Welcome to issue 81 of Credit Insurance News Digest. This issue is kindly sponsored by Tinubu Square.
Index
Credit Insurance News
Changing conventional thinking will help trade credit insurers to differentiate themselves on the world stage. Jérome Pezé, CEO of Tinubu Square, has contributed an article to Credit Insurance News Digest in which he looks back on the history of the trade credit insurance industry and describes how the industry is on the cusp of transforming from a predominantly European business (in which five European countries account for around 70% of premiums) to a more geographically balanced industry. The US, Canada and (most notably) Asia-Pacific offer "unparalleled opportunities." However, the industry "needs a little nudge to fully take flight" and must understand the new ecosystem in which they operate and the challenges of disruptive technologies and innovations. "Perhaps most importantly", he adds: "insurers have now got to confront their conventional thinking and find partners to help them adopt a more agile, flexible approach." Click here to read the article.
Global trade slump could hit trade credit insurance. Insurance Business has published an article which warns that insurers and brokers that deal in trade credit insurance will be on alert as global trade continues to slow down approaching the New Year.
In its Global Economic Outlook, Atradius noted that global trade is “grinding to a halt” as Brexit and Donald Trump’s election win continue to impact the market. “Matters for trade are made far worse by political developments,” said John Lorié, global Chief Economist at Atradius.
“These developments are likely to weigh on future trade data.” Mark Hoppe, Managing Director of the Australian branch of Atradius, added that Australian business has seen an increase in claims and insolvencies over the last year with more expected in the first half of 2017. To read Insurance Business' article go to http://www.insurancebusinessonline.com.au/au/news/breaking-news/slump-could-hit-trade-credit-insurance-228540.aspx.
White Paper explains how trade credit insurance works and describes its benefits.
In the current economic environment of slow growth and pricing pressures IndustryWeek is promoting a report by Coface, 'Trade Credit Insurance unlocking global growth', which considers the options manufacturers have to minimise bad debt and suggests credit insurance as one of the most effective tools. Coface advises that the opportunities and cost savings provided by trade credit insurance can not only offset the cost of the policy, but other benefits include lower cost of capital, increased sales, no bad debt reserves and protection when expanding into new markets. To download a copy of the report go to http://www.industryweek.com/trade-credit-insurance-unlocking-global-growth.
To obtain an additional infographic which gives a concise overview of global growth go to http://www.industryweek.com/opening-doors-global-growth.
To obtain an additional infographic which gives a concise overview of global growth go to http://www.industryweek.com/opening-doors-global-growth.
Trade credit insurers in Canada are "cautious". Astreos Credit's latest Country Focus, 'Catching up with Canada 2016', notes that Jeffrey Shtull of GSA describes the current trade credit insurance market in Canada as "cautious". Losses have been significant (in particular in Retail and Oil & Gas and related services) and, consequently, the Focus advises that many credit insurers are demanding up to date financial information in order to provide coverage. In addition, their underwriting stance has become more restrictive. The Focus also adds that while credit insurers are still aggressive in pricing and pursuing good opportunities, they are not afraid to simply decline to quote based on industry or previous loss history. Overall, demand for credit insurance has been solid. To read the Country Focus go to http://www.astreos-credit.com/single-post/2016/12/07/Country-focus-catching-up-with-Canada.
Atradius reports that the global outlook for trade is worsening. Looking back over 2016, Atradius has advised that after a very low pace of growth in 2015, global trade growth has slowed further over the first half of 2016. Trade growth in emerging Asia, the world’s second largest trade bloc, is extremely low, there has been a sharp contraction of trade in Eastern Europe and slowdown in Latin America. Even the US has seen its trade growth "grind to a halt". As a result, in 2016, Atradius warns that the tempo of growth in world trade is expected to be about one-third of global GDP growth - the lowest rate of trade growth since the global economic crisis of 2009. The outlook for 2017 is also bleak with political developments such as Brexit and US anti-trade rhetoric making matters worse. To read Atradius' news release go to https://group.atradius.com/press/press-releases/economic-outlook-november-2016.html.
Risk score sector downgrades reflect a precarious global trade situation. Global Trade has published an article which reports that during the course of this year, Coface has issued 23 downgrades (to nearly one-third of trade sectors) and 10 upgrades across the 12 sectors it follows in six regions of the world. Furthermore, Coface warns that this trend is likely to continue into 2017. Global growth is still weak at an estimated 2.6%, and low commodity prices are dragging down profitability in many sectors. Notable downgrades include the retail, textiles/clothing, transportation and paper/wood sectors in North America. In Western Europe, the agro-food sector was downgraded. To read Global Trade's article go to http://www.globaltrademag.com/global-trade-daily/coface-updates-sector-risk.
The red flags warning of clients with bad debts. The Global Recruiter magazine has published an article in which Kris Macauley, UK Director of Risk, Information and Claims at Euler Hermes UK and Ireland, examines the red flags which could indicate that a client is experiencing financial problems. These include the commonly recognised indicators such as slow payment, continual excuses and new financial arrangements, while "often overlooked" signs may include the loss of important managers from a client’s business and subsequently, the loss of key skill-sets and client relationships. Similarly, he cautions that a high staff turnover rate within a company can signal internal unrest, hinting at early signs of trouble within a business. To read The Global Recruiter's article go to http://magazine.theglobalrecruiter.com/2016/12/12/gr-172-app-exclusive-all-too-late/pugpig_index.html.
