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Welcome to Issue 73 of Credit Insurance News Digest. This issue is kindly sponsored by Nexus CIFS.
Credit Insurance News
Now is the time for companies to buy trade credit insurance. Longitudes has published an article, 'The ins and outs of Trade Credit Insurance', which explains (primarily for the benefit of companies in the US) how trade credit insurance is surprisingly cheap, flexible and simple and can be the easiest way for businesses to get a competitive edge. The article stresses that "the Great Recession" and the globalisation of trade have made credit insurance an essential product and, as a result, the product is growing in popularity in the US with approximately 15,000 companies in North America now using trade credit insurance and more and more companies are getting on board. The trend towards simplicity and customisation is also helping the product appeal to US customers, while the additional risk management services that come with trade credit insurance are becoming more robust and sophisticated. However, the clock is ticking and the article stresses that now is the time for US companies to buy a policy: "Know that when the next big recession hits, it will be too late to buy trade credit insurance." To read Longitudes article go to
Reprinted with permission of Longitudes, the UPS blog devoted to the trends shaping the global economy.
Credit insurers plan to exploit the phenomena of big data and artificial intelligence. Global Trade Magazine has published an article, 'Trade Credit Insurance alternatives to Exim Bank', which reports that although lower premiums have encouraged more US exporters to look into trade credit insurance, according to James Daly, regional director at Euler Hermes North America, just 3% of US exporters currently use trade credit insurance compared to around 15% in Europe. However, looking ahead in an effort to attract more exporters (especially in the US) to their products at attractive prices, private trade credit insurers plan on further digitising their operations and processes as well as exploiting the phenomena of big data and artificial intelligence - even extracting information about potential buyers from sources like online social media. Mr Daly concludes: "In the future, we see combining different types of data to become more productive and competitive. We think we’ll be able to offer insurance products at better prices in the future when we can discern patterns that we can’t see today." To read the full article go to
Trade Credit Insurance: A tool for overseas expansion. Insurance Business has published an article, 'Credit insurance can boost overseas expansion', in which Mark Hoppe, managing director of Atradius ANZ, describes some of the many ways in which trade credit insurance can be used to help businesses with overseas expansion, but cautions that there are also many risks: "Businesses must have a thorough understanding of the new market, and put in place adequate protection against late or non-payment from customers, in order to minimise risk to the business.” Mr Hoppe stresses that not only can trade credit insurers provide access to credit information on companies operating worldwide, and evaluate the risks of working with new businesses, they can also provide local knowledge and sound advice: “This means they can advise businesses on a wide range of crucial trading factors, such as suitable local distributors to partner with, local customs and how to protect your products and profit.” To read the article on Insurance Business' website go to
Credit insurance could play a more important role' in Asia Pacific. Insurance Business has published an article, 'Credit insurance could play a more important role', which reports that rising overdue payment risks in Asia Pacific, as reported in Coface's annual Asia Corporate Payment Survey, indicates that credit insurance “could be playing a more important role” for business in Australia and throughout the Asia Pacific region. Jackit Wong, Asia Pacific economist of Coface, told Insurance Business: “Although the majority of Asian companies (65.3% vs. 63.5% in 2014) utilised credit management tools, credit agency reports and recommendations (33.3%) continued to be the most popular, followed by trade credit insurance (22.6%), debt collection (19.8%) and factoring (14.4%).” Mr Wong stressed that the figures reported by Coface suggest a clear opportunity for credit insurers to educate and inform brokers about how credit insurance can benefit their client's businesses. To read the article on Insurance Business' website go to
A pivotal point in the future of the UK High Street. Nexus CIFS' Risk Underwriter Derryck Blackman has published a review of the retail sector which finds that changing shopping habits are contributing to what many commentators regard as a terminal decline to the UK High Street. As a result, and with no further increases in footfall predicted, the prospect of more retail failures this year appears inevitable. Fashion is currently the most vulnerable sector, with the failure of BHS and Austin Reed in the same week resulting in 12,000 potential job losses. In addition, bellwether M&S’s share of the clothing market has contracted for 17 consecutive quarters and even Next posted a lacklustre winter trading update in January. Mr Blackman concludes: "It’s probable the new emerging High Street will have to focus on creating experiences in order to survive in an environment where your brand history stands for less than your number of Instagram followers." Please click here to read the review on Credit Insurance News' website.
