May 2020: Credit Insurance News Digest

Welcome to the May 2020 issue of Credit Insurance News Digest. This issue is sponsored by Nexus Trade Credit.

Index

Credit Insurance News

New Appointments

Career Opportunities

Events

About the Sponsor: Nexus Trade Credit

Credit Management News Digest

PLUS: This month's featured article: 'Shutdown – a UK Business Perspective', by Ian Selby – Commercial Director, Nexus Trade Credit UK.

Please note: Amid such a fast-moving global pandemic, news stories of just a few days old quickly become outdated. Consequently, we have provided the publication date of the news releases or articles featured in this month's issue, with items closest to our publication date (13 May) displayed first.

Credit Insurance News

13 May: UK government announces a plan to support businesses through a Trade Credit Insurance guarantee. UK businesses which rely on trade credit insurance and who are experiencing difficulties maintaining cover due to Coronavirus will get support from the government, the Economic Secretary to the Treasury, John Glen has announced. To prevent the risk of UK businesses having their credit insurance withdrawn, or premiums increasing to unaffordable levels, the government will temporarily (provisionally until the end of 2020) guarantee transactions currently supported by trade credit insurance. The guarantee will be delivered through a temporary reinsurance agreement with trade credit insurers currently operating in the market and will cover trading by domestic firms and exporting firms. The intent is for agreements to be in place with insurers by end of this month. More detailed information is expected soon. To read UK government's news release go to https://www.gov.uk/government/news/government-to-support-businesses-through-trade-credit-insurance-guarantee. Licensed under the terms of Open Government. Licence v3.0.

13 May: ABI backs government plans for a temporary reinsurance scheme so businesses can continue to access trade credit insurance. The Association of British Insurers (ABI) has welcomed the UK government's intention to develop a government-backed temporary reinsurance scheme to help businesses recover from the impacts of COVID-19. Similar action has already been taken in other European countries and Canada. James Dalton, ABI’s Director of General Insurance Policy, said: "If developed in the right way, this temporary scheme will give reassurance to the thousands of businesses who rely on the security that trade credit insurance cover provides." He added: "The priority now is to urgently work through with the Government how this scheme will operate in practice." To read the ABI's news release go to https://www.abi.org.uk/news/news-articles/2020/05/abi-backs-government-plans-for-a-temporary-reinsurance-scheme-so-businesses-can-continue-to-access-trade-credit-insurance/.

11 May: UK reinsurance backstop to be finalised within days. Reinsurance News has reported that according to Sky News a UK government scheme to provide a reinsurance backstop for trade credit insurers during the pandemic is expected to be finalised “within days.” The Association of British Insurers (ABI) said in an earlier statement that the availability of trade credit insurance could be “severely reduced” as a result of the crisis. “We want to avoid this,” it noted, “so we are discussing with the Government the scope for temporary state support to ensure that businesses can continue to obtain cover that meets their needs.” GlobalData expects the cost of the UK backstop scheme to run into the hundreds of millions of pounds, and said that the arrangement would be “extremely beneficial” to the insurance industry and small businesses. To read Reinsurance News' article go to https://www.reinsurancene.ws/uk-reinsurance-backstop-to-be-finalised-within-days-reports/.

7 May: Trade credit insurers are "reducing their credit limits substantially or removing them altogether". Kbbreview has reported that, according to Paul Hide, Chief Executive of The Association of Manufacturers of Domestic Appliances (Amdea), upheaval in the UK trade credit insurance sector is making life difficult for suppliers who want to support retailers asking for more time to pay their bills. He noted that most suppliers use credit insurance to underwrite their debt risk, and many of the providers of that insurance have been reducing their credit limits substantially or removing them altogether. "Even retailers who are trading to similar levels as before have seen their credit insurance reduced,” he noted. To read kbbreview's article or listen to a podcast interview with Paul Hide go to https://www.kbbreview.com/28904/news/suppliers-credit-insurance-hindering-support-for-struggling-retailers/.

