Welcome to issue 91 of Credit Insurance News Digest. The industry newsletter devoted to the global trade credit insurance industry.
This issue is sponsored by Sompo Canopius.
This issue is sponsored by Sompo Canopius.
Index
Specialist contributions from Sompo Canopius:
- Behavioural finance in credit Insurance. Daina Muceniece, Trade Credit Underwriter
- XoL Trade Credit Insurance at Lloyd's. Claire Davenport, Trade Credit Underwriter
Credit Insurance News
Sompo Canopius’ Trade Credit team is launched in the UK. On 21 September, this issue's sponsor, Sompo Canopius, celebrated the launch of its Trade Credit team with a drinks party in the spectacular setting of the Adam Room in Lloyd’s. Working within the Lloyd's insurance market, Sompo Canopius are able to provide world-class receivables and payable insurance solutions for businesses and banks, with an experienced team (led by Will Clark) with close to 100 years' experience. Products offered include: comprehensive excess of loss insurance, single risk or named buyer insurance, captive solutions, supplier default insurance, cover for non-honouring letters of credit, non-cancellable or cancellable limits - depending on structure - and policy tenors of up to 7 years. For more information go to http://www.sompocanopius.com/what-we-do/credit--political-risk/trade-credit/.
Traditional trade credit insurance remains out of reach for many SMEs. Nimbla has published a new survey, 'Bad Debt Report', in which SMEs in the UK and Germany were asked if their company had ever suffered a loss from a bad debt. The majority (88.5%) responded “Yes”, with over 40% failing to recover any of the debt. However, despite the large number of participants experiencing bad debt and the benefits of trade credit insurance being expressed and understood by respondents, only 24% of the companies surveyed actually had trade credit insurance in place. Instead, 40% described the cost as prohibitive, while a further 12.5% said that they had been unable to find a suitable product. 10% identified a lack of suitable information as their most significant reason for not using trade credit insurance. As a result, the report concluded that traditional trade credit insurance remains out of reach for many SMEs. To read Nimbla's report go to https://nimbla.com/report/2017/13/bad_debt_report_September2017.pdf.
Atradius announces a new SME product to replace Modula First. Insurance Age has published an article, 'Atradius unveils new SME product', which reports that Atradius has launched Atradius Modula Freedom to replace Modula First. Atradius advises that it hopes that the new product will make trade credit insurance more accessible for smaller businesses and that the policy “cuts through any jargon” around the insurance line. The new product features fixed premiums with credit check decisions included in the price and is supported by Atradius' online platform Atrium to enable customers to manage their policy, track buyers and credit limits and log claims. An international collections service is also included in the policy. To read Insurance Age's article go to https://www.insuranceage.co.uk/insurer/3152796/atradius-unveils-sme-product.
An optimistic outlook for trade credit insurance market growth in Australia? Dynamic Export has published an article in which Bhupesh Gupta, Asia Pacific CEO for Coface, comments that although only about 10% of Australian exporters currently use trade credit insurance, he is optimistic that Coface will continue to grow its business in Australia. “Many Australian businesses are now exporting to places where they cannot afford to underwrite the risk – and that is where we can help,” Mr. Gupta told Dynamic Export. “It’s not a case of ‘if’ something might happen – it is always ‘when’." Mr. Gupta also said that Coface is considering hosting a major risk conference seminar in Australia next year. “Many people – even in banking circles – don’t know what credit insurance is or how it works . . . A seminar of this kind would help to provide those answers.” To read Dynamic Export's article go to http://www.dynamicexport.com.au/export-finance-and-insurance/articles-finance/Which-industry-sectors-pose-the-biggest-risk-for-exporters/.
Spurs owner sets up trade credit broker. Insurance Insider has published an article which reports that Joe Lewis, the owner of Tottenham Hotspur Football Club, has entered the trade credit and surety market with a broking venture backed by Tavistock Group - an investment holding owned by Lewis. Avenue Insurance Partners received UK regulatory approval last month and now has its first client, according to market sources' communication to Insurance Insider. Avenue is being led by Shaun Purrington, a former trade credit broker at Arthur J. Gallagher. Mr. Purrington is understood to have the resources from Tavistock to bring on a team of trade credit brokers, with a mandate to create a prominent London market intermediary within three years. To read Insurance Insider's article go to http://www.insuranceinsider.com/spurs-owner-sets-up-trade-credit-broker (subscription required).
