Welcome to issue 90 of Credit Insurance News Digest. The industry newsletter devoted to the global trade credit insurance industry.
This issue is kindly sponsored by Credendo - Excess and Surety.
This issue is kindly sponsored by Credendo - Excess and Surety.
Index
Credit Insurance News
Nexus acquires Equinox Global. Nexus Group has announced that it has acquired Equinox Global Ltd, a specialist Trade Credit MGA. Equinox Global will continue to be supported post acquisition by its founding shareholders and management team of Steen Parsholt, Mike Holley, Rob Crampton and Vicki Harrison and will continue to be provided with underwriting capacity by Beazley, previously its largest shareholder, through a 10-year underwriting support agreement. Colin Thompson, Founder and Executive Chairman of Nexus, said:
“Equinox and Nexus CIFS’ books of business are complementary, with very little overlap, both in terms of line sizes and geographical focus, resulting in significant opportunities to expand globally by harnessing the joint distribution channels following the transaction.” Read the full press release here: http://www.nexusunderwriting.com/uploads/press-release/17-07-2017-press-release-Equinox.pdf.
P&C brokers in Canada not offering trade credit insurance are “underservicing" their clients. Insurance Business has published an article in which Graham MacLachlan, Managing Partner at Global Trade Credit in Calgary, reports that although the Candian trade credit insurance market only has a 20% penetration rate - and consequently a lot more room for growth - he is one of only a handful of brokers in western Canada selling trade credit insurance. He stresses that education is the key to market growth: “I don’t say that I sell insurance – all I do is I educate,” he said. “My job is education, education, education. And if people ‘get it’ and understand it, they’ll take it.” To read Insurance Business' article go to http://www.insurancebusinessmag.com/ca/news/breaking-news/pandc-brokers-not-offering-trade-credit-insurance-underservicing-their-clients-76751.aspx.
Can trade credit Insurance turn into a Pay As You Go product? Trade Financing Matters has published an article which examines Euler Hermes' Digital Agency's recent partnership with Flowcast to deliver a transaction by transaction new single invoice cover, and questions if a Pay As You Go product of this type will be successful. The article's author, David Gustin suggests that his personal view is that: "insurers, particularly private insurers not backed by taxpayers, don’t want to lose money so they issue insurance to large recognised names", and predicting insolvency for large corporates "is not a big deal." He also questions whether the additional layer of cost of 'Pay As You Go' insurance will prove a barrier to potential users and whether the credit insurers themselves will pay claims. To read Trade Financing Matters' article go to http://spendmatters.com/tfmatters/can-trade-insurance-turn-pay-go-product/.
In contrast to other advanced markets, the UK is forecast to see an increase in insolvencies. Atradius' latest Insolvency forecast predicts that led by an increasingly robust recovery in the eurozone, insolvencies across most advanced markets will fall by 3% this year and 2% next year. However, the UK is an exception; despite economic resilience over 2016 and high business confidence, insolvencies are on an upward trend. For the first time since 2011, total corporate failures in the UK increased by 1% last year, while underlying business liquidations in H1 of 2017 were 1.7% higher than in the same period in 2016. This trend is expected to continue through this year and next as GDP growth eases, with a 2% increase in UK insolvencies in 2017 and a 4% increase in 2018. The most vulnerable sectors are consumer-oriented like retail trade and accommodation & food services. To read Atradius' forecast go to https://group.atradius.com/publications/insolvency-forecasts-august-2017.html.
Euler Hermes counts the cost of the UK leaving the EU without any trade agreement. Euler Hermes has warned that UK automotive and chemical businesses exports could fall by £3.5 billion and £5.6 billion respectively if a Brexit deal isn’t secured and ratified by March 2019. In addition, the credit insurer predicts that the average turnover growth of UK manufacturers will slow to 3.5% next year and contract by -1.0% in 2019 should the UK leave the EU with no trade agreement. Katharina Utermöhl, European Economist at Euler Hermes, said: “British industry is enjoying a period of strong growth but the chief concern among the sector’s leaders is leaving the EU with no transitional deal in place, at the very least. For the likes of automotive and chemicals, two of the UK’s flagship industries, the prospect of a no-deal Brexit would have significant consequences for export values.“ To read Euler Hermes' news release go to http://www.eulerhermes.com/mediacenter/news/Pages/No-deal-Brexit-could-wipe-out-%C2%A33.5bn-in-UK-automotive-exports-.aspx.
Increased claims combined with falling premiums may create changes in the trade credit insurance market. Daniel Riordan, President of Global Political Risk, Credit & Bond at XL Catlin, has included an article in the Berne Union August newsletter, BUlletin (page 18), in which he notes that over the past three years Berne Union members have seen moderate increases in short-term claims paid (US$2.0 billion in 2014, US$2.58 billion in 2015, and US$2.78 billion in 2016). However, short-term credit insurance premiums over the same period have fallen slightly, and Mr. Riordan warns that if the loss ratio continues to rise without a corresponding increase in premium, this situation will eventually hurt trade credit insurers’ results and create changes in the marketplace. To read BUlletin's article go to https://www.berneunion.org/Newsletter.
Credit insurance the “big secret” Canadian brokers should be looking to incorporate into their sales.
Insurance Business has published an article in which David Dienesch, Chief Executive of Euler Hermes Canada, calls trade credit insurance "a great secret", the differentiator that could grow a Canadian agent’s sales – "they just need to get their head around it." He adds: "When you think about it, a lot of companies aren’t buying credit insurance, so if you can develop a little bit of expertise in this product – and the insurance companies, certainly Euler Hermes, we provide a lot of support to brokers to get them to use this as their wedge product – what it does is it gets them a foot in the door and then they can expand that relationship." To read Insurance Business' article go to http://www.insurancebusinessmag.com/ca/news/breaking-news/credit-insurance-the-big-secret-brokers-should-be-looking-to-incorporate-into-their-sales-76346.aspx.
Sales on credit terms increase in the Americas.