Survey highlights target markets for Australian brokers. Insurance Business has published an article which reports that a new survey released by Atradius has revealed a number of target markets in Australia for brokers to approach with trade credit cover. Mark Hoppe, Managing Director ANZ of Atradius, said that while the ICT industry may show signs of late payment, other industries - notably the transport, retail and construction industries - should be top of the list for brokers. “Particularly as we come into the New Year, in retail and construction, February and March is often a time when payments get drawn out because of cash flow. It’s a time when brokers really want to make sure that their clients are on top of it,” Mr. Hoppe told Insurance Business. Transport businesses traditionally carry more risk because they carry older debt and Mr. Hoppe noted that his firm has seen an uptick in claims from the sector throughout 2016. To read Insurance Business' article go to http://www.insurancebusinessonline.com.au/au/news/breaking-news/survey-highlights-target-markets-for-brokers-228454.aspx.
Euler Hermes warns that inflation could push UK construction companies to the wall. An article in The Construction Index has reported that although monthly UK construction industry business activity and incoming new work increased at the strongest pace since March, both rates of expansion remained much softer than the peaks achieved at the start of 2014. Furthermore, average cost burdens rose sharply, with the rate of inflation the steepest since April 2011. As a result, Paul Trigg, construction specialist at Euler Hermes, warned: “We expect the number of insolvencies in the sector to climb through next year . . . Low margin contracts continue to put serious pressure on company cash flows, with businesses unable to pass on further rises in input costs resulting from inflation. Pressure on cashflow will inevitably impact firms’ ability to pay on time throughout the supply chain and construction companies will need to be extra careful when managing their credit books.” To read the article go to http://www.theconstructionindex.co.uk/news/view/contractors-face-margin-erosion-as-inflation-bites.
US developments put emerging markets on alert. Atradius has published a new report which warns that developments in the US related to the election of Donald Trump are introducing significant uncertainty for Emerging Market Economies (EMEs) in 2017. The countries most vulnerable are Turkey, South Africa and Argentina, with Turkey particularly vulnerable due to its high share of foreign currency-denominated debt and political risk. Atradius also warns that while President-elect Trump’s plans for large-scale infrastructure investment could be beneficial for countries exporting commodities - especially construction inputs like iron and steel - this would likely only be felt in the short term as unorthodox, protectionist measures coming into play would erode US demand for imports. In general, countries that export the most to the US (notably Mexico and Canada) would be hit the hardest. To read Atradius' report go to https://group.atradius.com/publications/economic-research-US-vulnerable-EMEs-2016.html.
A review of the proposed plans to reform the Corporate Insolvency Framework. Lexology has published an article, 'Government's latest plans to reform the Corporate Insolvency Framework: what's hot and what's not', in which global law firm Dentons reviews the government's four key proposed changes to the UK’s corporate insolvency regime. In addition to a new (single gateway) three-month moratorium applicable to all existing restructuring procedures and a new "restructuring plan" procedure, this includes new provisions that aim to help businesses continue trading during a restructuring by enabling the court to keep in place and supervise "essential contracts" that a supplier could otherwise terminate. Lexology stresses that this would clearly have an adverse impact on trade credit insurance. To read Lexology's article go to http://www.lexology.com/library/detail.aspx?g=f7b219e7-3e44-4813-a78a-80ac9b8d5744&l=7T95V7T.
Euler Hermes launches flagship product in Asia Pacific. Euler Hermes has announced that it has launched its flagship product 'Corporate Advantage' in Asia Pacific. The new product, which Euler Hermes advises is most beneficial to mid-sized and large corporations who require flexible solutions "easily customised to their company, sector and growth ambitions," offers coverage on trade credit receivables in both domestic and export markets and has a modular design with more than 80 options. In addition to launching the product in Hong Kong and Singapore in December, the 'Corporate Advantage' will also be introduced to the market in
China, Taiwan, Japan, Australia, New Zealand, Malaysia, Indonesia and Thailand in 2017. To read Euler Hermes' news release go to http://www.eulerhermes.com/mediacenter/news/Pages/press-release-eh-launches-flagship-product-in-asia-pacific-071216.aspx.
Signs for Germany's further economic development are promising, with a high level of stability.
Coface’s latest Panorama forecasts solid economic growth for Germany, with GDP growth of 1.8% in 2016 and 1.7% in 2017 and a decrease in insolvencies next year (the fifth year in a row of record lows). However, Coface also warns German exports will only grow by 2.3% in 2016 and 3.4% next year and specific risks are lurking in some of the major target countries for German exports – such as the forthcoming Brexit and the cooling down of the Chinese and US economies. Moreover, the economic impacts from the election of Donald Trump as US president Trump are, as yet, unclear.
To read Coface news release with a link to the full report go to http://www.coface.com/News-Publications/News/German-Economy-in-2017-Stable-but-not-staid.