AIG shakes up its UK credit lines division. GTR (Global Trade Review) has published an article which describes some of the recent changes at AIG in the UK. This includes a restructuring which has seen AIG’s trade credit, trade finance, political risk, surety and credit teams in the UK put together under one umbrella headed up by Richard Webster (who was recruited to the newly-created role of head of UK credit lines in March). Speaking to GTR, Mr. Webster said of AIG's plans: “If you are looking at what we are doing in the trade credit portfolio, we want to become less niche and more mainstream, so we are building our whole turnover capability and looking at the structure of some of our products to make them more attractive to the broader market." Non-cancellable limits will remain a core offering, while new products and projects in the pipeline include a blockchain pilot that will be announced later in the year. To read GTR's article go to https://www.gtreview.com/news/on-the-move/aig-shakes-up-its-uk-credit-lines-division/.
Trade credit insurance blossoms in the US. Risk & Insurance has published an article, 'Trade credit insurance blossoms at last', which reports that after languishing for decades as a fraction of the size of the trade credit insurance (TCI) market in Europe, business in the US has started to blossom. There are several main drivers according to underwriters and brokers, notably the increased involvement by banks in monetising sales receivables, increasing retail distress and bankruptcies. Although the US still lags behind Europe in market size (XL Catlin suggests TCI market penetration of 4-7% versus 15-20%), according to President and CEO of Euler Hermes in the Americas, James Daly, the premium value for TCI ($717 million) in 2016 was 3% higher than the previous year. To read Risk & Insurance's article go to http://riskandinsurance.com/trade-credit-insurance-blossoms-last/.
Construction made up half of all Australian trade credit insurance claims last year. My Business has published an article which reports that the number of Australian businesses falling into administration climbed by 28% (to 2,198) in the last quarter. Furthermore, according to Atradius, construction made up half of all credit insurance claims paid out last year - followed by insolvencies in the accommodation and food sector. Mary Ibrahim, Atradius' Head of Client Services in Australia, commented:
“For some time now we have seen the construction and food and accommodation sectors’ insolvency rate increasing. For agriculture and food this may in part be due to increased competition and changing consumer spending habits, but for construction, it is an ongoing trend." To read My Business' article go to https://www.mybusiness.com.au/growth/3431-insolvency-rates-climb-as-fragile-economy-bites.
AIG and TradeIX partner for blockchain trade finance transactions. Reinsurance News has published an article which reports that AIG and specialist technology firm TradeIX have completed the first blockchain-enabled invoice finance transaction for a global logistics company. Invoices are credit insured by AIG, with Aronova, AIG's trade finance technology provider, testing policy invoice eligibility for the insured financiers. Neil Ross, AIG's Global Head of Trade Credit, and Marilyn Blattner-Hoyle, AIG's Head of Supply Chain and Trade Finance, are quoted. To read Reinsurance News' article go to https://www.reinsurancene.ws/aig-tradeix-partner-blockchain-trade-finance-transactions/.
50% of US businesses expect DSO to worsen. The September 2017 edition of Atradius' Payment Practices Barometer has found that over 25% of the value of domestic B2B receivables in Brazil, Canada, Mexico and the US remain unpaid more than 90 days past due. As a consequence, 35% of the surveyed businesses had to either delay payments to their suppliers or take specific measures to avoid severe disruptions to cash flow. The Barometer also highlights that late payment from domestic B2B customers was experienced most frequently by respondents in the US (96%, compared to 93% in both Mexico and Brazil and 89% in Canada), with an average of 45% of the value of US receivables being paid late. As a corollary, 1 in 2 businesses surveyed in the US admitted to being concerned about a significant deterioration of their DSO in the next 12 months. To read Atradius' news release with a link to the report go to https://group.atradius.com/press-release/payment-practices-barometer-the-americas-2017.html.
The US is the top political risk concern for global businesses. GTR (Global Trade Review) has reported that in a dramatic shift in global geopolitics, the US has been named as the country where political risk is rising the most.
A recent study, 'How are leading companies managing today’s political risks?' by Oxford Analytica and law firm Willis Towers Watson, found that the US beats regions like the Middle East, Latin America, Venezuela, Sub-Saharan Africa and Russia when it comes to political risk. Businesses are quoted as saying that the US’ “withdrawal from the world stage” is creating challenges for corporate strategic planning and supply chains. To read GTR's article go to https://www.gtreview.com/news/global/us-top-political-risk-concern-for-businesses/.
Nearly all of Coface's revised country and risk sector assessments show improvements - with the exception of English speaking countries. Coface's latest country and sector risk Barometer has reported that World economic growth might not yet be at its highest (2.9% in 2017 and 2018), but there can be no denying that there are healthy signs. This quarter, once again, nearly all of the revised country and sector risk assessments from Coface show marked improvements, with the exception of the major English-speaking countries where the outlook is dimming due to lacklustre savings rates, wage dynamics and political uncertainties surrounding Brexit and President Trump's policies. To read Coface's news release go to http://www.coface.com/News-Publications/News/Country-and-sector-risks-Europe-remains-the-big-winner-in-the-world-economic-upturn.