Atradius' latest Payment Practices Barometer for the Americas has found that after a minor increase from 47.6% in 2015 to 48.4% in 2016, the percentage of overdue B2B invoices appears to be flattening out, rising to 48.8% in 2017. With 45.5% of B2B sales on credit terms, respondents in the Americas seem slightly more inclined to use this method of payment than in 2016 (43.0%). This is a contrasting trend to what was observed in Europe, where B2B sales on credit terms declined slightly from 41.0% in 2016 to 40.0% in 2017. Atradius also reported that 25.9% of respondents in the Americas plan to do more to protect their businesses from the impact of Brexit, the slowdown in Asia and US protectionism. This is a significantly higher percentage than that registered in Europe (15.5%) and may highlight the respondents’ perception that they are more exposed to the risks arising from these developments. To read Atradius' news release go to https://group.atradius.com/publications/payment-practices-barometer-americas-2017.html.
A Payment Practices Barometer for Brazil is also available at https://group.atradius.com/publications/payment-practices-barometer-brazil-2017.html.
A Payment Practices Barometer for Brazil is also available at https://group.atradius.com/publications/payment-practices-barometer-brazil-2017.html.
The impact of the Brazilian economic crisis on trade credit insurance. Astreos Credit has published a blog which examines the impact of the ongoing Brazilian economic crisis on the local trade credit insurance market. The blog advises that over the past two years, the widespread impact of record levels of corporate insolvencies and decreased numbers of companies using credit insurance products has caused credit insurers' loss average ratio to remain above 130%, while GWP growth was less than 2%. However, looking ahead the positive news for the Brazilian trade credit insurance landscape is that, despite the negative results of the last two years, there are nearly 10 active insurers with a wide range of product availability and plenty of risk capacity in the local market. "Once the economic recovery gains momentum and confidence are restored in the company, the crisis should be replaced by a period of consistent growth." To read Astreos Credit's blog go to https://www.astreos-credit.com/single-post/2017/08/18/The-impacts-of-the-Brazilian-economic-crisis-on-companies-and-the-consequences-for-the-trade-credit-insurance.
Reinventing trade credit insurance with APIs. InfoQ has published a video clip with accompanying slides in which Christophe Spoerry, the co-founder of Euler Hermes' Digital Agency, discusses embedding insurance in B2B innovations. Mr. Spoerry describes how Euler Hermes' Digital Agency was set up 18 months ago with the aim of reinventing trade finance (notably Letters of Credit and Blockchain) and has worked to build an overlay on the existing services of Euler Hermes. "The goal was how can they understand what we do in 30 seconds and how can they start using our API in three minutes . . . By doing that we simplified what credit insurance is, how the product can be used and made the product accessible to any start-up without any business plan or big turnover. . . We wanted a trade credit insurance product that anyone can buy even if they have zero revenue later on." For more information go to https://www.infoq.com/presentations/api-b2b-insurance.
Despite improvements, CEE company insolvencies are still above pre-crisis levels in most countries. A new study by Coface has found that 2016 showed a continued decline of 6% in the number of company insolvencies in the Central and Eastern European (CEE) region, following a fall of 14% in 2015. In all, over the course of last year, six entities per 1,000 became insolvent. Eight countries recorded a decline in insolvencies in 2016, with Bulgaria experiencing the strongest fall with a 35.6% drop in proceedings. On the other hand, insolvencies are still above pre-crisis levels in most countries, and compared to the previous year more than doubled in Hungary and grew by 35.2% in Lithuania. Romania and Slovakia were the only two countries to record lower levels of company insolvencies than before 2008. To read Coface's Panorama report go to http://www.coface.com/News-Publications/News/Central-Eastern-European-insolvencies-overview.
UK is one of the world’s most challenging retail markets. An article in Internet Retailing has reported Euler Hermes' recent finding that the UK is one of the world’s most challenging retail markets - along with the US, Germany and South Korea. High competition, rising discounter market share and growing online shopping spend (at 81% more than twice the European average) were all among the risk factors identified. Ludovic Subran, Chief Economist at Euler Hermes, said: “It’s clear the UK’s retail sector has reached a pivotal moment. . . Our forecasts expect inflation to rise by 2.5% this year and a further 2.6% in 2018 as sterling continues to depreciate, stunting real consumption growth to 1.7% in 2017 and 1.3% next year. Against the backdrop of worsening macroeconomic prospects, Euler Hermes estimates the UK retail sector faces a medium risk level for non-payment.” To read Internet Retailing's article go to http://internetretailing.net/2017/08/uk-one-worlds-challenging-retail-markets/.
Online webinar: Grow your business in an uncertain marketplace with trade credit insurance. Howden and QBE have produced a free online webinar which discusses and describes how trade credit insurance can support growth and complement credit control and sales simultaneously. Speakers include Peter Bishop, Deputy Chief Executive of the London Chamber of Commerce and Industry, some of the UK’s leading experts on credit insurance as well as successful businesses who have seen strong commercial returns from their credit insurance. To register to listen to the recording go to http://www.howdengroup.co.uk/en/knowledge-base/trade-credit/webinar-grow-your-business-in-an-uncertain-marketplace/.
Unsecured Creditor’s Individual losses increase in Q3 2017. An analysis of Q3 Insolvency Statistics from InfolinkGazette reveals that the individual unsecured creditor losses on each insolvency have risen from an annual average of £23,000 per insolvency to £29,000. On average, creditors of Company Voluntary Liquidations are losing £28,000 on each Liquidation and creditors of Company Administrations are losing £32,000 on each Administration their customers enter. This contrasts with the average value of a commercial County Court (CCJ) Judgments which has fallen to £2,800 - less than 10% of the value of an average unsecured creditors loss. Greg Connell, Managing Director of InfolinkGazette, commented: “At least with unsecured creditors of corporate insolvencies, we know who the creditors are and can offer vital risk management solutions, such as Trade Credit Insurance, whereas CCJ creditors are completely anonymised.” For more information go to http://www.infolinkgazette.co.uk/?pid=6.