Losses due to insolvencies up significantly in Germany. According to a recent study by Euler Hermes, losses due to insolvencies in Germany have recently risen significantly – despite a further fall in the bankruptcy figures in 2016 (-4%) to an all-time low of 22,200. In the 12 months to August 2016, losses from insolvencies were 48% up vs same period of the previous year and totalled €26 billion - an average loss of €1.2 million per insolvency. "It is mainly the large, more economically important companies that are sliding into bankruptcy," commented Ron van het Hof, CEO of Euler Hermes in Germany, Austria and Switzerland. "There is no end to this trend in sight, but at the same time we expect the number of cases to remain flat in 2017." In industry terms, the insolvency rate is disproportionately high in the financial services sector, the transportation industry, hotels and restaurants, administrative services, the construction industry and manufacturing, although the number of cases declined almost everywhere. To read Euler Hermes' news release go to http://www.eulerhermes.com/mediacenter/news/Pages/press-release-losses-in-germany-051216.aspx.
Coface predicts a further fall in French insolvencies in 2017. Coface's latest Panorama
advises that 2016 has shown some good signs for French companies and Coface forecasts a fall in insolvencies in France of -3.8% for 2016, followed by a further reduction of -1% in 2017. At the same time due to favourable financing conditions and healthy profit margins, Coface advises that French companies are more solid and the average age of an insolvent company has risen to 79.75 months - the highest since 2011. That said, three sectors that still stand out most in terms of insolvencies are textiles-clothing, food processing and transportation, with textiles-clothing experiencing the greatest hike in insolvencies, at +15.5% over one year, To read Coface's news release with a link to the full report go to http://www.coface.com/News-Publications/News/Uberisation-of-French-economy-a-positive-impact-on-employment-but-will-it-last.
A stable outlook for the US food and beverage industry. Atradius' latest Market Monitor for the US food and beverage industry predicts that the sector is expected to grow by 1.4% in 2016 and 1.6% in 2017. However, although this is less than the GDP growth rates forecast for this period, the number of non-payments and insolvency cases is expected to remain stable in the coming months. In addition, profit margins of US food businesses - while tight - are not expected to deteriorate in 2017. Food and beverage manufacturing is one of the largest employers in the US, providing jobs for more than 1.4 million employees. The US food manufacturing industry consists of approximately 21,000 companies and generates revenues of about US$760 billion. To read Atradius' Market Monitor go to https://group.atradius.com/publications/market-monitor-food-usa-2016.html#.
Additional Market Monitor reports are also available for the Food and beverage industry in: Belgium, Germany, The Netherlands, France, Ireland, Poland, Denmark, Hungary, Italy, Portugal and Spain.
Additional Market Monitor reports are also available for the Food and beverage industry in: Belgium, Germany, The Netherlands, France, Ireland, Poland, Denmark, Hungary, Italy, Portugal and Spain.
Uncertainty increasingly clouds the outlook for 2017. Insurance Edge has published an article, 'Credit insurer pessimistic on global trade growth', which reports that Atradius' latest Economic Outlook suggests that trade and economic growth are becoming increasingly "disentangled", with 2016 likely to be the first year in more than a decade in which the pace of trade growth fails to match the pace of GDP growth. The report also describes how anti-globalisation sentiment is rising, as is evidenced by political developments like Brexit and the election of Donald Trump. This, Atradius warns, will not only put upward pressure on insolvencies in countries that are dependent on international trade, but Brexit-related uncertainty will increase corporate bankruptcies in economies with a heavy focus on exporting to the UK. Similarly, protectionist measures in the US could have the same effect on economies with high trade ties to the US - especially those in Latin America. To read Insurance Edge's article go to https://insurance-edge.net/2016/12/06/credit-insurer-pessimistic-on-global-trade-growth/.
Announcement from Credit Insurance News Digest
Launching in 2017. We are hugely excited to announce that we will be launching a new business information service and newsletter, Credit Management News and Credit Management News Digest, in the first half of 2017.
We're currently developing a list of subscribers for Credit Management News Digest and would be delighted to add your name. Issues will, of course, be free. Click here to sign-up or email us.
We're currently developing a list of subscribers for Credit Management News Digest and would be delighted to add your name. Issues will, of course, be free. Click here to sign-up or email us.
Happy Christmas and Thank you. This is the last issue of Credit Insurance News Digest in 2016 and we wish a very happy holiday and wonderful New Year to all our readers.
We would also like to send our particular thanks to all our advertisers and sponsors in 2016. We remain committed to keeping Credit Insurance News Digest a free resource and deeply appreciate your support, involvement and contributions.
We would also like to send our particular thanks to all our advertisers and sponsors in 2016. We remain committed to keeping Credit Insurance News Digest a free resource and deeply appreciate your support, involvement and contributions.
Business Information
Almost £50 billion of debts written off by UK SMEs. The Actuary has published an article which reports that according to research by Amicus Commercial Finance, the average amount of debt written off by UK SMEs last year was £11,708. 76% of SMEs wrote off debt during this time, totalling just under £50 billion collectively - or £134 million every day. Amicus Commercial Finance Managing Director, John Wilde, said: “Our research shows that not only is there a reliance by many UK SMEs on clients’ invoices being paid within the debtor day period, but that despite this, significant amounts of debt are being written off due to non-payment. To read the article on The Actuary's website go to http://www.theactuary.com/news/2016/12/almost-50bn-of-debts-written-off-by-uk-smes/.
Research shows that disputes are costing UK businesses £billions. New research from the Federation of Small Businesses (FSB) shows that disputes are costing small firms in England and Wales at least £11.6 billion each year. Nearly three quarters (72%) of small business legal struggles can be attributed to late or non-payment and most small businesses (70%) have faced at least one dispute in recent years. The research also showed that the amount under dispute is £18,000 on average, but it can cost a small firm a further £17,000 when having to spend time and money dealing with the problem. As a result, the consequences of disputes can be devastating for small businesses, ranging from short-term cash-flow difficulties right through to insolvency. To read the FSB's news release go to http://www.fsb.org.uk/media-centre/press-releases/billions-tied-up-in-small-business-disputes.