How the data of corporate buyers and sellers can be leveraged to build a data-driven future. Recent research by Euler Hermes has estimated that currently just 5% of B2B trade leverages the benefits of trade credit insurance and that receivables financing is similarly under-exploited. As a result, the cost to the world economy in missed opportunities and failed businesses is significant (i.e. Euler Hermes estimates that 30% of bankruptcies are caused by delayed client payments). However, looking ahead, Euler Hermes believes that 'platformisation' and big data are fundamentally transforming traditions and, though it won't happen overnight, ‘autopilots’ in finance and accounting will increasingly become the norm. Christophe Spoerry, the co-founder of Euler Hermes' Digital Agency, commented: “In 10 years it is likely there will be a Facebook or Google equivalent for the trade sector." 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.
Eastern European businesses show a preference for selling on terms other than credit. Doug Collins, Vice President-Regional Director Risk Services-Americas at Atradius, has contributed an article to Global Trade which advises that, despite appearances, the reality of the business outlook in Eastern Europe is complex. Not only is it typical to see some slowdown in payment performance in economies that may be moving into a more recessionary phase, but Eastern European businesses are also showing an increased preference for selling on terms other than credit - such as cash in advance or letters of credit. Companies in Hungary, Czech Republic, and Turkey are the most open to selling on credit, while Poland had the lowest average percentage of credit sales - just 28.9%. To read Global Trade's article go to http://www.globaltrademag.com/global-trade-daily/eastern-european-outlook.
A no-deal Brexit would have significant consequences for the automotive and chemicals sectors. 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.
Great American Insurance Company offers trade credit insurance in Canada. Insurance Business has published an article which reports that Great American Insurance Company's Canadian Branch has obtained licenses to offer trade credit insurance policies including a broad multi-buyer receivable portfolio, a smaller select receivable portfolio (key accounts), or a single buyer receivable. Specialty coverage products are also available for more unique contract structures. Short-term repayment terms can be insured on tenors of up to one year, and medium-term repayment terms can be insured on tenors of up to five years. To read Insurance Business' article go to http://www.insurancebusinessmag.com/ca/industry-news/gaic/credit-insurance-now-available-in-canada-78830.aspx.
The past year has been good for Polish companies. According to Grant Thornton and Euler Hermes' fourth annual survey of Polish CFOs, the last twelve months have been good for Polish companies; 44% of CFO's believe that the standing of their company improved over the past year and just 10% of CFOs report that their company’s standing has deteriorated. Furthermore, the return on sales in the past year was considered at least satisfactory by 64% of respondents. These results indicate that the decline in Polish CFO optimism about the future of their companies seen in the 2016 survey did not materialise, and that the past year was largely positive for Polish entrepreneurs. To read Euler Hermes' news release go to http://www.eulerhermes.com/mediacenter/news/Pages/Chief-financial-officers-in-Poland-plan-to-look-for-unprecedented-savings.aspx.
New entity, Everest Insurance Ireland, will focus on trade credit and political risk insurance. Everest Re Group has announced that its Dublin-based subsidiary has been granted authorisation in principle by the Central Bank of Ireland to operate as an authorised non-life insurer in Ireland. To be known as Everest Insurance Ireland, the new entity's immediate focus will be the underwriting of trade credit and political risk insurance. It will be led by Stephen Cross as Chief Executive Office (see 'New Appointments' below). For more information go to https://www.everestre.com/en/About-Everest/News/Everest-Insurance-Obtains-Regulatory-Approval-for-Ireland-based-Insurance-Subsidiary.
Several years of impressive performance in UK retail could be coming to an end, but credit insurance is on hand. QBE has published an article in which Jamie Calder, Trade Credit Underwriter at QBE, outlines the bellwethers that could indicate the UK retail sector is facing a challenging future and how businesses can utilise credit insurance to prepare themselves. Issues such as ongoing political uncertainty surrounding Brexit and anticipated increases in interest rates are negatively impacting retailers. Other challenges include rising inflation rates and falls in the value of sterling which has affected UK retailers who rely on imported goods. However, despite the risks facing UK retail, the article stresses that the sector still presents opportunities for those businesses that are versatile enough to diversify and adapt to challenges. To read QBE's article go to https://qbeeurope.com/news-and-events/blog-articles/challenging-times-ahead-for-uk-retail/.