Is Brexit just another challenge for businesses across the North East of the UK to overcome. ChronicleLive has published an article in which Mike Rowan, regional manager for Atradius, describes how a year after Brexit, exporters in the North East are adapting to new challenges and uncertainties about future trade deals and what a split from the EU might look like. That said, based on what he has seen, Mr. Rowan believes North East businesses are adapting and thriving. “The Brexit shake-up has already stimulated North East businesses to consider new trade destinations across the world. Interestingly, this hasn’t been at the expense of European trade; North East businesses have not been deterred from continuing and creating new partnerships in Europe – and nor should they be." To read ChronicleLive's article go to http://www.chroniclelive.co.uk/business/business-news/brexit-just-another-challenge-businesses-13460074#r3z-addoor.
10 years on from the Global Financial Crisis. 4-Traders has published an assessment by Euler Hermes of the progress the world has made a decade on from the onset of the Global Financial Crisis. Ludovic Subran, chief economist at Euler Hermes, commented: "After one of the most tumultuous decades in both living memory and by any historical measure, we are seeing overall global stability and economic recovery finally beginning to gather steam." He added: "At the same time, 10 whole years on from the onset of the crisis, there's much still to be done to ensure that the world economy continues its upward trajectory and to ensure we're fully prepared to weather any future shocks." To read 4-Trader's article go to http://www.4-traders.com/ALLIANZ-436843/news/Euler-Hermes-Economic-Review-10-years-on-from-the-Global-Financial-Crisis-24942427/.
Markel Trade Credit launches in Chicago. Markel Corporation has announced the launch of its new trade credit and political risk operation in Chicago.
Christen Mizell will transfer to Chicago from New York to take on trade credit and political risk underwriting responsibility for the Midwestern states. Her role is to broaden Markel’s geographic footprint across this increasingly important part of the country, with a special focus on developing strategic broker relationships, supporting the existing client base and targeting new customer opportunities. Since the establishment of the US trade credit and political risk operation in July 2014, Markel's US operation now comprises four underwriters led by Phil Amlot. To read Markel's news release go to http://www.markelinternational.com/intl/news/2017/Markel-Trade-Credit-Team-Comes-to-Chicago/.
QBE's trade credit insurance product introduces new wordings. QBE has advised that in the light of the Insurance Act (August 2016) and the Enterprise Act, and in order to give policy wordings more clarity it has undergone a review of the wordings for its entire product suite.
The new revisions will be introduced across all products shortly, starting with the Comprehensive Policy with effect from 1st September 2017. For a detailed explanation of policy amendments (including the rationale for each change) go to https://qbeeurope.com/document-library/products/trade-credit/qbe-policy-enhancements-explained-september-2017/.
Global growth accelerating but not all economic engines are in sync. According to Euler Hermes, while global GDP growth accelerated to its highest level in two years in the first half of 2017, some of the world’s economic engines are out of sync. In its latest Economic Insight report, A breeze of growth, Euler Hermes contrasted a good overall global growth momentum, (2.9% in 2017 and 2018) a reassuring European outlook and stabilising emerging markets against the backdrop of a disappointing US picture. “Global GDP growth is accelerating with good, rather than great, momentum finally building at its fastest pace in two years. However, behind this positive picture lies a marked divergence in economic fortunes from country to country,” said Ludovic Subran, Chief Economist at Euler Hermes. To read Euler Hermes' news release go to http://www.eulerhermes.com/mediacenter/news/Pages/Euler-Hermes-Economic-Insight-A-Breeze-of-Growth.aspx.
High cost and scarcity of trade credit insurance is keeping vendors from Sears' shelves. Insurance Journal has published an article which reports that US department store operator Sears Holdings Corp. is experiencing supply chain issues exacerbated by the scarcity and high cost of trade credit insurance. “It’s too expensive,” Michael Fellner, owner of Montreal-based women’s wear company Lori Michaels Apparel & Manufacturing Inc., said of trade credit insurance. He said he stopped shipping to Sears in March when his insurer stopped providing coverage. The cost of credit insurance spiked after Sears warned in March of substantial doubt over its ability to continue as a going concern. To read Insurance Journal's article go to http://www.insurancejournal.com/news/national/2017/08/28/462403.htm.
CubeLogic embraces trade credit insurance. PYMNTS.com has published an article in which business intelligence company CubeLogic announces its support for trade credit insurance as part of an overall risk mitigation strategy. “Trade credit insurance is an increasingly popular tool to manage accounts receivable risk, effectively converting an unsecured, risky loan to secured collateral,” the company said in its announcement. “As a trade finance instrument, the use of credit insurance is growing rapidly amongst energy market participants, primarily due to its relatively low cost, ability to increase liquidity and [its] risk-conversion properties.” In a statement, the firm’s CEO, Lee Campbell, noted adding support for trade credit insurance was part of CubeLogic’s efforts to evolve with market trends. To read PYMNTS.com's article go to http://www.pymnts.com/news/b2b-payments/2017/cubelogic-trade-credit-insurance/.
Once upon a time: Trade Credit Insurance in Dubai. Aurélien Paradis, CEO of AU Group Middle East Insurance Brokerage, has published a series of articles which chart the growth of trade credit insurance with a particular emphasis on the rapidly growing market in Dubai. Mr. Paradis suggests that the development of trade credit insurance needs to go through five phases of development: awareness, growth, exuberance, education, and normalisation. Trade credit insurance has already gone through these phases over the last 70 years in developed countries, but Mr. Paradis believes that it will not take more than fifteen years for Dubai to experience the same journey. Each phase of development is looked at in detail, with the second article examining the first phase of 'awareness', the third paper discussing 'growth' and the fourth paper 'exuberance'. To read the papers's go to http://www.au-group.com/trade-credit-insurance-dubai/.
The UK Automotive Sector remains robust, but Brexit consequences loom large. Atradius' recent Market Monitor Automotive UK 2017 finds that although the sector's short-term outlook remains satisfactory, Brexit will certainly have a major impact on both domestic car sales and exports in the mid-term. Atradius advises that while the proportion of premium and specialist cars (in particular) has grown in the past decade and led to increasing demand from outside the EU, the EU market still accounts for 56% of UK automotive exports. As a result, a hard Brexit outcome without any interim arrangement would severely hurt producers and suppliers alike. To read Atradius' Market Monitor go to https://group.atradius.com/publications/market-monitor-automotive-uk-2017.html.