£26 billion owed in late payment, but UK SMEs believe that this won't get worse under Brexit.
Almost half of the UK’s SMEs are being paid late, according to Bacs Payment Schemes Limited (Bacs). The average late payment debt now stands at £32,185 which equates to a substantial £26.3 billion total across the 47% of SMEs that say customers and clients stray beyond agreed payment terms. But when asked about the UK’s decision to leave the European Union and its impact on being paid on time, an overwhelming majority (83%) felt that ‘Brexit’ would have no impact on late payments. In the meantime, the effect of companies not being paid on time remains significant with 32% of SMEs impacted by late payments admitting they are forced to pay their own suppliers late. To read Bacs' news release go to https://www.bacs.co.uk/NewsCentre/PressReleases/Pages/-%C2%A326_billion_owed_in_late_payments_but_this_won%E2%80%99t_get_worse_under_Brexit_say_smaller_UK_businesses.aspx.
BCC Economic Forecast for the UK predicts that 2016's momentum is not set to continue. The British Chambers of Commerce (BCC) has announced that it has upgraded its UK growth forecast from 1.8% to 2.1% for 2016, and from 1.0% to 1.1% in 2017 (the weakest annual rate of growth since the financial crisis) after the UK economy recorded stronger than expected growth in the third quarter. However, Suren Thiru, Head of Economics at the BCC, commented: “We have upgraded our growth forecasts for 2016 and 2017, but the near-term outlook for the UK economy remains challenging, with the recent resilience in growth expected to weaken. That said, we do not expect the economy to enter into a recession over the next few years." To read the BCC's news release go to http://www.britishchambers.org.uk/press-office/press-releases/bcc-economic-forecast-2016-momentum-not-set-to-continue.html.
Over five thousand restaurant companies risk insolvency as Brexit raises costs. According to research by Moore Stephens, a total of 5,570 restaurant companies have at least a 30% chance of going insolvent within the next three years as Brexit raises costs and disposable incomes stagnate. In addition, the sharp decline in the value of the Sterling since the Brexit vote has added to the pressure on the sector by increasing the cost of imports for restaurants. The UK imports 48% of its food and many restaurants rely heavily on imported food and wine. Even some of the largest restaurant companies (such as The Restaurant Group) have struggled with weak trading. To read Moore Stephens' news release go to http://www.moorestephens.co.uk/news-views/december-2016/over-five-thousand-restaurant-companies-risk-insol.
Ireland named as the best place to do business in Europe. According to a study by World First, Ireland has come top in the inaugural 'Best Place to do Business in Europe Index'. A combination of a business friendly tax system, easy access to finance and strong economic growth placed Ireland ahead of Slovakia, Latvia and Malta. Italy, whose economy has suffered over the past few years, came last in the ranking for businesses looking to expand in Europe. Despite the uncertainty caused by the EU referendum, the UK comes 5th on the list of the best place to do business in Europe, beating Spain (10th) France (14th) and Germany (25th). To read World First's news release go to https://www.worldfirst.com/uk/blog/international-business/best-place-to-do-business/.
139,000 UK businesses are only paying the interest on their debt. According to new research by R3,139,000 businesses in the UK are only paying the interest on their debt and not repaying the debt itself, and the number of businesses in this position – equivalent to 8% of all UK businesses – has returned to levels more in line with previous years. However, although only paying off the interest on debt is often a sign of a ‘zombie business', R3 suggests that it’s more likely that otherwise healthy businesses are taking advantage of record low interest rates to keep cash in their business. This is born out by R3/BDRC research which shows that 33,000 businesses are struggling to pay debts when they fall due - a decrease from the same time last year when 55,000 were in that position, and a significant decrease on May 2013 finding when 134,000 businesses were struggling to pay their debts. To read R3's news release go to https://www.r3.org.uk/index.cfm?page=1114&element=27981&refpage=1008.
Online UK retail sales grew by 10.9% compared to last year. BRC/KPMG latest retail sales monitor for November 2016 has reported that UK retail sales increased by 0.6% on a like-for-like basis from November 2015, when they had decreased 0.4% from the preceding year. On a total basis, sales rose 1.3%, against a 0.7% increase in November 2015. This is slightly below the 3-month average of 1.6% but slightly faster than the 12-month average of 1.1%. Over the three-months to November, online sales grew 10.7%. Paul Martin, UK Head of Retail at KPMG, commented: "There was an increased preference for shopping online this November, undoubtedly the result of the Black Friday shopping bonanza that has grown in popularity in the UK. Online sales grew by 10.9% on last year and penetration rates for the month rose to a staggering 27.6% . . . All categories performed well, however toys and baby equipment were at the top of the list for shoppers." To read KPMG's news release go to https://home.kpmg.com/uk/en/home/media/press-releases/2016/12/brc-kpmg-retail-sales-monitor-november-2016.html.