Is the global growth recovery real or a false start? An article in CFO Innovation has reported that Coface's country and sector risk Barometer for Q3 has noted that unlike previous years, the Summer of 2017 has ended without much global financial disruption. “While the summers of 2015 and 2016 were marked by the stock market crash in China and then by Brexit,” the Barometer comments that “the summer of 2017 was, instead, characterised by historically low volatility on financial markets at the end of July, while numerous stock market indices like the S&P 500 and the MSCI Emerging Markets reached record highs." Then comes the caveat. “Caution is needed,” says Coface. “There is a possibility of a correction, more or less vicious, if profits fall short of expectations.” The US economy can weaken, China’s resilience can turn out to be a mirage and/or geopolitical risks could escalate, particularly the tension between the US and North Korea." To read CFO Innovation's article go to https://www.cfoinnovation.com/story/13710/global-growth-recovery-real-or-false-start-how-cfos-can-know.
Global vehicle sales to reach 1 million in 2019. According to Euler Hermes' latest Economic Outlook report, 'The Auto World Championship', China and India are in pole position as the race intensifies for global vehicle sales. Euler Hermes forecasts that worldwide vehicle sales will reach 95.8 million in 2017 (+2.1% annual growth) and 98.2 million in 2018 (+2.5%) before topping 100 million vehicles in 2019. China will lead the way as the largest contributor to sales growth with India coming in second, more than offsetting the decline in US and UK sales. To read Euler Hermes' news release go to http://www.eulerhermes.com/mediacenter/news/Pages/Euler-Hermes-Economic-Outlook-The-Auto-World-Championship.aspx.
Start-up to provide on-demand single invoice insurance. Insurance Business has reported that Insurtech start-up Nimbla has partnered with Munich Re’s new business unit Digital Partners to provide complete credit management (including intelligent credit control and on-demand single invoice insurance) for SMEs. The announcement cited a £5.8 billion bad debt write-off among SMEs in the UK in the last financial year which Nimbla’s platform will be designed to address.
To read Insurance Business' article go to http://www.insurancebusinessmag.com/uk/news/sme/insurtech-startup-partners-with-munich-re-unit-80635.aspx.
Extended payment periods across practically all Moroccan trade sectors. Coface's latest Panorama report on Morocco has found that although in 2016 payment delays showed an improvement, in 2017 they are once again on the increase. Coface notes that the average payment period in the first half of 2017 was 99 days - compared to 82 days in 2016 and 66 days in 2015 - with all trade sectors affected by significant extensions. Furthermore, the number of companies facing payment periods exceeding 120 days is up considerably. However, Coface also finds that there are more and more companies protecting themselves against credit risks, with 57% having recourse to professionals compared to 43% in 2016. To read Coface's news release go to http://www.coface.com/News-Publications/News/Morocco-Extended-payment-periods-across-practically-all-sectors.
Solunion launches in Costa Rica. Solunion has announced that it has commenced operations in Costa Rica with support from MAPFRE, its joint shareholder with Euler Hermes. MAPFRE Costa Rica will issue credit insurance policies for local companies, while Solunion Mexico will provide risk management and service support. "Costa Rica is growing at a good pace," said Fernando Pérez-Serrabona, CEO of Solunion. "Its strategic position on the American continent and its positive economic development in recent years provides promising opportunities for business growth within Costa Rica and, more broadly, with other countries in the region." According to World Bank forecasts, the GDP of Costa Rica will grow by 3.9% in 2017, maintaining a high growth level after achieving 4.3% in 2016. To read Euler Hermes' news release go to http://www.eulerhermes.com/mediacenter/news/Pages/Solunion-launches-operations-in-Costa-Rica.aspx.
Huge congratulations to . . .
Tokio Marine Barcelona, Bridgend, Leicester and London offices who static cycled 10,000km (the approximate distance from London to Tokyo) in aid of four partner charities: Velindre Cancer Care, St Mungo's, LOROS and Body & Soul. Donations are very welcome at https://mydonate.bt.com/fundraisers/tokiomarinehcc10000.
Euler Hermes Deutschland, the biggest branch office of Euler Hermes, which marked its 100th birthday on Saturday 7 October. The company was founded in 1917 by Wilhelm Kisskalt and Dr. Emil Herzfelder, as Hermes Kreditversicherungsbank.
New Appointments
PIB Insurance Brokers has announced the appointment of Nicola Salmon to its trade credit, political risk and surety team to provide insurance solutions to PIB’s growing portfolio of clients in the SME, corporate, commodity trade and financial institution sectors. Ms. Salmon previously held similar roles at Arthur J. Gallagher, RK Harrison and Euler Hermes and has more than 20 years' experience in the industry. Richard Miller, Head of Trade Credit, Political Risk and Surety, commented: “I am absolutely delighted to have Nicola onboard as she brings a wealth of experience that our clients will benefit from. She has a great reputation in the industry and is well respected by underwriters.”