Market Monitor reports for the Automotive sector in the following countries are also available: US, China, France, Italy, Germany, Japan, Spain, Belgium, Czech Republic, Netherlands, Sweden.
Market Monitor reports for the Automotive sector in the following countries are also available: US, China, France, Italy, Germany, Japan, Spain, Belgium, Czech Republic, Netherlands, Sweden.
China’s rebalancing hits trading partners substantially. Atradius has warned that China's current rebalancing of its economy away from exports and investments towards consumption, is weighing on the GDP growth of its trading partners. To measure the impact of rebalancing on China’s trading partners, Atradius contrasts two short-term scenarios: one in which the Chinese economy continues to rebalance in 2017-2018 and the other, in which growth rates of investments and exports bounce back to rates that were common before the slowdown. In the rebalancing scenario, China’s closest trading partners (Singapore, Taiwan, South Korea, Chile and Qatar) are expected to see a GDP slowdown of 1% - 1.5% in the period 2017-2018 with Singapore the worst affected. The cumulative negative impact on global growth is estimated at 0.8%. To read Atradius' study go to https://group.atradius.com/publications/China-rebalancing-trade-Aug-2017.html.
The potential of artificial intelligence (AI) to revolutionize the trade sector. At the recent ‘TXF 2017’ conference in New York, Christophe Spoerry, co-founder of the Euler Hermes Digital Agency, described some of the benefits of AI. Mr. Spoerry noted that mapping B2B trade and building trade navigation assistants and finance autopilots will ultimately make B2B commerce more efficient in two ways. At the transaction level, they will help companies optimise business relationships, minimising payment delays and incidents. At the broader company level, they will actively manage sophisticated solutions like receivables finance and trade credit insurance, in alignment with company cash flows and business plans. To read Euler Hermes' news release go to http://www.eulerhermes.com/mediacenter/news/Pages/Euler-Hermes-Artificial-Intelligence-(AI)-to-have-greatest-trade-sector-impact-.aspx.
New path for Sompo Canopius. Sompo Canopius AG has announced that it is to be acquired by a private
equity consortium led by Centerbridge Partners and including the
private investment firm Gallatin Point Capital LLC. On completion of the transaction,
Canopius will become a standalone business led by incumbent Executive Chairman Michael
Watson and Chief Underwriting Officer Mike Duffy.
Since its founding in 2003, Sompo Canopius has developed into one of the top ten insurers at
Lloyd’s, writing premium income in excess of $1.6 billion. To read Sompo Canopius' news release go to http://www.sompocanopius.com/bin/pdf/original_pdf_file/new_path_for_canopius(01_09_2017).pdf.
Potential repercussions of Brexit on the UK's chemicals sector have not yet materialised. Atradius' recent Market Monitor Chemicals United Kingdom 2017 warns that the profit margins of British chemicals businesses could be negatively affected by domestic economic uncertainty over the outcome of the Brexit negotiations. At the same time, high energy costs in the UK remain an issue for the industry, while competition from low-cost producers in Asia is increasing. Nevertheless,
British chemicals exporters continue to benefit from the weaker British pound against the euro and the US dollar, and payment experience has been very good over the past couple of years, with low levels of insolvencies. As a result, Atradius' underwriting approach to the chemicals sector remains generally positive for all major subsectors. To read Atradius' Market Monitor go to https://group.atradius.com/publications/market-monitor-chemicals-uk-2017.html.
Market Monitor reports for the Chemical sector in the following countries are also available: China, the US, Brazil, Italy, Poland, Czech Republic, Indonesia, Saudi Arabia, Spain).
Market Monitor reports for the Chemical sector in the following countries are also available: China, the US, Brazil, Italy, Poland, Czech Republic, Indonesia, Saudi Arabia, Spain).
Coface's Top 500 CEE companies indicates that 2016 was a mixed year. A new study by Coface has found that the Central and Eastern Europe (CEE) top 500 companies generated a turnover of EUR 580 billion in 2016 - a minor decrease of ‑0.6%. Overall,
9 of the 13 sectors analysed increased their turnover compared to the previous year, while four sectors (oil & gas -5.4%, energy -7.3%, mechanical & precision engineering -59.1%, metals -6.4%) saw revenue losses. Looking ahead the outlook is brighter, and Coface forecasts that the average Central and Eastern Europe GDP growth rate will increase to 3.4% in 2017 and 3.3% in 2018. To read Coface's analysis go to http://www.coface.com/News-Publications/News/Coface-announces-CEE-Top-500-companies-Automotive-transport-sector-is-the-regional-leader.-Oil-gas-continues-downturn-losing-number-one-position-for-the-first-time.
Tokio Marine Group plans to set up an insurance company in
Luxembourg for writing European business. Tokio Marine Group has announced that it has started the
process to establish an insurance company in Luxembourg to ensure that regardless of the potential outcome of the current Brexit
negotiations, Tokio Marine will be able to continue servicing its clients.
Subject to regulatory approval, Tokio Marine is aiming to have the new insurance
company incorporated and capitalised within the first half of 2018 to enable Tokio
Marine HCC and Tokio Marine Kiln to start writing business including with Japanese
customers. The new company will have branches across Europe and will be
supported by the existing UK and EU group operations. To read Tokio Marine's news release go to http://www.tokiomarinehd.com/en/release_topics/release/h10q7e000000ihjh-att/170906_e.pdf.
Tokio Marine HCC: Charity Spinathon. Tokio Marine HCC is delighted to announce that on Tuesday 26 September, its offices in London, Barcelona, Bridgend and Leicester offices are aiming to cumulatively spin 10,000 kilometres over 15 hours - the approximate distance from London to Tokyo. A huge number of staff and members of the insurance community are taking part in the challenge, with some participants hoping to cycle for the entire 15 hours. The event is to
support four partner charities (Body & Soul, LOROS, St Mungo's and Velindre Cancer Centre) and the goal is to exceed last year's fundraising figure of £50,000. Please support such a worthwhile cause by making a donation at https://mydonate.bt.com/fundraisers/tokiomarinehcc10000.