Construction News Barometer results show the majority of UK contractors continue to see suppliers going bust. Nearly 82% of contractors have had a supplier go bust on at least one project over the past year, the latest Construction News Barometer has shown. This was an increase on Q2, when 71% of firms had seen it happen on more than one scheme, with just over 5% reporting it on a single project – a total of just over 76%. The latest Barometer results tie in with a number of high-profile administrations that have rocked the industry during 2016 – the most notable of which was Hewden last month. To read Construction News' article go to https://www.constructionnews.co.uk/data/majority-of-contractors-see-suppliers-go-bust/10015545.article (Subscription may be required).
The battle of David versus Goliath in the UK construction industry. According to new research from Bibby Financial Services (BFS), over half (55%) of UK subcontractors believe they must accept the terms of contracts with large construction firms, or face the risk of losing future business. Findings of the research also reveal that late payment from prime contractors is the most significant challenge subcontractors face over the year ahead (27%), followed by skills shortages (21%). Helen Wheeler, Managing Director of Construction Finance at Bibby Financial Services said: “One thing that is clear is the impact poor payment practices are having on the industry. It is unsurprising but discouraging that late payment from main contractors is still an issue for smaller construction firms across the country.” To read BFS' news release go to https://www.bibbyfinancialservices.com/press/news/2016/subcontractors-forced-to-accept-contracts.
UK Manufacturing gains momentum as recovery begins. According to a survey released by EEF and BDO, Britain’s manufacturers saw the delayed recovery finally arrive in the final quarter of 2016 with a much improved boost to output and orders. Publishing the Q4 Manufacturing Outlook survey and revised economic forecasts, EEF pointed to early signs that the sector has left behind the negative effects of the low oil price and concerns about global growth and is now seeing opportunities from a resilient UK market and brightening export prospects. However, EEF stressed that the picture is one of the sector regaining ground after a sluggish eighteen months. While key indicators moving back into the black is a positive development, risks remain on the horizon, some Brexit related and others potentially stemming from elsewhere in the world. As a result, despite the improvement in conditions, EEF is still forecasting that manufacturing will contract in 2017. To read BDO's news release go to https://www.bdo.co.uk/en-gb/news/2016/manufacturing-gains-momentum-as-recovery-begins.
Steady UK private sector growth expected to continue. According to the CBI’s latest Growth Indicator, private sector growth remained steady in the three months to November. The survey of 715 respondents across the manufacturing, distribution and service sectors showed the pace of growth rose to a balance of +9%, compared with +8% in the three months to October. Performance across the sectors was mixed, however, with retailers and consumer facing companies reporting a rise in growth, whilst manufacturers saw a slower pace of growth. Growth in business and professional services, meanwhile, was broadly flat for a second month. Looking ahead, businesses across most sectors expect to see a slightly higher rate of growth continue across most sectors over the next quarter (+11%). To read the CBI's news release go to http://www.cbi.org.uk/news/steady-growth-expected-to-continue/.
The UK economy has stabilised - albeit in a lower gear. The latest BDO’s Output Index, which indicates how businesses expect to perform in the coming three months ahead, has risen from 96.7 to 97.1 in November, suggesting that, for now, the UK economy has stabilised - albeit in a lower gear than it had been running at pre-referendum. However, BDO suggests that rising inflation and falling business optimism means a bumpy road ahead in 2017.
Commenting on the findings, Peter Hemington, Partner, BDO LLP, said:
“Businesses remain nervous during this period of Brexit limbo and this nervousness is a significant contributor to the slower rate of growth we are seeing." To read BDO's news release go to
https://www.bdo.co.uk/en-gb/news/2016/business-output-rises-for-first-time-in-17-months.
GDP up by 0.3% in the euro area and by 0.4% in the EU28. According to an estimate published by Eurostat, Seasonally adjusted GDP rose by 0.3% in the euro area (EA19) and by 0.4% in the EU28 during the third quarter of 2016, compared with the previous quarter. Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 1.7% in the euro area and by 1.9% in the EU28 in the third quarter of 2016, after also +1.7% and +1.9% respectively in the previous quarter. During the third quarter of 2016, GDP in the United States increased by 0.8% compared with the previous quarter (after +0.4% in the second quarter of 2016). Compared with the same quarter of the previous year, GDP grew by 1.6% (after +1.3% in the previous quarter). Among Member States for which data are available for the third quarter of 2016, Croatia (+1.7%), Slovenia (+1.0%), Greece and Portugal (both +0.8%) recorded the highest growth compared with the previous quarter, while Lithuania recorded the lowest growth (+0.1%). To read Eurostat's news release go to http://ec.europa.eu/eurostat/documents/2995521/7756312/2-06122016-AP-EN.pdf/2c2866b3-e369-4160-bca4-1238757bd740.
Career Opportunities
Trade Credit Account Executives
Manchester or London.
An opportunity for experienced Trade Credit Account Executives within the small but growing Trade Credit team of a Top 50 UK broker. The positions can be based in Manchester or London. You will have specialised in the field of Trade Credit insurance and have broker based client facing/servicing and business development experience. You will also need to have a client following. Covenants will of course be honoured. In terms of account development, our client will offer lead support and a low new business target of around 1-1.5x salary. Salary will be dependent upon experience and what you have to "bring to the party". It will likely be up to around £60,000 plus a production bonus but if you have a large client following then salary is very much negotiable and open ended. Email me, David Leslie, in strict confidence at david.leslie@leslie-james.co.uk with a copy of your CV or call me on 0800 912 9994 to discuss.
