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Welcome to Issue 70 of Credit Insurance News Digest. This issue is kindly sponsored by Markel International.
Credit Insurance News
Growth in credit insurance policyholders shows, "clients value our product as a safe refuge in these uncertain times." The Berne Union and ICISA have reported positive trade credit insurance results in 2015, but anticipate a mixed outlook for 2016. In 2015, all regions saw a slight increase in the number of policyholders, and an increase in premium income was noted in Europe, North America and Latin America. Overall, the claims and insolvencies trend was stable to negative. For 2016, although growth in premium is predicted in most regions - particularly in Europe, MENA and Asia - and claims are expected to stabilise in Europe and Africa, the claims outlook for Latin America is mixed and deterioration in Asia is anticipated. In addition, insolvencies are expected to increase in all regions, but particularly in Asia, Australia, Europe and Latin America. Andreas Tesch, President of ICISA, noted. “The growth in policyholders shows clients value our product as a safe refuge in these uncertain times. This uncertainty is not only caused by macro-economic uncertainties, but also by a rise in fraud in most markets where our members operate in.” Click here to read the ICISA's news release.
The enigma as to why US corporates don’t purchase trade credit insurance products like their European counterparts. Spend Matters has published an article, 'Why SMEs Don’t Insure their Most Important Asset – Receivables',  in which James Daly, president and CEO of Euler Hermes Americas, examines why European businesses are more likely to insure their receivables than their North American counterparts. The article comments that In Europe, "the product seems to be more institutional, the banks are familiar with the product, and use them inside their organizations as well as encourage their clients to use it. When CFOs are educated in Europe, it’s clearly a tool they are educated about." However, as Mr Daly notes, the benefits of credit insurance for US corporates are clear, especially in the light of a study done by US Bank which  showed that as many as 82% of business failures are due to poor cash management - often after payment default by one or two large clients. To read Spend Matters' article go to
The credit insurance market: Better off after the financial crisis. The ICISA's latest Insurance Insider publication includes an interview in which the recently appointed Deputy CEO of Garant, Brigitta Ayasch, advises that she believes that the credit insurance marketplace is better off after the financial crisis. “Risk appetite, capacity and competition are contributing to a favourable marketplace for the buyers of credit and political risk insurance, not to mention the return of political threats and terrorism globally that calls for greater protection." However, although capacity available in the market has doubled since 2009 to exceed 2 billion dollars, Ms Ayash describes how “going global' will still be the biggest challenge and opportunity for the trade credit insurance market. "The taking-up of political risk insurance is still very weak in the emerging countries, notably in Asia and Africa where growth opportunities might be huge." To read Insurance Insider go to
Why US companies need trade credit insurance. Longitudes has published an article, 'Why companies need trade credit insurance', which lists some of the main tactical and strategic reasons why US companies purchase trade credit insurance. This includes: foreign trade issues which can seriously delay payment, the external monitoring of critical accounts, competitive advantage as well as providing banks with additional lending assurances. Several case studies which illustrate the value of credit insurance are given. As one business owner said, “Having trade credit insurance allows me to sleep better at night, and that’s worth a lot.” As a result, according to Euler Hermes once a company has experienced the benefits of credit insurance they renew their policies 90% of the time. To read Longitudes article go to Reprinted with permission of Longitudes, the UPS blog devoted to the trends shaping the global economy.
