Welcome to the July 2021 issue of Credit Insurance News Digest. This issue is sponsored
by Nexus Trade Credit.
Index
PLUS: The UK Economy: Short-Term Prospects
This month's featured article by Ian Selby Head of Trade Credit, Nexus Trade Credit UK
This month's featured article by Ian Selby Head of Trade Credit, Nexus Trade Credit UK
Credit Insurance News
The CBM urges rethink on the UK government's trade credit reinsurance scheme. The Engineer has reported that
the Confederation of British Metalforming (CBM) has been lobbying Whitehall to extend the UK's trade credit reinsurance scheme until the end of the year.
CBM president, Steve Morley, warned that the expiration of the scheme would result in insurers removing trade credit insurance that covers manufacturers and advised in a statement that
“this is the biggest threat to industry’s recovery, it’s as simple that." He continued: “The government scheme gave insurers the confidence to cover manufacturers, and we are already seeing examples of these same insurers withdrawing cover."
To read The Engineer's article go to https://www.theengineer.co.uk/industrial-recovery-trade-credit-reinsurance-cbm/.
The pandemic could fundamentally change the perception, modelling, and underwriting of trade credit risks.
EIOPA (European Insurance and Occupational Pensions Authority) has published a report that describes current developments in the European trade credit insurance market, focusing on two angles: the prospects of
increasing risk for the sector and the behaviour of trade credit insurers under the condition of rising risk. EIOPA suggests that the pandemic could "fundamentally change the perception, modelling, and underwriting of
trade credit risks" with a growing view that some industries (notably aviation, retail stores, bars and restaurants, event organising) are inherently vulnerable and present much higher credit risk than previously modelled.
"This could lead to permanently lower coverage in these sectors." The report also notes that analysis of recent financial statements of European trade credit insurers indicates a reduced risk exposure of around 10% in 2020 compared to 2019.
To read EIOPA's report go to https://www.eiopa.europa.eu/sites/default/files/publications/reports/financial-stabiliy-report-july-2021.pdf.
Trade credit insurance and surety continue to support the global economy. The International Credit Insurance & Surety Association (ICISA) has published new research that indicates that despite the economic outlook and
uncertainties, trade credit insurance "reached new peaks" in 2020. Overall, trade credit insurers' premium written was €6.3 billion compared to €6.9 billion in 2019, with the decrease due to the initial impact of COVID in early 2020.
However, by the end of the year, and after government intervention in a number of markets to counteract the economic impact of the pandemic, the ICISA notes that capacity in 2020 had returned to roughly the same level as in 2019. The analysis also found that claims paid increased
by 12% to €3.8 billion — reflecting that intervention by governments was not universal — with a claims ratio in 2020 of 60%, compared to 48% in 2019. Overall insured exposure was €2.4 trillion in 2020.
To read ICISA's news release go to https://www.icisa.org/news/trade-credit-insurance-and-surety-continues-to-support-the-economy/.
The trade credit insurance industry is ready to take back underwriting control. InsurancePOST has published an article in which Stuart Ramsden, Atradius' Regional Director UK & Ireland,
forecasts that a smooth transition is expected after the UK government Trade Credit Reinsurance Scheme is closed. He notes that the scheme was "an absolute game changer" for the industry
and ensured that the vital lifeline of non-payment protection remained in place for businesses. In fact, "the scale of business support was so great, it essentially created an artificial
trading environment." Now that the scheme has come to an end, he stresses that businesses must be assured that the credit insurance industry is ready to take back full underwriting control and anticipates that Atradius will resume underwriting cover levels "proportionate to the level of trade prior to the pandemic."
To read InsurancePost's article go to https://www.postonline.co.uk/commercial/7847071/blog-credit-insurance-industry-ready-to-take-back-underwriting-control-as-government-reinsurance-scheme-ends? (Subscription may be required).
UK fashion retailers fear losing trade credit insurance cover as COVID relief ends. Drapers has reported that the withdrawal of the UK government's trade credit reinsurance scheme has left
suppliers fearful that they will lose insurance on several retail customers overnight. The article notes that, as a result of the pandemic, many retailers’ books will show poor performance in the past year compared to
previous years but these numbers may not reflect the health of the overall business. One womenswear supplier cited by Drapers commented that insurance companies had said that they intended to remove the cover
from several retailers as soon as
the scheme ends on 30 June: “We’re holding our breath because we’ve got good orders for autumn/winter 21, but how many of them will have insurance? The money the government has spent on business support schemes
is extraordinary, but it needs to put pressure on insurers to look at the bigger picture and not just the numbers.”
To read Drapers' article go to https://www.drapersonline.com/news/fashion-retail-faces-cliff-edge-as-government-covid-relief-ends.