JLT Re has announced the appointment of Stephen Balderston as Partner in its Credit and Political Risk team. Mr. Balderston was previously Senior Vice President in Credit, Bond and Political Risk Treaty Reinsurance at Guy Carpenter.
Coface has announced that Katarzyna Kompowska, who has been leading the Group’s Central & Eastern Europe region since 2012, has been appointed Regional CEO Northern Europe. Ms. Kompowska joined Coface in 1992 to launch Coface’s business in Poland, before expanding her scope to the Baltic countries.
Euler Hermes has appointed Andrea Resteghini as Risk & Information, Claims and Collections Director of Euler Hermes Italy. Having previously served as head of Risk Underwriting for Italy, he succeeds Massimo Reale who earlier was appointed as the Market Management, Commercial & Distribution Director for Euler Hermes Italy.
Mr. Resteghini will also continue his interim role as head of Risk Underwriting.
Everest Re Group has appointed Stephen Cross as the Chief Executive Officer of its new entity Everest Insurance Ireland. Mr. Cross has over 35 years of global experience, having held multiple roles across underwriting, risk consulting and advisory, broking, captive management and, data & analytics. Most recently, he served as Chief Innovation Officer at Aon.
Coface has appointed Declan Daly as Regional CEO for Central & Eastern Europe. Mr. Daly has a wealth of experience in financial services and manufacturing and was most recently CIO and a member of the Executive Board of Semperit Holding AG. Mr. Daly will be based in Vienna.
XL Catlin has appointed Santiago Herrero as Head of Political Risk, Credit & Bond (PRCB) - Iberia. Mr. Herrero will be based in Madrid and report to Dan Riordan, XL Catlin’s Global Head of PRCB. Mr. Herrero was most recently employed as Political Risk Manager at Marsh S.A.
Business Information & Reports
We are delighted to offer a small selection of some of the news items included in our new business information publication. Please go to Credit Management News Digest for more business information news.
Forecasts suggest that the UK economy will be outpaced by all other G7 countries in 2018. The Organisation for Economic Co-operation and Development (OECD) has forecast that the UK economy will experience a slowdown in growth "while uncertainty remains over the outcome of negotiations around the decision to leave the European Union." 1.6% GDP growth is predicted in 2017 followed by just 1% in 2018 - the weakest growth of all the G7 nations. Other factors weighing heavily on the UK economy include depreciation of sterling, which the OECD advise may have 'modestly' improved export prospects but has also pushed up inflation. To read the OECD's news release go to http://www.oecd.org/newsroom/oecd-sees-synchronised-momentum-for-global-economy-but-urges-further-policy-action-to-ensure-sustainable-and-inclusive-medium-term-growth.htm.
Biggest increase in financial distress among UK companies in three years. New research from Begbies Traynor shows that 329,834 UK companies were experiencing 'Significant' financial distress at the end of Q2 2017, a 25% increase from Q2 2016, representing the largest annual increase since Q2 2014 and the largest number of corporates experiencing significant distress in at least 5 years. The Red Flag Alert research for Q2 2017 (which monitors the financial health of UK companies), showed that SMEs made up the majority of this increase, with ‘significant’ distress having increased by 26% to 308,423 businesses. In contrast, large companies' distress rose by just 12% year-on-year to 21,411 businesses at the end of Q2 2017. Among the sectors facing the most notable increases in ‘Significant’ financial distress, property and construction saw substantial rises of 32% and 22% respectively. For more information go to https://www.begbies-traynorgroup.com/news/business-health-statistics/biggest-increase-in-financial-distress-among-uk-companies-in-three-years.
The UK economy is "treading water". The British Chambers of Commerce (BCC) has published its latest forecast and although it has slightly upgraded its UK estimate for 2017 from 1.5% to 1.6%, its growth expectations for 2018 and 2019 have been cut from 1.3% to 1.2%, and 1.5% to 1.4% respectively. A weaker contribution from net trade and more subdued consumer spending growth were the main reasons for the downgrade. Adam Marshall, Director General of the British Chambers of Commerce, said: “While some businesses report strong trading conditions, the UK economy as a whole is treading water, and there is no sign on the horizon of a return to healthier levels of growth. Our forecast suggests that the hoped-for rebalancing of the UK economy towards investment and export is unlikely to materialize in the medium term. The rising upfront cost of doing business in the UK, the uncertainty around Brexit, and the constraints created by skills gaps and shoddy infrastructure collectively outweigh any benefit arising from the recent depreciation of sterling." To read the BCC's news release go to http://www.britishchambers.org.uk/press-office/press-releases/bcc-forecast-fall-in-sterling-failing-to-lift-uk-growth.html.
