Welcome to issue 76 of Credit Insurance News Digest. This issue is kindly sponsored by The Bond & Credit Co.
Credit Insurance News
Credit insurance: Why it matters for companies in Asia. TheAsset.com has published an article, 'Credit insurance: Why it matters', which reports that not only is credit insurance a 'game-changer' for companies in Asia - adding a layer of comfort when trading with open account customers, credit insurers claim that they also act as a third party giving an unbiased view of a supplier’s customers. However, the article also warns that credit insurance has its limitations. "For one, credit insurance for high-risk accounts may be tough to obtain. Moreover, there are deductibles and minimum loss thresholds that limit its usefulness." The article also notes that other factors cited by the article which impact the credit insurance market in Asia are premium cost, as well as a general lack of awareness of the product. To read TheAsset.com's article go to http://www.theasset.com/article/31627/credit-insurance-why-it-matters (free subscription may be required).
More than half of UK businesses have had to write off a bad debt - and most have no credit insurance. is4profit.com has published an article, 'Businesses writing off bad debts despite not having credit insurance', which reports that according to research by Company Check, 68% of the 500 UK businesses it surveyed had dealt with at least one non-paying customer at some stage. However, less than two-thirds had any credit insurance whatsoever. As a result, the article advises that most of the businesses had no hope of reclaiming any compensation whatsoever. To read is4profit's article go to http://is4profit.com/businesses-bad-debts-credit-insurance/.
Many Australian companies don't understand the benefits of credit insurance. Business Business Business has published an article, 'What to be aware of when exporting', in which Mark Hoppe, Managing Director, of Atradius Australia & NZ, cautions that Australian businesses are jumping into exporting without fully understanding and researching the risks involved. Atradius currently views Turkey, Brazil, Indonesia and India as high-risk areas, followed by Russia, South Africa and Mexico because of the current state of their economies. Mr. Hoppe advises that although credit insurance can help exporters protect themselves from risks, many companies don’t understand the competitive edge it can give them or consider it a non-essential investment. To read Business Business Business' article go to https://www.businessbusinessbusiness.com.au/what-to-be-aware-of-when-exporting/.
The B&C Co.: A new, boutique trade credit insurance agency based in Australia. This issue's sponsor, The Bond & Credit Co. (The B&C Co.) recently launched a new trade credit insurance offering into the Australian market. Core products include Whole of Turnover, Single Risk and Multi-buyer cover, bespoke credit insurance solutions, and tailored bank specific products (underpinned by a formal agreement - the “MRPA” (Master Risk Participation Agreement')) to enable banks to seek coverage on a name by name basis.  A new online system enables policyholders to upload their clients’ details, download information, obtain quotes, track decisions, access policy documents and credit limits, as well as lodge and process claims.  Greg Brereton, Head of Trade Credit at The B&C Co., has over 30 years’ experience in the Australian financial services industry and more than twenty years underwriting experience in trade credit insurance, including export trade credit, structured finance and political risk underwriting. Click here to see The B&C Co.'s Trade Credit Brochure. For more information on The Bond & Credit Co. visit: http://tbcco.com.au/tradecredit.
The ABI highlights that credit insurers paid £286 million to UK businesses in 2009 and stresses that withdrawing cover is normally a last resort. The Association of British Insurers (ABI) has published a Q&A on credit insurance which explores what credit insurance is, why companies need it and who should use trade credit insurance. Responding to the question 'How did trade credit insurers respond during the financial crisis?', the ABI highlighted that its figures show that credit insurers paid £286 million to businesses in 2009 and noted that withdrawing cover is usually a last resort. In answer to the question 'Are trade credit insurers involved in/responsible for the collapse of large companies and retail chains?', the ABI stressed that the financial difficulties experienced by these companies will predate any action by credit insurers (such as removing cover) to protect their insured customers. To read the ABI's Q&A go to https://www.abi.org.uk/Insurance-and-savings/Products/Business-insurance/Trade-credit-insurance/Trade-credit-insurance-FAQs.
