Welcome to issue 77 of Credit Insurance News Digest. This issue is kindly sponsored by Trade Credit.
Index
Credit Insurance News
A common example of fraud affecting the trade credit insurance market. Law firm Clyde & Co has published an article, 'Instances of fraud affecting the Credit Insurance market', which reports that it has noted a number of recent cases affecting its credit insurance clients, where there have been fraudulent interceptions of email communications in trade transactions in which the buyer is tricked into transferring payment to bank accounts which do not belong to the seller. Clyde & Co note that these scams affect credit insurers because buyers will usually refuse to pay a seller when this type of fraud has been perpetrated, arguing that they have paid already and should not have to pay twice. A seller may then seek to claim on any credit insurance policy taken by them to recover the sums due to them by the buyer. To read Clyde & Co's news release go to http://www.clydeco.com/insight/article/new-instances-of-fraud-affecting-the-credit-insurance-market?utm_source=Mondaq&utm_medium=syndication&utm_campaign=View-Original.
UK Credit insurance claims stalled in Dunne debt dispute. Construction Enquirer has published an article which reports that out-of-pocket subcontractors and suppliers caught by the collapse of concrete framework contractor Dunne are being stopped from submitting credit insurance claims because of delays in finalising how much they are owed. Although administrators for Dunne detailed initial estimates that trade creditors are owed £15 million, frustrated subcontractors claim they are actually owed much more. One subcontractor told the Enquirer: “I’m owed at least four times what the administrator’s report estimates. I can’t put in my creditor insurance claim until this has been agreed, which is putting my business under pressure.” To read Construction Enquirer's article go to http://www.constructionenquirer.com/2016/09/20/credit-insurance-claims-stalled-in-dunne-debt-dispute/.
SMEs should heed the warnings of rising insolvencies in Australia. Mark Hoppe, Managing Director for Atradius Australia and New Zealand, has published an article in SmartCompany.com.au, in which he warns that the Australian economy is facing headwinds for the remainder of 2016 and into 2017 and, as a result, business bankruptcies will rise by 8%. This follows a 10% rise in business insolvencies in 2015; including, in the third quarter of the 2015-16 financial year; a total of 658 businesses in New South Wales, 594 Victorian businesses, 444 Queensland businesses, 102 in South Australia and 241 in Western Australia. Mr. Hoppe also notes that "the global uncertainty following the UK's decision to withdraw from the European Union hasn’t helped Australian businesses either." To read SmartCompany.com.au's article go to http://www.smartcompany.com.au/finance/75373-smes-heed-warnings-rising-insolvencies/.
Hollard launches a new Trade Credit Insurance product for South African companies. Hollard Trade Credit, in partnership with credit management specialists Debtsource, has announced that it has introduced a new trade credit insurance product that allows its South African clients to select which debtors to insure and which to exclude, with premium charged per debtor. A press release promoting the launch suggests that an apposite metaphor for trade credit insurance is the game of Jenga, which “epitomises what we’re really about," said Hollard Trade Credit's Managing Director, Gareth Joubert. "Each block in the Jenga tower represents a debtor. If one debtor doesn’t pay, the tower will likely hold; if too many fail to honour their debts, it will collapse." The trade credit insurance market in South Africa is currently worth R1.5 billion to R2 billion in annual premium. To read Hollard's press release go to http://www.hollardbrokers.co.za/za/news/entry/hollards-trade-credit-insurance-coe-its-an-ideal-partnership.
Overview of the credit insurance market in Austria. Astreos Credit's latest Overview advises that trade credit insurance is a highly developed market in Austria, which is still dominated by a few players: Acredia, Coface, Garant and Atradius with market shares of 52%, 27%, 12% and 8% respectively. Within the last years, as the Austrian economy has slowed, the trade credit market has suffered a slight loss in premiums as well as a very competitive market, resulting in higher exposure but decreasing premium (€123 million in 2015, €140 million in 2014). The Overview also finds that although Acredia still relies on its sales force to generate around 70% of its premium, brokers are gaining more and more importance - especially for large tickets. To read Astreos Credit's Overview go to http://www.astreos-credit.com/single-post/2016/09/23/Overview-of-credit-insurance-market-in-Austria.
Atradius acquires Graydon. Atradius has announced its acquisition of 55% of the shares in Graydon Holding N.V, a leading business information services provider in the Netherlands, Belgium and the UK with business operations in credit management, risk and compliance, marketing information and debt collection. With this acquisition, Atradius - which already owned a 45% stake in Graydon - will become the sole shareholder. Isidoro Unda, Chairman
of Atradius, commented: "We believe Graydon will create synergies that improve our credit management and collections offerings and strengthen our underwriting capabilities." Graydon will continue to operate independently. To read Atradius' news release go to https://group.atradius.com/press/press-releases/Atradius-acquires-Graydon.html.