Is the Brexit referendum creating an unfriendly environment for UK businesses? Equinox Global has published the third in a series of blogs by its CEO, Mike Holley, in which Mr Holley stresses that following a Brexit, many UK financial services, Equinox Global included, face the risk of losing their licences to operate in 27 EU countries. Mr Holley comments: "When we set up Equinox we never imagined in our wildest dreams that Brexit could be a realistic possibility. We had faith in the UK environment as a business friendly place. That faith has turned out to be misplaced and had we known that Brexit was on the cards, perhaps we would have reconsidered choosing the UK as our home domicile." He concludes: "What ever the result of the referendum, irreparable damage to the UK’s reputation for a stable and safe business environment may already have been done." Other financial hubs would, Mr Holley stresses, be only too keen to welcome business who might now wish to move their headquarters out of the UK. To read Equinox Global's blog go to
Uncertainty in emerging markets and no cure for stagnation in advanced economies. Atradius has published its latest Economic Outlook to provide an examination of the health of the global economy and an analysis of symptoms it needs to watch out for in the coming year to ensure its (very gradual) recovery. Atradius warns that although a slight pick-up to 2.8% is anticipated in 2017, in 2016 growth is expected to slow to 2.4% - down from 2.6% last year, the eurozone is forecast to expand only 1.5%, the US will slow down to 2.0% growth and contraction of -0.6% is forecast in Latin America. Emerging Asia will experience the most rapid growth in 2016 with a 5.6% expansion. In addition, Atradius reports that the global business environment has weakened and, after a 7% decline in insolvencies across advanced markets in 2015, zero change is forecast this year -  the worst performance since the 30% increase in 2009. The eurozone is forecast to see only a 2% decrease in bankruptcies while slight increases of 2% are now forecast in both the US and UK. To read Atradius' news release with a link to the full report go to
Insolvencies in Northern Europe: positive trends in the Netherlands, Sweden and Germany. Coface has reported that Europe’s improved macroeconomic situation has had favorable effects on businesses in most European countries and led to fewer insolvencies in 2015 in the four countries focused on in its latest Panorama: the Netherlands (-20.7%), Sweden (-11%), Germany(-4%) and Denmark (-0.5%). In addition, this positive trend is seen in most of the sectors across these countries – with the exception of Denmark where the developments are more disparate. Looking forward, Coface advises that on the back of slightly weaker average GDP growth for the four economies in 2016, the downward trend in insolvencies should continue for three of the four countries, but the rate of decrease will be lower. The strongest declines are expected in the Netherlands (-11.1%), Sweden (-8.0%) and Germany (-2.5%). Denmark, however, shows a contrasting picture, and as the “poorest” performer in 2015, with a decline of just -0.5%, Danish insolvencies are expected to climb by more than 60%. To read Coface's news release with a link to the Panorama go to
The health of the global economy set to deteriorate in 2016. According to a new report from Euler Hermes, the health of the global economy will deteriorate further in 2016 and corporate insolvencies are expected to rise 2% worldwide - the first rise since the peak of the global financial crisis in 2009. Most notably, Euler Hermes expects the US to make a major economic u-turn, with a 3% jump in business bankruptcies in 2016 and 2017 after six years of steady declines. The US economy is also nearing the end of its recovery cycle, with GDP forecast to decelerate to 2% or less this year. Much larger business bankruptcy increases are also predicted in the Asia-Pacific region (+13%) and Latin America (+17%). In contrast, Western Europe is the only region where insolvencies are expected to decrease – by 5% in 2016 and by 3% in 2017. However, Euler Hermes warns that the decrease may not be cause for celebration as the annual number of bankruptcies still remains higher than pre-crisis levels in 11 out of 17 European countries. To read Euler Hermes' news release go to
Overall company payment experience in Asia is likely to remain weak in 2016. GTR (Global Trade Review) has published an article, 'Asian payments situation worsens', which reports that in its annual corporate payments survey of Asia Pacific, Coface quizzed 2,793 companies in eight countries (Australia, China, Hong Kong, India, Japan, Singapore, Taiwan and Thailand) and found that, on aggregate, 70% of companies in the region experienced overdue payments last year - no improvement on 2014. Those sectors hit hardest were construction, industrial machinery, automotive and metals. Furthermore, looking ahead: “With mounting global uncertainties linked to China’s growth moderation, the fiscal difficulties experienced by oil exporting countries and US monetary normalisation, overall company payment experience in Asia is likely to remain weak in 2016,” commented Jackit Wong, Asia Pacific economist at Coface. Of particular concern is the fact that there has been a slight increase in overdue payments of 150 days or more. Coface is of the view that if a debt is outstanding for this long, it is unlikely to ever be repaid. To read the article on GTR's website go to
Euler Hermes Germany launches a new policy for the construction sector. Euler Hermes Germany has announced that it has launched a new construction sector policy in Germany which has been designed to cover against risks that are common and particular in the sector, such as disputed claims, theft from building sites by employees, contractual penalties for non-compliance with agreed completion dates as a result of sabotage for example. The Insurance cover can also include all kinds of surety and guarantee components, e.g. deposit and contract performance guarantees and defect warranties. In terms of outlook, Euler Hermes predicts a a further slight fall of around 2% in the number of construction insolvencies in Germany - although levels will remain high, and advises that German construction companies are in a better position than their European counterparts - especially those in France. To read Euler Hermes' news release go to