Late payment affects more than 92% of businesses in Western Europe. Atradius' latest Payment Practices Barometer has revealed that "a quite staggering percentage" of respondents in Western Europe (92.4%) reported that domestic B2B customers have paid invoices late over the past year. This resulted in an average of 40.3% of the total value of domestic invoices remaining unpaid past the due date. The research also found that the number of respondents reporting late payment from foreign B2B customers has risen slightly - from 82.1% in 2015 to 84.6% - with a small concurrent increase in the average total value of foreign B2B credit-based sales paid late. Overall, Italy appears to be the most impacted by late payment of invoices from domestic B2B customers. followed by Greece; domestic B2B invoices were paid the most promptly in Sweden. The country most adversely impacted by late payments from export customers seems to be Great Britain, while Greek respondents were the least hit by late payment of invoices by foreign customers. To read Atradius' report go to
The differences between political risk insurance and trade credit insurance. Global Trade has published an article 'How to protect yourself with political risk insurance', which provides an overview of political risk insurance, describes how it differs from trade credit insurance and can be available as a standalone product or as an addition to a credit insurance policy.  According to the article, one major difference between political risk and trade credit insurance is price. "Trade credit insurance typically goes for a tenth to half of 1% of the revenues being insured, depending upon sales volumes and the destinations of the exports. Political risk insurance policies, on the other hand, generally command a premium of 1 to 2% of the value being covered — that’s double to 20 times the price of trade credit insurance." To read the article on Global Trade's website go to
Global growth hits 2016 hard patch; 70% of world economy to remain subdued. According to new analysis by Euler Hermes, the global economy’s growth will be weaker in 2016 with only a +2.5% rise in GDP (2015: 2.6%). In its updated risk analysis for Q1 2016, the company notes that subpar global growth, still below +3% for the 6th consecutive year, will affect a majority of countries – both advanced economies and emerging markets. “More than 70% of the world’s economy will slow or be in recession in 2016,” said Ludovic Subran, chief economist at Euler Hermes. “China, Saudi Arabia, Turkey, the U.S. and the UK will register lackluster growth. Argentina, Brazil and Russia will remain in negative territory. To read Euler Hermes' news release go to
Survey findings point to Great Britain as the country in Western Europe that is most impacted by late payment from export customers. Atradius' latest Payment Practices Barometer for the UK has found that around 90% of British respondents (compared to 88% in Western Europe) experienced late payment of invoices by domestic and export B2B customers over the past year. This resulted in an average of 44.6% of the total value of B2B receivables remaining unpaid past the due date. This is above the 40.0% average for Western Europe, and is around 3% higher than last year. Much of this increase appears to stem from an upswing in late foreign payments over the past year, which greatly outweighs that on the domestic market. Overall, 46.4% of the total value of British credit sales to foreign customers were reported to be paid late, with 92.1% of respondents experiencing late payments. As a consequence of late payment, notably more respondents in Great Britain (25.4%) than in Western Europe (18.3%) had to take specific measures to correct cash flow and nearly 24.0% of the British respondents had to delay payments to their own suppliers. To read Atradius' report go to
Individual Payment Practices Barometers are also available for 12 other European countries at
Q1 2016 unpaid/unsecured UK credit losses highlight the need to maintain credit insurance cover. A preview of the Q1 2016 quarterly statistics from InfolinkGazette reveals that in Q1 2016, 38,700 ordinary unpaid UK trade creditors lost an average of £24,800 from just over 2,200 insolvencies. Greg Connell, Managing Director of InfolinkGazette commented: "The average surplus available for distribution to unsecured creditors after paying preferred creditors and charge holders was just £60,000, making it a poor quarter for unsecured creditors who experienced average asset shortfalls of £440,000 per insolvency." Greg added: "As ever, the majority of the burden falls on the unsecured trade creditors, highlighting the need to maintain trade credit insurance cover." To read InfolinkGazette's news release go to
Equinox Global describes the impact of Brexit. Mike Holley, CEO of Equinox Global, has published the first in a series of blogs on Brexit, 'Why EU membership reduces licencing costs', in which he stresses how difficult it will be for businesses to operate in Europe without the simplified business rules that are guaranteed by the UK’s membership of the European Union. He also describes some of the particular challenges that Equinox Global would face in the event of Brexit, and notes some of the legal, financial and regulatory hurdles that Equinox Global have already experienced when setting up offices outside the EU compared to offices in the Netherlands, Hamburg and Paris. Mr Holley concludes: "It’s vital that we in the business and trade community set out precisely what leaving the EU would mean for the ongoing success of our companies. . . I have focused on one of the most fundamental issues, a licence to carry out business. Without which we would quickly find our ability to maintain and build our company severely curtailed." To read Equinox Global's blog go to Further blogs will follow.