A good mix of conditions for the CEE region. Coface's latest report, which ranks the 500 biggest companies in the Central and Eastern European (CEE) region by turnover, has found that twelve out of thirteen sectors increased their turnover compared to the previous year. Particularly strong rises were achieved by textiles, leather & clothing (+14.8%) and automotive & transport (+10.3%), while the only sector to see a decrease in its turnover was minerals, chemicals, petroleum, plastics & pharma (-8.3%). The number of insolvencies also decreased over the course of last year in 9 out of 13 countries surveyed and the GDP-weighted regional insolvency average was -14%. Looking ahead, Coface reports that the forecast for the CEE region in 2016 is nearly on the same level as 2015 with an estimated average growth rate of 3%. To read Coface's news release with a link to the full report go to http://www.cofacecentraleurope.com/News-Publications/Publications/Coface-CEE-Top-500-Companies-2016-edition.
Insolvencies set to continue in the German textile sector. According to the latest market analysis by Euler Hermes, stagnating sales, low margins, and persistently strong competitive pressure in the German textile sector are making life increasingly difficult for many companies. Payment terms can also be very long. "Some textile retailers are hanging by a thread, as recent events have shown," said Ron van het Hof, CEO of Euler Hermes Germany, Austria and Switzerland. "Since the year began, we’ve seen insolvencies among well-known names, as well as many smaller companies going bankrupt. Overall average credit ratings in the sector are falling. And we believe that more textile companies will experience problems in the future." To read Euler Hermes' news release go to http://www.eulerhermes.com/mediacenter/news/Pages/press-release-textile-industry-091516.aspx.
Coface announces more details of 'Fit to Win'. Coface has unveiled more details of 'Fit to Win' (see CIN Digest , 9 August), its new plan for the company based around three key strategic priorities: the reinforcement of risk management capabilities and information quality in emerging markets; the improvement of operational efficiency and client service; the implementation of differentiated profitable growth strategies, adapted to specific market/sector/customer profiles. Coface stresses that credit insurance is an attractive industry and that its relatively low penetration in its potential markets leaves further opportunities to grow. However, a more volatile economic and risk environment - especially in emerging markets - as well as the progressive impact of new technologies mean that the industry must evolve. Coface advises that its ''Fit to Win' strategy aims to adapt Coface's infrastructure to these changes. To read Coface's news release go to http://www.coface.com/News-Publications/News/Fit-to-Win-plan-to-transform-Coface-into-the-most-agile-global-trade-credit-partner-in-the-industry-while-evolving-to-a-more-efficient-capital-model.
Growth stagnation lingers on in South Africa. Credendo Group's latest Country Risk Assessment reports that although South Africa used to be the favourite of international investors thanks to strong institutions and a booming mining and services sector, the country still hasn’t managed to revamp its economic growth after the global financial crisis. After "saddening" 2014 and 2015 GDP growth achievements (1.6% and 1.3%), the 2016 growth projection of 0.1% is the lowest level since the 2009 recession. Credendo advises that a minimal growth recovery of 1.1% is envisaged for 2017 which would nonetheless connote a third consecutive year of falling per-capita income. In addition, although medium-to-long-term growth projections are brighter at around 2.4%, this remains low compared to South Africa's population growth (1.6% per year). On the back of increased vulnerability and a gloomy outlook, Credendo has recently downgraded South Africa’s medium-and long-term political risk from category 3 to 4. To read Credendo's detailed report go to http://cdn.flxml.eu/i-4401437282cdb747c6c1ae21e09c52a4b1e2c9f87eef16a81aedd25eb216493b.
Euler Hermes predicts more rough seas for the shipping industry. Euler Hermes has warned that the tough conditions that the global shipping industry has been weathering for years are not likely to change soon. From January through to May 2016, insolvencies in the sector rose by more than 10% compared to the previous year. In addition, the industry continues to feel the effects of overcapacity and record low freight and charter rates, especially as global trade weakens – creating a domino effect on the funds and banks providing financing. While shipping companies benefited from the sharp drop in oil prices, these cost savings were not always sufficient to offset low rates. As a result, Euler Hermes cautions that industry risks remain high, and some specific segments will see further insolvencies. To read Euler Hermes' news release go to http://www.eulerhermes.com/mediacenter/news/Pages/press-release-shipping-industry-091216.aspx.