Coface highlights troubling levels of corporate debt in emerging markets. Speaking at Coface's Country Risk Conference on Thursday 9 June, Coface’s Chief Economist, Julien Marcilly suggested that emerging countries are heavily encumbered by unsustainable levels of corporate debt at a time when trade growth remains slow: "the ‘hidden part of the iceberg’ when evaluating global trade risk." Mr Marcilly commented that he is particularly concerned about China because the Government’s short-term corrective measures have not addressed underlying problems in the economy, and corporate debt represents more than 150% of GDP. “Don’t be reassured that there have been no dramatic developments since early 2016,” he warned. “We believe business risk in China has entered a danger zone where companies are increasingly exposed to debt . . .This is borne out by Coface surveys showing an increase in outstanding invoices of more than 150 days, while for a growing number of companies, long-term debts represent more than 5% of turnover.” To read Coface's news release go to
2016 is expected to be a difficult year for French exporters, but this should be a temporary blip. Euler Hermes has reported that its recent survey of more than 900 French exporters has found that in 2016, the increase in exports by French companies is expected to fall to €10 billion - three times lower than 2015's figures (€27 billion). However, a bounce back is expected in 2017 with €34 billion in additional exports - a rate more in line with the potential of French exporting companies. Exports will be more concentrated within Europe than previously as French exporters benefit from the upswing in European growth. At the same time, overseas markets will also stage a comeback, with China featuring among the ten biggest export destinations again (up €1.3 billion in 2017). To read Euler Hermes' news release go to
Allied World launches Accounts Receivable Insurance in the United States. Allied World Assurance Company has announced that its Accounts Receivable Insurance is now available in the US in addition to Canada. Kent Paisley, Senior Vice President of the Global Crisis Management Division, commented: “We are excited to move forward and have our global team of product experts in place, including Glenn Robins, Vice President, Accounts Receivable Insurance, in Los Angeles, Nick Hedley, Senior Vice President, Global Crisis Management Division, in London, and Francisco Cuevas, Vice President, Structured Trade Credit, in New York. Accounts Receivable Insurance is the newest addition to Allied World’s Global Crisis Management product suite, of which product recall, structured trade credit, and political risk coverage are already offered on a global basis. To read Allied World's news release go to
European Football Championship Industry match-ups. Atradius has announced that, inspired by the the Euro 2016 tournament, it has published a series of 'match-up' reports which analyse the risk situation/business performance outlook in one industry for countries which are paired together in the actual football tournament, and provides a score, ranking the risk situation/outlook for the analysed industry from one ball (very poor) to five balls (very good). In addition, readers of the reports are invited to play the Atradius 2016 European Football Championship, a football pool where participants can submit their anticipated scores for the European Championship football matches. The participants with the highest point total at the end of the tournament can select a prize from the Euro 2016 shop (excluding Memorabilia). To view the reports go to
Note: The following reports are available: France versus Romania - Construction Outlook; Wales versus Slovakia - Automotive Outlook; England versus Russia – Electronics/ICT Outlook; Spain versus Czech Republic – Chemicals Outlook; Belgium versus Italy – Machines Outlook; Austria versus Hungary – Food Outlook; Germany versus Poland – Construction Outlook; Spain versus Turkey – Automotive Outlook; Belgium versus Ireland – Food Outlook; Switzerland versus France – Pharmaceuticals Outlook; Slovakia versus England – Chemicals Outlook; Northern Ireland versus Germany – Food Outlook; Czech Republic versus Turkey – Machinery Outlook; Italy versus Ireland – Chemicals Outlook. 
The impact of Brexit on the UK's construction industry. Builder & Engineer Magazine has published an article, 'How could Brexit affect the UK's construction industry?' in which those working in the industry give Builder & Engineer magazine their views. Kalpana Padhiar, risk underwriting manager and construction specialist at Euler Hermes, argues there is already a concern that the sector is struggling to pick up momentum because it is worried about the referendum. She comments: “The growth forecast for construction has already been downgraded three times in the last six months as inflating input costs and lingering low margin, legacy contracts, together with global economic headwinds, continue to take their toll. Housebuilding and commercial, past star performers in the sector, have both seen output drop since the end of last year.” To read the article go to
New series of Atradius' Market Monitor reports concentrates on the ICT sector. Atradius has published a number of new Market Monitor reports which examine the ICT sector in the UK, Australia, Italy, Germany, Japan, The Netherlands, Russia, UAE, China, France and the US. The UK report advises that the general demand situation for ICT in the United Kingdom remains good and, on average, payments in the ICT sector take around 60 days. Payment experience is also good: the level of protracted payments is low and the number of non-payment cases has not increased in the last twelve months. Furthermore, the level of ICT insolvencies is low, and this rather benign environment is expected to remain unchanged in 2016. Atradius concludes: "Given those strong points our underwriting stance for the British ICT sector remains open." To read any of the Market Monitor's mentioned above go to
Euler Hermes launches new digital maps. Euler Hermes’ Economic Research has announced that in order to improve its ability to to communicate complex risks in a clear way it has introduced a new interactive atlas with four new interactive maps: Country Risk, Days Sales outstanding (DSO), Insolvencies, and Collection. For more information and to view the maps go to
And finally . . .