Sector risks remain under pressure in emerging markets. Coface's latest Barometer of Sector Risks has reported that the majority of the updates made by Coface this quarter were downgrades. Overall, the riskiest sector in the world is Metals, with credit risk downgraded to 'very high risk' in 4 out of 6 regions. Other downgrades include: pharmaceuticals in Latin America, which is now considered 'medium risk'; the automotive industry in North America now at 'medium risk'; the North American energy sector, which is becoming 'very high" risk'; textiles and clothing in Western Europe, now 'high risk' and the chemicals sector in Central Europe now 'medium risk. Coface also warns that emerging Asia is beginning to show signs of saturation on the electronics market, and an increase in late payments is prompting a health watch on two connected sectors: those of retail, downgraded to 'medium risk' and ICT, downgraded to 'high risk'. To read Coface's news release with a link to the Barometer go to
93% of French businesses reported fraud attempts in 2015. DFCG, the French association of finance directors and controllers, and Euler Hermes have carried out a survey which shows that French companies are seeing an explosion in fraud risk. According to Eric Lenoir, chairman of the Executive Committee of Euler Hermes France: "93% of the companies surveyed experienced at least one fraud attempt in 2015; in the previous survey the figure was 77%." Furthermore, 20% of those surveyed experienced more than 10 fraud attempts over this period (compared to 17% in 2014). Of the top three types of attempted fraud, the "fake CEO" heads the list, with 55% of businesses reportedly falling victim to it. This is followed by other forms of identity theft: "fake suppliers" (47%) and "fake bankers, lawyers, auditors, etc." (35%). To read Euler Hermes' news release go to
Nexus CIFS launches a new marketing tool to help customers identify credit approved sales leads. Nexus CIFS,working with Experian pH, has announced that it has developed a unique, new marketing tool, First Select, to help policyholders create an instantaneous, customised marketing list based on search criteria, such as location, estimated turnover and business type. The information is then easy to download and can be merged into CRM and other marketing-databases. Whilst Nexus CIFS operates First Select on an upfront licence fee that includes data bundles, there is also a facility to purchase company reports as required. To read Nexus CIFS' news release go to
For more information (including an explanatory video) about First Select, go to
Only 13% of Swiss firms use credit insurance, but those that do make frequent use of it. The Bern University of Applied Sciences and Euler Hermes have reported the results of a recent survey of over 300 export-oriented Swiss companies (the majority with 10 - 250 employees), which shows which protective measures Swiss companies use to counteract current and expected export risks. The survey also found that although only 13% of Swiss companies use credit insurance tools, it is noteworthy that, of this group, 58% of companies make frequent use of it. (The percentage is similar for guarantees). Euler Hermes commented: " The question arises whether Swiss businesses are sufficiently well informed about these instruments. Relatively few firms employ them, but those that do use them very intensively." To read Euler Hermes' news release go to
Equinox Global launches online portal – Equinox Approach. Equinox Global has announced the launch of Equinox Approach, its new online portal for brokers and clients. Equinox Global advises that the new portal will offer brokers, clients and where appropriate, financing banks, immediate, real time access to their credit limit positions with the ability to apply for new credit limits themselves and in the majority of cases receive an immediate decision. Equinox Approach will be rolled out in five languages (English, Spanish, French, German and Dutch) to new and existing clients throughout 2016. For more information go to
Aon Political Risk Map reflects more emerging markets with reductions in political risk than increases. Aon Risk Solutions has announced that it has launched its 2016 Political Risk Map for emerging markets. "For the first time in the last three years, the Aon Political Risk Map reflects more countries with reductions in political risk than increases, an encouraging sign of the impact of political and economic reforms,” said Karl Hennessy, president of Aon Broking and CEO of Aon’s Global Broking Centre in London. “Despite increases in economic risks stemming from low commodity prices, improvements in political stability have occurred. However, weakness in the global economy could yet cause significant increases in political risks within countries and spill-over effects into others states.” To view the Political Risk Map go to
Atradius predicts that the outlook for the UK consumer durables sector sales outlook will remain benign. Atradius' latest Market Monitor report for consumer durables in the UK has reported that in 2015 the British non-food retail sector continued to grow, driven by a robust private consumption increase of more than 3%. According to the Office for National Statistics (ONS), the quantity bought in this segment rose 4.5% and the amount spent increased 2.6%, while average store prices decreased 1.8%. Atradius' report also advises that on average, payments in the consumer durables retail industry take 60 days, and the consumer durables retail sector’s default/insolvency rate is average compared to other British industries. Looking ahead to 2016, Atradius predicts that the sales outlook should remain benign. To read this Monitor go to
Market Monitors for Consumer Durables are also available for the following countries: Germany, The Netherlands, The US, Canada, China, Italy, Poland, India, Indonesia, Sweden, Spain, Vietnam, Argentina, Brazil, Chile, Columbia and Peru. Go to
Steel overcapacity around the world risk reaches a high in 2016. Coface's latest Panorama on the steel sector reports that the sector has seen a gradual downgrading of credit risks in global metal production, and the sector is currently the most at risk among the 12 structures assessed by Coface ('very high risk' in Latin America, emerging Asia, the Middle East and Western Europe, and 'high risk' in Central Europe and North America). In addition, Coface advises that steel is one of the least profitable sectors in the world (ranked 90th out of 94) and the deepest in debt. China's competitiveness (especially for low-end steel) is weakening steel producers around the world. To read Coface's news release with a link to the full report and an at-a-glance infographic go to
And Finally . . .