EDC sets up shop in London. Export Development Canada (EDC) has announced that it has cemented its longtime presence in the UK with the official opening of an office in London. “London is a global financial hub and a gateway for investors to Africa and the Middle East, two key markets for Canada’s leading industries,” said Mairead Lavery, Senior Vice-President, Business Development, EDC. She added that the UK is Canada’s fourth-largest trading partner, and trade between the UK and Canada totaled $15.1 billion in 2015, primarily in commodities such as gold and copper, as well as services and investment. To read EDC's news release go to https://www.edc.ca/EN/About-Us/News-Room/News-Releases/Pages/london-representation-launch.aspx.
France: A temporary pause in growth in Q2. Coface's Panorama on the French economy reports that French growth has taken a time-out in Q2. The political uncertainties in the UK, the strikes in May and the floods affecting Ile-de-France are all likely suspects responsible for this surprise halt. Although the figures are expected to recover in Q3 with, Coface predicts, a particularly good rebound, Coface cautions that the risks facing the French economy remain primarily external, originating mainly from its trading partners who, "one by one are taking the tricky step of planning a referendum." Despite these uncertainties, Coface predicts growth of 1.6% in 2016 (followed by 1.3% in 2017), and forecasts that this should be sufficient to lower the rate of company insolvencies by 3.4% this year, with Ile de France, Centre and Corsica the only regions not expected to benefit. To read Coface's news release with a link to the full Panorama go to http://www.coface.com/News-Publications/News/The-French-economy-a-temporary-pause-in-growth.
Atradius obtains a license to operate in South Korea. Atradius has announced that it was recently awarded a license by the Korean Financial Supervisory Service to operate in South Korea. This will enable Atradius to receive proposals for export and domestic cover and service existing and new Korean accounts. Atradius will issue these policies locally with the support of the Seoul Guarantee Insurance Company. To read Atradius' news release please go to https://group.atradius.com/press/press-releases/Atradius-spreads-its-wings-into-South-Korea.html.
Euler Hermes announces joint venture in China. Euler Hermes and China Pacific Property Insurance Company (CPPIC) have announced the launch of their credit insurance joint venture, named CPPIC Euler Hermes Insurance Sales Company Limited (CPPIC Euler Hermes). The joint venture will be headquartered in Shanghai, and will have managers and existing members of staff from both companies. Euler Hermes advises that the Chinese trade credit insurance market, in the world’s second-biggest economy, is both extensive and largely untapped. After export credit insurance liberalisation began in 2013, the market has opened up significant opportunities. To read Euler Hermes' news release go to http://www.eulerhermes.com/mediacenter/news/Pages/press-release-Euler-Hermes-announces-joint-venture-in-China-with-CPIC.aspx.
Atradius' latest STAR ratings for Central, Eastern and South-Eastern countries. Atradius has published its latest Country Reports for the Central, Eastern and South-Eastern countries of Czech Republic, Hungary, Poland Russia, Slovakia and Turkey. In addition to sections covering the political and economic situation of each region, Atradius provides a STAR rating on a scale from 1 to 10 (1 represents the lowest risk and 10 the highest risk) and aggregates the regions into five broad categories: ‘Low Risk’, ‘Moderate-Low Risk’, ‘Moderate Risk’, ‘Moderate-High Risk’ to ‘High Risk’, with a separate grade reserved for ‘Very High Risk'. Rating modifiers are associated with each scale step: ‘Positive’, ‘Stable’, and ‘Negative’. In this report, Czech Republic, Poland and Slovakia are classified as 3 (Moderate-Low Risk) and Hungary, Russia and Turkey are classified as moderate as 5 (Moderate Risk). To read the individual country reports (with a link to the collated version) go to https://group.atradius.com/cese-country-report-czech-republic-2016.htm.
Polish insolvencies fall amid fair economic growth. Coface's latest Panorama on Poland finds that although Poland’s economy is slowing this year, its growth rate will remain fair: at 3.2% for 2016 (following 3.6% in 2015) and insolvencies and restructuration proceedings (which fell by 14.1 in the first half of 2016 compared to the year before) will continue to decrease. Grzegorz Sielewicz, Coface's economist for Central & Eastern Europe, predicted: “The decreasing trend of business bankruptcies will continue over the next few quarters. Nevertheless, the framework is changing – there are less insolvencies but more restructuring proceedings, explains" As a result: "More companies are now likely to return to business operations, instead of failing.” To read Coface's news release with a link to the full Panorama go to http://www.coface.com/News-Publications/News/Poland-Insolvency-Report-Insolvencies-fall-amid-fair-economic-growth.
