main roadblocks to faster growth market development is the struggle to attack local talent and build sustainable staff pyramids. Our own experience has shown that some of the best resources (in terms of competence and commitment to EH) are local people returning after a first experience in a mature market. Therefore we set up the Growth Market Talent Pool (GMTP) whereby we source promising talent in mature markets with a view to relocating them to growth markets after a few years.
What we will offer you:
- Subject to meeting the resident labour market test, we will sponsor Tier 2 general work permits for the UK where appropriate
- Competitive salary, bonus and benefits package
- Regional HR coaching by phone
- Mentoring by growth market mentor
- Support to ease transfer to growth market and transfer bonus
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).
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).
New Appointments
Howden has announced that it has appointed Mahan Bolourchi as regional head of financial risks for the Middle East. Mr Bolourchi was previously with Euler Hermes, where he was Middle East CEO for the Gulf Cooperation Council. He will be based in Dubai.
New appointments at Euler Hermes.
- Euler Hermes has announced that it has appointed Loeiz Limon Duparcmeur as country manager for Euler Hermes Italy. Based in Rome, he will lead the Italian business unit and its 400 employees, and report to Luca Burrafato.
- Euler Hermes has announced the appointment of Luca Burrafato as head of the Mediterranean Countries, Middle East and Africa (MMEA) region. Mr Burrafato succeeds Michele Pignotti who is joining the Euler Hermes Board of Management in Paris.
- Euler Hermes has announced the appointment of Anil Berry as CEO, World Agency. Mr Berry succeeds Nicolas Delzant who is retiring.
Chaucer has announced that it has appointed Deborah Wyatt to lead the its new political risk solution for emerged markets.
Ms Wyatt was previously head of UK political risk and trade credit at XL Catlin.
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.
Latin America Trade Finance Conference 2016, 14 April 2016. São Paulo.
With over 200 business leaders and trade finance specialists from across the region expected in attendance, GTR’s annual Latin America Trade Finance Conference will return to São Paulo for its 6th year on April 14, 2016. Despite recent economic challenges within the Brazilian and wider Latin American region, positives remain surrounding the macroeconomic fundamentals. These underpinning factors provide optimism about the long-term future of the country and its ability to command investment. Incorporating a mixture of interactive panel discussions, practical case studies, presentations and interviews, the conference will build on its standing as the largest discussion and networking forum for anyone conducting trade in Latin America. 15% discount for Credit Insurance News Readers with CIN15 - go to http://www.gtreview.com/events/americas/latin-america-trade-finance-conference-2016/.
With over 200 business leaders and trade finance specialists from across the region expected in attendance, GTR’s annual Latin America Trade Finance Conference will return to São Paulo for its 6th year on April 14, 2016. Despite recent economic challenges within the Brazilian and wider Latin American region, positives remain surrounding the macroeconomic fundamentals. These underpinning factors provide optimism about the long-term future of the country and its ability to command investment. Incorporating a mixture of interactive panel discussions, practical case studies, presentations and interviews, the conference will build on its standing as the largest discussion and networking forum for anyone conducting trade in Latin America. 15% discount for Credit Insurance News Readers with CIN15 - go to http://www.gtreview.com/events/americas/latin-america-trade-finance-conference-2016/.
Russia & CIS Trade & Export Finance Conference, 14 April. Moscow.
The Russia & CIS Trade & Export Finance Conference will be returning to Moscow in 2016 for its 9th year, featuring as the only event of its kind on the trade finance calendar. With recent international sanctions raising many questions over trade and exports flowing in and out of Russia, the conference will provide a crucial forum for open debate between business and finance leaders from across Russia and beyond. 15% discount for Credit Insurance News Readers with CIN15 - go to http://www.gtreview.com/events/europe/russia-and-cis-trade-export-finance-conference-2016/.
The Russia & CIS Trade & Export Finance Conference will be returning to Moscow in 2016 for its 9th year, featuring as the only event of its kind on the trade finance calendar. With recent international sanctions raising many questions over trade and exports flowing in and out of Russia, the conference will provide a crucial forum for open debate between business and finance leaders from across Russia and beyond. 15% discount for Credit Insurance News Readers with CIN15 - go to http://www.gtreview.com/events/europe/russia-and-cis-trade-export-finance-conference-2016/.
Indonesia Trade & Commodity Finance Conference 2016, 19 April 2016. Jakarta.