New Publications
Atradius Collections releases the 11th edition of its International Debt Collections Handbook. Atradius Collections’ International Debt Collections Handbook explains the different stages of amicable settlement, laws around collections, legal proceedings and insolvency procedures across 44 of the world’s countries. Argentina and Morocco are two new countries featured in this edition. The International Debt Collections Handbook is available at: atradiuscollections.com.
New Appointments
Sompo Canopius has announced the appointments of Tim Phillip and Stephen Pike as Credit & Political Risk Underwriters. Mr. Philip joins from Deutsche Bank, where he was Head of Credit for Russia/CIS & EE. Mr. Pike was formerly employed as deputy Head of Speciality Commodity Finance with ED&F MAN Capital Markets and established the company’s global trade finance business across Europe, South America, Africa, and Asia.
Sompo Canopius has hired Bruce Shepherd as a credit and political risk analyst to head the credit analysis function in the group’s Credit, Political and Crisis division. He will report to Bernie de Haldevang, Global Head of Specialty.
Mr. Shepherd joins from a similar role at QBE, where he worked since 2012. He previously held credit risk underwriting roles at Coface and Euler Hermes.
Markel International has appointed Alex Holcroft as Political Risk Underwriter in Singapore to focus on expanding Markel’s political risk and structured trade credit business. He will report to Nicola Marriage, senior underwriter in London. Previously a Lloyd’s graduate trainee, Mr. Holcroft joins from Sompo Canopius where he was an underwriter in the political risk and structured trade credit team.
AIG has announced three new joiners. Jay Hansell and Tom Hendry have been appointed as Sales Consultants – New Business and join AIG from Euler Hermes. Lauren Griffiths joins AIG as Trade Credit Underwriter. Ms. Griffiths previously worked for QBE.
Euler Hermes has appointed Christophe White as head of its UK Transactional Cover Unit.
Mr. White will manage Euler Hermes’ existing client portfolio, oversee the strategic development of the unit and lead the London TCU team of five underwriters and support staff. Prior to joining Euler Hermes Mr. White was Senior Vice President Trade Credit and Political Risk at Ironshore Insurance.
Euler Hermes has made two new appointments in its Asia Pacific region: Clemens Philippi as Chief Executive Officer of Euler Hermes ASEAN and Benoit Ganzmann as CEO of China. Both Mr. Philippi and Mr. Ganzmann will report to Holger Schaefer, Head of Euler Hermes APAC region.
Euler Hermes has appointed Massimo Reale as Market Management Commercial & Distribution (MMCD) Director of Euler Hermes Italy. Mr. Reale takes up the role having previously been Euler Hermes Italy Risk & Information, Claims and Collections Director.
Coface has announced the appointment of Mr. Bhavesh Patel as Country Manager of Coface in India to manage the operation and business development of trade credit insurance services business in India. Mr. Bhavesh was previously Senior Vice President of Marsh India.
Coface SA has announced that it as co-opted Isabelle Laforgue, Chief Transformation Officer of Econocom, and Nathalie Lomon, Chief Financial Officer of Ingenico, as independent directors of the Board of Directors of Coface SA.
They take the place of Linda Jackson, Chief Executive Officer, Citroën brand, and Martine Odillard, President, Gaumont Pathé Cinemas.
JLT Re has announced that Jakob Hansen and Stephen Balderston will be joining JLT Re’s expanding Credit & Political Risk team. Mr. Hansen joins from Aon Benfield where he has been a Credit & Financial Risk broker for the last five years. Mr. Balderston joins JLT Re's team as a Partner after eight years at Guy Carpenter where he was a senior vice president in Credit, Bond and Political Risk Treaty Reinsurance.
Career Opportunities
Risk Analyst, Atradius. Cardiff.
Atradius provides trade credit insurance, surety and collections services worldwide with a strategic presence in 50 countries, with more than 160 offices worldwide. We form part of Grupo Catalana Occidente (GCO.MC), a leader in the Spanish insurance sector and in global credit insurance.
Atradius has been Supporting world trade for more than 90 years and has a total income in excess of €1.6 billion. We employ 3,300 multinational staff, many of whom are multilingual.
With our UK head offices in Cardiff and our customer focused Regional Hubs based in London, Manchester and Birmingham, Atradius UK has a significant presence in key locations. However, our strength is not just about the size of the team it is about the way we work. Every member of the team is focused on delivering the best possible solution for our customers. At Atradius UK is doesn’t matter if you work on the frontline or in the back office, you are connected to the customer and to exceeding expectations.
We have a vacancy for a RISK Analyst in our UK Head office in Cardiff.
Job Description:
The Risk Analyst is responsible for reviewing new requests for political risk and trade credit insurance cover, within the UK and Globally, from both new and existing customers. Includes financial, sector and country risk analysis, applying underwriting principles and procedures to support new risk decisions or modify an existing underwriting strategy.
Applicants must have:
The ability to focus on service to customers is a key requirement and the successful candidate will be able to clearly demonstrate a positive attitude and proactive approach. Strong communication skills are pivotal to the role, including the ability to discuss complex risk issues confidently. The successful candidate will be able to assimilate information and process workflow quickly and arrive at decisions promptly without detriment to quality.
An ability to work within a team environment is key.
Candidates should also be confident to work independently. Candidates should be aware that the position would involve UK and/or overseas travel. A flexible approach to working hours is required.
Atradius provides trade credit insurance, surety and collections services worldwide with a strategic presence in 50 countries, with more than 160 offices worldwide. We form part of Grupo Catalana Occidente (GCO.MC), a leader in the Spanish insurance sector and in global credit insurance.
Atradius has been Supporting world trade for more than 90 years and has a total income in excess of €1.6 billion. We employ 3,300 multinational staff, many of whom are multilingual.