7 May: Trade Credit Insurance collaboration aims to provide private Canadian credit insurers with additional credit capacity. The Receivables Insurance Association of Canada (RIAC) has announced that RIAC members Export Development Canada (EDC), Euler Hermes, Atradius, Coface Canada and The Guarantee Company of North America are working together to support Canadian businesses impacted by the COVID-19 pandemic. Their collaboration, Trade Partnership Insurance (TPI) is a select buyer reinsurance product that is intended to provide the Canadian-based private credit insurers with additional credit capacity. EDC will provide a backstop to excessive losses from any claims that private sector insurers experience. To read RIAC's news release go to https://receivablesinsurancecanada.com/trade-partnership-insurance-launched-to-bolster-canadian-business-through-covid-19-impact/ .

6 May: Tradeshift and the Danish Export Credit Agency (EKF) unlock $55 billion for supply chains. Tradeshift and EKF have announced that they have launched a program designed to provide a cost-efficient alternative to government-backed loans and stimulus packages. Banks in Denmark will be encouraged to offer favourable credit lines, underwritten by EKF, to large organisations in order to pay their suppliers earlier. Tradeshift will provide the technology to enable this initiative to roll out rapidly and at scale. Tradeshift believes that by targeting just 250 large organisations in Denmark, this will help to unlock up to 350 billion Kroner in working capital (equivalent to US$55 billion) over the next 12 months. To read Tradeshift's news release go to https://hub.tradeshift.com/latest/tradeshift-and-the-danish-export-credit-agency-unlock-55-billion-for-supply-chains.

5 May: COVID-19 may lead to trade credit insurance losses up to US$46 billion, with reinsurers to take up to 30% of the hit. Reinsurance News has reported that according to analysts at Morgan Stanley, trade credit insurance market losses due to the COVID-19 pandemic could reach as high as US$46 billion, with reinsurers perhaps taking as much as 30% of the hit. The majority of the global trade credit insurance exposure is in the European marketplace, with the major European insurers writing the lions share. Morgan Stanley anticipates that primary insurers may pay just under US$19.5 billion of claims after the announced government intervention measures. To read Reinsurance News' article go to https://www.reinsurancene.ws/covid-19-trade-credit-losses-up-to-46bn-reinsurers-to-take-up-to-30-ms-analysts/.

5 May: Nexus Trade Credit assess the impact of the UK shutdown and hopes for a government-backed scheme for the trade credit insurance market. This month's Credit Insurance News Digest contains an article by Ian Selby, Commercial Director of Nexus Trade Credit UK, which assess the impact of the UK shutdown and warns that the biggest risk may occur when lockdown eases. He notes that as trading starts to return to ‘normal’ levels businesses will need to re-stock or build up sales before cash starts coming in, requiring the support of creditors. However, if those creditors are still themselves owed cash, it is going to be "a big ask" for them to extend support. The article also notes that Nexus Trade Credit is hoping that current talks will result in a government-backed scheme for the credit insurance market in the UK similar to schemes already launched in some European countries. Click here to read the article

1 May: (Video) How the trade credit Insurance Market is reacting to the Coronavirus pandemic. The Chartered Institute of Credit Management (CICM) recently hosted a 'Lunch & Learn' session with Sarah Aldridge from TL Dallas, on the Credit Insurance Industry which describes how the UK trade credit insurance industry is reacting to the Coronavirus pandemic. During an in-depth presentation, Ms Aldridge noted that unlike in 2008/9, in the UK there have been no wholesale reductions of cover and the risk reviews that are being conducted on a strategic and often temporary basis. She also noted that the trade credit insurers are open to all reasonable appeals and review of their decisions. To watch the CICM's video go to https://www.youtube.com/watch?v=ksV7ILh10mU&t=1234s.