Big UK business accused of preying on SMEs: £45 billion owed in late payments. Insurance Business has published an article which reports that the latest Zurich SME Risk Index has found that larger UK firms are responsible for the majority of late payments made to small businesses and that UK SMEs are owed £45 billion in late payments overall. Small business owners have also said that firms bigger than their own are responsible for 53% of their late payments, with many SMEs waiting months for payment, and the average business owed an estimated £16,250. Almost half (45%) of those that are subject to late payments said they are forced to wait up to three months to get paid, and 14% said they are typically forced to wait up to six months. To read Insurance Business' article go to http://www.insurancebusinessmag.com/uk/news/sme/zurich-report-big-business-accused-of-preying-on-smes-in-45-billion-late-payment-scandal-77490.aspx.
Drop in UK corporate insolvencies in Q2 could be a blip in an upward trend. Q2 2017 England & Wales insolvency statistics from the Insolvency Service show that total UK company insolvencies increased by 12.6% from Q1 to Q2 2017 and are 27.8% higher than Q2 2016. However, readers should bear in mind that April 2016 restrictions on what travel expenses self-employed people can claim for tax purposes led to the one-off liquidation of 1,131 personal service companies. When these companies are taken out of the calculation, corporate insolvencies actually fell 5.4% from Q1 to Q2 and are 4% lower than this time last year. Adrian Hyde, president of R3, commented: "If this recent decrease turns out to be a blip in an upward trend, it would be a warning sign for the wider UK economy, especially as businesses continue to enjoy some key advantages: interest rates remain at record lows, while creditor forbearance among traditional sources of business finance, like banks and trade creditors, is still much higher than it was before the financial crisis." To read R3's news release go to https://www.r3.org.uk/index.cfm?page=1114&element=30646&refpage=1008.
Career Opportunities
Head of Short-Term Trade Credit, New York City.
Oliver James Associates is currently recruiting for Head of Short-Term Trade Credit underwriter to join a market leading multinational insurer in New York. The successful candidate should have 8+ years of underwriting experience with a preference toward those with management experience.
Oliver James Associates is currently recruiting for Head of Short-Term Trade Credit underwriter to join a market leading multinational insurer in New York. The successful candidate should have 8+ years of underwriting experience with a preference toward those with management experience.
For more details please contact Dave Shotton at david.shotton@ojassociates.com or call +1 646 833 2685.
New Business Account Executive, Credit Insurance (ref: 31645). £40000 - £45000 + OTE £55000 - £60000. Buckinghamshire.
One of the UKs leading Trade Credit brokers is looking to attract an experienced, new business focussed Account Executive to support ongoing growth in the Buckinghamshire region.
Our client is the specialist division of a national insurance broking group, which considerable financial backing and consistent investment into technology and development. The wider group provides global reach in regards to clients and product range. The business is built on a consultative, advice driven approach, this extends to the working environment which is quality driven rather than high pressure.
With all the tools youd expect working for a market leader in the credit insurance field, your role will be the acquisition of new clients across your territory. Prospects will come from a variety of industry sectors and will range from owner manager SMEs through to global PLCs - you will be comfortable building rapport, identifying opportunity and closing deals.
Depending on your skills set, client won can be passed to the client service team for ongoing Account Management or retained by the incumbent.
Whilst this is a targeted sales role, our client is aware of the complex nature of the sales process and willing to provide ample time and support to the right individual.
A book of business is also available to inherit.
With strong knowledge of credit insurance, you will demonstrate a strong track record of winning new clients at all levels.
You will have a professional, consultative approach able to offer solid advice to your prospects and clients to secure ongoing business. Whilst leads, marketing and support are provided, you will need the tenacity and drive to make a new business role a success.
If you have the relevant experience or know someone that does please contact us now on 0203 727 2314 or email us at glenn@lawesgroup.co.uk.
One of the UKs leading Trade Credit brokers is looking to attract an experienced, new business focussed Account Executive to support ongoing growth in the Buckinghamshire region.
Our client is the specialist division of a national insurance broking group, which considerable financial backing and consistent investment into technology and development. The wider group provides global reach in regards to clients and product range. The business is built on a consultative, advice driven approach, this extends to the working environment which is quality driven rather than high pressure.
