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Welcome to issue 94 of Credit Insurance News Digest. The industry newsletter devoted to the global trade credit insurance industry.
This issue is sponsored by Credit & Business Finance Ltd (CBF).

  Index
 
Credit Insurance News
Maplin spokesperson confirms that trade credit insurance cover has been withdrawn by Euler Hermes. The Register has published an article, 'One more credit insurer abandons Maplin Electronics', which reports that Euler Hermes has now entirely removed all lines of coverage from Maplin. "We had a cut in October which we could live with. Now it is zero," said one trader, who claimed his firm would no longer supply Maplin. Sources close to the credit insurers told The Register that high street retailers with "a high cost base and low margins" were viewed as high-risk bets that are under constant threat from online rivals including Amazon. A Maplin spokesperson also commented on the situation in a letter to The Register. In October, QBE was the first to reduce its exposure to Maplin, followed by Euler Hermes and Atradius (see Credit Insurance News Digest, 8 November 2017). To read The Register's article go to https://www.theregister.co.uk/2017/12/18/maplin_credit_insurance_cut_to_zero_by_euler_hermes/.
New Look’s ‘credit insurance pulled’. Drapers has published an article which reports that credit insurance for many of New Look’s suppliers has reportedly been pulled amid continuing poor performance by the retailer. The article notes that Euler Hermes is reported to have stopped offering cover on new shipments of goods to New Look, although it is still providing “residual” cover on existing orders. Another insurer, QBE, confirmed it has reduced its level of cover for New Look “in places”, but has not withdrawn it altogether. In the company’s most recent financial results for the 26 weeks to 23 September, adjusted EBITDA plummeted by 72.2% year on year to £24.2 million, which New Look attributed to “challenging” UK sales performance. To read Drapers' article go to https://www.drapersonline.com/news/new-looks-credit-insurance-pulled/7028454.article.
A comparison of Atradius' UK trade credit insurance claim payments between 2008 and 2016. CBF, this issue's sponsor, has published an article in which Richard Reynolds, Atradius UK's newly appointed Head of Strategic Accounts (see 'New Appointments' below), takes a look back over the last decade, and outlines the effect that the credit crunch has had on the UK economy. He advises that during the crisis, it was inevitable that the trade credit insurance market experienced higher volumes of claims, but notes that a comparison between 2008 and 2016 of the percentage of claim payments made to individual business sectors makes interesting reading. In 2008, five sectors accounted for 60% of Atradius’ claims: construction (16%), consumer durables (12%), paper (11%), textiles (11%) and chemicals (10%). By 2016, just four sectors accounted for 59% of claims with construction, consumer durables and chemicals, increasing to 20%, 16% and 11% respectively and electronics growing from just 2% of claims in 2008 to 12% in 2016. To read the article on CBF's website go to http://www.cbfb.co.uk/blog/credit-insurance/credit-crunch-plus-ten/.
UK retailer potentially in trouble as trade credit insurance is cut. Insurance Business UK has published an article which notes that a recent article in The Grocer has reported that Atradius has reduced the cover it provides for stock supplied to Poundland, with one supplier halting deliveries because of its policy not to ship to clients with no full credit insurance. Meanwhile The Times has cited speculation about a possible similar action being taken by Euler Hermes, which is also a credit insurer of Poundland. The issue of credit insurance stemmed from the accounting scandal being faced by Poundland parent company Steinhoff, which is under criminal and tax investigation. To read Insurance Business' article go to https://www.insurancebusinessmag.com/uk/news/breaking-news/uk-retailer-potentially-in-trouble-as-insurance-is-cut-87928.aspx.