With our UK head offices in Cardiff and our customer focused Regional Hubs based in London, Manchester and Birmingham, Atradius UK has a significant presence in key locations. However, our strength is not just about the size of the team it is about the way we work. Every member of the team is focused on delivering the best possible solution for our customers. At Atradius UK is doesn’t matter if you work on the frontline or in the back office, you are connected to the customer and to exceeding expectations.
We have a vacancy for a RISK Analyst in our UK Head office in Cardiff.
Job Description:
The Risk Analyst is responsible for reviewing new requests for political risk and trade credit insurance cover, within the UK and Globally, from both new and existing customers. Includes financial, sector and country risk analysis, applying underwriting principles and procedures to support new risk decisions or modify an existing underwriting strategy.
Applicants must have:
- an ability to analyse financial statements (essential.
- Knowledge of relevant analytical techniques
- An interest in worldwide current affairs
- An understanding of world economics
- An understanding of political risk
- Ability to work efficiently under pressure
- Excellent communication skills
- Ability to work independently
- Ability to work with MS office applications.
The ability to focus on service to customers is a key requirement and the successful candidate will be able to clearly demonstrate a positive attitude and proactive approach. Strong communication skills are pivotal to the role, including the ability to discuss complex risk issues confidently. The successful candidate will be able to assimilate information and process workflow quickly and arrive at decisions promptly without detriment to quality.
An ability to work within a team environment is key.
Candidates should also be confident to work independently. Candidates should be aware that the position would involve UK and/or overseas travel. A flexible approach to working hours is required.
To apply for this position please send a CV and covering letter to caroline.bannister@atradius.com.
Trainee Account Executive, Financial & Credit Insurance Services. Sevenoaks.
A leading independent trade credit insurance broker is seeking a Trainee Account Executive to assist in the management and quality servicing of customer accounts under the direction of the Associate Directors. The candidate will be required to be numerate with good communication skills and a keen eye for detail.
A leading independent trade credit insurance broker is seeking a Trainee Account Executive to assist in the management and quality servicing of customer accounts under the direction of the Associate Directors. The candidate will be required to be numerate with good communication skills and a keen eye for detail.
The Role:
- Assist the Associate Directors in the administration of a portfolio of clients as directed by the Associate Director
- Support the Associate Directors in uploading and entering client, insurer, policy information and documents onto our CRM system
- Attend client meetings and insurer meetings alongside the Associate Directors to assist and develop knowledge
- Assist the Associate Directors in responding to clients day-to-day queries and requests to ensure first class and effective servicing of the client accounts
- Develop knowledge of the policies and procedures at Financial and Credit Insurance Services Ltd to ensure a first class service is delivered to the clients
- Develop knowledge of insurance industry, market trends and regulatory and compliance requirements in the industry
- Undertake duties and responsibilities as instructed by the Associated Directors which reasonably relate to your position and continued professional development.
Junior Account Executive, Financial & Credit Insurance Services. Birmingham.
A leading independent trade credit insurance broker is seeking a Junior Account Executive to assist in the management and quality servicing of customer accounts under the direction of the Associate Director. The candidate will be required to be numerate with good communication skills and a keen eye for detail.
A leading independent trade credit insurance broker is seeking a Junior Account Executive to assist in the management and quality servicing of customer accounts under the direction of the Associate Director. The candidate will be required to be numerate with good communication skills and a keen eye for detail.
The Role:
- Assist in the management of a portfolio of clients and day-to-day administration of broking accounts as directed by the Associate Director
- Keep the CRM up to date by uploading and entering client, insurer, policy information and documents in line with our Data Protection and Compliance procedures
- Assist with the renewal of existing customers including attending client renewal meetings with the Associate Director
- Attend insurer meetings with the Associate Directors and liaise with insurers regarding existing client policies
- Respond to day-to-day queries and requests from clients promptly to ensure first class and effective servicing of the client accounts
- Assist with prompt preparation of marketing material for submissions and placing
- Deliver accurate advice and service to clients and act as a liaison between client and insurer •
- Assist in the handling and procurement of new business and new client enquiries
- Ensure all client documentation is provided in line with Financial and Credit Insurance Services Ltd Policies and Procedures
- Develop and improve knowledge of insurance industry and market changes and trends
- Develop knowledge of regulatory and compliance requirements for the industry
- Develop and maintain existing and new relationships within the market.
To apply for this position, in the first instance please click here to email your CV and covering letter to Credit Insurance News.
Trade Credit Account Handler, Swindon. Salary to £25,000 plus benefits.
REED Insurance are recruiting for a a National firm of Brokers who have an opening in one of their niche market teams.
They are seeking an Account Handler to join their Trade Credit Insurance Operation who can manage a portfolio of Corporate Accounts and provide support to the Account Executive. This could involve arranging cover, answering client and insurer queries, preparing documentation, attending client meetings and dealing with renewals and new business.
This role would be suited to an insurance professional who has excellent experience in all aspects of Account Handling, has a good understanding of insurance (ideally Trade Credit or Commercial ) and has worked in a business to business environment.
REED Insurance are recruiting for a a National firm of Brokers who have an opening in one of their niche market teams.
They are seeking an Account Handler to join their Trade Credit Insurance Operation who can manage a portfolio of Corporate Accounts and provide support to the Account Executive. This could involve arranging cover, answering client and insurer queries, preparing documentation, attending client meetings and dealing with renewals and new business.
This role would be suited to an insurance professional who has excellent experience in all aspects of Account Handling, has a good understanding of insurance (ideally Trade Credit or Commercial ) and has worked in a business to business environment.
To apply for this position or for more information, please contact Charlotte Webb on 0121 237 5550 or email charlotte.web@reedglobal.com.
Events & Offers
Commodity Trade Finance Conference 2017, 26 September 2017. Switzerland.
GTR’s annual Commodity Trade Finance Conference will return to Lugano for its fourth year in September 2017. While the global trading market is facing ever more challenges, new opportunities are also arising. Targeting an even more diverse crowd, the 2017 event will act as the ultimate networking platform for the commodity trade finance community, with experts from commodity trading houses, global corporates, financiers and service providers all in attendance, all ready to give unique insights and advice. Click here for more information. A 15% discount is available for readers with code CIN15.