Australian businesses have to catch up with their European counterparts in their understanding of trade credit insurance. Inside Small Business has published an article, 'The true cost of credit insurance', in which Mark Hoppe, Managing Director of Atradius ANZ, stresses that Australian businesses need a better understanding of the risk they take on without credit insurance policies, as well as the return on investment that a credit insurance policy can offer. He concludes: "In other markets, particularly Europe, businesses know the value of protecting one of the largest assets on the balance sheet and trade receivables – and commonly invest in credit insurance. Australian businesses have to catch up with their European counterparts to achieve the same guarantee of payments and confidence to trade." To read the article go to https://insidesmallbusiness.com.au/finance/the-true-cost-of-credit-insurance.
Credit insurance pay-out saves UK textile firm after the unexpected administration of a customer. Thanks to its credit insurance policy, a UK textile company is successfully trading more than nine months after it could have hit the rocks. In November last year, Softex Global was threatened with financial turmoil after one of its customers, a fashion manufacturer, went into administration. However, they received a payout from Atradius for over £55,000 which kept the business afloat. Kiran Yarashi, managing director of Softex, said: “The administration was unexpected. It was a long-standing customer with a reported turnover of £15 million and there were no signs that it was about to go-under. The loss would have left a big hole in our finances and we couldn’t have continued operating without the claims payout from Atradius.” Click here to read Atradius' news release.
Despite the solidity of Germany's economy, payment delays are still commonplace. Despite Germany's solid economic situation, Coface's first German payment survey has revealed that nearly 84% of companies are affected by delays in their customers’ payments, and over half of these delays are due to financial difficulties experienced by customers - higher than the share reported in China. Payment delays are more frequent for companies that are mainly dependent on exports, with nearly 90% reporting delays, while 82.8% of companies trading on the German domestic market report issues. Textiles/Leather/Clothing is the most severely affected by payment delays, followed by Paper/Packaging/Printing and Wood/Furniture. The sectors least affected are the Mechanics/Precision industry, with ‘only’ 75% suffering from payment delays, followed by the Automotive sector, with 78.8% and Wholesale Trade with 81.8%. To read Coface's news release with a link to the Panorama report go to http://www.coface.com/News-Publications/News/New-Germany-Corporate-Payment-Survey-2016.
Slowest global growth since the economic crisis. Euler Hermes' latest study, 'The price of growth', warns that not only is the estimated 2016 global growth rate of 2.4% the slowest since the global economic crisis, growth will also remain subdued at 2.7% in 2017 - the sixth consecutive year under 3%. Ludovic Subran, Chief Economist at Euler Hermes, commented: “Three shocks have shaped the global economy recently: fears of a hard landing in China, tumbling oil prices due to OPEC’s decision to stick with its market share, and the first round of Brexit effects. These will stay with us. Added to that are potential new risks: the problems of the Italian banking sector, the current situation in Turkey after an attempted coup, or a series of US policy faux-pas.” In addition to rising global risks, this will result in a 1% increase in insolvencies, with the primary losers including the commodities sector, exporters, manufacturing industry, savers, and creditors. To read Euler Hermes' news release go to http://www.eulerhermes.com/mediacenter/news/Pages/Euler-Hermes-Study-Price-Tag-the-2016-summer-song-for-the-global-economy-%E2%80%93-slowest-growth-since-the-economic-crisis.aspx.
Poland: Credit Insurance in 2016. Astreos Credit has published a new country overview which reports that credit insurance market penetration in Poland is still quite small, and there is a significant area for development. The Overview also suggests that the direct sales model (popular in the early days) is steadily changing into a broker-driven market and highlights that credit insurers can become much more competitive regarding scope of cover and pricing when they participate in a competitive bid organised by a major broker. Furthermore: "After the contract is signed, the value of broker is even bigger. Limits granted by the insurers are often below expectation and loss adjustment is not always professional. Broker’s role in improving those areas is very strong." To read Astreos Credit's article go to http://www.astreos-credit.com/#!Credit-Insurance-in-Poland-2016/ceze/57c45d13f97b691beb732278.