Tokio Marine HCC has announced that is working with The WOW! Awards to give Tokio Marine HCC customers and brokers the chance to comment on how Tokio Marine UK credit is doing. "We're aiming to be the best we can so if you've had great service from one of our team, please nominate them for The WOW! Awards! You can do this anonymously if you prefer but whatever you choose, our staff will know that you appreciated the service they gave and we can ensure that we continue to deliver excellent service in everything we do."
A link to The WOW! Awards nomination page is given on the website at
Nexus CIFS has redesigned its company website with a new colour scheme and intuitive layout and design. To see the changes go to
Business Information
Global economy faltering from too slow growth for too long. The IMF’s latest World Economic Outlook (WEO) has warned that although global growth continues, its sluggish pace leaves the world economy more exposed to risks. The WEO forecasts global growth at 3.2% in 2016 and 3.5% in 2017, a downward revision of 0.2% and 0.1%, respectively, compared with the January 2016 Update. In a recent speech, IMF Managing Director Christine Lagarde warned that the recovery remains too slow, too fragile, with the risk that persistent low growth can have damaging effects on the social and political fabric of many countries. To read the IMF's news release with a link to the full report and video clip go to
UK ranked seventh most competitive international location for business. A bi-annual study of business competitiveness around the world by KPMG, Competitive Alternatives 2016, examined ten countries – the G7 of Canada, France, Germany, Italy, Japan, UK, US – plus Australia, Mexico and the Netherlands and considered many aspects of the cost of doing business, such as costs for labour, facilities, utilities, transportation and taxes.The UK was ranked seventh in the 2016 report – falling 3 places from its fourth place ranking in the 2014 report as Italy and Australia move up in the rankings this year to fourth and fifth place.  France’s ranking dropped from fifth in 2014 to sixth in 2016 and Mexico, Canada and the Netherlands were in first, second and third place respectively. To read KPMG's news release go to
UK business confidence rebounds from two year low. UK business confidence levels increased by 15 points to 43% in the past month, according to the latest Business Barometer from Lloyds Bank Commercial Banking. The net balance of firms reporting an improvement in economic prospects increased by 24 points from February, resulting in a three-month high of nearly 40%. Companies reporting an improvement in trading prospects also increased to over 45%. Firms all across all the regions reported sizable increases in business sentiment with the Midlands showing the largest improvement of 25 points to 36%, followed by the North (15 points to 50%) and the South (10 points to 43%). In all cases, these gains pushed their net balances to well above their respective historical averages. To read Lloyds's Bank's press release go to
Tougher UK payment reporting laws delayed. Hilton Baird has reported that tougher payment reporting laws, as outlined in the Small Business, Enterprise and Employment Bill, which will legally require all large companies in the UK to report on their payment practices and policies have been put off until October. Under the new laws, announced by the then Business Minister Matthew Hancock in March last year, big businesses will be required to report on metrics such as: standard payment terms, average time taken to pay, proportion of invoices paid beyond agreed terms and the amount of late payment interest owed and paid. However, Anna Soubry, Minister for Small Business, who is now responsible for the plans, has said that the tougher reporting laws will now begin in October – six months later than originally planned. To read Hilton Baird's news release go to
Almost half of UK SMEs expect sales to increase in the months ahead. UK SMEs have signalled a more bullish outlook in the first quarter of 2016, according to Bibby Financial Services’ (BFS) latest SME Confidence Tracker. The research shows that growth expectations rose by 12% in Q1 2016 when compared to Q4 2015, while the number of small businesses expecting sales to decline fell by over half from 17% in Q4 2015 to 8% in Q1. Almost half (48%) of businesses surveyed expect to see increasing sales over Q1 and Q2, compared to around two-fifths (36%) in Q4 2015, signifying an uptick in optimism. To read BFS' news release go to