1 May: Top industries for Australian trade credit insurance claims. Insurance Business Australia has reported that trade credit insurance broker NCI (National Credit Insurance) has released its trade credit risk index for the first quarter and found that the overall score for the latest index went up from the fourth quarter’s 851 to 902. A higher index score signifies a riskier trade credit environment. Building/construction topped the list of industries for trade credit insurance claims received in the first quarter of 2020 (AU$5.4 million), followed by labour hire, finance, manufacturing and electrical. To read Insurance Business' article go to https://www.insurancebusinessmag.com/au/news/breaking-news/revealed-top-industries-for-trade-credit-insurance-claims-221154.aspx.

30 April: The Northern Irish export market could grind to a halt without government support to for trade credit insurers. Nigel Birney, Head of Trade Credit at Willis Towers Watson, has urged the Northern Ireland Executive to lobby the UK government to implement a scheme to enable the trade credit insurance sector to continue to provide cover during the COVID-19 pandemic. Mr Birney commented: “Potentially you could have the unpalatable situation whereby a company in Ballymena is unable to get insurance on a business in Portadown because the UK insurer is uncomfortable with the risk profile of the buyer, whereas a supplier in Germany could sell to the same buyer in Portadown and the debt would be insured under the German Government backed guaranteed scheme.” Click here to read the news release.

28 April: Macy’s loses trade credit insurance coverage. PYMNTS has reported that according to Bloomberg News, Coface SA and Euler Hermes Group SAS have stopped writing policies covering Macy’s and other big stores. Bloomberg noted that trade credit insurers have been reluctant to offer new policies for stores as they monitor the markets. To read PYMNTS' article and watch its video on the report go to https://www.pymnts.com/news/retail/2020/macys-loses-credit-insurance-coverage/ .

27 April: Has the trade credit insurance industry learned from the last global financial crisis? Aon latest C-Suite report describes how in the global financial crisis of 2007/8, trade credit insurers took significant actions around credit limit cover reductions, and considers whether now, "in their first big test since then", lessons have been learned. According to Aon, so far its general experience has been that the mono-line trade credit insurers are communicating better than they did during the last crisis, with more measured approaches to credit limit action. However, Aon also notes that "we have also observed specific insurer examples where this has not been the case", and predicts that those insurers will see a negative impact to client retention in the medium term. To read Aon's report go to https://www.aon.com/getmedia/2832de33-86be-4d6b-addf-b5342cc1ae5e/C-Suite_Credit_Solutions_COVID_April_2020.aspx.

24 April: Euler Hermes pushes for UK government support as it prepares to reduce exposure. CRN has reported that in a note sent to customers Euler Hermes has warned that it will be "reviewing our credit limit decisions in certain areas". This decision is based partly on its forecast that GDP could fall by 3.3% globally and by 8.2% in the UK and that global insolvencies could increase by as much as 25%. The notes also advised that Euler Hermes is in talks with the UK government about a support package, claiming that, if a protection scheme is put in place, it could "significantly reduce the amount of cover being affected". One credit insurance expert told CRN that the note is likely a move to apply pressure to the UK government to introduce a support package. To read CRN's article go to https://www.channelweb.co.uk/news/4014415/euler-hermes-pushes-gov-support-prepares-reduce-exposure.

23 April: UK government confirms credit insurance protection talks. CRN has published an article which notes that pressure is mounting on the UK government to follow the likes of Germany and France and support the UK's trade credit insurance industry. The German government, for example, has already announced plans to create a "protective shield", which will guarantee compensation payments from insurers, Similarly, in France, three schemes have been launched at a combined value of €12 million to protect businesses. A UK Treasury spokesperson acknowledged that the government is assessing the situation and in a statement published by the Financial Times, commented: "We understand the concerns around the trade credit insurance market and are urgently discussing these with insurers, business groups and the UK regulators." To read CRN's article go to https://www.channelweb.co.uk/news/4014328/government-confirms-credit-insurance-protection-talks.