Atradius finds that oil price hardly matters for Russia's country risk. Atradius has published the results of a new study in which it used correlation analysis to find out more about the relation between the price of oil and Russia's country risk. As expected, the research finds a significant positive relationship between the oil price and the economic part of the country risk measure. But no such significant relationship is found for the political and structural parts of country risk. Atradius also reports that Russia’s GDP contracted by 3.7% in 2015 and is forecast to contract again this year. For 2017, GDP recovery of 0.8% is expected as domestic demand slowly picks up. Over the medium term, however, Russia remains heavily dependent on oil and gas exports, making it vulnerable to fluctuations in the world oil price. To read Atradius' new release go to https://group.atradius.com/publications/economic-research-oil-and-Russian-country-risk.html.
A two-speed Global automotive market. Euler Hermes has published its latest study on the automotive sector ‘Public bumpers for the automotive market’, which finds that there is a two-speed global automotive market in 2016. On one side, Russia and Brazil are out of the race, India and Turkey are slowing and Japan is slipping. In contrast, Europe is moving up a gear with a third consecutive year of sales growth, things are heating up for a record year in the US, and China - the world's largest automotive market - has "put its foot back on the gas." Euler Hermes advises that public policies will determine growth in many markets. To read Euler Hermes' news release with a link to the full report go to http://www.eulerhermes.com/mediacenter/news/Pages/press-release-eh-study-automotive-market-091316.aspx.
Business Information
New measures to promote a culture of better UK payment practice. Further steps to support the Prompt Payment Code (PPC) in the UK and drive a culture of better payment practice have been confirmed in a letter to PPC signatories from Margot James, Minister for Small Business, and Philip King, Chief Executive of the Chartered Institute of Credit Management (CICM). The letter highlights the significant success of the Code to date, and comments that it has been ‘hugely successful in achieving fast settlement of invoices, creating dialogue between parties, improving contract terms, and providing constructive assistance welcomed by suppliers and signatories alike’. The correspondence also confirms the future appointment of a Small Business Commissioner to provide help and advice to business, including on achieving prompt payment, and the Statutory Duty to Report for large businesses to report on payment practices that comes into force from 6 April 2017. To read the letter and CICM's news release go to http://www.cicm.com/minister-cicm-confirms-support-prompt-payment-code-success-changing-payment-culture/.
The UK High street enters its seventh consecutive month without growth. New figures released by BDO show that not only have UK High street retailers failed to increase sales since January, they have also failed to improve on August 2015 - one of the worst months experienced by the High street since November 2008. However, despite the disappointing results, Sophie Michael, Head of Retail and Wholesale at BDO, suggested that there are a few more encouraging signs:" For example, online sales grew by 21.1% for the month – a monthly rise which has only been beaten once this year." To read BDO's news release go to https://www.bdo.co.uk/en-gb/news/2016/high-street-seventh-consecutive-month-no-growth.
UK construction companies' payment delays increase by 22% in just a year. According to research by the Asset Based Finance Association (ABFA), businesses in the construction sector have been the hardest hit of any UK sector by longer waits for their invoices to be paid, with delays increasing 22% in the last year from 67 days to 82 days. The ABFA also highlights that slow payment of bills is a major reason why the construction sector has such a high number of insolvencies. For example, last year 17% of all UK corporate insolvencies were businesses in the construction sector. Jeff Longhurst, Chief Executive of the ABFA commented: “The huge number of construction companies that became insolvent last year only goes to show how bad the problem is.” To read the ABFA's news release go to http://www.abfa.org.uk/news/124/Construction-companies-hit-hardest-by-growing-waits-for-payment-Delays-increase-by-22pc-in-just-a.
UK growth projections revised up in short-term. Following stronger than expected national data for the second quarter of 2016, PwC has revised upwards its main scenario projections for UK GDP growth to 1.8% from 1.6% for 2016 and to 0.7% from 0.6% for 2017. John Hawksworth, chief economist at PwC, said: “Our improved outlook reflects the latest official data, which confirmed the UK economy remained in reasonable shape going into the Brexit vote. While we’ll have to wait until late October for the first official GDP estimates for the third quarter, it’s encouraging that indicators such as retail sales held up well in July and purchasing managers indices bounced back in August.” To read PwC's news release go to http://pwc.blogs.com/press_room/2016/09/uk-growth-projections-revised-up-in-short-term-but-central-and-eastern-europe-could-be-longer-term-w.html.