An opportunity for experienced Trade Credit Account Executives within the small but growing Trade Credit team of a Top 50 UK broker. The positions can be based in Manchester or London. You will have specialised in the field of Trade Credit insurance and have broker based client facing/servicing and business development experience. You will also need to have a client following. Covenants will of course be honoured. In terms of account development, our client will offer lead support and a low new business target of around 1-1.5x salary. Salary will be dependent upon experience and what you have to "bring to the party". It will likely be up to around £60,000 plus a production bonus but if you have a large client following then salary is very much negotiable and open ended. Email me, David Leslie, in strict confidence at david.leslie@leslie-james.co.uk with a copy of your CV or call me on 0800 912 9994 to discuss.
Commercial Account Handler. London. Salary £50,000 - £70,000.
One of the world’s leading trade credit insurance experts is looking to add to its growing team. This role would suit someone who has come from a Risk Underwriter background or Risk Analyst and looking to move into an account manager position. You should have a wealth of experience in Trade Credit and if possible in large multinational accounts. Your added experience of risk analysing is going to add value to the current team and a extra level of knowledge for the clients. You will have the backing of a strong and renowned brand as well as a great place to grow your career. For more details or to apply please email mark.keizner@reedglobal.com.
One of the world’s leading trade credit insurance experts is looking to add to its growing team. This role would suit someone who has come from a Risk Underwriter background or Risk Analyst and looking to move into an account manager position. You should have a wealth of experience in Trade Credit and if possible in large multinational accounts. Your added experience of risk analysing is going to add value to the current team and a extra level of knowledge for the clients. You will have the backing of a strong and renowned brand as well as a great place to grow your career. For more details or to apply please email mark.keizner@reedglobal.com.
Account Executive: Salary £30,000-£40,000.
Do you have experience in Trade Credit and a background of developing new business and client relationships? If you are looking for that next move and want to work for one of the UK’s biggest network or Trade Credit brokers, then this role might be right for you. The opportunity can be based in Manchester, London or Essex and will need a proactive person who understands how to rely on the network to generate the right level of business and maintain the relationships year on year. Career paths are well laid out for the right person as is development of your skill sets, for more information or to apply please contact mark.keizner@reedglobal.com.
Do you have experience in Trade Credit and a background of developing new business and client relationships? If you are looking for that next move and want to work for one of the UK’s biggest network or Trade Credit brokers, then this role might be right for you. The opportunity can be based in Manchester, London or Essex and will need a proactive person who understands how to rely on the network to generate the right level of business and maintain the relationships year on year. Career paths are well laid out for the right person as is development of your skill sets, for more information or to apply please contact mark.keizner@reedglobal.com.
New Appointments
Euler Hermes has announced that Paul Flanagan will become President of Euler Hermes Insurance Poland. Mr. Flanagan was previously regional risk director for the Euler Hermes' Northern Europe region and a member of the Supervisory Board of Euler Hermes Insurance Company SA.
Markel International has announced that it has appointed Naomi Murray as senior claims adjuster in its trade credit and political risk team. Ms Murray has 20 years experience as a claims handler, and has previously worked for both Coface, Amlin, RPC Loss Adjusting and Leadenhall Adjusting Limited. She will report to Antony Bastow, Claims Manager and Contracts Counsel.
QBE has announced that Louis Hemsley will be joining its Group Risk Management team as a Credit Analyst, reporting to Martin Penn.
Louis joins from PwC LLP where he worked as a Senior Associate in the Mid-Market Team. He brings 15 years of insolvency and corporate restructuring experience and has also spent time out on secondment at Coutts & Company where he worked as a private banker responsible for a portfolio of underperforming clients.
The Berne Union has announced that it has appointed Vinco David as its new secretary general, effective 1 March 2017. Mr. David is taking over the role from Kai Preugschat, who is leaving to become the head of co-financing at the Asian Development Bank. Mr. David is currently a management team member and head of international relations, product development, marketing and communications at Atradius Dutch State Business.
Lloyd’s insurer Aegis London has announced that it has appointed David Lineham as class underwriter for political and financial risks at Syndicate 1225. Mr. Lineham previously worked for XL Catlin where he was senior underwriter of the political risk and trade credit team for four years.
Forthcoming Events
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.
GTR Mena Trade Finance Week 2017, 12-14 February 2017.
Dubai With established links to the region’s primary trade bodies, financial institutions and regulators, GTR’s annual event in Dubai plays a vital role in fostering face-to-face dialogue between all sectors involved in Middle Eastern trade. The 14th edition of this series features an expanded focus, placing greater emphasis on corporate treasury matters and the issues facing treasurers today, in an ever changing global market. Furthermore, the newly extended format will incorporate a special ECA and infrastructure finance day, held in partnership and under the patronage of Dubai Economic Council, as well as a GTR Training seminar focusing on International Trade & Documentary Credits. Welcoming multinational companies, SMEs, financiers, insurers, risk managers, lawyers, consultants, government bodies and ECAs, this annual gathering of trade finance professionals provides unrivalled access to hundreds of companies and institutions engaged in regional trade. Click here for more information.