23 April: Euler Hermes predicts what the world may look like after lockdown. In the US, for example, Euler Hermes believes that the shorter lockdown and "bazooka policies" will limit the impact of the economic shock. As a result, Euler Hermes' current prediction is for US GDP to contract by -2.7% y/y in 2020 compared with its growth of +2.3% y/y in 2019. In contrast, Euler Hermes anticipates that the Eurozone economy will take a year to recover to pre-crisis levels and will be pushed into the sharpest recession since WWII. France, Germany, the UK look set to contract by close to -9%, while Italy and Spain may see a contraction of more than -10%. To read Euler Hermes' news release go to https://www.eulerhermes.com/en_global/economic-research/insights/reopening-the-world-beware-of-false-starts0.html.

22 April: A trade credit backstop would be a boost for UK trade credit insurers. Reinsurance News has reported that GlobalData has said that the UK re/insurance industry could be boosted if the government decides to implement a trade credit reinsurance backstop scheme for the duration of the Coronavirus pandemic. Ben Carey-Evans, Insurance Analyst at GlobalData, explained that trade credit insurance is particularly important at the moment due to the number of businesses closed due to the pandemic, but added that it is also very risky for insurers. However, he believes that a backstop scheme would "allow insurers to continue offering trade credit to customers, safe in the knowledge they will have the government behind them as reinsurers." To read Reinsurance News' article go to https://www.reinsurancene.ws/uk-trade-credit-package-a-boost-for-insurers-says-globaldata/.

22 April: Trade credit insurers are working alongside public authorities to support Belgian companies during the pandemic. Following a protocol agreement between the Belgian federal government, Assuralia and private trade credit insurers, the Belgian federal government has agreed to set up a support mechanism in the form of a guarantee scheme (up to a maximum of €900 million) to trade credit insurers until the end of 2020. This will enable trade credit insurers to maintain credit lines as much as possible to Belgian companies and will cover trade transactions between Belgian companies and their buyers in Belgium and abroad. To read Euler Hermes' news release on the announcement go to https://www.eulerhermes.com/en_GL/media-news/news/Covid19-crisis-support-for-Belgian-companies.html.

21 April: The UK government mulls the idea of serving as reinsurer amid the pandemic. Insurance Business has reported that according to Sky News, the UK government is exploring a potential trade credit insurance guarantee scheme which could result in a reinsurance backstop not only during the COVID-19 pandemic but possibly for the period of economic recovery. An Association of British Insurers spokesperson told Sky News that in order to avoid a massive reduction in the availability of trade credit insurance, they "are discussing with the government the scope for temporary state support to ensure that businesses can continue to obtain cover that meets their needs." To read Insurance Business' article go to https://www.insurancebusinessmag.com/uk/news/breaking-news/government-mulls-idea-of-serving-as-reinsurer-amid-pandemic-220161.aspx.

21 April: The export credit insurance industry is providing a "robust" response to the COVID-19 pandemic. The Berne Union has published a report which notes that all sides of the export credit insurance industry have acted swiftly in response to the crisis and introduced measures to combat the negative economic impact of the pandemic. Responses from the private insurance market have been, according to the report, predominantly targeted to ease the pressure on exporters (policyholders) through relaxation of some administrative obligations. This includes allowing extra time for notifications of payment delays by importers, enabling extended payment terms to importers and providing flexibility on premium payments in some cases. Read the full report at the Berne Union website at https://www.berneunion.org/Articles/Details/506/Robust-response-to-the-COVID-19-pandemic-from-the-export-credit-insurance-industr.

18 April: Joint industry letter to European policymakers highlights the value of trade credit insurance in facilitating bank lending. The Berne Union has announced that it has co-signed a letter to European policymakers to highlight the complementary function of public and private credit insurance in facilitating bank lending amid the Coronavirus pandemic. An exert reads: "Public guarantees can provide a valuable last resort solution (ultimate backstop) at a time when the short-term trade credit financing guaranteed by the monoline three insurers may require backup. . .In these exceptional times, it is vital that recognition is afforded not only to official Export Credit Agencies and other guarantees provided by public entities but also to private credit insurers." To read the Berne Union's news release - with a link to the letter - go to https://www.berneunion.org/Articles/Details/505/Joint-industry-letter-to-European-Policymakers-to-highlight-the-value-of-credit-i.