Failing to credit insure leaves creditors with pay-outs averaging just 9 pence in the pound. Annual statistics from InfolinkGazette show that there were 180,000 unpaid and unsecured creditors from UK company liquidations and administrations in 2017, with total losses of £4.2 billion and an average loss of £23,000. Over 87,000 unsecured creditors experienced losses from more than one failing customer. The research also found that before incurring the 2017 hit, almost 9,000 unsecured creditors had already reported a negative net worth in their latest filed accounts, with a further 17,000 at risk of their net worth turning negative as a direct result of losses. 5,500 of these companies were deemed at severe risk of business failure. Greg Connell, Managing Director of InfolinkGazette, commented: “less than 10% of losses are covered by credit insurance policies, which would have paid out 90% of losses. Failing to credit insure leaves creditors with pay-outs averaging just 9 pence in the pound, which results in the same pattern of failure repeated each year, with Insolvent businesses taking down otherwise healthy, but uninsured businesses.” To read InfolinkGazette's news release go to http://www.infolinkgazette.co.uk/?pid=6.
BIBA launches scheme for trade credit insurance through CMR Insurance Services Limited. In light of recent high profile collapses of companies such as Monarch and grocery wholesaler Palmer & Harvey, BIBA has announced that it has launched a new scheme to provide its members with access through CMR Insurance Services Limited to trade credit insurance. Mike Hallam, BIBA's Head of Technical Services, said: “For members, this provides access to a class of insurance that can be invaluable to businesses. There is no question that there is a need for this type of insurance, according to the Association of British Insurers (ABI), in 2016 trade credit insurers paid out an average of £4 million per week in claims settlements." Christian Hoy, Managing Director of CMR Insurance Services Limited, commented: "In today’s challenging marketplace the risks are heightened and this cover is more necessary than ever during these unpredictable and uncertain times.” To read BIBA's news release go to https://www.biba.org.uk/press-releases/biba-launches-scheme-trade-credit-insurance-cmr-insurance-services-limited/.
Credit Insurance premiums for UK companies are likely to increase substantially in 2018. Mike Stott of Rycroft Associates has published an article on LinkedIn in which he warns that although for over two decades the credit insurance market has seen a substantial drop in premiums, the environment for cheap premiums seems about to end. The reasons for this include a 'perfect storm' of rising claims, the recent interest rise and its impact on zombie companies and increasing numbers of insolvencies. That said, Mr Stott advises that the straw which is likely to have broken the camel’s back is the failure of Palmer and Harvey, with insurable claims totalling approx. £100 million. "On its own this debt represents about 30% of the annual premiums earned by UK underwriters. If this number is added to the £210 million of claims paid out in 2016 it would mean that about 80% of all premiums are now being paid out in claims." To read the LinkedIn article go to https://www.linkedin.com/pulse/credit-insurance-premiums-increase-2018-mike-stott/.
Public/private partnerships offer advantages for political, credit risks. XL Catlin's President of PRCB, Daniel Riordan, has published an article which suggests that although global risk and volatility have never seemed more prevalent, political and trade credit insurers that are willing to take a long-term view have a plethora of possible growth opportunities. One potential possibility "that many insurers overlook" is partnerships with multilateral agencies, development finance institutions and export credit agencies; "largely government-sponsored institutions which, Mr Riordan notes, "often see higher-quality business sooner than their private counterparts." Mr Riordan stresses that the marketplace needs risk-takers, as short-term thinking when it comes to credit risks does not necessarily translate into better business results. Currently, rising claims in short-term export credit insurance and increasing loss ratios mean that there is little room left to achieve profit. To read Mr Riordan's article go to http://xlcatlin.com/fast-fast-forward/articles/public_private-partnerships-offer-advantages-for-political-credit-risks?c780853f=867e617a.
How businesses can avoid the increased risk of insolvency during the holidays. CEO Magazine has published an article in which Mark Hoppe, Atradius' Managing Director of Australia and New Zealand, warns that in many industries, the number of insolvencies spikes in the first quarter of the year because of the increased risk of non-payment from customers who struggle to make sales after the holiday period when demand typically falls. The retail industry is particularly vulnerable since they often count on the Christmas rush to make the bulk of their profits for the year. To trade confidently, Mr Hoppe stresses that businesses should consider trade credit insurance to help identify those buyers that are most at risk of not being able to pay, "Staying ahead of the curve means arming business leaders with as much accurate information as possible, then using that data to set the company up for a successful holiday period, and thus avoiding insolvency." To read CEO Magazine's article go to http://www.theceomagazine.com/business/avoiding-insolvency-holidays/.