GTR’s annual Commodity Trade Finance Conference will return to Lugano for its fourth year in September 2017. While the global trading market is facing ever more challenges, new opportunities are also arising. Targeting an even more diverse crowd, the 2017 event will act as the ultimate networking platform for the commodity trade finance community, with experts from commodity trading houses, global corporates, financiers and service providers all in attendance, all ready to give unique insights and advice. Click here for more information. A 15% discount is available for readers with code CIN15.
Indonesia Trade & Commodity Finance Conference, 5 October. Jakarta.
GTR will return to Jakarta in October to provide an update on the domestic economy and an outline of the trade challenges which lie ahead. The Indonesia Trade & Commodity Finance Conference in Jakarta is the premier platform for trade and commodity experts, domestic and international, to gather for a day of discussion, debate and networking. Dedicated networking breaks throughout the conference will give delegates the chance to gather new leads and become reacquainted with peers. Save travel, time and money by attending, and meet the largest names in the trade & commodity markets all under one roof. Click here to register or for more information. A 15% discount is available for readers with code CIN15.
GTR will return to Jakarta in October to provide an update on the domestic economy and an outline of the trade challenges which lie ahead. The Indonesia Trade & Commodity Finance Conference in Jakarta is the premier platform for trade and commodity experts, domestic and international, to gather for a day of discussion, debate and networking. Dedicated networking breaks throughout the conference will give delegates the chance to gather new leads and become reacquainted with peers. Save travel, time and money by attending, and meet the largest names in the trade & commodity markets all under one roof. Click here to register or for more information. A 15% discount is available for readers with code CIN15.
Receivables Finance Masterclass, 10 October 2017. London.
Attend this advanced and comprehensive Masterclass to gain a deeper understanding of the
latest receivables purchase structures, risk and legal constraints. Covering factoring, supply
chain finance and forfaiting, the Masterclass enables participants to realise the value of
future receivables, implement more profitable purchasing arrangements, mitigate risk, gain
added value through supply chain financing, optimise insurance and reduce costs.
BCR are delighted to offer Credit Insurance News members a 10% discount on booking. Register now using code CIN17 at www.bcrconferences.com.
BCR are delighted to offer Credit Insurance News members a 10% discount on booking. Register now using code CIN17 at www.bcrconferences.com.
Trade & Infrastructure Finance Conference 2017, 25-26 October 2017. London.
Since its inception in 2015, the GTR Africa Trade & Infrastructure Finance Conference has provided a key forum for regional corporates, financiers and trade specialists to meet and discuss Africa’s trade potential, as well as infrastructure and investment opportunities available across the continent.
With London housing a great number of institutions involved in African trade and infrastructure finance, the city acts as an ideal location for like-minded organisations to get together to assess future priorities.
The brochure will be made available in August 2017. In the meantime, please click here to download the pre-event media kit for more information. A 15% discount is available for readers with code CIN15.
Since its inception in 2015, the GTR Africa Trade & Infrastructure Finance Conference has provided a key forum for regional corporates, financiers and trade specialists to meet and discuss Africa’s trade potential, as well as infrastructure and investment opportunities available across the continent.
With London housing a great number of institutions involved in African trade and infrastructure finance, the city acts as an ideal location for like-minded organisations to get together to assess future priorities.
The brochure will be made available in August 2017. In the meantime, please click here to download the pre-event media kit for more information. A 15% discount is available for readers with code CIN15.
Mexico Trade & Export Finance Conference 2017, 26 October 2017. Mexico City.
Returning to Mexico City for its third year, GTR’s Mexico Trade & Export Finance Conference 2017 will take place on October 26.
Leading representatives from across the world of trade and export finance will convene at the JW Marriot to discuss challenges and opportunities within the domestic and global trading environment. Supported by an increasing number of sponsors and partners since its inception, 2017’s event is not to be missed for those looking to foster new working relationships as well as reinforce existing ties with key industry players.
Click here for more information. A 15% discount is available for readers with code CIN15.
Returning to Mexico City for its third year, GTR’s Mexico Trade & Export Finance Conference 2017 will take place on October 26.
Leading representatives from across the world of trade and export finance will convene at the JW Marriot to discuss challenges and opportunities within the domestic and global trading environment. Supported by an increasing number of sponsors and partners since its inception, 2017’s event is not to be missed for those looking to foster new working relationships as well as reinforce existing ties with key industry players.
Click here for more information. A 15% discount is available for readers with code CIN15.
Trade Credit, Bond and Political Risk Insurance Industry Dinner, hosted by Tokio Marine HCC. 9 November 2017, London.
Tokio Marine HCC is honoured to announce that we are hosting this year’s dinner at the De Vere Grand Connaught Rooms. For our inaugural hosting of the dinner, we promise you a memorable evening and would be delighted if you would join us for a glass of bubbles in the Drawing Room, before taking our seats in the Grand Hall for dinner.
An important part of the evening is the opportunity it provides to support some extremely worthwhile causes through the traditional charity raffle and silent auctions. This year Tokio Marine HCC has selected two outstanding charities to receive the benefit of that support – St Mungo’s and LOROS. We are delighted to announce our auctioneer is the TV Presenter and Antiques columnist, Jamie Breese.
After dinner we can all look forward to tales and comedy quips from Miles Jupp, before returning to the Drawing Room to catch up with colleagues and friends from the industry and dancing to the sounds of Groove Instinct.
Don’t miss your opportunity to join us at this special event and book your tickets early. Visit tmhcc.com/ukcredit and follow the link to place your booking.
Tokio Marine HCC is honoured to announce that we are hosting this year’s dinner at the De Vere Grand Connaught Rooms. For our inaugural hosting of the dinner, we promise you a memorable evening and would be delighted if you would join us for a glass of bubbles in the Drawing Room, before taking our seats in the Grand Hall for dinner.