UK business confidence returns. According to the latest Business Trends Report by BDO, the post-Brexit shock was sharp but short and UK businesses are starting to regain their confidence. The latest results indicate that business optimism - which predicts growth six months ahead - is up to 98.7 from 97.9 (well above the 95.0 level which would indicate the start of recessionary conditions), while business output – which reflects companies’ current experience of orders and is a good indicator of where GDP will be for the three months ahead – has fallen again to 97.4 from 98.2. Taken together, these results suggest that the UK experienced a short, sharp fall in business activity post-referendum, but that businesses are confident that this will quickly reverse. Commenting on the findings, Peter Hemington, Partner at BDO, said:
“After the immediate Brexit scare, businesses are becoming more confident as they start to find that, for most of us, it’s back to business as usual. But ongoing uncertainty and the likely longer-term damage if we exit the single market, are concerns." To read BDO's news release go to https://www.bdo.co.uk/en-gb/news/2016/uk-business-confidence-returns.
London ranks top in PwC Cities of Opportunity Index, followed by Singapore and Toronto.
PwC’s Cities of Opportunity report has found that London has claimed pole position for the second time in a row in a study of 30 leading business centres globally. Singapore comes second, Toronto third, with Paris and Amsterdam completing the top five. New York is in sixth place. Overall, European cities take four of the top ten places. To read PwC's news release with a link to the full report go to http://press.pwc.com/News-releases/All/london-ranks-top-in-pwc-cities-of-opportunity-index--followed-by-singapore-and-toronto/s/cbef75da-6c76-4264-b458-b6f34892ee8b.
The UK is expected to skirt with, but avoid, recession. In its first economic forecast since the EU referendum, the British Chambers of Commerce (BCC) has downgraded its UK GDP growth forecast, from 2.2% to 1.8% in 2016, from 2.3% to 1.0% in 2017, and from 2.4% to 1.8% in 2018. This implies that the UK economy will be £43.8 billion smaller at the end of the forecast period than previously predicted. The BCC also predicts that the uncertainty surrounding the UK’s long-term political arrangements with the EU, as well as the timeline over which any actions will take place, are expected to dampen growth prospects towards the end of 2016 and over 2017, but that, despite these issues, the UK is expected to skirt with, but avoid, recession. To read the BCC's news release go to http://www.britishchambers.org.uk/press-office/press-releases/bcc-uk-growth-forecasts-downgraded-as-uncertainty-hits-investment.html.
The UK economy's performance in Q2 is "unlikely to be an accurate bellwether." KPMG has advised that it currently predicts that UK GDP will grow by 1.7% this year and by 0.8% next year (up from 1.5% and 0.5% respectively), but warns that one of two bleak scenarios may lie ahead. The worst case scenario outlines a significant setback to the economy, with overall performance broadly similar to that experienced after the financial crash in 2008. In this case, KPMG predicts UK GDP growing just 0.8% in 2016, before contracting by 4.8% in 2017. In its second scenario, akin to the performance of the UK economy in the early 1990s, KPMG predicts that the UK economy would grow 1.2% in 2016 before contracting to 0.7% in 2017. Yael Selfin, head of macroeconomics at KPMG, commented: “While the economy performed well during Q2 this is unlikely to be an accurate bellwether for future economic conditions in the UK. The uncertainty around the shape of Britain’s exit means we are likely to see significant shifts in data and sentiment from month to month." To read KPMG's news release go to https://home.kpmg.com/uk/en/home/media/press-releases/2016/09/kpmg-revises-economic-forecasts-up.html.
SMEs are focused on growth despite Brexit and US Elections. C2FO has announced the results of its annual Working Capital Outlook Survey, which found that the majority of SMEs are more concerned about competition from emerging markets and higher interest rates than the effects of Brexit and the upcoming US presidential elections. The Survey, which examined the preferences of more than 1,800 SMEs in the US, UK, Germany, France and Italy (EMEA), found that the majority of SMEs (55%) report that cash flow is the biggest obstacle for business growth. Meanwhile, more than a quarter (29%) of respondents report that they have no or limited ability to borrow. Overall, borrowing is most expensive in the UK and US (only 42% and 47% of SMEs respectively borrow at a rate below 8%) compared to France (52%), Germany (51%) and Italy (58%). Those in media, retail/leisure and construction are borrowing at the highest rate compared to other industries. To read C2FO's news release go to https://c2fo.com/press/c2fo-working-capital-outlook-survey-finds-smes-focused-growth-despite-brexit-europe-us-elections.
HMRC business asset seizures up 145% in a year. According to new research by Funding Options, the number of businesses whose assets were seized by HMRC in order to settle outstanding debts grew by 145% in the last year, from 649 cases in 2014/15 to 1,592 in 2015/16. The research also found that HMRC seized assets to recover £42.6 million of outstanding debt in the last year, an increase of 175% from the previous year where debts to the Revenue totaled £15.3 million. Funding Options says that the significant increase in businesses affected as well as the value of the outstanding debt is a clear indication that businesses are struggling to pay their overdue tax bills and that HMRC is cracking down on those businesses with overdue tax bills. To read Funding Option's news release go to https://www.fundingoptions.com/latest/hmrc-asset-seizures-up-145-in-a-year/.