With all the tools youd expect working for a market leader in the credit insurance field, your role will be the acquisition of new clients across your territory. Prospects will come from a variety of industry sectors and will range from owner manager SMEs through to global PLCs - you will be comfortable building rapport, identifying opportunity and closing deals.
Depending on your skills set, client won can be passed to the client service team for ongoing Account Management or retained by the incumbent.
Whilst this is a targeted sales role, our client is aware of the complex nature of the sales process and willing to provide ample time and support to the right individual.
A book of business is also available to inherit.
With strong knowledge of credit insurance, you will demonstrate a strong track record of winning new clients at all levels.
You will have a professional, consultative approach able to offer solid advice to your prospects and clients to secure ongoing business. Whilst leads, marketing and support are provided, you will need the tenacity and drive to make a new business role a success.
If you have the relevant experience or know someone that does please contact us now on 0203 727 2314 or email us at glenn@lawesgroup.co.uk.
Events & Offers
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.
GTR’s Egypt Trade & Export Finance Conference, 7 November. Cairo.
Exploring viable next steps for Egyptian exporters following the country’s return to stability in recent times, GTR’s Egypt Trade & Export Finance Conference will return to Cairo on November 7, 2017.
Key infrastructural developments, new digital financing solutions, credit, security and political risk, and regional trade with markets such as Sub-Saharan Africa and the Middle East will all feature on the agenda, providing delegates with a wide-ranging overview on the opportunities available in this exciting market.
A 15% discount is available for readers with code CIN15!
For further information about the event please contact Grant at gnaughton@gtreview.com.
Exploring viable next steps for Egyptian exporters following the country’s return to stability in recent times, GTR’s Egypt Trade & Export Finance Conference will return to Cairo on November 7, 2017.
Key infrastructural developments, new digital financing solutions, credit, security and political risk, and regional trade with markets such as Sub-Saharan Africa and the Middle East will all feature on the agenda, providing delegates with a wide-ranging overview on the opportunities available in this exciting market.
A 15% discount is available for readers with code CIN15!
For further information about the event please contact Grant at gnaughton@gtreview.com.
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.
TXF Private Insurance - Political Risk and Trade Credit Insurance, 28 November London.
TXF is pleased to bring you its inaugural Political Risk & Trade Credit Insurance conference.
Please join us for a day of educative workshops, collaborative discussions, and insightful presentations.
The private insurance market plays an integral part in the trade and export finance market and is increasingly being seen as a viable alternative to the public ECA market. TXF would like to acknowledge the growing importance of the private insurance market by providing this conference as a platform for the industry to convene, discuss and grow.
To take advantage of your exclusive £250 off offer contact Constantina at Constantina.christophide@txfmedia.com or click here for further information.
TXF is pleased to bring you its inaugural Political Risk & Trade Credit Insurance conference.
Please join us for a day of educative workshops, collaborative discussions, and insightful presentations.
The private insurance market plays an integral part in the trade and export finance market and is increasingly being seen as a viable alternative to the public ECA market. TXF would like to acknowledge the growing importance of the private insurance market by providing this conference as a platform for the industry to convene, discuss and grow.
To take advantage of your exclusive £250 off offer contact Constantina at Constantina.christophide@txfmedia.com or click here for further information.
Supply Chain Finance Summit, 31 January - 1 February 2018. Frankfurt.
The Blockchain Masterclass is an advanced and comprehensive workshop that will review and assess the latest developments in blockchain technology for supply chain finance.
Presenting both an introduction to blockchain and detailed use cases from the industry, the masterclass will provide attendees with a deeper understanding of how blockchain and distributed ledger technology are impacting the supply chain ecosystem and what this means for your business.
The masterclass will bring together supply chain finance professionals and industry disruptors in an active discussion of the key opportunities and challenges:
- Reviewing latest developments in blockchain and DLT
- Using blockchain technology to create value for their customers
- Overcoming regulatory and legal constraints
- Working towards a standardisation
- Collaborating with fintechs to enable DLT
- Mitigating the risks of fraud and increasing security
Held ahead of our Supply Chain Finance Summit in Frankfurt, the Blockchain Masterclass will provide you with a complete overview of blockchain and equip you with the knowledge to future proof your business.
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.
TXF Moscow: Export Finance, 13 March 2018. St Regis Nikolskaya Hotel, Moscow.
TXF is delighted to invite you to join us for this exclusive, capped attendance event.
With focused and informative content, honest discussion of financing trends & opportunities, plus excellent networking opportunities, it is an event not to be missed if you are active in the region. We will be helping Russian borrowers understand the kinds of financing available to them, giving borrowers the chance to explain their needs, as well as providing timely updates on regulation and policy. The perfect meeting point for all stakeholders doing business in Russia.