Economic growth slows, but UK firms remain upbeat. According to the latest CBI Growth Indicator, private sector growth in the UK slowed, coming to a near halt in the three months to March, but the outlook remains firmly positive. The CBI's survey showed the pace of growth fell to its slowest rate since May 2013, with a balance of +2% of UK firms reporting a rise in output - compared with +8% in February. However firms’ expectations point to a recovery in growth for the next three months. Rain Newton-Smith, CBI Director of Economics, said: “Looking ahead, we expect strong domestic demand to power growth forward. Firms will need to be vigilant in the face of significant risks on the radar though, from uncertainty ahead of the EU referendum to volatility in financial markets.” To read the CBI's news release go to
UK business confidence declines, but remains in positive territory.  New research from Grant Thornton's International Business Report (IBR) reveals that UK business confidence fell to net 44%, representing the largest drop in confidence of any EU member state covered by Grant Thornton's quarterly global survey of 2,500 businesses in 36 economies. However, despite the significant drop, UK business confidence remains well above the global quarterly average of net 26% - itself representing a three-year low. Similarly, the UK remains one of Europe's most optimistic economies, with the EU average standing at net 34% (a 4% decline from the previous quarter). The IBR also reveals a similar slump in optimism in other geographic blocks, including the G7 (down 7% in Q1), North America (down 6%), Latin America (down 16%) and Asia Pacific (down 10%). To read Grant Thornton's news release go to
Brexit could spell disaster for struggling UK exporters and financial services firms. Begbies Traynor's latest Red Flag Alert research for Q1 2016 has revealed that 21,061 UK manufacturers, many of which rely heavily on exporting, ended the first quarter of 2016 in a state of ‘Significant’ financial distress - 20% higher than the equivalent period last year. The number of food & beverages production companies experiencing ‘Significant’ distress rose the fastest, at 29%. The research also showed that the UK’s financial services sector, is in a substantially weaker financial position compared to the same stage last year, with the number of businesses suffering ‘Significant’ financial distress up nearly a quarter (23%). Ric Traynor, Executive Chairman at Begbies Traynor commented: “Given these figures, the impending threat of a potential Brexit raises difficult questions over how the UK’s manufacturing sector will cope with changes in regulation and protracted periods of uncertainty associated with negotiating new trade agreements." To read Begbies Traynor's news release go to
Business confidence remains high, but the EU Referendum is now seen as the greatest potential risk to small and mid-size quoted companies’ businesses. Small and mid-size quoted companies are forecasting strong growth whatever the outcome of the EU referendum, according to a survey for the Quoted Companies Alliance and BDO, conducted by YouGov. Since the last survey was conducted in September 2015, net optimism has increased from +19% to +28% and sales forecasts by small and mid-size quoted companies for the next 12 months are at a near record level, with expected turnover set to grow 15.7%. However, the EU Referendum is now the greatest potential risk to small and mid-size quoted companies’ businesses. This has led to the confidence of both companies and advisers in the UK economy falling sharply from 61.8% to 54.4%, and is likely to continue until a clear result is forthcoming. To read BDO's news release go to
Trade growth to remain subdued in 2016 as uncertainties weigh on global demand. The WTO had advised that growth in the volume of world trade is expected to remain sluggish in 2016 at 2.8%, unchanged from the 2.8% increase registered in 2015. However, global trade growth should rise to 3.6% in 2017. On the basis of the forecast for 2016, world trade will have grown at roughly the same rate as world GDP for five years (at market exchange rates), rather than twice as fast as was previously the case. The WTO advises that such a long, uninterrupted spell of slow but positive trade growth is unprecedented, but WTO experts caution that its importance should not be exaggerated. Overall, trade growth was weaker between 1980 and 1985, when five out of six years were below 3%, including two years of outright contraction. To read the WTO's news release go to
Career Opportunities
Featured listing . . .