UK exports surge, trade gap narrows following Brexit vote. GTR (Global Trade Review) has advised that the latest data from the Office for National Statistics has shown that the UK trade deficit fell from £5.6 billion in June to £4.5 billion in July 2016 due to a boost in British goods exports (notably ships and fuel) - which jumped by £0.8 billion or 2% - while imports dropped by 3.6%. This indicates that the plunge in the value of the pound following the UK’s vote to leave the EU seems to be helping British exporters. Geoffrey de Mowbray, joint chairman at British Exporters’ Association, told GTR: "There are many risks associated with Brexit for exporters not least uncertainty around documentation going forward, but the opportunities are immense particularly with existing trading partners outside of the EU and others, such as the Commonwealth.” To read GTR's article go to http://www.gtreview.com/news/europe/uk-exports-surge-trade-gap-narrows-following-brexit-vote/?_cldee=c2FsbHkuYnJvd25AY3JlZGl0aW5zdXJhbmNlbmV3cy5jby51aw%3d%3d&recipientid=contact-938a3e4e04dde3118720d89d676440fc-9bb3f0f4c62d47f0913c43cf4917b359&urlid=35.
One-quarter of UK SMEs are suffering post-Brexit. The latest Zurich SME Risk Index report has shown that many small businesses in the UK have had a tumultuous time since the EU Referendum. Less than 3 months on, almost a quarter of SMEs (22%) already feel that the devaluation of the pound in the fallout from the vote has hindered their business, and over half (57%) are now primarily concerned with the effect of Britain’s official withdrawal from the EU on foreign currency and exchange rates. SMEs have, however, shown confidence that Theresa May can deliver on the international stage, with more than three times as many business owners indicating that her appointment as Prime Minister will have a positive impact on the success of their business (25%) rather than a negative one (8%). To read Zurich's news release go to https://www.zurich.co.uk/en/about-us/media-centre/general-insurance-news/2016/one-quarter-of-smes-suffering-post-brexit.
UK Business confidence falls into negative territory for the first time in 4 years. The Federation of Small Businesses (FSB) has found that UK small business confidence has continued to fall, dipping into negative territory for the first time since 2012, and that business owners feeling confident are now outnumbered by those that feel the opposite. Confidence has now fallen for the last three-quarters in a row. Despite this, the FSB also found many positive signs of small businesses proving resilient and getting on with the job in hand, in spite of a fragile economic outlook in the longer-term. Many firms may have ‘priced-in’ the impact of the EU referendum result in advance of the vote, with others now looking for immediate growth opportunities in the wake of the result. Small exporters' performance has also improved, backed by the weakness in sterling, with more businesses expecting this to rise further in the next three months. To read the FSB's news release go to http://www.fsb.org.uk/media-centre/press-releases/business-confidence-falls-into-negative-territory-for-first-time-in-4-years.
UK manufacturing output continues expanding at a healthy pace. According to the latest CBI monthly Industrial Trends Survey, UK manufacturing output continues to expand at a solid rate. The survey found that manufacturers are expecting the rate of production to accelerate rapidly, with 11 of the 18 sub-sectors upgrading their expectations for output over the next three months. Meanwhile, export order books weakened slightly but remained comfortably above their long-run average. Chemical firms experienced the sharpest drop in overseas demand, contrasting with the motor vehicle and transport sector which reported the greatest improvement. Total orders remained unchanged from the previous month, well above average levels. To read the CBI's news release go to http://www.cbi.org.uk/news/manufacturing-output-continues-expanding-at-healthy-pace/.
Saudi Arabia is the worst country in the G20 to do business with says new research. According to new research released by Creditsafe, Saudi Arabian businesses pay bills to their UK counterparts later than any other G20 country, at an average of 92 days beyond terms (DBT). The best G20 country to trade with based on the findings is Brazil, with Brazilian companies taking an average of just one DBT to pay UK firms. The G20’s other South American representative also emerges credibly, with Argentinean businesses paying UK firms 2 DBT on average. By way of comparison, UK businesses take an average of 13 DBT to pay their fellow G20 partners, with 30 days being the average standard payment terms set by UK businesses. To read Creditsafe's news release go to http://blog.creditsafeuk.com/saudi-arabia-named-the-worst-country-to-do-business-with-in-the-g20/. For more information on this item, please contact Josh Evans at Creditsafe on 44 (0) 2920 856 523.
Career Opportunities
Underwriter, Credit Insurance Underwriting – Ottawa. Export Development Canada.