UK retailers and other groups are worried that trade credit insurers will "pull coverage". Insurance Business has reported that following the expiration of the UK’s trade credit
reinsurance programme on 30 June, UK retailers and other groups are worried that trade credit insurers will pull coverage.
According to the article, Tim Smith, Global head of trade credit insurance at Marsh, told The Financial Times that while most retail clients had managed to renew their coverage,
insurers were “looking closely” at companies’ financials before deciding how much coverage to extend. According to The Financial Times data cited in the article, insurers paid out €3.8 billion
(about £3.26 billion) globally on trade credit policies last year — a 12% spike over 2019. According to the International Credit Insurance and Surety Association, that figure would have been much higher,
but for government support measures that kept companies in business through the pandemic.
To read Insurance Business' article go to https://www.insurancebusinessmag.com/uk/news/breaking-news/report--which-industries-have-become-harder-to-insure-following-covid19-260000.aspx.
Fewer businesses in the US intend to use trade credit insurance than in Mexico and Canada.
Atradius' latest Payment Practices Barometers for the US and USMCA (US, Mexico and Canada) have found that although 31% of respondents in the USMCA region plan to use trade credit
insurance over the coming months, the proportion was 5% lower in the US than the regional average (26%, compared to 31% in Mexico and 36% in Canada). Instead, more than half (51%) of US businesses advised that they plan to
retain and manage trade credit risk internally through
self-insurance over the coming months
(compared to Mexico 31%, Canada 41%). Atradius suggests that may explain why a greater percentage of US businesses struggled with late payments and bad debts compared to the rest of the region.
Overall, an average of 41% of businesses across the region reported
deterioration in customer payment practices over the past year (US 47%, Mexico 44%, Canada 32%), with 6% of invoices written off as uncollectable (US 8%, Mexico 5%, Canada 5%).
To read Atradius' news release, with a link to the Barometers reports for USMCA and the US, go to https://atradius.co.uk/reports/payment-practices-barometer-usmca-2021-late-payments-affect-nearly-half-of-b2b-trade.html.
Bira calls for an extension to the UK government's Trade Credit Reinsurance Scheme.
The British Independent Retailers Association (Bira) has called for an extension of the UK government's Trade Credit Reinsurance Scheme. CEO Andrew Goodacre said the removal of the scheme could not
come at a worse time for independent retailers, noting that trade credit is "crucial" to retail. He commented: "Most retailers who have been closed for eight or nine months over the past year will now
be submitting accounts showing losses and increased debt. The danger is that the insurers will assess this risk and reduce or even remove credit. We experienced this while the scheme was in place and fear
for the worst once the scheme is closed." To read Bira's news release go to https://bira.co.uk/news-campaigns/trade-credit-end.
The turnaround in media perceptions of trade credit insurance. The latest issue of ICISA Insider features an interview with Rob Nijhout, ICISA's recently
retired Executive Director. Looking back over his long career, Rob suggests that one of the most remarkable achievements of the industry has been the turnaround in how trade credit insurance
is perceived by the outside world and by the general media. In the crisis of 2008/2009 he recalls that, although some criticism of the industry was justified,
some of the leading media outlets had an incorrect understanding of what credit insurance is, leading to unfounded criticism which "tainted the perception of the industry." In response to this, ICISA’s Management Committee pro-actively sought to educate the media towards a better understanding of what trade credit
insurance does, "and especially of what it cannot or does not do."
As a result, when there is criticism now, this is based on "factual concerns rather than on misinformation, wrong assumptions or incorrect perceptions." To read ICISA Insider go to https://www.icisa.org/news/the_insider_june21/.
Environmental, social and governance (ESG) impact and trade credit insurance.
Aon has published a C-Suite series report that suggests that there is a clear need and opportunity for the trade credit insurance industry to shift to a greener model. The report notes that there are already pockets
of progress, such as the recent launch of a green credit insurance product and an imminent MGA that will purely support green project finance transactions, and some credit insurers are starting to bring ESG KPIs to the
forefront of country and buyer ratings. Other initiatives include withdrawing cover for polluting industries and reducing the premium of businesses that can fulfil a set level of ESG requirements. However, overall as
an industry, the report warns that "there is an absence of proactive and meaningful product strategies", and credit insurers
"broadly admit to not taking ESG criteria into account as part of their underwriting." Unlike, for example, the banking sector, where green credentials are beginning to be built into pricing.
To read Aon's news release go to https://www.aon.com/unitedkingdom/insights/time-for-credit-insurance-market-to-take-ownership.jsp.