Global outlook worsens in the wake of Brexit. Atradius has commented that its recently published Insolvency Forecast economic research report (see CIN Digest: 9 August) indicates that the Brexit referendum has been a catalyst for negativity across global economies. Atradius warns that Brexit is likely to continue to weigh on confidence in many advanced markets and, looking forward to 2017, anticipates that insolvency levels will show little or no improvement. Simon Rockett, Senior Risk Manager for Atradius, commented: “Brexit is already impacting confidence in the UK with PMI contracting to a level not seen since April 2009. Confidence is likely also to be affected in a number of other Eurozone countries, particularly those with high exposure to the UK, for example, we are already seeing an upward revision of insolvency forecasts for Ireland and Netherlands. The Brexit fallout is likely to extend further across European markets with countries struggling indirectly with the economic slowdowns.” Click here to read Atradius' news release.
South Africa’s businesses more at risk of failure this year than before. BDlive has published an article which warns that more South African businesses are set to fail in what is being billed as the toughest year since 2009. A Euler Hermes study titled '2016 — A Tough Year', shows that conditions are conducive for a high failure rate among SA businesses and predicts that insolvencies will spike 10% compared with 2015. This would be the first outright deterioration since 2009 and the global financial crisis. Euler Hermes' chief economist Ludovic Subran said SA companies would have to grapple with late payments, bad debts, bankruptcies and unpaid invoices. "Companies might partially recover from this in the short term, but these credit risks jeopardised the future of businesses in the long term." To read BDlive's article go to http://www.bdlive.co.za/companies/2016/08/10/sas-businesses-more-at-risk-of-failure-this-year-than-before.
Acumen Credit Insurance Brokers Ltd launches a new website. Following the merger of John Reynolds Group Ltd and UK Credit (see CIN Digest: 9 August), the new website for Acumen Credit Insurance Brokers Ltd was launched on 1 September. Paul Martin, Acumen Credit Insurance's joint Managing Director, commented: "We are delighted to launch our new website which we feel represents our ongoing dedication to continuing the growth and development of Acumen with our fresh new identity. Please visit us there to view the website and to access continually updated news and company information." To see the new website go to http://www.credit-insure.co.uk/.
Challenges and opportunities in the machines/engineering industry. Atradius' latest Market Monitor cautions that although the 2016 and early 2017 outlook for the machines/engineering industry in most countries is ‘Good’ or ‘Fair’, the sector is highly sensitive to changes in the priorities and budgets of end-market customers and is highly exposed to challenges such as geopolitical uncertainties and volatility in worldwide economic conditions. At the same time, earnings of machines/engineering businesses from developed markets are increasingly squeezed by competition from emerging markets, especially in the lower value-added product segment. To read Atradius' Market Monitor (with country-specific information for Czech Republic, France, Germany, Italy, Denmark, Turkey, Belgium, Brazil, The Netherlands, Sweden and The US) go to https://group.atradius.com/publications/?page=1&count=10.
US pharmaceuticals have enjoyed their time in the sun, but is it time to get out the umbrellas? Coface latest Panorama foresees two drug price scenarios in the US. In the short term, Coface forecasts a 9.3% rise in prices by the end of 2016 (following 7.2% in 2015 and 8.5% in 2014), mainly due to the arrival of extremely costly specialty drugs on the market. Within this favourable context for the drug companies, Coface is upgrading the North American pharmaceutical sector to "low risk". However, in the long term, under the assumption that the system will be reformed (a possibility which is increasingly being discussed), the potential fall in prices would reduce the profitability of manufacturers. As an example, Coface notes: "An example that illustrates this point is, that if French prices (which are in the low range of prices practiced in Europe) were applied in the United States, revenues from the drug Harvoni would fall by 45%." To read Coface's news release with a link to the full report go to http://www.coface.com/News-Publications/News/Pharmaceutical-companies-in-the-United-States-face-two-opposing-scenarios-for-their-business-optimistic-or-pessimistic.
PIB launches credit and surety business. PIB Insurance Brokers has announced that it has formed a specialist credit and surety division, which the company advises will "provide solutions to UK businesses, global corporates, commodity traders and financial institutions, to strengthen and enhance receivables and encourage growth, with a specific focus on UK exporters.” The team is headed up by Richard Miller, who joined the company from Miller in June this year. Mr. Miller is joined by Iain Gunn, account executive (see 'New Appointments'). To read GTR's article go to http://www.gtreview.com/news/on-the-move/pib-launches-credit-and-surety-business/.