Another global trade credit insurer predicts slowdown and higher trade finance costs. Following both Atradius' and Euler Hermes' recent warnings that the current upswing in economic growth will be short-lived, CFO Innovation has published an article which considers what the world's trade finance insurance companies are seeing that is perhaps not on the radar of some economists and market strategists? Atradius, for example, warns that: "in the foreseeable future, the global trade in goods and services is set to grow at half the pre-crisis pace [of 8% in volume and 16% in value]," because "the number of protectionist measures is high and keeps on rising." Also, financial balkanisation remains a concern, and geopolitical tension in the Middle East, the Korean peninsula and elsewhere pose additional risk to trade flows. To read CFO Innovation's article go to https://www.cfoinnovation.com/story/13948/another-global-insurer-predicts-slowdown-higher-trade-finance-costs.
CBF examines which sectors seem to be struggling the most in today’s economy, and why? CBF, this issue's sponsor, has published an article in which Trevor Price, CBF's Managing Director, examines why some UK industries (Travel, Retail, Restaurant, Construction) seem to be struggling the most in today’s economy, and why. Looking back at the last 12 months, Mr Price notes that 2017 has been notable for the failure of well-known names (most recently, Monarch Airlines, Multiyork and Palmer & Harvey). He also cautions that Begbies Traynor’s most recent Red Flag Alert reported that the number of UK businesses experiencing ‘significant financial distress’ reached unprecedented levels in the last year, (at 448,011 companies), more than half of which are deemed likely to fail within a fairly short period of time, owing to a rise in interest rates, increasing employment costs, and uncertainty around Brexit. To read the article on CBF's website go to http://www.cbfb.co.uk/blog/credit-insurance/outlook-challenging-for-certain-sectors/.
Both payment delays and insolvencies have increased in the UK food industry in 2017. Atradius' latest Market Monitor for the UK food industry has shown that while food demand and turnover in the UK remained robust in 2017, challenges for the industry have mounted due to its heavy reliance on imports (in 2016, 48% of food consumed was imported). The pound sterling devaluation since the June 2016 Brexit decision (about 15% against the euro) has increased the costs of commodities and food items for many British food producers and processors reliant on imports, raising their input costs and negatively affecting their margins. Although payment experience (45-60 days on average) has been generally good over the past two years, due to the inability to absorb higher input costs and increased pressure on margins, both payment delays and insolvencies have increased in 2017. Looking ahead, Atradius expects this rise to continue in the first half of 2018, with food business failures rising by 5%. To read Atradius' research go to https://group.atradius.com/publications/market-monitor-food-uk-2017.html.
Market Monitors reports for Food are also available for the following countries: Brazil, France, Netherlands, Germany, Italy, Hungary, Ireland, Portugal, Spain.
Turkey's growth surpasses expectations but has become increasingly vulnerable. Coface's latest Panorama, 'Turkey records dynamic growth but is increasingly vulnerable to external factors', describes how Turkey’s substantial 7.4% growth during the first three quarters of 2017, (with 11.1% growth in Q3 compared to a year earlier - the fastest of all the G20 economies), was achieved despite the series of shocks which occurred in the country in 2016. Growth has mainly been driven by government support, higher investments, export growth and the recovery in private consumption. Looking ahead however, Coface warns that the Turkish economy is becoming increasingly vulnerable to external factors, with major vulnerabilities including deficit funding, increasing dependence on global financial investors, the volatility of exchange rates and rising inflation. To read Coface's Panorama go to http://www.coface.com/News-Publications/News/Turkey-records-dynamic-growth-but-is-increasingly-vulnerable-to-external-factors.