Tony Smith, Export Underwriting Manager at Nexus CIFS Limited, once again organised a Charity Golf Day in aid of the Bobby Moore Cancer Fund on Monday 20th June at Langdon Hills Golf Club in Bulphan, Essex. Unfortunately, due to the awful weather play was rained off, but the golfers enjoyed a great lunch followed by a raffle draw and a memorabilia auction. Last year an impressive £3,400 was raised from the whole day. It's not too late to donate to this worthwhile cause, please click here.
STA International's Robert Tilley, Luke Pearson, Karl Hague, John Charlton are taking part in a 100 Mile Cycle ride (London - Surrey and back) on 31 July to raise as much money as possible for The Oliver Fisher Special Care Baby Trust which provides exceptional care for pre-term babies. Just one incubator costs a massive £15,000.  For more information and to offer your support to this hugely worthwhile cause please click here.
The ambitious challenge of the Dragons Bike Race was the perfect opportunity for Atradius' Mike, Marc, and Gareth to flex their muscles and pull together as Team Atradius and raise some funds to give a boost to those in need through the St David's Hospice Care charity. Marc commented: “Raising over £2k from Atradius colleagues for what turned out to be such a fun weekend with a little 164km bike ride, was a humbling experience of camaraderie, teamwork and endeavour". To donate to this worthwhile cause please click here.
CBF and Euler Hermes joined forces on 27 May to make the 26-mile trek between Harlow and Canary Wharf to raise money for the Make-A-Wish Foundation.  The final amount to be handed over to the Make-A-Wish Foundation will be in the region of £2,500. Congratulations! Click here to see a photo of the CBF/Euler Hermes team.
Business Information
63% of European SMEs believe that payments are made late intentionally. A new European Payment Report from Intrum Justitia has revealed that 45% of European SMEs say that they have accepted longer payment terms than they are comfortable with and 35% claim that the request to do so came from a large multinational client. Additionally, almost two thirds (63%) claim that “intentional late payments” are among the main causes behind the delayed payments, suggesting that this problem could in large part be solved by new attitudes and guidelines. The survey also found that as 28% of the 9,440  European SMEs surveyed claim that they neither use bank guarantees, credit insurance, credit checks, pre-payment, debt collection, or factoring to protect them against bad payments (the corresponding figure for large companies is 9%), SMEs are extremely vulnerable to late payment risks. To read Intrum Justitia's news release with a link to download the report, please follow this link:,c2019956.
Global Factoring volume reaches all time high. ABFA have reported that although the global factoring market's growth in 2015 of 1.4% was well below its seven-year trend annual growth rate of 9%, its turnover of €2,373 billion was the highest figure ever recorded. Europe, the largest factoring market worldwide, was the strongest region with a 6% volume increase to €1,557 billion (2014: €1,463 billion), mainly driven by the strategic emphasis towards factoring by the commercial banking sector which controls approximately 90% of Europe’s factoring volume. The top four European markets, UK, France, Germany and Italy, all grew last year and accounted for 66% of the region’s total. In contrast, Asia, the second largest global factoring market decreased by 8% to €562.99 billion and the Americas and Africa also suffered a decline of 6% and 13% respectively. To read ABFA's news lease go to
World Bank cuts 2016 global growth forecast to 2.4%. The World Bank has advised that it is downgrading its 2016 global growth forecast to 2.4% from the 2.9% pace projected in January. The move is due to sluggish growth in advanced economies, stubbornly low commodity prices, weak global trade, and diminishing capital flows. According to the latest update of its Global Economic Prospects report, commodity-exporting emerging market and developing economies have struggled to adapt to lower prices for oil and other key commodities, and this accounts for half of the downward revision. Growth in these economies is projected to advance at a meager 0.4% pace this year, a downward revision of 1.2 % from the January outlook. Among major emerging market economies, China is forecast to grow at 6.7% in 2016, India’s robust economic expansion is expected to hold steady at 7.6% while Brazil and Russia are projected to remain in deeper recessions than forecast in January. To read the World Bank's news release go to
UK economic growth stable, but risks are clear as day. According to the latest CBI Growth Indicator, UK private sector growth was broadly steady in May, and further modest growth is expected in the months ahead. But there are clear signs that uncertainty around the global outlook and the outcome of the EU referendum are concerning businesses. Rain Newton-Smith, CBI Director of Economics, said: “While underlying conditions for the UK economy are looking pretty stable, the risks are clear as day with uncertainty still brewing over the global outlook, and the EU vote around the corner. . . Expectations for growth have slipped and are well below the levels of the last few years, with uncertainty swirling around the pace of output and the impact from risks on the horizon." To read the CBI's news release go to