17 April: Coronavirus will cause 'massive' losses across the insurance industry, says Allianz CEO. Insurance Journal has reported that Oliver Baete, Allianz SE's Chief Executive Officer, has warned that Coronavirus has upended insurers' business models and will cause "massive" losses across the industry. "The Coronavirus has hit our industry like a meteorite impact," Mr Baete said in an interview on Bloomberg Television. "There will be huge losses for the industry coming; it just takes a while for those to materialise." He added that while Allianz is strong enough to shoulder claims, its business model would require it to scale back coverage without a backstop, reinforcing the impact of the virus on global trade. To read Insurance Journal's article go to https://www.insurancejournal.com/news/international/2020/04/17/565061.htm.

17 April: UK government considers calls to underwrite trade credit insurance. The Grocer has reported that the UK government is considering requests to underwrite trade credit insurance to keep supply chains moving during the Coronavirus crisis. The Association of British Insurers (ABI) confirmed to The Grocer that it was in discussions with the government regarding "temporary state support" for the trade credit insurance industry in light of the likelihood of a "severe reduction" in available cover. A spokeswoman for the ABI explained: "This would see insurers continuing to offer cover, with limited reduction in credit limits to customers, with the government acting as a reinsurer of last resort." To read The Grocer's article go to https://www.thegrocer.co.uk/finance/government-considers-calls-to-underwrite-trade-credit-insurance/604087.article.

16 April: The German government and private credit insurers announce a plan to ensure that German trade credit insurers can maintain existing cover commitments and even take on new ones. The agreement provides that the German government will guarantee compensation payments by credit insurers to the value of €30 billion until the end of the year to cover business transactions of German companies with their domestic and foreign buyers. In their turn, trade credit insurers will transfer 65% of total premiums to the government this year, cover losses worth up to €500 million and bear the default risks above the government guarantee. For more information, read Euler Hermes' news release at https://www.eulerhermes.com/en_global/media-news/news/coronavirus-pandemic-euler-hermes-germany-participates-in-protective-shield-for-german-companies-and-suppliers.html.

15 April: China is expected to see a massive GDP growth slowdown in 2020. Atradius has published a new country report on China which predicts a sharp economic growth slowdown in 2020, with more downside risks on the horizon. As a corollary, Chinese business insolvencies will increase sharply in 2020, with small and medium-sized private businesses mainly affected. Looking ahead, Atradius warns that any economic rebound will be constrained by lingering domestic demand weakness, sluggish demand from overseas markets and distortions of supply chains in Europe and the US. To read Atradius' news release go to https://group.atradius.com/publications/country-report-asia-china-2020.
New country reports are also available for Japan, Indonesia, Vietnam, Taiwan, Singapore, South Korea.

14 April: COVID-19 may have long-term implications on trade credit risk (AM BestTV). An episode of AM Best TV recently warned that the COVID-19 pandemic could result in trade credit insurance claims reaching levels last seen during the 2008 global financial crisis. Mathilde Jakobsen, Director of Analytics at AM Best Europe Rating Services, said AM Best anticipates a similar increase in trade credit insurance losses to the last crisis but stressed that the short-term nature of the product will enable trade credit insurers to mitigate losses, re-price and de-risk their portfolio. She also noted that reinsurance will limit the impact of the losses that will hit trade credit insurers in the coming months. To watch the video go to http://www.ambest.com/video/MediaArchive.aspx?lid=1481970598001&vid=6149392580001.