Fraud advice on how to avoid being caught out. Atradius has published a fraud factsheet for UK businesses. Atradius advises that short-term fraud is the type it sees most commonly. This is where a business is set up with the sole intention of defrauding suppliers in a short space of time, and is usually characterised by several small value orders placed in a variety of conflicting trade sectors with goods being sold on quickly at knockdown prices and the fraudster disappearing with the cash. Atradius describes the red flags which businesses should be wary of, and provides advice on what concerned companies can do to protect themselves. In addition, Atradius identifies the signals that credit insurers look out for, such as recent changes in ownership, name and/or registered address, a move from dormant to trading and several limit requests in a short space of time. To see Atradius' factsheet go to https://atradius.co.uk/article/fraud-and-buyer-impersonations----advice.html.
Atradius launches a customer portal based on Oracle technology. Atradius has announced that it has launched a new credit management portal, Atrium. The Atradius Atrium portal aims to provide brokers, agents and account management teams with a faster and more efficient way to complete claims applications as well as search and view information about buyers’ creditworthiness, such as buyer ratings, current cover, and claims before applying for a credit limit. The customer can then directly apply for a credit limit with the information already included in the application so credit limit decisions can be made quickly. Atrium was developed using Oracle web publishing technology which connects to a back office application based on Oracle business application technology. To read Atradius' news release go to https://group.atradius.com/press/press-releases/atradius-worldwide-launches-new-online-credit-management-portal-using-oracle-technology.html.
Congratulations to . . .
Susan Ross, Account Director with Aon Credit International's division in the UK, who was named in the Queen’s Birthday Honours List in recognition of her campaigning on behalf of the UK’s export economy and, last month, collected her MBE from a representative of the Queen. Susan has been a trade credit broker with Aon since the mid-1980s and has been a volunteer member of the British Exporters Association for more than a decade, including a three year period as Chairman from 2009-2012. During this time Susan campaigned for the re-launch of the UK Export Finance (UKEF) Bond Support scheme to the benefit of the hundreds of companies who have since used the product to be able to bid for, and win, overseas business.
Topi Vesteri, Berne Union President and Finnvera’s Deputy CEO and Group Chief Credit Officer, who has been awarded the title of 'Commander in the Order of Lion of Finland', in recognition of his lifelong work and achievements in export finance. Mr Vesteri was presented with the award – one of the highest in his country – on the occasion of Finland’s 100th anniversary of independence on 6th December 2017.
Carmine Mandola, Country Manager of Coface Israel, who received the Award 'CEO of the Year 2017 of Credit insurance' from ADIF - the biggest insurance publisher in Israel. The ADIF Award recognises companies that make a significant difference and add value to the insurance industry.
The following winners of the Global Brands Awards 2017 (http://www.globalbrandsmagazine.com/award-winners-2017/). 
  • Best Trade Credit Insurance Brand, Asia-Pacific - Euler Hermes 
  • Best Credit Insurance Brand, Belgium - Coface 
  • Best Credit Insurance Brand, Europe - Atradius Crédito y Caución S.A. de Seguros y Reaseguros 
  • Best Reinsurance Brand, Europe - Munich Re 
  • Best Insurance Brand, Ireland - AIG 
  • Best Credit Insurance Brand, Italy - Coface.
New Appointments
Euler Hermes has appointed Virginie Fauvel as Chief Transformation Officer as of January 15th, 2018, and Head of the Americas region as of April 1st, 2018. Once her nomination is approved by the Supervisory Board, she will also join the Board of Management of Euler Hermes as of 1 April 2018. In her new role, Ms Fauvel will be responsible for all of Euler Hermes’ transformation activities and will also supervise Euler Hermes Digital Agency. She joined Allianz France in 2013 as member of the executive committee, in charge of the company’s digital transformation, direct, big data and AI, communication and Market Management teams.
Aon Benfield has announced the appointment of Rupert Evans as a broker in their Credit & Financial Risks team. Mr Evans was most recently an assistant underwriter within the Treaty Specialty division of Liberty Specialty Markets, and has specialised in underwriting political risk, and credit & surety business, as well as other crisis management lines.
Atradius has announced the following promotions:
  • Richard Reynolds, formerly Head of SME Sales and Regional Manager for the Atradius Midlands region, has taken up a new role as Head of Strategic Accounts. Based in the Cardiff HQ, the Strategic Accounts Team manages a high profile portfolio of key accounts. Richard has been with Atradius for over 25 years and has built a strong reputation within the industry, regularly representing Atradius at key events. 