And Finally  . . .
W. Denis' Derek Barnett to cycle 969 miles for charity. Derek Barnett, Director of W. Denis Credit Risks Ltd, is fundraising for The British Paralympic Association and Macmillan Cancer Support by taking part in Deloitte's Ride Across Britain - the UK’s premier long distance cycling events. Derek will be cycling from Lands End to John O'Groats, an incredible 969 miles in total.
Derek said: "As a fully paid-up member of the lycra clad brigade and 2016 being my 60th year, I have decided to set myself a real cycling challenge and to raise funds for two excellent charities at the same time. The Deloitte Ride Across Britain fits the bill, with 969 miles to be completed in nine days going from Lands End to John O'Groats. My two charities are the British Paralympic Association who challenge perceptions and help create a better world for disabled people and Macmillan Cancer Support who make sure that no one has to face cancer alone. So please help me by donating what you can.”
To help Derek reach his £5000 target, please go to http://uk.virginmoneygiving.com/fundraiser-web/fundraiser/showFundraiserProfilePage.action?userUrl=derekrideacrossbritain.
Congratulations to Coface for winning the Regional Award 'Asian Credit Insurer of the Year' and the 'Digital Insurance Initiative of the Year – Singapore' (for the launch of Easyline and CofaMove) at the Asian Banking and Finance Insurance Asia Awards 2016.  For more information go to http://www.coface.com.au/News-Publications-and-Events/News/Coface-awarded-Asian-Credit-Insurer-of-the-Year-Country-Award-Digital-Insurance-Initiative-of-the-Year-Singapore.
Business Information
British small businesses wrote off a combined £5.8 billion in the last financial year. New analysis from Direct Line for Business has estimated that UK SMEs wrote off a combined £5.8 billion in the last financial year, the equivalent of more than £21,000 every day. When asked how much money their business had written off in unpaid debts in the previous financial year, around one in five (19%) SMEs said that they had written off debts at an estimated average loss of £31,330. However, almost one in ten (9%) of these SMEs claimed to have written off debts in excess of £100,000. When asked why their business had decided to write off unpaid debts in the last financial year, the biggest reason, cited by 29% of respondents, was that the supplier had become insolvent. To read Direct Line for Business' news release go to https://www.directlineforbusiness.co.uk/news/british-small-businesses-wrote-off-a-58bn-in-debt.
More significant Australian retail names predicted to face financial failure. According to an analysis by SV Partners, seven major Australian retailers are facing extreme risk of financial failure over the next 12 months, including a large clothing retailer, two computer retail giants, one big supermarket/grocery store and a large newspaper/book retailer. According to the SV Partners' August 2016 Commercial Risk Outlook Report, these seven large retail players have an annual turnover of more than $100 million and join more than 1,200 retailers of all sizes Australia-wide whose financial records show that they are at high risk of failure over the next 12 months. Overall, clothing retailers are the most at risk sub-sector within the industry with 91 businesses deemed as high risk of financial failure, followed by the supermarkets and grocery stores. To read SV Partners' news release with a link to the full report go to http://www.svpartners.com.au/more-big-retailers-predicted-face-financial-failure.
Late payment and other business failures cause over 1-in-5 UK corporate insolvencies. According to new research by R3, at least one fifth of UK corporate insolvencies in the past year were caused by late payment or the insolvency of another company. A survey of the insolvency profession reveals that late payment for goods or services was a primary or major cause of 23% of insolvencies in the last twelve months, while the failure of a supplier or customer was the primary or major factor in 20% of cases. 57% of insolvency practitioners identified construction as the sector with the worst track record for late payment. The research also indicates that the extent of the problem hasn’t improved since 2014 when a previous survey of the insolvency profession found that late payment was a primary or significant factor in 20% of corporate insolvencies. To read R3's news release go to https://www.r3.org.uk/index.cfm?page=1114&element=27579&refpage=1008.