14 April: Trade credit insurance claims stemming from COVID-19 losses will be "fact-specific and potentially hard-fought". Global Trade has published an article by Vivian Costandy Michael, an attorney in the New York office of Anderson Kil P.C, which warns that a surge in COVID-19 trade credit claims (expected to arrive by early summer and continue throughout the year) "will likely be met with forceful efforts" by insurance companies to get out of paying them. According to the article, coverage for trade credit insurance claims stemming from COVID-19 losses will be "fact-specific and potentially hard-fought". Several of the expected challenges (non-disclosure, prior knowledge, challenges to the underlying sales contract) are discussed. To read Global Trade's article go to https://www.globaltrademag.com/trade-credit-insurance-covid-19/.

12 April: European Commission approves €10 billion French guarantee scheme to support the domestic credit insurance market during the Coronavirus pandemic. The European Commission has approved a €10 billion French guarantee scheme to support the French domestic credit insurance market in the Coronavirus outbreak. Executive Vice-President Margrethe Vestager, in charge of competition policy, commented: “The €10 billion French guarantee scheme will make sure that domestic trade credit insurance can continue to be issued. This will protect the liquidity needs of French companies and will help them carry on their commercial activities in these difficult times." To read the European Commission's news release go to https://ec.europa.eu/commission/presscorner/detail/en/ip_20_650.

31 March: Public economic support schemes against the backdrop of COVID-19. In a position paper, members of the International Credit Insurance and Surety Association (ICISA) have called for a coordinated approach to support schemes across the European Union to meet the demands of the crisis triggered by the COVID-19 pandemic. The ICISA stresses that the experience of previous crises, including the 2008 financial crisis, has shown that structuring such schemes as reinsurance arrangements where the state provides an essential backstop to private cover, ensures minimal disruption to existing arrangements while also avoiding any delays in providing short term credit to the businesses that need it. Click here to read ICISA's news release.

April 2020: ICISA Insider: April 2020. The International Credit Insurance & Surety Association (ICISA) has published the latest issue of Insider, its online magazine. This issue includes an analysis of how lockdown offers an opportunity for regulators to reconsider differing views on the position of credit insurance as a risk mitigant, and an assessment of the economic impact on China and the Asia-Pacific region by COVID-19. There is also a look at the complicated problem of synthetic trade finance,' 7 Signs to spot a House of Cards', and an examination of new laws affecting recovery in Singapore: COVID (Temporary Measures) Act 2020. To download a copy go to https://www.icisa.org/wp-content/uploads/2020/04/3506_ICISA_Insider_1_2020_Regular_V4.pdf.

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New Appointments

Euler Hermes UK and Ireland has announced that it has appointed Özlem Özüner as Director of Market Management, Commercial Underwriting and Distribution. She succeeds Mike de Bresser, who was appointed CEO of Euler Hermes Netherlands earlier this year. Ms Özüner was previously CEO of Euler Hermes Turkey,

Coface has announced that it has appointed Guilherme Spadinger as Sales Director of France & Western Europe. Mr Spadinger joins from Euler Hermes, where he was CEO of Euler Hermes SFAC Direct. He will report directly to Antonio Marchitelli, Chief Executive Officer of Coface France & Western Europe.

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Career Opportunities

Senior External Broker

Are you passionate about credit insurance? Are you seeking for a progressive role in a growing company?
Xenia Broking Group are currently recruiting a Senior External Broker to join our regulated entity Credit & Business Finance Ltd. This role will be working in Sawbridgeworth with a team of awarded credit insurance specialists.
Xenia brings together two respected specialist credit insurance brokerage teams, Credit & Business Finance and Credit Risk Solutions. Xenia is part of the Nexus Group, a London based Managing General Agent.