EU Referendum and the UK credit community. In a survey of 300 members of the UK's Chartered Institute of Credit Management (CICM) – three quarters of who conduct international trade (32%)  said that they would vote to leave the EU – a rise of almost a fifth (21%) on the same period last year. A further 21% were still undecided. In addition, one in ten (11%) believe that Brexit will in fact be good news for their business, a 4.5% increase on the same period last year. Philip King, Chief Executive of the CICM, says that while the shift in opinion has been marked, almost half (47%) of CICM members are still in favour of staying as part of the union: “This means that only a small percentage of the undecided vote needs to be converted for the ‘stay’ campaign to carry the day.”  To read the CICM's news release go to
Optimism wanes among financial services firms for second consecutive quarter. According to the latest CBI/PwC Financial Services Survey, optimism among firms in the financial services sector fell for the second consecutive quarter in the three months to June, amid stronger competition, rising uncertainty about demand and slowing profits growth, The quarterly survey found that banks, securities traders and investment management firms were less optimistic about the general business situation than three months earlier, but sentiment in other sectors either improved or was stable. Overall business volumes continued to rise at a healthy rate, in line with expectations, and the outlook is for a similar expansion next quarter. Banking remains a notable exception, with business volumes having been broadly stable for the last year-and-a-half, and no change expected over the next quarter. To read PWC's news release go to
Only 15% of UK businesses feel well informed about the potential impact of a Brexit. New research from Grant Thornton’s International Business Report reveals that only 15% of UK business leaders feel 'well informed' about the potential impact the EU referendum could have on their business. A further 39% felt uninformed, with the remainder (46%) suggesting they were 'somewhat' informed. Those surveyed pointed to the need for more information around: the short-term impact of a vote to leave (46%), the impact on imports and exports of goods and services (36%) and the impact on tax (35%), amongst other areas. To read Grant Thornton's news release go to
79% of UK freelancers say that cash-flow is the number one concern for their business. Latest research from Ormsby Street has shown that UK freelancers are increasingly struggling with late invoice payments, with around half admitting they have considered quitting life as a freelancer because of worries over continued late payment, and 46% stressing about having enough cash to live on. While a fortunate 19% of respondents say most of their invoices are always paid on time, a freelancer’s invoices are paid on average 18 and a half days after their due date and, at any one time, a freelancer in the UK is owed on average £5,431.03 in late payments. The Office for National Statistics revealed in 2015 that 4.55 million Britons are now their own boss. To read Ormsby Street's news release go to
M&A investment into the UK down 42%, but is up 107% for the rest of Europe during the first quarter of 2016. According to analysis from Deloitte, inbound UK M&A deal values decreased by 42% from US$51.4 billion in Q1 2015 to $30 billion in Q1 2016. However during the same period in the rest of Europe, M&A investment increased from $35.6 billion to $73.5 billion. A similar trend emerges by deal volumes, where the number of UK-targeted deals fell 10% to 222 in the first quarter, while for the rest of Europe inbound deal volumes increased by 4% to 384 deals. Iain Macmillan, head of global M&A at Deloitte, commented: “Our analysis shows that market uncertainties have a significant bearing on corporate confidence and the deal flow. Currently, companies are content to wait and will revaluate their plans following the outcome of the referendum vote.” To read Deloitte's news release go to
Survey: How will Brexit vote affect the UK economy? The first indication of how the economy may be affected by the Brexit referendum could come from the results of Q2 2016 of the Chartered Institute of Credit Management’s Credit Managers’ Index, sponsored by Tinubu Square. The Index takes less than 5 minutes to complete and credit professionals from every business size, sector and industry are encouraged to participate making the Index comprehensive and representative. Plus: All participants will be entered into a draw to win a Kindle Fire HD and will receive the summary results document prior to general release. The closing date for completion of this Index is midnight on Tuesday 28 June 2016. Click here for the survey.
Career Opportunities
Underwriter vacancies - Special Products Analyst (SPA) team and/or the Whole Turnover Team, Atradius.
Within our well established team based in Cardiff we have vacancies for Underwriters managing a portfolio of buyers within the Special Products Analyst (SPA) team and/or the Whole Turnover Team. As an Underwriter you will be responsible for approving/acceptance of new requests for credit insurance cover from both our new and existing customers.