Claims Adjuster - Credit Lines. QBE.
To efficiently handle a dedicated caseload of claims in respect of all aspects of Trade Credit & Surety, within specified customer service standards and authority levels.
General description: To effectively manage a caseload of claim files prioritising new and existing work appropriately. To pro-actively seek to establish liability and indemnity on all claims being handled by them at any given time. To take telephone calls and action letters. To manage all claims competently to ensure that they are adequately reserved and settled as economically as possible. To develop and maintain an in depth knowledge of legal & regulatory matters. To manage and reconcile recoveries that arise from Insolvency claims  A working knowledge of the legal systems and insolvency processes within the UK and Europe.
Essential Requirements:  Experience in credit management and credit control procedures. Developed investigation and negotiation skills. Excellent communication skills, both verbal and written. Relationship management skills. Ability to work on own initiative. Effective workload organisation skills, with the ability to work under pressure, whilst meeting tight deadlines. Ability to use MS Office applications, Word and Excel.
To apply for this position, please go to (Please mention Credit Insurance News Digest).
Senior Risk Underwriter. Atradius, Cardiff. Competitive salary.
The Atradius Group provides trade credit insurance, surety and collection services worldwide. Within our well established team based in Cardiff we have a vacancy for a Senior Risk Underwriter managing a portfolio of buyers within the Special Products Analyst (SPA) team. The Senior Underwriter is responsible for approving /acceptance of new requests for credit insurance cover from both new and existing customers. Includes financial and political risk analysis, applying underwriting principles and procedures to support a new risk or modify an existing strategy. The Senior Underwriter will mainly be responsible for underwriting the Multibuyer non-cancellable and Hybrid deals for SPA. The successful candidate will need to attend customer and broker meetings and present themselves in a knowledgeable and professional manner We are looking for someone who preferably has: Previous risk underwriting experience Ability to provide comprehensive financial analysis (essential) Knowledge of relevant analytical techniques Ability to work with MS office applications Ability to work efficiently under pressure Knowledge of political risk underwriting An interest in worldwide current affairs Excellent communication skills Ability to work independently / self-starter Ability to multitask The ability to focus on service to customers is a key requirement and the successful candidate will be able to clearly demonstrate a positive attitude and proactive approach. Strong communication skills are essential to the role, including the ability to discuss complex risk issues confidently. The successful candidate will be able to assimilate information and process requests quickly and arrive at decisions promptly without detriment to quality. An ability to work within a team environment is essential, candidates should also be confident to work independently. Candidates should be aware that the position would involve some travel overseas. A flexible approach to work is essential. Candidates must be fluent English speakers and be able to work in the UK, an additional language would be of benefit. By joining Atradius you will become part of a successful and ambitious organisation and will be assured of the best support to help you develop. The salary and contract terms are very competitive with equivalent posts in this sector. Please forward your cv to by 18th April 2016.
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:
  • 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 
We are always interested in hearing from talented people with the right to work in China, Poland, Russia, Romania, Turkey, South Africa, Nigeria, Middle East, Morocco, India and Brazil. If you have a background in a growth market country, are multilingual and want to relocate to a growth market country after gaining invaluable experience in the UK with the leading provider of Credit Insurance, please submit a speculative application. To apply go to (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 with your cv and covering letter. 
(Please mention Credit Insurance News Digest).
New Appointments
Euler Hermes has announced the appointment of six country CEOs:
  • Jules Kappeler, CEO of Euler Hermes Nordic countries since 2013, becomes GCC country CEO following the resignation of Mahan Bolourchi. Mr Kappeler will be responsible for Euler Hermes operations in Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE.