  • Tom Danson has been appointed as Head of Commercial for Atradius’ Midlands Regional Hub. Tom joined the Atradius London team from Aviva AXA in March 2014 as a Senior Sales Development Manager. In his new role Tom will be responsible for developing and retaining the Atradius portfolio in the Midlands Region.
Business Information & Reports
We are delighted to offer a small selection of the news items included in our new business information publication. Please go to Credit Management News Digest for more business information news.
Late payment worsens for UK SMEs. New research from Marketinvoice has shown that the culture of late payment to UK SMEs is undermining their growth and the value they bring to the UK economy. MarketInvoice reveals that 62% of invoices issued by UK SMEs in 2017 (worth over £21 billion) were paid late - up from 60% in 2016, with a third of the invoices that were paid late taking longer than two weeks from the agreed date to settle. The average value of these invoices was £51,826. Sectors that frequently pay late included the food & beverage industry (83%), energy businesses (80%) and wholesalers (79%). Meanwhile, those who took the longest to pay included transport businesses (25 days), utilities (23 days) and those in media sector (21 days). Businesses in Northern Ireland were found to be the worst late payers with 93% of invoices paid late. The research also found that while UK companies (66%) often pay invoices late, those in the US (71%) and continental Europe (73%) are even more likely to delay payment. However, the UK still takes twice as long (18 days) to pay UK suppliers than its counterparts in Europe (9 days). To read Marketinvoice's article go to https://blog.marketinvoice.com/2017/12/21/late-payment-worsens-uk-smes/.
Globally, 1 in 10 invoices are paid late, impacting small and medium businesses to the effect of US$3 trillion. An economic report published by Sage has revealed that the detrimental impact of late payments on global small and medium businesses equates to US$3 trillion globally. With 1 in 10 invoices failing to be paid on time, the study also reports that up to 8% of payments are either never paid or paid so late that businesses are forced to write it off as bad debt. As a result, almost 40% of small and medium businesses experience direct negative impacts from late payments. However, when looking at the reasons why small and medium businesses don’t chase payments the reasoning points to a cultural problem, with 40% of those surveyed concerned about damaging client relationships. The research also found that the UK and Ireland currently have the highest proportion of invoices that are paid late, with 17% paid late, 9% written off as bad debt and an average of 15 working days chasing late payments. To read Sage's news release go to https://www.sage.com/en-gb/news/press-releases/2017/12/half-of-uk-small-and-medium-businesses-expect-to-suffer-impact-of-late-payment-this-christmas/.
UK ‘zombie business’ numbers drop to record low. According to new research by R3, the proportion of UK companies which are only paying the interest on their debts – one of the signs of a so-called ‘zombie’ business – had dropped to 3% in December from 5% earlier in the year (April 2017). This means that the proportion of businesses only paying interest on their debts – equivalent to 49,000 firms – is now the lowest it has been since R3 began tracking ‘zombie businesses’ in June 2012.  (It had reached as high as 9% in November 2012 and August 2014; prior to April’s 5% it was 8% in September 2016). R3’s research also found that other signs of acute distress have dropped to record or near-record lows. Just 1% of UK companies report they are having to negotiate payment terms with creditors, are unable to repay debts if there was a small increase in interest rates, or are struggling to pay debts when they fall due. To read R3's news release go to https://www.r3.org.uk/index.cfm?page=1114&element=31239&refpage=1008.
UK ‘zombie business’ numbers drop to record low. According to new research by R3, the proportion of UK companies which are only paying the interest on their debts – one of the signs of a so-called ‘zombie’ business – had dropped to 3% in December from 5% earlier in the year (April 2017). This means that the proportion of businesses only paying interest on their debts – equivalent to 49,000 firms – is now the lowest it has been since R3 began tracking ‘zombie businesses’ in June 2012.  (It had reached as high as 9% in November 2012 and August 2014; prior to April’s 5% it was 8% in September 2016). R3’s research also found that other signs of acute distress have dropped to record or near-record lows. Just 1% of UK companies report they are having to negotiate payment terms with creditors, are unable to repay debts if there was a small increase in interest rates, or are struggling to pay debts when they fall due. To read R3's news release go to https://www.r3.org.uk/index.cfm?page=1114&element=31239&refpage=1008.