Jakarta will once again host GTR’s Indonesia Trade & Commodity Finance Conference 2016 on April 19. Returning to the Grand Hyatt Jakarta, the event serves as the consummate discussion forum for the region’s trade finance community. Innovations within the country’s corporate sector, the challenges which lie ahead for trading companies and the impact of trade regulations all feature in this year’s agenda. Rangga Cipta, Economist at Samuel Sekuritas, will deliver the keynote address focusing on Indonesia’s potential for growth, the impact of the Chinese slowdown and whether the country can still be considered the gateway to South East Asia. A variety of networking breaks offer the chance to meet with some of the region’s most influential players, establish new business connections and further trade alliances within Indonesia. 5% discount for Credit Insurance News Readers with CIN15 - go to http://www.gtreview.com/events/asia/indonesia-trade-commodity-finance-conference-2016/.
Jakarta will once again host GTR’s Indonesia Trade & Commodity Finance Conference 2016 on April 19. Returning to the Grand Hyatt Jakarta, the event serves as the consummate discussion forum for the region’s trade finance community. Innovations within the country’s corporate sector, the challenges which lie ahead for trading companies and the impact of trade regulations all feature in this year’s agenda. Rangga Cipta, Economist at Samuel Sekuritas, will deliver the keynote address focusing on Indonesia’s potential for growth, the impact of the Chinese slowdown and whether the country can still be considered the gateway to South East Asia. A variety of networking breaks offer the chance to meet with some of the region’s most influential players, establish new business connections and further trade alliances within Indonesia. 5% discount for Credit Insurance News Readers with CIN15 - go to http://www.gtreview.com/events/asia/indonesia-trade-commodity-finance-conference-2016/.
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.
East Africa Trade & Commodity Finance Conference. 10-11 May, Nairobi.
Recognised as the leading gathering of trade finance professionals in the region, GTR’s East Africa Trade & Commodity Finance Conference returns to Nairobi on May 10-11. Benefiting from positive trade relations between its neighbouring countries, the conference will seek to explore the current economic challenges facing Kenya’s commodities sector. Further discussions will draw focus on the agricultural sector which forms a vital part of the Kenyan economy. The event will feature dedicated networking sessions, offering attendees the chance to form new working relationships and re-acquaint themselves with old contacts, with the prospect of developing business within East Africa and beyond. 5% discount for Credit Insurance News Readers with CIN15 - go to http://www.gtreview.com/events/africa/east-africa-trade-commodity-finance-conference-2016/.
Recognised as the leading gathering of trade finance professionals in the region, GTR’s East Africa Trade & Commodity Finance Conference returns to Nairobi on May 10-11. Benefiting from positive trade relations between its neighbouring countries, the conference will seek to explore the current economic challenges facing Kenya’s commodities sector. Further discussions will draw focus on the agricultural sector which forms a vital part of the Kenyan economy. The event will feature dedicated networking sessions, offering attendees the chance to form new working relationships and re-acquaint themselves with old contacts, with the prospect of developing business within East Africa and beyond. 5% discount for Credit Insurance News Readers with CIN15 - go to http://www.gtreview.com/events/africa/east-africa-trade-commodity-finance-conference-2016/.
GTR Europe Trade & Export Finance Conference, 12 May. Hamburg.
GTR Europe Trade & Export Finance Conference will return to Hamburg for the next instalment on May 12, 2016. The event is recognised as the continent’s leading gathering for European trade, export, commodity and supply chain finance professionals. With over 200 senior decision makers expected in attendance, networking provides an essential element of the event, allowing delegates to forge new contacts and renew old acquaintances in a more informal setting. 5% discount for Credit Insurance News Readers with CIN15 - go to http://www.gtreview.com/events/europe/gtr-europe-trade-export-finance-conference-2016/.
GTR Europe Trade & Export Finance Conference will return to Hamburg for the next instalment on May 12, 2016. The event is recognised as the continent’s leading gathering for European trade, export, commodity and supply chain finance professionals. With over 200 senior decision makers expected in attendance, networking provides an essential element of the event, allowing delegates to forge new contacts and renew old acquaintances in a more informal setting. 5% discount for Credit Insurance News Readers with CIN15 - go to http://www.gtreview.com/events/europe/gtr-europe-trade-export-finance-conference-2016/.
Asia Trade & Supply Chain Finance Conference. 6 June. Hong Kong.