  • Dominique Spiranski, CEO of Euler Hermes Russia since 2011, succeeds Mr Kappeler as country CEO of Euler Hermes Nordic countries. 
  • Daria Yakovleva, chief financial officer of Euler Hermes Russia since 2013, is promoted to country CEO and succeeds Mr Spiranski. She remains based in Moscow. 
  • Paul Flanagan, regional risk director for Northern Europe since 2010, is promoted to CEO of Euler Hermes Poland. He replaces Rafal Hiszpanski who resigned from the company to pursue other career opportunities. 
  • Francis Jespers, CEO of Euler Hermes Belgium since 2012, will become country CEO of Euler Hermes Netherlands. He succeeds Milo Bogaerts, who has been appointed director of market management, commercial and distribution (MMCD) activities for the Euler Hermes Northern Europe region. 
  • Bernd Lehmann, group head of Human Resources since 2009, will succeed Mr Jespers as country CEO of Euler Hermes Belgium. 
Tokio Marine HCC  has announced a number of promotions:
  • Customer relations team: Stasy Pembleton is promoted to Assistant Commercial Underwriter, Marcel Greenaway is promoted to Commercial Underwriter.
  • Risk underwriting team: Panteha Suttie is promoted to Credit Underwriter (export and political risk), Paula Butler is promoted to Credit Underwriter, Neera Silva is appointed Credit Underwriting Assistant and George Archer is appointed Credit Analyst. 
  • Sales team: Kim Wakelin is appointed Sales Administrator 
  • Claims team: Fran Turner is promoted to Senior Claims Technician.
Euler Hermes has announced the appointment of Fabrice Desnos as head of Northern European region. Mr Desnos, currently head of the Asia Pacific region, succeeds Ludovic Sénécaut who has joined the Euler Hermes Group management board. 
Holger Schaefer, CEO of Allianz Global, Corporate & Specialty (AGCS) Pacific with responsibility for Australia & New Zealand, succeeds Mr Desnos as head of region for Euler Hermes APAC.
Nexus CIFS has announced that it has appointed Nicola Slater as commercial underwriter. Based in the Midlands, she will be responsible for the Midlands and South West whole turnover Trade Credit renewal book, broker relationships and supporting business development in the region. She was previously client Director at Aon Credit International.
Atradius has announced the appointment of Chris Short as Country Manager for Atradius Canada. Chris succeeds Ian Miller who is retiring. Mr Short most recently worked for Coface.
ArgoGlobal has announced that it has appointed Andrew Summers as credit and political risks underwriter, reporting to Jeremy Shallow. Mr Summers worked previously at AIG Europe as political risk senior underwriter.
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
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
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
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
Trade Receivables Securitisation Summit Date: 16 May 2016 Venue: Clifford Chance, London.
BCR Publishing and Clifford Chance are pleased to present the 2nd annual summit on Trade Receivables Securitisation, taking place 16th May 2016 in London, UK. This unique and focused programme will give a complete update on the latest developments in trade receivables securitisation including new deals, markets, investor appetite, off-balance sheet treatments, credit risk and the impact of new 'disruptive' technologies.
Click here for more information about this event. Credit Insurance News readers can enjoy a 10% discount to attend this event, please go to and quote discount code - TRS10.
5th Annual Insurance Underwriters Event: Could Economic & Political Unrest Spell Trouble for Insurance Companies? 17 May 2016, London.
Join us in London on Tuesday 17th May for our annual insurance underwriters event, when speakers from Standard & Poor’s Ratings Services and S&P Global Market Intelligence will discuss the economic outlook for 2016 and beyond, credit risk trends for corporations and the sectors to watch out for, and how a Brexit could potentially impact UK insurance companies.
To find out more and register for this exclusive event, click here:
TXF Natural Resources and Commodities Finance 2016, 18th & 19th May 2016. Amsterdam.
Discover what the future will hold for commodity financing at the DeLaMar Theatre in May.
 Learn about current challenges and best business practices from industry experts. Learn from real case studies and from your peers. Meet traders, producers and financiers at our sell-out industry dinner.