Dubai With established links to the region’s primary trade bodies, financial institutions and regulators, GTR’s annual event in Dubai plays a vital role in fostering face-to-face dialogue between all sectors involved in Middle Eastern trade. The 14th edition of this series features an expanded focus, placing greater emphasis on corporate treasury matters and the issues facing treasurers today, in an ever changing global market. Furthermore, the newly extended format will incorporate a special ECA and infrastructure finance day, held in partnership and under the patronage of Dubai Economic Council, as well as a GTR Training seminar focusing on International Trade & Documentary Credits. Welcoming multinational companies, SMEs, financiers, insurers, risk managers, lawyers, consultants, government bodies and ECAs, this annual gathering of trade finance professionals provides unrivalled access to hundreds of companies and institutions engaged in regional trade. Click here for more information.
India Trade & Treasury Conference 2017, 22 February. Mumbai.
Bringing India’s trade community together for discussion, debate and networking for well over a decade, GTR’s annual conference in India returns for its 14th year, taking place at the Taj Lands End, Mumbai on February 22, 2017. An exciting development this year will be the inclusion of treasury and fintech aspects relating to trade. For Indian companies involved in exporting their goods globally; for international corporates looking to enter the Indian market; for financial institutions providing funding options; for insurers and lawyers involved in covering these operations; for any institution involved in international trade finance, this established annual event is a prime opportunity to meet face-to-face with market peers – a place to share expertise and experiences first-hand at the only event of its kind in India. Click here for more information.
Bringing India’s trade community together for discussion, debate and networking for well over a decade, GTR’s annual conference in India returns for its 14th year, taking place at the Taj Lands End, Mumbai on February 22, 2017. An exciting development this year will be the inclusion of treasury and fintech aspects relating to trade. For Indian companies involved in exporting their goods globally; for international corporates looking to enter the Indian market; for financial institutions providing funding options; for insurers and lawyers involved in covering these operations; for any institution involved in international trade finance, this established annual event is a prime opportunity to meet face-to-face with market peers – a place to share expertise and experiences first-hand at the only event of its kind in India. Click here for more information.
ExCred27: Insuring Export Credit & Political Risk, 28 February - 1 March 2017. Hilton Tower Bridge, London.
The leading event for the global export credit and political risk insurance industry promises to provide you with a detailed and insightful analysis of global events and trends impacting the industry right now, including: current affairs, political shifts, the world economy and risk profiles of key regions.
300+ Attendees: join leading executives from ECAs, DFIs, Commercial Banks, Private Insurers & Corporate Exporters and Buyers.
90+ Speakers: learn from industry leaders on the current macroeconomic environment and geopolitical risk climate.
26+ Years: as the leading industry event for Trade, Export & Project Finance, Credit, Political Risk & Investment Insurance.
Essential industry topics covered: • Global Economic Insight - Will Trump & Brexit Reshape ECA/PRI Worlds? • The Future of Private Insurers & ECAs • Key Market Analysis & Geopolitical Risk • Trade, Export / Agency & Project Finance • A Focus on Africa.
Don’t miss out on your exclusive 10% Credit Insurance News discount – quote VIP code FKW53357CINL when registering. For more information and to register please visit the event website.
The leading event for the global export credit and political risk insurance industry promises to provide you with a detailed and insightful analysis of global events and trends impacting the industry right now, including: current affairs, political shifts, the world economy and risk profiles of key regions.
300+ Attendees: join leading executives from ECAs, DFIs, Commercial Banks, Private Insurers & Corporate Exporters and Buyers.
90+ Speakers: learn from industry leaders on the current macroeconomic environment and geopolitical risk climate.
26+ Years: as the leading industry event for Trade, Export & Project Finance, Credit, Political Risk & Investment Insurance.
Essential industry topics covered: • Global Economic Insight - Will Trump & Brexit Reshape ECA/PRI Worlds? • The Future of Private Insurers & ECAs • Key Market Analysis & Geopolitical Risk • Trade, Export / Agency & Project Finance • A Focus on Africa.
Don’t miss out on your exclusive 10% Credit Insurance News discount – quote VIP code FKW53357CINL when registering. For more information and to register please visit the event website.
GTR Africa Trade Finance Week 2017. 9-10 March. Cape Town.
Returning to Cape Town for its 11th year, the market’s premier pan-African trade finance gathering will take place at The Westin on March 9-10. Now also incorporating GTR‘s West Africa Trade & Export Finance Conference, for increased focus on developments in key markets such as Nigeria, Ghana and the Francophone region, the event will focus on the extensive trade, export, commodity and infrastructure financing opportunities available across the continent, providing unrivalled access to those companies and institutions currently doing business in Africa, including regional and global corporates, financiers and trade specialists. GTR’s ties to the market’s primary trade bodies, regulators and institutions allows on-stage discussion to focus on the latest challenges being experienced by those involved in African trade, as well as highlighting potential opportunities in a number of key countries and sectors. Click here for more information.
Returning to Cape Town for its 11th year, the market’s premier pan-African trade finance gathering will take place at The Westin on March 9-10. Now also incorporating GTR‘s West Africa Trade & Export Finance Conference, for increased focus on developments in key markets such as Nigeria, Ghana and the Francophone region, the event will focus on the extensive trade, export, commodity and infrastructure financing opportunities available across the continent, providing unrivalled access to those companies and institutions currently doing business in Africa, including regional and global corporates, financiers and trade specialists. GTR’s ties to the market’s primary trade bodies, regulators and institutions allows on-stage discussion to focus on the latest challenges being experienced by those involved in African trade, as well as highlighting potential opportunities in a number of key countries and sectors. Click here for more information.