Credit conditions for small businesses are improving across most of the US. According to the latest Experian/Moody’s Analytics Main Street Report, overall US small-business delinquencies decreased slightly from last quarter, with levels dropping at every stage of delinquency. The total bankruptcy rate fell as well, though at a slower pace than the previous year. "Small-business owners have done a great job of managing their financial commitments and paying their bills on time over the past few quarters,” said Gavin Harding, senior business consultant for Experian. “It will be very interesting, however, to watch the current trends unfold throughout the rest of the year, as administration and potential policy changes — as well as the impact of Brexit and other global events — could affect US business behavior.” Mark Zandi, chief economist at Moody’s Analytics, added: “The only blemish is for businesses in the still-struggling energy and related industries.” To download a copy of the Q2 2016 report, visit http://www.experian.com/business-information. To read Experian's news release go to https://www.experianplc.com/media/news/2016/main-street-report-q2-2016/.
Around 60% of new UK companies don't reach their fifth anniversary. Ormsby Street has launched a business survival calculator, a new tool which uses Office for National Statistics data to reveal the best and worst survival rates over one to five years for a variety of business types. For businesses starting out, the calculator predicts that nearly 10% of all businesses don’t make it through the first year, and only just over 40% of all companies will still be around half a decade later. Overall, the best industry to start out in seems to be Information & Communications, while those in the Finance industry find starting out most challenging. The biggest reason for business failure is cash flow. To use Ormsby Street's CreditHQ’s calculator go to  http://survivalcalculator.biz .
UK shop vacancy rates rise above 10%. British Retail Consortium (BRC) has advised that new research has shown that the UK national town centre vacancy rate was 10.1% in July 2016, up from 9.6% in April 2016. Diane Wehrle, Marketing and Insights Director, Springboard, said: "This is the highest vacancy rate since April 2015, after which the rate remained below 10%. The April to June quarter can prove irregular, as post-Christmas pop-ups and temporary stores disappear from the high street and the EU Referendum and political and economic uncertainty of the last quarter will have deterred some retailers from taking on leases. The next quarter's figures will be the ones to watch to get a clear picture on any continued increase in vacancy rates, which would be concerning for town centres across the UK." To read the BRC's news release go to http://www.brc.org.uk/brc_news_detail.asp?id=3009&kCat=&kData=1.
Post Brexit: Immediate decline in UK business confidence less than expected. According to the latest Business Trends Report by BDO, business confidence is now at its lowest in over three years. Business output, reflecting companies’ experience of orders for the three months ahead, now sits slightly lower on the previous month at 98.2, down from 99.0. At the same time business optimism, which predicts growth six months ahead, has fallen from 98.9 to 97.9. These lie approximately mid-way between the 95.0 mark on the indices – below which lies possible recessionary conditions - and 100.0 – which correlates to the UK’s trend growth rate of just over 2%. BDO advises that while these results show that there is a definite and continued decline in the confidence of UK business people, the latest drops are not yet as dramatic as may have been predicted. To read BDO's news release go to https://www.bdo.co.uk/en-gb/news/2016/immediate-decline-in-business-confidence.
Is the UK’s new business growth declining? According to data from Company Check, the UK has experienced positive growth in new business incorporations year-on-year since 2010, with the number of new businesses incorporated growing from 420,994 in 2010 to 593,099 in 2014. However, the rate of this growth has slowed considerably, from 13.4% between 2010-11 to 4.9% between 2013-14. While Company Check noted that: "The ‘glass half full’ view is that more startups are surviving and thriving than were previously, leaving less cause for new businesses to be setup in the first place", it also warned that the Government needs to renew its efforts now to ensure the country’s startup success doesn’t stumble. To see the data analysis in full, visit http://hub.companycheck.co.uk/business-incorporations-uk/.
UK tops out as largest foreign investor in the US at $449 billion. According to the CBI’s annual Sterling Assets report, the UK remains the largest single investor in the US supporting over one million jobs across the country. Examining the impact of British business on the American economy, the report finds that as of the end of 2014, the UK had invested $449 billion in the US - $76 billion more than the next largest investor, Japan, and nearly $200 billion more than America’s neighbour, Canada. This represents a 15% share of the $2.9 trillion of foreign direct investment in America. In contrast, Indian and Chinese investment was much smaller, and combined does not even approach 1% of FDI into the US. American exports to the UK came to $123 billion in 2015 – up $5 billion on 2014 – making Britain the fourth largest destination for US exports for a second year running, and the largest within the European Union by a substantial margin. To read the CBI's news release go to http://www.cbi.org.uk/news/uk-tops-out-as-largest-foriegn-investor-in-usa-at-449-billion-cbi/.