Euler Hermes announces the first green2green single risk policy. Asia Insurance Review has reported that Euler Hermes and NORD/LB, a state-owned German commercial bank, have announced the
closing of Asia Pacific's
first Green2Green Single Risk credit insurance policy. Launched in November 2020 by Euler Hermes Transactional Cover Unit, the Green2Green Single Risk solution focuses on providing insurance to green transactions,
with 100% of the generated investable premium invested back into the green economy in the form of certified green bonds to support new green projects.
Euler Hermes Asset Management issues a certificate of investment to ensure the full traceability
of the invested premium throughout the tenor of the transaction.
To read Asia Insurance Review's article go to https://www.asiainsurancereview.com/News/View-NewsLetter-Article/id/77051/Type/eDaily/Asia-Pacific-Euler-Hermes-announces-first-green2green-single-risk-policy.
The use of trade credit insurance is increasing in China.
Atradius' latest Payment Practices Barometer for China indicates that more than half of all business-to-business transactions in China were made on
credit last year, and although this slowed
a little after the outbreak of the
pandemic, the majority of businesses
that already sold on credit continued
to do so. Atradius suggests that this widespread adoption of trade
credit is a factor influencing the
strong take-up of credit insurance
seen in China, and notes that 40% (compared to 37% in Asia as a whole) of the businesses polled for the Barometer advised that
they plan to
mitigate the risks of offering trade
credit through more frequent use
of trade credit insurance during the
next 12 months. 53% of businesses told Atradius they
believe this approach should help keep their DSO levels stable. To read Atradius' news release, with a link to the full report, go to https://atradius.co.uk/reports/payment-practices-barometer-china-2021-use-of-credit-insurance-on-the-rise.html.
Aon partners with Walbing on a trade credit marketplace. Reinsurance News has reported that
Aon has partnered with Walbing, a Hamburg-based fintech, on the establishment of a service tailored for syndicated trade credit insurance.
“In the midst of the Corona pandemic, more and more insurers have withdrawn from trade credit insurance or have significantly reduced their lines,” Jörg Hörster, founder and CEO of Walbing, commented.
“Together with Aon, we want to use a digital syndication process to ensure that trade credit insurance is no longer a bottleneck for international supply chains." To read Reinsurance News' article go to https://www.reinsurancene.ws/aon-partners-with-insurtech-walbing-on-trade-credit-marketplace/.
BPL Global launches a new platform, BPL Sphere. BPL Global has announced that it has released BPL Sphere — a new platform designed to give clients full and immediate visibility of their credit and
political risk insurance (CPRI) portfolio and exposures across their global operations. The new platform includes dashboards that can track and display all aspects of a client’s activities, ranging from non-binding quotations
through to bound policies, invoicing and claims. The portfolio view can also be filtered by country, obligor, cover type, policy status, currency or insurer security. BPL Global has developed and refined BPL Sphere over the last
twelve months and notes that the platform responds to the growing demand among clients for sleeker, more holistic tools to analyse and utilise their insurance data.
To read BPL Global's news release go to https://bpl-global.com/2021/07/05/bpl-global-launches-market-leading-portfolio-management-tool-bpl-sphere/.
Uncertainty over Brexit has severely impacted UK-EU trade.
Insurance Business has reported that a new report from Atradius has found that the UK’s trade with the EU has declined at twice the rate as the rest of the world — primarily due to Brexit.
Atradius noted that UK international trade saw a 14.3% year-over-year drop in March 2021, with a near-equal contribution of EU and non-EU trade. However, comparing trade levels from the past 12 months
to those in 2018 shows the longer-term difference in trade levels is more protracted. Over that period, trade between the UK and non-EU countries fell 9.1%, while UK-EU trade went down 18.9%.
While demand last year was severely affected by the pandemic, Atradius suggests that the higher magnitude of long-term UK-EU trade contraction implies that uncertainty over Brexit has played a “significant role”.
It also stated that trade gains between the UK and EU made since 2016 were all but “wiped out” in 2020 in the run-up to the end of the transition period.
To read Insurance Business' article go to https://www.insurancebusinessmag.com/uk/news/sme/uncertainty-over-brexit-severely-impacts-ukeu-trade--report-257761.aspx.
The European and North American economies could be back to near-normal functioning by the end of this Summer. Coface has published a new report which advises that it has raised its overall global GDP growth
forecast for 2021 upwards by 5.6% — mainly due to the US, whose economy has continued to "surprise favourably".
As a corollary, Coface also expects world trade to see an 11% increase in 2021 after a 5% decline in volume last year. Looking ahead, Coface predicts that provided that the vaccination rate does not slow down or new variants that are more rapidly transmissible cause
new waves of infection, the European and North American economies
should be back to near-normal functioning by the end of this Summer.