Global economic growth in 2018 on track to be fastest since 2011. The global economy is set to grow by almost 4% in 2018 in purchasing power parity terms, adding an extra $5 trillion to global output at current values, according to new projections in PwC’s Global Economy Watch. The main engines of the global economy - the US, emerging Asia and the Eurozone - are expected to contribute almost 70% of economic growth in 2018 compared to their post-2000 average of around 60%. Growth in the Eurozone is predicted to be above 2% in 2018, as PwC expects the peripheral economies to outpace the core for the fifth consecutive year. Of the larger Eurozone economies, the Netherlands is expected to lead the way with economic growth at 2.5%. By contrast, uncertainty relating to Brexit is expected to drag on UK growth, which is predicted to be 1.4% in 2018. To read PwC's news release go to https://www.pwc.co.uk/press-room/press-releases/Global-economic-growth-in-2018-on-track-to-be-fastest-since-2011.html.
UK sales fall in December for the fifth year in a row. According to new figures released by BDO, a last-minute surge in high street shopping in the week leading up to Christmas was not enough to rescue December trading. Overall like-for-like high street sales dropped -2.3% in December – the fifth successive December to record negative sales growth. Homewares sales grew by 2.5% in December as families splashed out to get ready for festivities, but sales of lifestyle goods struggled to grow at all (up 0.3%). Fashion retailers also finished off a miserable year by recording a sales dip of -3.8% for December – a fall that came off an already negative base of -1.1% in December 2016. It marked the third month in a row of negative growth for fashion sales, and the eighth month of the year where fashion sales failed to record any growth. To read BDO's news release go to https://www.bdo.co.uk/en-gb/news/2018/sales-fall-in-december-for-fifth-year-in-a-row.
Just 1 in 10 UK SMEs believe that the UK’s EU divorce will benefit them. According to research from Bibby Financial Services (BFS), despite news of an agreement to move on to the next phase of negotiations, over a third (37%) of SMEs trading overseas believe that Brexit will be bad for their businesses. Overall, just one in ten SMEs trading internationally (11%) - either importing or exporting - believe that Brexit will benefit them in the next three years and 36% say they have already been negatively impacted since the EU referendum. Findings of BFS’s ‘Trading Places’ report show that importers have been hit the hardest, with two fifths (40%) stating that Brexit has negatively impacted them, compared with 29% of exporters. BFS's research also reports that 55% of the top 20 import markets for UK SMEs are within the EU, while exactly 50% of the top 20 export destinations are EU members. The top two import and export markets amongst UK businesses, however, are China and the US respectively. To read BFS's news release go to https://www.bibbyfinancialservices.com/press/news/2017/importers-and-exporters-sceptical-over-brexit.
UK export growth outperforms EU counterparts. According to the latest European Export Index by BDO, UK export growth continues to outperform the export growth of Europe’s other largest economies. The UK’s Export Growth Index – which charts annual growth in total exports – has risen to 110.3 for the Q4 2017, up from 107.9 the previous quarter. The latest reading marks a nine-month high for UK export growth, which is now well above the long-term growth rate of 100. Demand for UK exports, in particular, has been rising above the long-term trend ever since the British public voted to leave the European Union in June 2016. The country’s exporters have been able to take advantage of the more competitive prices they can offer customers as a result of the fall in the value of sterling. In France and Italy, export growth is also set to accelerate, while a slight slowdown is expected in Germany and Spain. To read BDO's news release go to https://www.bdo.co.uk/en-gb/news/2017/uk-export-growth-outperforms-eu-counterparts.