You'll get to - Control Buyer Risk: Through financial and political risk analysis,(depending on the team), applying underwriting principles and procedures to support a new risk, or modify an existing strategy, you will work collaboratively with Business Units to obtain and maintain profitable business and ensure appropriate market/sector intelligence is applied in order to be proactive.
To be a success you will need to attend customer and broker meetings and present yourself in a knowledgeable and professional manner and apply knowledge gained at the meetings to manage risk. Deliver Against Quality/Speed of Service: Contributing to ensure the development and maintenance of Service Level Agreements between Underwriting, Claim & Recoveries, and Business Units/Customer is managed successfully. You will control and improve workflow processes to ensure delivery against targets.
You'll achieve this using your: Proven technical / financial analysis skills or someone who convinces us they have the desire to learn; Ability to work efficiently under pressure and deliver against speed of service deadlines;  Desire to proactively manage a portfolio of buyers in an allocated trade sector or risk area;  Aptitude to think outside the box Interest and drive to keep up with economic and trade sector developments;  Willingness to develop'  Desire to deliver excellence;  Proactive portfolio management;  Interest in worldwide current affairs;  Ability to work within a team environment; Excellent communication skills, written and verbal;  Ability to work independently/ self-starter; Ability to multitask; Good organisational and time-management skills; Self-motivation, ability to work on own initiative; Strong knowledge of MS software packages; Flexibility to travel locally and internationally.
You'll want to work for us because: By joining Atradius you will become part of a successful and ambitious organisation; You will thrive in a dynamic, international and challenging work environment; You will get training and support to reach your full potential including the opportunity for continuous professional development; You will benefit from attractive terms and conditions, including competitive salary, pension package and a range of flexible benefits and rewards.
Candidates must be fluent English speakers, a second language would however be an advantage and you must have to right to work in the UK. Based in our office in Cardiff, you will also have the flexibility to travel in the UK and on an occasional international basis. Interested? Please send your CV, cover letter and salary indication to by 30th June 2016. 
(Please mention Credit Insurance News Digest).
Head of New Business, Trade Credit. AIG. London.
AIG are hiring a Head of New Business for our Trade Credit team.
Key Responsibilities: Leadership and management of new business team, developing and supporting underwriters; Support PCM in meet deadlines for reporting PC strategy and budget development to senior management; Delivery of PC strategy and budget and responsible for premium portfolio; Setting commercial appetite and underwriting standards for UK /EMEA; Developing relationships with key broking partners and increasing AIG’s profile within the broking community; Promoting all lines of Trade Credit business, including TF, SCF, XSR, in addition to XoL and Multinational clients; Handling referrals from direct reports within authority levels; Ensure compliance of AIG underwriting standards, Credit procedures and PC guidelines; Enhance UK as underwriting hub for EMEA; Seek to develop new products for specific markets Develop commercial initiatives to increase submission flow; Develop marketing initiatives and collateral to promote AIG products;  Develop alternative distribution channels in market, including AIG Distribution; Promote and develop AIG’s Multinational offering.
Job Requirements: We are looking for a Manager with proven leadership and XoL underwriting skills in both risk and commercial. Ideally the successful candidate should be known and respected within UK market, with established broker relationships and be able to travel both domestically and internationally. To apply for this position, please click here. (Please mention Credit Insurance News in your application).
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).
Commercial Administrator. Coface, Australia.
The Commercial Administrator at Coface supports the Customer Relationship Management and Sales teams with administrative support.
Specific tasks include: Support the commercial team and provide ongoing customer service through adherence to the commercial workflows including document construction, database management, collate statistics for reporting purposes, liaising with the Accounts department for invoicing purposes and assisting the CRM with the management of the renewal process; Provide input to ensure ongoing improvements and development of existing workflows for the commercial team; Continued knowledge building of technical expertise on Coface products and services; Prepare sales and/or progress reports when required; Reception duties. To apply, please go to
(Please mention Credit Insurance News Digest).
Credit Insurance Account Handler, West Yorkshire £25,000 - £42,000, Dependent upon experience.
I am delighted to be working in partnership with a National Insurance Broker, who have a strong local presence, and are able to provide outstanding levels of service. Due to a period of growth my client is looking to recruit a new member to work within the Credit Insurance Team. If you are an individual who has previously had exposure to Credit Insurance and is looking for both career and salary advancement then this may be the role for you. My client will also consider employing individuals within a predominantly office based role, and / or within an external customer facing role. For an experienced Credit Insurance Account Handler or Credit Insurance Executive, it would be the opportunity to deal with some larger sized businesses and have the ability to deal with more technically advanced cases. My client will also look at individuals who are experienced Commercial Account Handlers, and are interested in moving into Trade Credit, and can demonstrate an awareness in this area.
As a successful candidate you will: Be responsible for a book of Trade Credit Clients; Deal with larger end businesses and more technically based cases; Support the Account Executives; Chase Credit limits; Monitoring Overdue payments; Liaise with Underwriters; Be reactive to the clients needs and take ownership of tasks.