Responsibilities of the role
Renewals:

Collation of renewal information using Goldmine, liaising with the client
Preparation of renewal statistics/information including loss history, key credit limits, turnover review, etc.
Responsibility for producing a professional renewal submission  Tracking/chasing indications from chosen markets

Credit limits:

Chasing of outstanding limits as required
Production of IRS’s
Ensuring clients understand basic policy requirements on setting limits
Coordinating and responding to relevant underwriter buyer reviews

Claims:

Preparing claims documentation and initial submission letters to underwriter
Liaising with clients for submission of additional information and clarification of data
Ensuring clients understand basic policy requirements in respect of claims

Overdue accounts:

Ad hoc reporting of overdue account and follow-ups where the client is unable to complete the actions within policy conditions
Reminding clients of claim submission deadlines for those overdue returns that remain unpaid and raise awareness to client of actions required to satisfy policy compliance. Liaison with clients/underwriters on repayment plans

Service delivery:

Completing comprehensive file notes of all phone calls and meetings with follow up confirmation where relevant to the client, underwriter or intermediary
Ensuring as far as possible that clients understand their responsibilities in running a credit insurance policy
Complying with FCA rules and procedures and work within regulatory framework

Your profile:

You will have practical hands-on experience in the credit insurance industry managing, retaining and growing a book of clients working in a reputable brokerage for a minimum of 5 years
Or you will have experience working for one of the credit insurance insurers in an underwriting or business development role
Ideally you will be educated to degree level (e.g Business Studies, Economics), as a minimum you will have A’Levels with strong performance in English and Mathematics
IT literacy including Word, Excel, PowerPoint, Outlook and other Microsoft Office applications
Excellent communication skills and the ability to effectively build relationships with clients, underwriters and colleagues
Excellent organisational skills and the ability to multi-task

This role reports to: Service Director
To apply for this position, please email your CV to humanresource@nexusunderwriting.com.

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Events

GTR UK 2020. 6 May. London. RESCHEDULED TO 2 NOVEMBER
GTR UK 2020 will take place in London on May 6, bringing the trade community together to discuss the potential implications for corporates, financiers and policymakers alike. The event will also consider the important role that all stakeholders have to play in promoting British businesses abroad and seizing on the huge opportunities to secure the UK’s future prosperity, with a strong focus on the role of the financial services community and the UK government in developing a global network to support trading companies.

Don’t miss your chance to join leading corporates and trade specialists for a day of discussion, debate and networking. Limited amounts of complementary corporate passes are available to those who are exporters, importers, manufacturers, distributors, traders & producers of physical goods only. For more information, visit here.

GTR East Africa 2020, 14-15 May. Nairobi. RESCHEDULED TO 1-2 OCTOBER
GTR East Africa marks its 11th annual conference in Nairobi, Kenya on 14-15 May 2020, where a cutting edge agenda will explore the key macroeconomic, geopolitical, financial market and tech trends shaping the East African trade finance landscape. This two-day conference provides GTR attendees with a unique opportunity to network with over 350 delegates all under one roof.
Don’t miss your chance to join leading corporates and trade specialists for two days of discussion, debate and networking. Limited amounts of complementary corporate passes are available to those who are exporters, importers, manufacturers, distributors, traders & producers of physical goods only. For more information, visit here.

TXF Global 2020: Export, Agency & Project Finance, 3-5 June 2020. Madrid.
The global export, agency & project finance games return for 2020! Join TXF on 3-5 June in Madrid for the largest gathering of its kind with a vision to taking your network further than ever before.
With the CEOs of EKF, MIGA, US EXIM and more already in training for the Olympic games, along with 1000 of the industry’s key players, quite simply, this is the event you cannot afford to miss.
Packing the mightiest of punches, TXF Global will again combine keynote addresses from CEOs and state ministers outlining the future of industry, sustainability and digitisation, as well as infrastructure and project roadmaps. Mixed with detailed technical workshops, lively debate forums and regional roundtables TXF Global allows for an intimate networking environment like no other.
As a Credit Insurance News member, get an exclusive 15% off the standard ticket price using code: LETTHEGAMESBEGIN on the booking page.
Visit the website to find out more.

GTR US 2020, 17 June 2020. Chicago. RESCHEDULED TO 28 OCTOBER
GTR US 2020 will return to Chicago for its fourth year on June 17, 2020, where US companies and their financing partners will meet to discuss the evolution of the trade, supply chain and working capital space. Featuring a host of expert speakers, the event will provide the latest business intelligence required to navigate trade-related risks, and the practical know-how enabling those tasked with facilitating US commerce to form resilient, agile trade financing and risk management strategies. With leading corporates, banks, financiers, insurers and digitization specialists in attendance, this event is not to be missed for those looking to create crucial industry contacts and optimize their trade business.