The GTR Asia Trade & Supply Chain Finance Conference will return to Hong Kong on June 6, 2016, building on 2015’s inaugural event which welcomed close to 250 business leaders and supply chain finance specialists. Opportunities offered by Hong Kong as a gateway to markets such as China and other North-East Asian economies, as well as the innovative financing techniques being utilised to optimise working capital and manage risk across the supply chain will all feature in this year’s timely agenda. Leading treasurers, traders, financiers and risk managers from various companies, sectors and countries will provide insight through detailed case studies, work-shop style focus sessions and interactive panels, while extensive scope for networking will also be built into the day’s events giving delegates the chance to connect with their trade finance peers. 5% discount for Credit Insurance News Readers with CIN15 - go to http://www.gtreview.com/events/asia/gtr-asia-supply-chain-finance-conference-2016/.
The GTR Asia Trade & Supply Chain Finance Conference will return to Hong Kong on June 6, 2016, building on 2015’s inaugural event which welcomed close to 250 business leaders and supply chain finance specialists. Opportunities offered by Hong Kong as a gateway to markets such as China and other North-East Asian economies, as well as the innovative financing techniques being utilised to optimise working capital and manage risk across the supply chain will all feature in this year’s timely agenda. Leading treasurers, traders, financiers and risk managers from various companies, sectors and countries will provide insight through detailed case studies, work-shop style focus sessions and interactive panels, while extensive scope for networking will also be built into the day’s events giving delegates the chance to connect with their trade finance peers. 5% discount for Credit Insurance News Readers with CIN15 - go to http://www.gtreview.com/events/asia/gtr-asia-supply-chain-finance-conference-2016/.
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.
UK Trade & Export Finance Conference, 15 June. Liverpool.
Returning for its fourth year, the UK Trade & Export Finance Conference moves to its new base of Liverpool for 2016, incorporating the UK National Awards for Export Excellence and featuring as part of the International Festival for Business 2016. Benefiting from established support from organisations such as UK Export Finance, UK Trade & Investment, British Chambers of Commerce, Institute of Export, International Chamber of Commerce and the British Exporters Association, the conference will provide a crucial forum for the UK’s business, government and financial sectors to meet and discuss ongoing trade priorities. High on the day’s agenda will be the accessibility of financing for exporters, including the rise of alternative finance, as well as opportunities available to companies looking to enter markets such as Africa, Asia and Latin America, with the overriding theme being how to increase the UK’s competitiveness globally. With speakers from across the domestic and international trade finance community on hand to offer practical guidance and direction, the conference will provide delegates with invaluable networking opportunities with a wide range of companies experienced in international trade. Following the conference will be the UK National Awards for Export Excellence 2016. The awards will celebrate and commemorate the achievements of the UK’s exporters over the last year, rewarding excellence across a range of sectors and geographical regions. These awards reward export excellence in a chosen discipline, and companies of all sizes are eligible to enter. They will be judged by an independent panel of experts from some of the UK’s leading institutions. All UK exporters are invited to submit their entries for consideration before March 24, with the winners being announced at a black-tie awards ceremony on the evening of June 15. 5% discount for Credit Insurance News Readers with CIN15 - go to http://www.gtreview.com/events/europe/uk-trade-export-finance-conference-2016/.
Returning for its fourth year, the UK Trade & Export Finance Conference moves to its new base of Liverpool for 2016, incorporating the UK National Awards for Export Excellence and featuring as part of the International Festival for Business 2016. Benefiting from established support from organisations such as UK Export Finance, UK Trade & Investment, British Chambers of Commerce, Institute of Export, International Chamber of Commerce and the British Exporters Association, the conference will provide a crucial forum for the UK’s business, government and financial sectors to meet and discuss ongoing trade priorities. High on the day’s agenda will be the accessibility of financing for exporters, including the rise of alternative finance, as well as opportunities available to companies looking to enter markets such as Africa, Asia and Latin America, with the overriding theme being how to increase the UK’s competitiveness globally. With speakers from across the domestic and international trade finance community on hand to offer practical guidance and direction, the conference will provide delegates with invaluable networking opportunities with a wide range of companies experienced in international trade. Following the conference will be the UK National Awards for Export Excellence 2016. The awards will celebrate and commemorate the achievements of the UK’s exporters over the last year, rewarding excellence across a range of sectors and geographical regions. These awards reward export excellence in a chosen discipline, and companies of all sizes are eligible to enter. They will be judged by an independent panel of experts from some of the UK’s leading institutions. All UK exporters are invited to submit their entries for consideration before March 24, with the winners being announced at a black-tie awards ceremony on the evening of June 15. 5% discount for Credit Insurance News Readers with CIN15 - go to http://www.gtreview.com/events/europe/uk-trade-export-finance-conference-2016/.