To find out more about TXF Amsterdam click here to visit our website. We are currently offering a 10% discount code to CIN readers – to make the most of yours use the code CINAMST on our booking page.
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
TXF Trade, FinTech & Treasury 2016. 7-8 June 2016, London.
TXF Trade, FinTech & Treasury is moving to Glaziers Hall in London.  Focused and creative, this event will bring together Treasurers, CFOs and Managing Directors for two days of interactive idea labs, networking and plenary discussions. We’re keeping our speakers senior, our sessions interactive and our event corporate- centric. However, this year we will also be introducing new sessions on financial technology and its predicted effect on supply chain finance and treasury management.
If you are interested in finding out more, jump on our website. In addition, CIN readers will be entitled to a 10% discount. To claim yours, use the code: CINLOND on our booking page.
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
TXF Export, Agency and Project Finance 2016. 9th & 10th June 2016. Rome.
This year we are taking our flagship export and project finance event to the Cavalieri hotel in Rome. More than 700 corporate and sovereign borrowers, exporters, project sponsors, developers, ECAs, DFIs, underwriters, financiers, brokers and lawyers will converge on June, 9th & 10th for a conference of epic proportions. Meet your next business partner at an event that promises intimate networking, confidential discussion and some of the most senior speakers in the industry.
To download our brochure and find out more, please visit our website. CIN readers are entitled to a 10% discount. Just use the code CINROME on our booking page to secure your place.
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
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
Trade Credit, Bond and Political Risk Insurance Industry Dinner, hosted by Nexus CIFS. 3 November, London.
Nexus CIFS announces:
We are privileged to host this year’s Trade Credit, Bond and Political Risk Insurance Industry Dinner and what a memorable evening we promise you in the magnificent surrounds of The Grand Hall, Old Billingsgate.
On arrival at our sparkling Winter Wonderland we invite you to enjoy a glass of fizz and listen to the young, talented Marsh Trio performing chilled acoustic vibes before enjoying a sublime supper. Silent and live auctions through the evening will give you the opportunity to bid on some amazing items and at the same time support our chosen charity, The Royal Marsden.
Our famed auctioneer, Hugh Edmeades of Christies, will get things moving. Hugh certainly knows a thing or two about running a successful event having conducted more than 2,300 auctions, selling 300,000 lots for a total sum in excess of £2.2 billion!
We are delighted that Gyles Brandreth is joining us as our after dinner speaker to deliver his highly entertaining razor sharp wit. We know he’ll have you rocking with laughter in your seats before you take to the dance floor or kick back and relax whilst catching up with old friends and colleagues.
Places are always limited at this yearly event, so don’t miss out on the 3rd November 2016 and book your tickets early. Visit and follow the white rabbit to place your reservation.
About this Issue's Sponsor: Markel International
Credit is vital to the commercial world. Markel International’s trade credit cover promotes international trade by ensuring that buyers and sellers can do business with confidence. The trade credit division has a wealth of experience worldwide and helps to control counterparty payment default risks.
Buyers and sellers have long relied on credit to facilitate trade, but never more so than in today’s global marketplace where supply and demand are founded on increasingly complex credit arrangements. However, where credit is involved, there are also counterparty risks. What happens if a buyer defaults on payment before meeting its commitments through insolvency or for other reasons? Non payment can have a devastating effect on the balance sheet, which is why trade credit insurance is essential for business security and confidence.
Markel's trade credit team offers expert knowledge of commercial counterparty and country risks across a wide variety of trade sectors. The key benefits for clients include: security of non-cancellable credit and country limits; balance sheet and cash flow protection; improved terms for bank financing facilities; an effective alternative to letters of credit or other types of collateral; reduced need for bad debt reserves; increased potential for sales growth to new and existing customers because credit is based on a firm foundation; and risk transfer to satisfy capital adequacy requirements.
The team has extensive experience of providing global solutions for clients, but can also tailor policies for specific credit risks, markets and contingencies. Because of the complexity of trade credit risks which, amongst other things, span political, cultural, legal and social differences, it is important to choose an insurer that understands all the facets of international as well as domestic trade, and has a detailed understanding of insurance issues in a wide variety of contexts and geographies. Markel International’s trade credit division provides just such a service.
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