EDC is looking for two dynamic and motivated underwriting professionals, for our Ottawa office, who will actively participate in the attainment of the team’s objectives through the analysis of buyer credit worthiness and underwriting of policies and parameters that support the specific service needs of the sector team.
Key Responsibilities: Assesses the creditworthiness of foreign buyers, establishes appropriate transaction terms and conditions, structures appropriate policy coverage and recommends pricing options. Participates in developing loss mitigation strategies. Delivers new products, features and enhancements to existing products, processes and systems. Establishes and maintains underwriting policies, standards and guidelines and acts as subject matter expert on specific programs Manages a portfolio of files through the overdue, claim adjudication and/or recovery stages of the debt management process.
Key Responsibilities: Assesses the creditworthiness of foreign buyers, establishes appropriate transaction terms and conditions, structures appropriate policy coverage and recommends pricing options. Participates in developing loss mitigation strategies. Delivers new products, features and enhancements to existing products, processes and systems. Establishes and maintains underwriting policies, standards and guidelines and acts as subject matter expert on specific programs Manages a portfolio of files through the overdue, claim adjudication and/or recovery stages of the debt management process.
Skills & Requirements: Undergraduate Degree in Business Administration, Accounting, Finance, Commerce or other relevant discipline.
Minimum of 2-3 years (Credit Insurance, level 2) or 5 years (Credit Insurance, level 3) or 7 years (Credit Insurance, level 4) of experience in insurance underwriting or related financial services experience.
Significant experience leading the successful completion of increasingly complex commercial credit transactions across a variety of industry sectors and international markets.
Solid experience reading and interpreting financial statements with strong financial analysis skills.
Strong preference will be given to bilingual candidates (English and French).
International and/or commercial banking experience MBA, CFA or CPA designation.
Working knowledge of insurance underwriting principles and practices.
Please apply for this position on EDC's website - https://edc.taleo.net/careersection/external_joblist/jobdetail.ftl?job=0001S6&lang=en.
Underwriter, Credit Insurance Underwriting, Montréal or Ville St-Laurent office.
EDC is Canada's export credit agency, offering information, knowledge and innovative commercial solutions to help Canadian exporters and investors expand their international business. For this position, in our Montréal or Ville St-Laurent office, we will be looking for candidates that: Demonstrate a positive, "can-do" attitude; Are solutions-oriented and have strong customer interaction skills; Are highly motivated and able to work independently as well as in a virtual team environment; Are able to communicate clearly and comfortably with clients and other members of the team; Possess a high degree of personal agility and resilience The role provides an excellent opportunity for underwriters that enjoy being closely engaged with customers in a major Canadian market to help craft solutions to meet their international business needs, while demonstrating their ability to manage complex international transactions.
EDC is Canada's export credit agency, offering information, knowledge and innovative commercial solutions to help Canadian exporters and investors expand their international business. For this position, in our Montréal or Ville St-Laurent office, we will be looking for candidates that: Demonstrate a positive, "can-do" attitude; Are solutions-oriented and have strong customer interaction skills; Are highly motivated and able to work independently as well as in a virtual team environment; Are able to communicate clearly and comfortably with clients and other members of the team; Possess a high degree of personal agility and resilience The role provides an excellent opportunity for underwriters that enjoy being closely engaged with customers in a major Canadian market to help craft solutions to meet their international business needs, while demonstrating their ability to manage complex international transactions.
Key Responsibilities: Assesses the creditworthiness of foreign buyers, establishes appropriate transaction terms and conditions, structures appropriate policy coverage and recommends pricing options.
Participates in developing loss mitigation strategies.
Delivers new products, features and enhancements to existing products, processes and systems.
Establishes and maintains underwriting policies, standards and guidelines and acts as subject matter expert on specific programs
Manages a portfolio of files through the overdue, claim adjudication and/or recovery stages of the debt management process.
Skills & Requirements: Undergraduate Degree in Business Administration, Accounting, Finance, Commerce or other relevant discipline.
Minimum of 2-3 years (Credit Insurance, level 2) or 5 years (Credit Insurance, level 3) of experience in insurance underwriting or related financial services experience.
Significant experience leading the successful completion of increasingly complex commercial credit transactions across a variety of industry sectors and international markets.
Solid experience reading and interpreting financial statements with strong financial analysis skills.
Strong written and spoken communication skills in English and French.
International and/or commercial banking experience MBA, CFA or CPA designation.
Working knowledge of insurance underwriting principles and practices.
Please apply for this position on EDC's website - https://edc.taleo.net/careersection/external_joblist/jobdetail.ftl?job=0001S8&lang=en.
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.