North America Trade & Working Capital Conference, 16 June. New York.
Returning to the city for its fourth consecutive year, GTR‘s annual gathering in New York has evolved into the North America Trade & Working Capital Conference for 2016. Over 200 high-level business leaders are expected in attendance to discuss key issues and challenges involved in securing business with high-growth emerging markets, as well as addressing concerns of those conducting cross border trade, with a particular emphasis on working capital priorities of exporters and importers currently operating in the region. Imparting their valuable knowledge and experience, the conference will feature on stage participation from wide range of organisations involved in international trade, offering delegate’s unrivaled access to the market’s top decision-makers all under one roof. 5% discount for Credit Insurance News Readers with CIN15 - go to http://www.gtreview.com/events/americas/north-america-trade-working-capital-conference-2016/.
Returning to the city for its fourth consecutive year, GTR‘s annual gathering in New York has evolved into the North America Trade & Working Capital Conference for 2016. Over 200 high-level business leaders are expected in attendance to discuss key issues and challenges involved in securing business with high-growth emerging markets, as well as addressing concerns of those conducting cross border trade, with a particular emphasis on working capital priorities of exporters and importers currently operating in the region. Imparting their valuable knowledge and experience, the conference will feature on stage participation from wide range of organisations involved in international trade, offering delegate’s unrivaled access to the market’s top decision-makers all under one roof. 5% discount for Credit Insurance News Readers with CIN15 - go to http://www.gtreview.com/events/americas/north-america-trade-working-capital-conference-2016/.
About this Issue's Sponsor: QBE
2015 saw further investment in QBE, bringing in 7 new people to trade credit, 2 in commercial and 5 into our risk team, increasing our team overall and enhancing our service proposition.
Through our improved Trade Credit System we have been able to offer an interconnected global as well as a local service through our offices in Australia, Hong Kong, Singapore, US, Brazil, Dubai as well as our offices here in the UK. We have broadened our product range to include excess of loss as well as our comprehensive policy and our selective products which include single accounts, agreed accounts, major accounts, top accounts and top-up cover. We have recently introduced and rolled out Tenant Default primarily on a single name basis.
In conjunction with our range of products we have extended our offering to include the SME market for comprehensive cover.
We continue to provide and deliver market leading customer service with real time underwriting decisions, exceptional limit turnaround times and an impressive record of paying claims. Our proven track record of developing new products and services is evidence of our flexible and open minded approach to doing business.
Our investment in talented and experienced industry experts in both our credit and surety teams allows us to deliver this superior service and create products that suit a growing demand in using trade credit in more innovative and flexible ways.
In 2016 QBE will continue to provide an enhanced offering and service and we look forward to working together to manage risk and help trade take off.
Through our improved Trade Credit System we have been able to offer an interconnected global as well as a local service through our offices in Australia, Hong Kong, Singapore, US, Brazil, Dubai as well as our offices here in the UK. We have broadened our product range to include excess of loss as well as our comprehensive policy and our selective products which include single accounts, agreed accounts, major accounts, top accounts and top-up cover. We have recently introduced and rolled out Tenant Default primarily on a single name basis.
In conjunction with our range of products we have extended our offering to include the SME market for comprehensive cover.
We continue to provide and deliver market leading customer service with real time underwriting decisions, exceptional limit turnaround times and an impressive record of paying claims. Our proven track record of developing new products and services is evidence of our flexible and open minded approach to doing business.
Our investment in talented and experienced industry experts in both our credit and surety teams allows us to deliver this superior service and create products that suit a growing demand in using trade credit in more innovative and flexible ways.
In 2016 QBE will continue to provide an enhanced offering and service and we look forward to working together to manage risk and help trade take off.
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All news stories on Credit Insurance News' website are included with the prior permission of the copyright holder. Reproduction or redistribution in whole or in part, in any manner, without the express prior written consent of the copyright holder, is a violation of copyright law. If you, or your organisation wish to redistribute, republish or link-to all or any part of any Credit Insurance News Digest, you must first contact the copyright holder direct or email sally.brown@creditinsurancenews.co.uk for further information.
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