Good news for retailers as the UK enjoys a post-Brexit spending splurge. Wilkins Kennedy has reported that latest statistics from the retail sales in July 2016 showed an overall increase in growth by 1.6% - despite Brexit fears. In July 2016, the volume of retail sales is estimated to have increased by 5.9% compared with July 2015, and all sectors showed growth with the main contribution coming from non-food stores. In addition, the amount spent (value) in the retail industry increased by 3.6% compared with July 2015 and 1.6% compared with June 2016. Phil Mullis, Partner and Head of Retail and Wholesale at Wilkins Kennedy, commented: “July was the first full month since the Brexit vote was announced and there was certainly an anxious wait to see how this would affect the overall landscape. However, it looks as though the UK has enjoyed a post-Brexit spending splurge as the good weather has resulted in a spike in sales, particularly for fashion retailers." To read Wilkins Kennedy's news release go to http://www.wilkinskennedy.com/news-press/wk-press-releases/july-retail-sales-uk-business-coming-home/.
Business confidence continues to fall within the manufacturing sector following Brexit. The latest quarterly Credit Managers’ Index (CMI) quarterly generated by the Chartered Institute of Credit Management (CICM) has shown that confidence within Manufacturing has fallen for the second quarter in a row, and while the pace of decline has slowed, the trend remains a concern on the back of the EU Referendum Result. But while there was bad news for Manufacturing in the midst of volatility in the financial markets and a drop in UK construction sector output, confidence within the Services sector has slightly improved and rallied after a poor first quarter, arresting the decline of the index overall. As a result, the headline index (including both Manufacturing and Services) stood at 56.1 – a fall of 0.5 points on the previous quarter: Manufacturing fell by 1.8 to 57.2 whereas Services improved by 0.06 to 55.63. To read CICM's news release go to http://www.cicm.com/manufacturing-confidence-services-steadies-ship/.
UK businesses concerned about post-EU referendum economy. New research from Grant Thornton suggests that UK businesses are less confident about their success in the year ahead than they were before the outcome of the referendum. Nearly half (49%) of respondents were less confident over the year ahead, whereas only 8% felt more confident. Respondents largely pointed to the impact of a general decline in the UK economy as a concern (74%), along with the impact of exchange rate movements (57%) and declining consumer confidence (55%) as areas which may affect their business. To read Grant Thornton's news release go to http://www.grantthornton.co.uk/en/news-centre/uk-businesses-concerned-about-post-eu-referendum-economy-whilst-access-to-the-single-market-remains-top-priority-for-growth/.
UK SMEs eye overseas markets for growth. According to the latest SME Confidence Tracker report from Bibby Financial Services (BFS), UK SMEs are increasingly looking to export goods and services. Findings from the Q2 research, undertaken in June ahead of the EU referendum, show the proportion of businesses investing in overseas trade increased to 12% – more than double that in Q3 2015 and the highest since the start of 2014. Commenting on the findings, Mark Lindsay, Managing Director of Trade and International at BFS said: “Though much talk prevails about the challenges businesses face in the wake of the referendum, there are also opportunities. With a weaker pound, many SMEs – particularly those who manufacture or source components from within the UK – are looking to increase export volumes with customers overseas.” To read BFS' news release go to https://www.bibbyfinancialservices.com/press/news/2016/smes-eye-overseas-markets-for-growth.
Career Opportunities
Senior Underwriter, Atradius Australia.
An opportunity has arisen to join a dynamic Risk Underwriting Team in Australia as a T3 Senior Underwriter.  The role will be based in Sydney reporting to the Underwriting Manager for Australia/New Zealand.
Applications are invited from qualified/experienced candidates both locally and from overseas where candidates are looking to expand their underwriting knowledge and horizons in a different country and absorb a new culture.  The role will include being at the forefront in continuing the work we have done locally in Australia in moving Risk and Commercial teams together and providing a united front in the market place; plus proactively supporting the business units in a pro-business way while maintaining a balanced risk approach.   The successful candidate will also be expected to drive their team forward and build upon the work already done across the wider RS3 Asia Pacific region in aligning process and driving efficiencies.