In return you will have the opportunity to be part of a successful firm of Insurance Brokers, as well as have the opportunity to carve out a career within this niche area of Trade Credit, should you desire. Modern offices and a whole host of benefits. 
Salary is very much dependent upon experience and ranges from £25,000 - £42,000.  
In return you will have the opportunity to be part of a massively successful firm of Insurance Brokers, as well as have the opportunity to carve out a career within this niche area of Trade Credit, should you desire. In order to speak further in confidence, please contact Helen Spriggs on 0113 2368957 or email your CV to (Please mention Credit Insurance News Digest).

New Appointments
Nexus CIFS has announced that Ed Cornish has been appointed as a Senior Underwriter on the Single Situation Trade Credit team. Mr Cornish was previously employed by Beazley, where he was responsible for writing Single Situation Credit, Contract Frustration and Political Risk business.
Tokio Marine HCC has announced that it has hired Terry Macauley to its credit and surety team in the role of senior credit risk underwriter. Mr Macauley joins from Euler Hermes, where, most recently, he worked as a regional account manager for Euler Hermes' World Agency.
Euler Hermes has announced that it has appointed Florence Lecoutre as head of Group Human Resources, based in Paris and reporting to Wilfried Verstraete, chairman of the Euler Hermes Group board of management. Ms Lecoutre previously served as the company’s chief information officer and succeeds Bernd Lehmann, who has become CEO of Euler Hermes Belgium.
Coface has announced that it has appointed a new CEO for its business in Asia Pacific. Bhupesh Gupta will take on the role and join Coface’s executive committee in September 2016. He will be based in Hong Kong. Mr Gupta is currently chief risk officer/chief credit officer for GE Capital Asia-Pacific.
Coface has announced that it has appointed Thibault Surer as Strategy and Business Development Director of the Group. The department he will head up covers Strategy, Business Development, Marketing & Innovation. Mr Thibault also becomes a member of the Group Management and Executive Committees. 
Zurich has announced that it has appointed Dave Anderson as head of credit and political risk. Mr Anderson, who has been with Zurich for 14 years - most recently as global business development director for credit and political risk, replaces Jim Thomas who recently left the firm to head up Everest Re’s new credit and political risk business unit.
Lockton Companies has announced that it has appointed Jerry Paulson to its Chicago office as Producer and Senior Vice President. Mr Paulson comes to Lockton with 15 years experience in trade credit insurance consulting and business development, most recently as Head of Bank Channel in the Americas Region for Euler Hermes North America. 
Forthcoming Events
Featured Event of the Month
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.
GTR Asia Trade & Treasury Week 2016, Singapore. 5 -7 September 2016.
This year the award-winning conference series spreads its wings, featuring as GTR AsiaTrade & Treasury Week 2016. Centred around the annual conference, renamed the GTR Asia Trade & Treasury Conference, GTR Asia Trade & Treasury Week will also incorporate the GTR Asia Leaders in Trade Awards, GTR Training seminars and roundtables, plus various networking events and industry field trips. With this in mind, 2016’s event looks set to be the biggest and busiest yet!
 Building on its world-renowned reputation for attracting top-level trade and treasury financiers and business heads from across the globe, 2016’s expanded focus will place greater emphasis on the issues facing treasurers and the corporate treasury function, as well as highlighting exciting new developments in the fintech space and their potential impact on trade, including initiatives such as blockchain, while still covering the whole spectrum of trade, commodity and export finance that has made this event so popular in previous years. With this year’s broader scope, attendance figures are set to eclipse the 800 plus delegates of 2015, making this an essential place to be for anyone involved in international trade and treasury. 5% discount for Credit Insurance News Readers with CIN15- Click here.
West Coast Trade & Working Capital Conference 2016, San Jose, California. 5 October, 2016.
GTR will return to San Jose in October for its West Coast Trade & Working Capital Conference 2016, building on its reputation as a key networking forum for leading trade finance specialists from across the United States. Experts from various trade finance sectors will gather once again to discuss how global markets have impacted trade for both corporates and banks, an update on current capital needs and availability, and how the forthcoming elections are impacting exports and domestic trade. 2016’s conference will build on GTR’s respected format of networking sessions, providing delegates with an ideal platform for establishing new relationships with those keen to do business within the region. 5% discount for Credit Insurance News Readers with CIN15- Click here.
Insurance Analytics Europe. 5-6 October 2016, The Grange Tower Bridge, London.
The 3rd Annual Insurance Analytics Europe Summit will bring together 200+ insurance executives from across Europe to explore both innovation in the insurance industry and uncover strategies to fully utilise the ever-increasing analytics capabilities available to insurers. Featuring over 60 speakers including AIG, Aviva, Zurich, Generali and more, there is no other European insurance event that explores both the future of the industry including cutting-edge technology and innovative trends, as well as providing practical strategies to best use analytics across the core insurance business units including underwriting, pricing, claims and marketing.