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
Acumen Credit Insurance Brokers has announced that Ashley Wild has joined the company's Manchester office and David Jordan has joined its Marlow office. Mr. Wild has spent over 30 years with a major high street bank and has worked with businesses and corporates from start up to multi-jurisdiction entities. Mr. Jordan has over 20 years experience within the insurance and financial services industry, most recently with Euler Hermes.
Markel Corporation has announced that it has appointed Arjan van de Wall as director of development, Americas, in its trade credit and political risk operation in the US. In his new role Mr. van de Wall will assist with business growth across the US, Canada and Latin America, developing strategic broker relationships, targeting large customer opportunities and broadening the product range. Mr. van de Wall joins Markel from Euler Hermes, where his most recent position was SVP and commercial director of Euler Hermes' North American operation.
Coface has announced that it has appointed Fredrik Murer as CEO of its North America region, reporting to Group CEO Xavier Durand. Mr. Murer is replacing Juan Saborido, who has stepped into the newly created role of senior advisor to Mr. Durand. Prior to joining Coface, Mr. Murer served as Head of Americas, Political Risk and Credit, at Ace-Chubb Corporation.
Willis Towers Watson has announced that it has made two key appointments to strengthen its financial services capabilities across Asia. Both Patricia Pang and Kirk Lee have joined as an Executive Director in the Financial Solutions division. Based in Hong Kong, Ms Pang will focus on credit, receivable finance, and supply chain finance. She formally worked as Hong Kong Business Development Manager at Euler Hermes. Mr. Lee is based in Singapore and will drive the regional financial institutions business with a focus on trade credit. Prior to joining Willis Towers Watson, he was a member of the trade programmes and credit insurance unit within the transaction banking, liability and risk-weighted assets management team at Standard Chartered Bank.
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.
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.
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.
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.
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).
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).
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.
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).
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).
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: CIN10 at the time of booking via this link: http://arf16-tickets.bcrconferences.com/.
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: http://arf16-tickets.bcrconferences.com/.
Supply Chain Finance Summit. 1-2 February 2017, Frankfurt.
Brought to you by BCR, the leading publishers in receivables finance, the Supply Chain Finance Summit brings you the latest trends transforming supply chain finance. The supply chain finance environment is rapidly changing. A price slump has created new working capital issues for suppliers in commodity focussed regions. De-risking and stimulating institutional investor appetite is increasingly on the agenda of forward thinking banks. Find out how these market shifts as well as pressures in the EU political landscape are re-shaping the SCF climate and creating new challenges and opportunities. Not only does the Supply Chain Finance Summit offer valuable networking opportunities, it is a fantastic environment to share expertise with your counterparts and build business relationships. BCR are delighted to offer Credit Insurance News members a 10% discount on booking in addition to the early bird booking discount which expires on 27th October 2016. Use code CIN17 and register now at www.bcrconferences.com.
Brought to you by BCR, the leading publishers in receivables finance, the Supply Chain Finance Summit brings you the latest trends transforming supply chain finance. The supply chain finance environment is rapidly changing. A price slump has created new working capital issues for suppliers in commodity focussed regions. De-risking and stimulating institutional investor appetite is increasingly on the agenda of forward thinking banks. Find out how these market shifts as well as pressures in the EU political landscape are re-shaping the SCF climate and creating new challenges and opportunities. Not only does the Supply Chain Finance Summit offer valuable networking opportunities, it is a fantastic environment to share expertise with your counterparts and build business relationships. BCR are delighted to offer Credit Insurance News members a 10% discount on booking in addition to the early bird booking discount which expires on 27th October 2016. Use code CIN17 and register now at www.bcrconferences.com.
About this Issue's Sponsor: Trade Credit.
Trade Credit's innovative offering has earned the trust of the market, as is evidenced by the company's exceptional growth and expansion. Since its founding in 2004, Trade Credit has steadily expanded in Europe, providing proximity and personalised local service to its insured clients and brokers.The UK branch was set up in February 2013 by John Carter, Country Manager – UK & Ireland, who commented: “We have seen profitability and growth across the group, particularly in the UK where we have established a diverse client base. I am delighted with the growth in our branch whereby our XOL philosophy has evolved by way of product development. Our solutions can cater for medium to large UK corporate’s and international companies for both XOL and Top up alike. I would like to thank our brokers and clients for their continued support”.
Trade Credit is part of the Credendo Group, who’s majority shareholder is Delcredere Ducroire, the Belgian Export Credit Agency. It provides Trade Credit with its expert knowledge of the mechanism of international commerce and its know-how as an insurer of large companies and special risks. In 2015, Delcredere Ducroire obtained an AA rating from Standard & Poors.
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