GTR Asia 2020, 8-9 September 2020. Singapore.
GTR Asia will return to Singapore from September 8-9 to host over 1,300 decision-makers and leaders from the global trade, export and fintech community. A leading global financial hub and home to a dynamic and thriving financial ecosystem, Singapore provides the perfect backdrop to explore the future of international trade and investment.

Offering a truly global perspective and tackling issues with a forward-looking outlook, GTR aim to create events for those passionate about issues that define the trade finance world. Hosted for over a decade, GTR Asia is recognised as the world’s largest international gathering for local and international organisations: from banks to multinational corporations and SMEs, independent financiers, commodity brokers and traders, insurers and risk managers, lawyers, consultants, ECAs and multilaterals and many more.

Attendees will gain valuable business contacts and learn from the leading figures in the industry; Hear fresh and challenging perspectives from over 100 of the world’s leading trade, treasury and fintech experts; Enjoy innovative content designed to foster maximum engagement between speakers and delegates, bringing all parties involved in Asian trade together for a two-day focused conference and networking exhibition.

Don’t miss your chance to join leading corporates and trade specialists for two days of discussion, debate and networking. Limited amounts of complementary corporate passes are available to those who are exporters, importers, manufacturers, distributors, traders & producers of physical goods only. For more information, visit here.

Commodities Trading Forum, 16 September 2020. Geneva.
Building on the success of 2019’s inaugural Geneva event and reflecting increased collaboration and partnership with the Swiss Trading & Shipping Association (STSA), GTR is delighted to announce that its newly expanded Commodities Trading Forum will be taking place at the Intercontinental Hotel Geneva on September 16, 2020. Co-hosted and held in partnership with both the STSA and PwC, and reflecting on Switzerland’s role as one for the world’s leading hubs for commodities from oil and gas to metals and agribusiness products, the conference will provide a comprehensive overview of the global commodities and commodity finance markets. Attendees will benefit from critical market insight and idea-sharing through a series of interactive and informative session formats, whilst unchallenged networking opportunities will provide access to over 200 different companies involved in the financing of global commodities.

GTR Nordics 2020, 12 November 2020. Stockholm.
After many consecutive years of attendance growth we are delighted to announce that GTR Nordics 2020 will take place on November 12, moving to the larger event space at the Radisson Blu Waterfront, Stockholm. While offering a more comfortable space to mingle, this also provides the opportunity to add some exciting new event features. GTR Nordics 2020 promises to be the biggest and best yet: Watch this space for more details as we move towards the conference date! Last year GTR Nordics returned to Stockholm and welcomed another record-breaking audience of over 500 trade finance experts, insurers, bankers, ECAs, technology innovators and corporates of all sizes.

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About the Sponsor: Nexus Trade Credit

Nexus Trade Credit offer a range of solutions to cover the requirements of suppliers, subcontractors, service providers and importers/ exporters for business–to-business transactions against trade credit risks. The client may have a policy in place already or may be looking to insure a specific requirement that does not fit within their existing programme.
In addition, we provide products that enhance companies’ credit management including First Collect, a highly regarded debt collection service, and First Limit, a service offering real-time credit opinions and 24/7 monitoring.
We currently operate from offices in the UK, Germany, Netherlands, France, and the USA. We specialise in Whole Turnover, Trigger and XOL policies, also offering cover on a Top-Up and Key Buyer basis.

Nexus Trade Credit is backed by several leading Lloyd’s syndicates, thus enabling us to offer policies with a very strong “A” (AM Best) rating.

For any enquiries please contact:
Ian Selby – UK Commercial Director
T: +44 (0) 203 011 5623
M: +44 (0) 7917 540 307
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