Malaysia Trade & Export Finance Conference 2017, 14 March, Kuala Lumpur.
Returning to Kuala Lumpur on March 14, GTR’s Malaysia Trade & Export Finance Conference will once again provide a key discussion forum for the region’s trade experts. Decision makers within the market will convene to hear timely updates on topical issues such as government initiatives to increase international trade & investment, the primary business challenges facing the commodity sector and the knock-on effect of the Chinese economic slowdown on Malaysian growth. Dedicated networking sessions positioned throughout the day will give delegates the opportunity to become acquainted with those looking to establish and grow their trade connections within the region. Click here for more information.
Returning to Kuala Lumpur on March 14, GTR’s Malaysia Trade & Export Finance Conference will once again provide a key discussion forum for the region’s trade experts. Decision makers within the market will convene to hear timely updates on topical issues such as government initiatives to increase international trade & investment, the primary business challenges facing the commodity sector and the knock-on effect of the Chinese economic slowdown on Malaysian growth. Dedicated networking sessions positioned throughout the day will give delegates the opportunity to become acquainted with those looking to establish and grow their trade connections within the region. Click here for more information.
Receivables Finance International Convention, 15 - 16 March, London.
Over 150 receivables finance industry experts, government agencies, financiers, ‘Fintechs’ and alternative platforms, banks, insurers and corporates gathered in Lisbon at the 2016 Receivables Finance International Convention (‘RFIx’). In 2017 RFIX will be celebrating its 17th year in London and will continue to introduce attendees to new entrants to the market, update them on the latest regulation and compliance issues, evaluate new financing structures and much more. “RFIX is an excellent forum for sharing developments in receivables finance. I was especially pleased with how much the debates focused on the future of the industry.” Duncan Stevenson, Head of Legal, Fraud & Business Intelligence, RBS “Great initiative towards addressing industry issues through sharing of best practise.” Arup Roy, Head of Global Transaction Banking, Saudi Arabia British Bank 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 30th December 2016. Use code CIN17 and register now at www.bcrconferences.com.
Over 150 receivables finance industry experts, government agencies, financiers, ‘Fintechs’ and alternative platforms, banks, insurers and corporates gathered in Lisbon at the 2016 Receivables Finance International Convention (‘RFIx’). In 2017 RFIX will be celebrating its 17th year in London and will continue to introduce attendees to new entrants to the market, update them on the latest regulation and compliance issues, evaluate new financing structures and much more. “RFIX is an excellent forum for sharing developments in receivables finance. I was especially pleased with how much the debates focused on the future of the industry.” Duncan Stevenson, Head of Legal, Fraud & Business Intelligence, RBS “Great initiative towards addressing industry issues through sharing of best practise.” Arup Roy, Head of Global Transaction Banking, Saudi Arabia British Bank 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 30th December 2016. Use code CIN17 and register now at www.bcrconferences.com.
Turkey Trade & Export Finance Conference 2017. 21 March. Istanbul.
For Turkish companies involved in international trade and investment, GTR‘s annual event in Istanbul has quickly become the primary industry gathering at which to meet and discuss their exporting and financing requirements with like-minded organisations, as well as with those institutions tasked with financing them. On March 21, over 350 delegates are expected to meet at the Swissotel the Bosphorus in this important city for global trade, a vital bridge between Europe, Mena and Asia. As the only event of its kind, and with established support from key industry associations, public bodies and institutions, 2017’s event features new and innovative content designed to foster maximum engagement between speakers and delegates. The event brochure will be released later in early 2017. Click here for more information.
For Turkish companies involved in international trade and investment, GTR‘s annual event in Istanbul has quickly become the primary industry gathering at which to meet and discuss their exporting and financing requirements with like-minded organisations, as well as with those institutions tasked with financing them. On March 21, over 350 delegates are expected to meet at the Swissotel the Bosphorus in this important city for global trade, a vital bridge between Europe, Mena and Asia. As the only event of its kind, and with established support from key industry associations, public bodies and institutions, 2017’s event features new and innovative content designed to foster maximum engagement between speakers and delegates. The event brochure will be released later in early 2017. Click here for more information.
About this Issue's Sponsor: Tinubu Square
Tinubu Square stands out for delivering SaaS software and services across all parts of the Trade Credit Industry sector and throughout the world.
Founded in 2000 by current senior management, Tinubu Square is a software vendor, leading expert in trade credit risk management, with over 15 years of sustainable and profitable growth.
- Tinubu Square provides IT SaaS software solutions and services to different businesses, with a focus on 3 main market segments:
1. Trade Credit Insurers
2. Receivable Financing (Factors, Banks, ABL)
3. Corporates - As a fintech innovation flagship, Tinubu Square has redesigned trade credit risk management through its state-of-the-art technological approach, which integrates data & decision analytics, and process automation expertise.
- Tinubu Square enables organizations across the world to significantly reduce their exposure to risk, their financial, operational, and technical costs with best-in-class technology solutions.
- Thanks to its highly experienced team of credit analysts, Tinubu Square provides tailor-made credit risk assessments and recovery services on any company in any country.
- Tinubu Square has built an ecosystem of customers in over 20 countries worldwide and has a global presence with offices in Paris, London, New York, Montreal and Singapore.
Take a look at what Tinubu’s credit insurer customers, including QBE, EDC and The Guarantee have to say about how their organisations have been supported. Click here.
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