An important part of the evening is the opportunity it provides to support some extremely worthwhile causes through the traditional charity raffle and silent auctions. This year Tokio Marine HCC has selected two outstanding charities to receive the benefit of that support – St Mungo’s and LOROS. We are delighted to announce our auctioneer is the TV Presenter and Antiques columnist, Jamie Breese.
After dinner we can all look forward to tales and comedy quips from Miles Jupp, before returning to the Drawing Room to catch up with colleagues and friends from the industry and dancing to the sounds of Groove Instinct.
Don’t miss your opportunity to join us at this special event and book your tickets early. Visit tmhcc.com/ukcredit and follow the link to place your booking.
China Trade & Commodity Finance Conference 2017, 14 November 2017. Shanghai, China.
Following several years in Beijing, GTR returns to Shanghai for a second year to host the China Trade & Commodity Finance Conference 2017, now established as a crucial annual get-together for regional financiers, corporates and trade experts.
Themes to be covered include economic challenges and opportunities in and around the country, and a breakdown of what the future may hold for what is still the world’s leading exporter.
Offering a first-class business environment, GTR’s conference will save you travel, time and money by providing access to the market’s key players all in one central location.
Click here for more information. A 15% discount is available for readers with code CIN15.
Following several years in Beijing, GTR returns to Shanghai for a second year to host the China Trade & Commodity Finance Conference 2017, now established as a crucial annual get-together for regional financiers, corporates and trade experts.
Themes to be covered include economic challenges and opportunities in and around the country, and a breakdown of what the future may hold for what is still the world’s leading exporter.
Offering a first-class business environment, GTR’s conference will save you travel, time and money by providing access to the market’s key players all in one central location.
Click here for more information. A 15% discount is available for readers with code CIN15.
Nordic Region Trade & Export Finance Conference 2017, 16 November 2017. Stockholm.
Marking a decade in Sweden, the Nordic Region Trade & Export Finance Conference returns to Stockholm in November 2017.
Being the only event of its kind in the Nordic region, the conference continues to attract a huge range of international corporates, financiers, regulators, insurers, legal specialists and trade experts, providing a unique forum for those involved in Nordic trade to meet and learn from market peers.
Key drivers for discussion will include the impact of an uncertain geopolitical climate on international trade, as well as key challenges and new opportunities in emerging markets, the future role of technology in trade finance, treasury and working capital optimisation, and financial risk management featuring throughout the course of this focused one-day gathering.
Click here for more information. A 15% discount is available for readers with code CIN15.
Marking a decade in Sweden, the Nordic Region Trade & Export Finance Conference returns to Stockholm in November 2017.
Being the only event of its kind in the Nordic region, the conference continues to attract a huge range of international corporates, financiers, regulators, insurers, legal specialists and trade experts, providing a unique forum for those involved in Nordic trade to meet and learn from market peers.
Key drivers for discussion will include the impact of an uncertain geopolitical climate on international trade, as well as key challenges and new opportunities in emerging markets, the future role of technology in trade finance, treasury and working capital optimisation, and financial risk management featuring throughout the course of this focused one-day gathering.
Click here for more information. A 15% discount is available for readers with code CIN15.
Alternative and Receivables Finance Forum 16 November 2017. London.
BCR’s Alternative & Receivables Finance Forum has been tracking the revolution in receivables and invoice finance for the last 4 years. This is a unique gathering, where you can network with established receivables finance providers and ‘alternative’ SME funders and find out how the competitive landscape for commercial finance is changing. The comprehensive programme provides insights into the priorities influencing SMEs’ financial choices and showcases the latest technology-enabled distribution models. Come to A&RF 2017 to engage in the debate and help define the future of working capital finance.
BCR are delighted to offer Credit Insurance News members a 10% discount on booking. Register now using code CIN17 at www.bcrconferences.com.
BCR’s Alternative & Receivables Finance Forum has been tracking the revolution in receivables and invoice finance for the last 4 years. This is a unique gathering, where you can network with established receivables finance providers and ‘alternative’ SME funders and find out how the competitive landscape for commercial finance is changing. The comprehensive programme provides insights into the priorities influencing SMEs’ financial choices and showcases the latest technology-enabled distribution models. Come to A&RF 2017 to engage in the debate and help define the future of working capital finance.
BCR are delighted to offer Credit Insurance News members a 10% discount on booking. Register now using code CIN17 at www.bcrconferences.com.
About the Sponsor: Credendo
A short summary of recent events by John Carter, Country Manager UK and Ireland.
In January 2017 we rebranded from ‘Trade Credit’ to Credendo – Excess & Surety. This has been successfully communicated to our brokers, partners and clients in line with our group strategy to have one brand name with each specialism and product offering referenced per division.
In January 2017 we rebranded from ‘Trade Credit’ to Credendo – Excess & Surety. This has been successfully communicated to our brokers, partners and clients in line with our group strategy to have one brand name with each specialism and product offering referenced per division.
Credendo – Excess & Surety caters for Excess of loss, Top up cover and Surety and this continues our evolution within the Credendo group where there is more to come in the short and medium term. 2017 has been a successful year so far for the UK branch and we have continued to grow with new and continued client relationships from SME, national and international business segments, particularly with our Top up product. Our Top up cover provides automatic uplifts above an existing primary policy on restricted credit limits, which may be due to poor creditworthiness, limited capacity or lack of financial information and so on. This has enabled our clients to benefit from enhanced insurable turnover and finance opportunities. I would be delighted to discuss this with any brokers who feel that it may benefit their existing or potential clients.
About Us
Credendo is a European credit insurance group that is present all over the continent and active in all segments of trade credit and political risk insurance, providing a range of products that cover risks worldwide.
Credendo is a European credit insurance group that is present all over the continent and active in all segments of trade credit and political risk insurance, providing a range of products that cover risks worldwide.
Our mission is to support trade relations. We provide customised solutions of insurance, reinsurance, guarantees, bonding and financing related to domestic and international trade transactions or investments abroad. We protect companies, banks and insurance undertakings against credit and political risks, and facilitate the financing of such transactions.
Credendo - Excess of Loss & Surety is the division of Credendo offering XOL Excess of Loss, XOL Partners, Top Up Cover and Surety solutions.
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