To take advantage of your exclusive 10% off offer contact Lucy at lucy.morris@txfmedia.com or click here for further information.
TXF is delighted to invite you to join us for this exclusive, capped attendance event.
With focused and informative content, honest discussion of financing trends & opportunities, plus excellent networking opportunities, it is an event not to be missed if you are active in the region. We will be helping Russian borrowers understand the kinds of financing available to them, giving borrowers the chance to explain their needs, as well as providing timely updates on regulation and policy. The perfect meeting point for all stakeholders doing business in Russia.
To take advantage of your exclusive 10% off offer contact Lucy at lucy.morris@txfmedia.com or click here for further information.
About the Sponsor: Sompo Canopius
Sompo Canopius AG (‘Canopius’) writes global specialty (re)insurance.
Our group was formed via a management buyout in December 2003, with £25m equity capital. Since then we have achieved significant growth through a mix of organic expansion and acquisition. Canopius is now one of the top 10 insurers in the Lloyd's insurance market and across the group wrote in excess of $1.3 billion premium in 2016.
Having been part of the Sompo group for several years, in September 2017 we announced a private equity backed management buyout that is due to close in the first quarter of 2018.
Canopius is domiciled in Zurich and operates in the UK, Ireland, Netherlands, Switzerland, Bermuda, US and Singapore. At Lloyd's, Canopius operates through Canopius Managing Agents Limited, which manages Syndicate 4444.
Our group was formed via a management buyout in December 2003, with £25m equity capital. Since then we have achieved significant growth through a mix of organic expansion and acquisition. Canopius is now one of the top 10 insurers in the Lloyd's insurance market and across the group wrote in excess of $1.3 billion premium in 2016.
Having been part of the Sompo group for several years, in September 2017 we announced a private equity backed management buyout that is due to close in the first quarter of 2018.
Canopius is domiciled in Zurich and operates in the UK, Ireland, Netherlands, Switzerland, Bermuda, US and Singapore. At Lloyd's, Canopius operates through Canopius Managing Agents Limited, which manages Syndicate 4444.
We offer a variety of insurance and reinsurance lines, covering Credit & Political Risk,
Property, Marine, Energy, Engineering, Casualty, Accident & Health and Specialist
Consumer Products.
Our Trade Credit insurance team provides a world-class receivables and payables solution
for businesses and banks. We are experts in offering bespoke cover across trade credit,
supply chain finance and trade finance and across a wide number of sectors and markets.
The team writes comprehensive cover for:
- Excess of loss insurance, covering both private and public buyers across the globe
- Single risk or named buyer insurance
- Captive solutions
- Cover for non-honouring of letters of credit, either individually or on a facility basis
- Supply chain finance solutions
- Supplier default insurance
- Structured trade finance solutions in conjunction with major banks
- Non-cancellable or cancellable buyer limits, depending on structure
- Policy tenor of up to seven years
With close to 100 years’ combined experience, we take a tailored approach while always
maintaining the highest of service levels.
The Canopius group is known for its superlative claims service, with a number of recent
awards wins bearing testament to our reputation.
And finally…our name: Nathaniel Canopius was a Cretan scholar studying at Balliol College,
Oxford, who is reputed to have brewed the first cup of coffee in England in 1637. Then in the
17th century, Edward Lloyd's coffee house became recognised as the place for obtaining
marine insurance in London. Our name thus provides a strong association with the Lloyd's
market, which remains at the core of our operations.
TXF Moscow: Export Finance, 13 March 2018 . St Regis Nikolskaya Hotel, Moscow.
TXF is delighted to invite you to join us for this exclusive, capped attendance event.
With focused and informative content, honest discussion of financing trends & opportunities, plus excellent networking opportunities, it is an event not to be missed if you are active in the region.
We will be helping Russian borrowers understand the kinds of financing available to them, giving borrowers the chance to explain their needs, as well as providing timely updates on regulation and policy. The perfect meeting point for all stakeholders doing business in Russia.
To take advantage of your exclusive 10% off offer contact Lucy at lucy.morris@txfmedia.com or click here for further information.
TXF is delighted to invite you to join us for this exclusive, capped attendance event.
With focused and informative content, honest discussion of financing trends & opportunities, plus excellent networking opportunities, it is an event not to be missed if you are active in the region.
We will be helping Russian borrowers understand the kinds of financing available to them, giving borrowers the chance to explain their needs, as well as providing timely updates on regulation and policy. The perfect meeting point for all stakeholders doing business in Russia.
To take advantage of your exclusive 10% off offer contact Lucy at lucy.morris@txfmedia.com or click here for further information.
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