The role will be offered on a Local Contract in the Australian Head Office in Sydney. This is a fantastic opportunity to join a diverse team in a vibrant city, where the good weather and beautiful location contribute to a positive culture and rewarding lifestyle. From a regional perspective the role will provide the opportunity to be part of the Asia Pacific Footprint.
Key Deliverables:  Portfolio may include domestic market and/or non-domestic including political risk markets. Responsible for approving new cover/bond and assessing risk exposure of potential new cover/bond. Applies underwriting principles and procedures where the company is considering underwriting new risk or modifying existing contracts/buyers Manages standard and/or non-standard risk portfolio (e.g. in a structured finance environment). Applies analyst knowledge and principles to identify and manages portfolio exposure.  Responsible for setting underwriting strategy for each known buyer group/buyer/sector/country portfolio/class of risk/customer/holding.  Responsible for setting of standard and review limits/renew bonding lines and setting and maintaining risk scores/ratings on buyers within delegated authorities.  Responsible for compliance with internal procedures including recording of decisions for use by both internal and external customers.  Responsible for monitoring the development of the portfolio and modification of buyer underwriting risk management approach in the assessment of risks.  Ensures proactive action is taken to compensate for economic upturns or downturns on a market, industry or sector basis, in order to optimize the claims ratio.
Qualifications: Candidates will ideally have at least three years risk underwriting, credit management or analytical experience.  Fluent written and spoken English will be essential. 
Candidates are encouraged to give full and due consideration to the vacancy prior to applying as candidates will be expected to be able to take up the post in Australia in latter part of 2016. Please forward your CV and covering letter to Anthony Rasera – Senior Manager HR +61 2 9201 5763 within the HR (Sydney) department.  Applications must be submitted by Friday 9th September. For more detailed information or if you have any specific questions on the role, contact Hannah Walters (Underwriting Manager – Australia/New Zealand at Hannah.walters@atradius.com or call-+61 2 9201 2241.
Regional Chief Financial and Administration Officer, Owning Mills, Maryland. US.
This is an exciting opportunity for a dynamic CFO to help lead an ambitious five-year regional growth from $374 million turnover to $593 million turnover by 2020. You’ll work for the market leader in credit insurance and, long term; have international career development opportunities not only within Euler Hermes but also within our parent company, Allianz, the world’s largest insurance company. Your scope will also include operations.
Main Purpose: Coordinates financial functions across the Americas Region (US, Canada & Brazil) including accounting, planning and controlling, treasury, group and statutory reporting (US and Canada), tax and compliance. Also responsible for optimization of Operations (Policy Administration, Office Administration (facilities, cars, etc.), Organization (projects), and act as the point of contact for regional IT business needs with Group IT. Also in charge of risk management of the company as Chief Risk Officer.
Principal Accountabilities: Manage local financial and operation teams and supervise the regional finance team; Management of core financial functions: accounting, controlling, treasury, risk controlling, group and statutory reporting, tax and compliance; Ensure the compliance with EH Group Operating Model for the functions managed in the region;  Build up technical competence centers in accounting and controlling areas;  Ensure local compliance with statutory and group policies and requirements, especially for Solvency II as Chief Risk Officer; Support profitable growth Support local and Group projects;  Optimizing processes (OPEX) and finding efficient, cost-effective solutions in line with global policies with a focus on procurement and facility management;  Act as IT business partner for the Region; In charge of the business continuity plan.
Qualifications: Undergraduate degree in Finance, preferably Masters Degree in Business Admin / Finance / Economics; 10 years of senior level finance experience, with a good knowledge of the IFRS gaap and of Solvency II; Insurance industry experience is a must;  Ability to work in matrix environment across disciplines; Results orientation: execution and consequence management; Conflict management: arbitrage, independence; Represent company with local regulatory and finance authorities; Broad, strategic thinker with ability to think beyond cost cutting; Practical, team player;  Market knowledge: Proven, in-depth know-how in one core finance area (accounting, actuarial, investment, etc.); Business expertise: Know-how of finance best practices; Significant Insurance experience; Strong analytical thinker.