UK retail administrations increase for the first time in five years. The number of retailers entering administration increased from 92 in 2016 to 118 in 2017, an increase of 28%, according to new analysis from Deloitte. This is the first increase in the last five years, and significantly records an uptick in the number of large multi-site retail administration appointments. Those administrations with more than ten stores rose from 11 in 2016 to 17 in 2017. Dan Butters, restructuring services partner at Deloitte, said: “We have seen a significant increase in retail insolvencies in the last twelve months including some well-known names. We see insolvencies in higher value categories, such as furniture, as a leading indicator that falling consumer confidence, and a drop in consumer spending, is starting to bite. This has implications for retail sub-sectors with a lower price point which typically take longer to feel the impact of reduced consumer spending." To read Deloitte's news release go to https://www2.deloitte.com/uk/en/pages/press-releases/articles/retail-administrations-increase-first-time-in-five-years.html.
Career Opportunities
Credit Risk Analyst 
Leadenhall, London 
Role Purpose: Part of the Political Risk & Credit team, our Credit Risk Analyst is responsible for reviewing the credit worthiness of companies globally but with a concentration on the EMEA region. Our Credit Risk Analysts work in partnership with our underwriters to recommend and approve credit limits for our clients. The role encompasses financial, sector and country risk analysis all in relation to short-term trade exposures.
Responsibilities: 
  • Credit Analysis – recommendation of credit limits for large and medium-sized corporates incorporating financial statement analysis and a discussion of other relevant factors in support of each recommendation.
  • Credit Monitoring – keen interest and ability to follow relevant news flow which may impact the credit risk portfolio. Experience with automating news alerts (e.g. factiva) and/or handling large datasets (e.g. from Bloomberg, D&B) on behalf of a team would be a plus. 
  • Compliance – a thorough and diligent approach to recording and maintaining accurate information in Chubb’s systems, including keeping records of all credit decisions and correspondence.
  • Risk Presentations – presenting risks internally to Chubb’s underwriters and/or credit committee as appropriate, either in written or oral form. Delivering credit training presentations to more junior analysts within the team, if applicable. 
  • Client Presentations – accompanying underwriters to client meetings and/or attending client presentations to the insurance market, with ability to participate and discuss specific risks and/or sectors with confidence.
Person Specification: 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 present 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. 
  • 5+ years Credit Insurance industry experience
  • Excellent financial analysis skillset
  • Knowledge of different trade sectors and the characteristics of companies in the sectors
  • An interest in current affairs
  • An understanding of global economics
  • An understanding of political risk
  • Ability to work efficiently under pressure and to deadlines
  • Ability to work independently as well as part of a team 
  • Degree educated or equivalent professional. 
Please email your CV and a covering letter to emea.resourcing@chubb.com.
Senior Business Development Manager, 
Commercial UK & Ireland – Regional Sales. 
Location: 10 Fenchurch Street, London EC3M 3BE London 
Our organisation: Atradius provides trade credit insurance, surety and collections services worldwide through a strategic presence in 50 countries. Atradius has access to credit information on 200 million companies worldwide. Its credit insurance, bonding and collections products help protect companies throughout the world from payment risks associated with selling products and services on trade credit. Atradius forms part of Grupo Catalana Occidente, one of the leading insurers in Spain and worldwide in credit insurance.
Unit / Team: Located across the UK and Ireland our key responsibility within the Atradius group is to ensure profitable and sustainable growth of the Regional portfolio and to manage customer satisfaction, retention and distribution strategy. 
Within the team of around 100 people are sales, account management, customer service & support, project management and control teams who work together to oversee and implement the Commercial strategy in order to achieve their targets. 
Atradius has its UK and Ireland HQ in Cardiff Bay, and a network of offices throughout the United Kingdom and Ireland, so that our customers can be assured of our personal services.
Job description: As the Senior Sales Manager in the Commercial UK & Ireland Unit, based in the London office, you will be responsible for prospecting, structuring and closing UK based Commercial Business. You will be a key entry point into Atradius for the London Broker community and work on a dedicated portfolio of Brokers. You will promote our products to UK based companies and together with the Broker and other areas within Atradius you will be responsible for designing, presenting and negotiating credit insurance deals. Building a strong but productive Broker network is essential and critical to this role.