Here's what to expect in 2016:
Relevant and Targeted Insights for Different Roles & Priorities: With tracks that explore business department analytics PLUS tracks exploring new insurance tech and innovation. 
Practical Tools to Wield Your Analytics Capabilities as a Competitive Advantage: Get insider knowledge on how to ensure your analytics is fulfilling its potential in underwriting, pricing, claims, fraud, marketing and more. 
Unparalleled Speaker Line-Up: Bringing together the innovators, blue sky thinkers and industry leaders to provide delegates with best-practice tools and innovative strategies.
Turbocharged Networking: In the largest European gathering of insurance analytics executives, this is THE best place to meet your peers and build your network Relevant for the C-Suite, analytics, data and IT executives as well as heads of business departments, in 2015 attendees included AIG, Allianz, AXA, Zurich, Groupama, Generali, Direct Line Group, If P&C, LV=, Vitality, Admiral, 1st Central Insurance, Towergate, Universal Life and more. For more information, see
GTR Africa Trade & Infrastructure Finance Conference 2016, London, England. 5 -6 October 2016.
London will once again play host to GTR Africa Trade & Infrastructure Finance Conference on October 5-6 2016, bringing together high-level participants from across the trade finance community for topical discussion and unrivalled coverage of the African trade, export and commodity finance markets. The event will offer timely updates through analytical conversations and insightful case-studies with the aim to develop strategies for growth across different parts of the region. Dedicated networking sessions will be held through-out the two days allowing delegates the chance to become re-acquainted with old contacts and foster new working relationships with those keen to do business across Africa and beyond. 5% discount for Credit Insurance News Readers with CIN15- click here.
Malaysia Trade & Export Finance Conference 2016, Kuala Lumpur. 19 October 2016.
Returning to Kuala Lumpur for the 5th instalment, GTR’s Malaysia Trade & Export Finance Conference will once again provide a key discussion forum for the region’s trade experts. Decision makers within the market will convene to hear timely updates on topical issues such as government initiatives to increase international trade & investment, the primary business challenges facing the commodity sector and the knock-on effect of the Chinese economic slowdown on Malaysian growth. Dedicated networking sessions positioned throughout the day will give delegates the opportunity to become acquainted with those looking to establish and grow their trade connections within the region. 5% discount for Credit Insurance News Readers with CIN15- click here.
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.
BCR’s Alternative & Receivables Finance Forum 2016. 16 November, London.
Now in its 3rd successful year, BCR's Alternative Finance & Receivables Forum is a unique event for established receivables financiers, insurers, fintechs and new SME lending platforms to analyse the rapid evolution of working capital finance. This Forum takes a closer look at corporates' funding requirements and how the current lending landscape is catering to them. The event is also a showcase of the latest technology and how it is enabling access to non-bank sources of funding. Register now to find out how the competitive market for working capital finance is changing in the long term. Credit Insurance News readers qualify for a 10% discount when using the code: CIN10 at the time of booking via this link:
About this Issue's Sponsor: Nexus CIFS
Nexus CIFS Ltd is the longest established credit insurance managing general agent (MGA) in the market. We are proud to be backed by several leading Lloyd’s syndicates and also Liberty Mutual and thereby offer policies with a very strong “A” (AM Best) rating.
Principally known as a whole turnover domestic underwriter, over the last 12 months our product offering has expanded to provide a much greater depth of export expertise and our single situation team is now firmly established and has achieved significant growth with regional trade credit brokers as well as the London market. We are also expanding our regional presence to offer local servicing to benefit brokers and policyholders alike.
We offer a suite of products to enhance companies’ credit management and to enable sales including “First Select”, providing tailor made marketing leads, “First Collect” our highly regarded debt collection service and “First Limit” offering real time credit opinions with monitoring 24/7.
Looking forward, Nexus CIFS’ Managing Director, Richard Marriage, has intentions to move the business to the next level in 2016: “We have an appetite to grow and have been able to set ambitious targets for the year ahead. Our intention is to write a higher quantity and an even higher calibre of business moving forward.” The company will be hosting the industry dinner this year and is shortlisted for the CICM Credit Insurer of the Year, for the fourth year in a row.
Nexus CIFS is part of the Nexus Group, a speciality MGA on a dynamic growth path, concentrating on niche classes of business and delivering excellent service and cutting edge products. The Nexus Group has 20 underwriting partners and underwrites PI, D&O, financial lines and accident & health as well as trade credit. This year Nexus has acquired two MGA’s, Millstream, specialising in travel and personal accident and also EBA, operating in Europe and finally Nexus Asia has recently launched in Hong Kong.
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