To apply go to https://jobs.allianz.com/sap/bc/bsp/sap/zhcmx_erc_ui_ex/desktop.html?company=43&hideHeader=true#/SEARCH/RESULTS. (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 helen.spriggs@reedglobal.com. (Please mention Credit Insurance News Digest).

New Appointments
PIB Insurance Brokers has announced that it has appointed Ian Iain Gunn as an account executive in its new specialist credit and surety division. Mr. Gunn has over 30 years experience as a credit and political risk insurance and surety bond broker, supplemented with four years in trade and invoice finance.
XL Catlin has announced that it has appointed Bonnie Chow as senior underwriter of political risk and trade credit insurance for Asia Pacific. Ms. Chow joins from Zurich Insurance Australia and will be based in Sydney.
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 www.creditindemnity.com 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.
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 http://events.insurancenexus.com/insuranceanalyticseu.
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.
Commodity Trade Finance Conference, 25 October. Lugano, Switzerland.
GTR’s Commodity Trade Finance Conference 2016 returns to Lugano in October to provide unrivalled insight on the condition of the global trading market and the challenges faced, both in local markets and further afield. With Switzerland being one of the world’s leading commodity trade hubs, the event will see high level business leaders come together to explore the possibilities of strengthening links and encouraging growth within the global commodity market. Networking will form an integral part of this gathering, meaning valuable connections are guaranteed for anyone serious about doing business in the region. Click here for more information 
and to book (5% discount for Credit Insurance News Readers with CIN15).
Mexico Trade & Export Finance Conference 2016, 20 October. Mexico City.
GTR is delighted to return to Mexico City on October 20 for the Mexico Trade & Export Finance Conference 2016. The event will once again provide a platform for industry leaders to outline their priorities in the face of a changing domestic and global trading environment. The biggest gathering of trade, export and commodity finance specialists in Mexico will create ample networking opportunities, with dedicated sessions devoted to forging new relationships and creating new business contacts. This event should not be missed by anyone currently trading, or looking to begin trading, in Mexico. Click here for more information and to book (5% discount for Credit Insurance News Readers with CIN15).
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 www.creditindemnity.com/ and follow the white rabbit to place your reservation.
Mauritius Trade Finance Conference 2016, 10 November, Port Louis, Mauritius.
Following the highly successful inaugural event which welcomed 220 delegates, GTR’s Mauritius Trade Finance Conference 2016 will return to Port Louis in November. Bringing together the local and international markets, the conference will explore the evolution of the business community in Mauritius, using its strategic location and rapid growth as key points for discussion. Topics will also focus on the role of the trade finance sector in developing the island into the primary trade and financing hub. Click here for more information and to book (5% discount for Credit Insurance News Readers with CIN15).
Egypt Trade & Export Finance Conference 2016, 15 November. Cairo, Egypt.
Building on its long-standing presence in the Mena region, GTR will hold the Egypt Trade & Export Finance Conference 2016 in Cairo on November 15. Bringing together senior business representatives and trade finance professionals from Egypt and the wider Mena region, this gathering will provide a key platform for those looking to increase trade within the country. Featuring influential speakers from across the trade finance community, including local and international banks, financiers, leading corporates, lawyers, insurers and more, this should be a firm date in the diary for anyone looking to develop trade relationships in Egypt. Click here for more information and to book (5% discount for Credit Insurance News Readers with CIN15)
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: CIN16 at the time of booking via this link: http://arf16-tickets.bcrconferences.com/.
About this Issue's Sponsor: The Bond & Credit Co.
The Bond & Credit Co. are a new entrant in the bancassurance market. We are a new kind of underwriting agency having gathered the very best in the field under one roof. Based in Australia, we offer brokers true innovation and a real alternative in the mergers and acquisitions, trade credit and surety markets. 

We are secured by the strength of CGU, a leading insurer that has been helping Australians for over 160 years. So brokers and clients can rest assured that we are here to look after them when it comes to making claims. 
We provide brokers all the care of a boutique partner with the dependability of an institutional service provider.

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