This is a full-time position (35 hours per week).
Main responsibilities
  • Developing business relationships with a variety of intermediaries; broker and customer, and seeking new ways of driving profitable growth 
  • Responsible for raising awareness of the company in the market place and securing new clients
  • Confident, ambitious self-starter with a desire to succeed in a competitive market
  • A team-player, able to work alongside & with other team members to progress / enhance our offering to provide the optimum solution for our prospects & Brokers 
  • Identification of new prospects, assessment of client needs and selection of suitable / potential clients
  • Designing appropriate policy structures balancing the key risk elements 
  • Negotiating business: either at an individual or board level, also internal negotiating with other departments to gain a competitive offering
  • Has a responsibility to manage relationships and deliver against regional Broker operational plans
  • Strong understanding of Policy structures and an excellent appreciation of negotiating and closing a sale. 
Job requirements:
  • Experience within Credit Insurance desirable 
  • Proven ability to achieve financial targets  
  • Relevant business experience or degree 
  • Right to work in the UK.
What we offer: 
  • A great and challenging place to work - dynamic, transparent and informal. 
  • An environment for our people where they can realise professional growth 
  • Work in a very international working place 
  • Good career opportunities 
  • Attractive terms and conditions: salary in line with market conditions, commission scheme, pension scheme etc.
Interested? Please send your CV and motivation letter to Caroline Bannister, Senior HR Business Partner: caroline.bannister@atradius.com. Only successful candidates will be contacted. Closing date 1st February 2018.
Events & Offers
TXF Export Finance, 24 January 2018. Paris.
TXF France is always an unmissable opportunity to keep up-to-date with regional export finance and the latest market trends. This time around the one-day summit is set to focus exclusively on how to make French exports the most competitive in the world. You can expect the signature TXF experience alongside new policy announcements from Bpifrance and DG Trésor. The event will be attended by a range of exporters, borrowers, ECAs, banks, government representatives, law firms, insurers, advisers and others, so it is sure to be as vibrant as the city of Paris itself.
TXF France 2018 will be conducted entirely in French, but headsets for simultaneous translation into English will be available.
Attendance is capped at 170 delegates.
Credit Insurance News readers are entitled to an exclusive 10% off. Just enter the code CIN18 when you register here.
Blockchain for SCF Masterclass, 30 January 2018. Frankfurt. 
The Blockchain for SCF 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 Masterclass will provide you with a complete overview of blockchain and equip you with the knowledge to future proof your business. For more information go to https://bcrpub.com/events/blockchain-scf-masterclass.
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.
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.
About the Sponsor: CBF
Founded in 2000, Credit & Business Finance (CBF) quickly gained a top position in the UK Independent Broking League for Trade Risk Solutions, thanks to a focus on new business development – supported by a dedicated team providing specialist technical expertise.  
Offering impartial advice and qualified guidance on Credit Insurance and risk mitigation to businesses in the UK and Ireland, CBF enables its clients to trade confidently in any economic climate, by providing access to the latest risk assessment and protection tools. Not only are policies tailored to clients’ specific business objectives, strategy and risk philosophy, but the company’s varied sector-specific knowledge offers optimum value to many different types of business. CBF is well-known for its success rates in claims payments and increasing Credit Limits, while its portfolio of credit management options supports finance opportunities as well as improving credit control procedures.  
The company’s status as one of the industry’s leading lights has been confirmed with accolades including CICM Credit Insurance Specialist of the Year 2017 (currently shortlisted for the 2018 award), and Finance Award Credit Insurance Specialist of the Year 2017. 
In addition, CBF was instrumental in founding the Global Trade Credit Alliance (GTCA), which provides Credit Insurance specifically for multinationals. This international network of specialists, accessible through CBF, offers tailored policies for subsidiary companies, delivering all the benefits of specific local knowledge along with the ease, efficiency and cost-effectiveness of a single point of contact provided in each country.  
To find out more about CBF, call 01279 722555 or email info@cbfb.co.uk.
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