However, in contrast, the slow progress of vaccination campaigns in emerging countries will continue to constrain domestic demand and heighten inflationary and political risks.
To read Coface's Barometer with a link to the full report go to https://www.coface.com/News-Publications/News/Coface-Barometer-Q2-2021-A-two-speed-world.
Businesses in Australia brace for an insolvency surge.
Atradius' latest Payment Practices Barometer for Australia indicates that an average of 54% of Australian businesses have experienced late payment, with an average of 5% of receivables written off as uncollectible.
The Barometer also indicated that significant numbers of businesses in Australia lengthened payment terms last year and 40% delayed payment to suppliers in a bid to
support their own liquidity. Taken together, Atradius notes that this points to a significant proportion of working capital tied up in trade credit. Looking ahead, 55% of businesses told Atradius that they plan to manage credit
risk internally, through techniques such as discounts for early payment of invoices (44%).
Conversely, the same percentage of respondents told Atradius they would invest in credit insurance over the coming months.
To read Atradius' news release with a link to the full report go to https://atradius.co.uk/reports/payment-practices-barometer-australia-2021-businesses-brace-for-an-insolvency-surge.html.
LiquidX anticipates that between 30% - 50% of trade credit insurance will be transacted and managed online by 2025. LiquidX has announced that its Singapore entity has received approval to offer
insurance brokerage services in the country. The move will allow LiquidX Insurance Services (Singapore) Pte. Ltd. to help banks, asset managers and funds, and corporates of all sizes in Singapore to access and automate trade credit
insurance coverage via the LiquidX 360 platform. As part of this announcement, LiquidX also advised that it estimates that the trade credit insurance market will roughly double in size between 2021 and 2027, and, by 2025, expects that between
30% - 50% of trade credit insurance will be originated, managed and transacted online. To read LiquidX's news release go to https://www.liquidx.com/2021/06/29/monetary-authority-of-singapore-grants-brokerage-license-to-liquidx/.
Payment delays in Asia fall to a five year low.
Coface has reported that its latest 2021 Asia Corporate Payment Survey indicates that despite a weakened economic environment, payment delays in the region improved in 2020 — with the average duration of overdue payments
falling to a five-year low. Shorter payment delays were seen across six of the nine surveyed economies and 10 out of 13 sectors. Coface notes that this trend was partially due to robust and coordinated government policy
responses to soften the impact of the pandemic on business activity, as well as the move by companies towards tightening credit management and strengthening cash-flow resiliency. Tighter credit policy was reflected by the
average duration of payment delays in Asia Pacific falling to 79 days in 2020, down from 85 in 2019 — the shortest length since 2015.
To read Coface's news release with a link to the full report go to https://www.coface.com/News-Publications/News/Asia-Pacific-Corporate-payment-delay-trend-stabilized-companies-see-brighter-outlook-but-risks-and-uncertainty-remain.
The latest issue of ICISA Insider is now available.
The International Credit Insurance & Surety Association (ICISA) has published the latest issue of ICISA Insider, its tri-annual online magazine that offers a wide array of articles related to trade credit insurance and
interviews with people in the industry. In addition to ICISA announcements, this issue examines other 'unprecedented' challenges that the industry could face in the future, and discusses how trade credit Insurance and surety are facing up to the challenges of sustainability. Additional features include an
overview of the role of CGIC in trade credit insurance on the African continent, and an analysis of how the pandemic has demonstrated multi-class connected risk causality.
To read ICISA Insider go to https://www.icisa.org/news/the_insider_june21/.
Credendo looks at the key historical events that have shaped the last 100 years.
Credendo has published a book (with photos and illustrations) that looks at some of the key events (Black Thursday, The Bretton Woods Agreement, the fall of the Berlin Wall, Brexit, amongst others)
that have shaped the world in parallel with Credendo's development — from the foundation of the Delcredere Committee in 1921 to the company it is now.
The book also examines some of the current issues faced by each of Credendo's main business areas and, looking ahead, examines future challenges.
To see a copy of Credendo's book go to https://annualreport.credendo.com/wp-content/uploads/2021/06/credendo_100years_book.pdf.
Webcast: The risks and challenges facing the trade credit insurance market. Markel has published a webcast of a conversation between Simon Philpin, Head of Business Development, Global — Trade
Credit at Markel International,
and Tim Smith, Managing Director — Global Practice Leader at Marsh Trade Credit, that discusses how trade credit insurance has fared during the pandemic and considers the outlook for the industry now that the UK government's support scheme
has come to an end. Both note that after a hard market last year, the trade credit insurance industry is now returning to a soft market as insurers compete to grow their top line and new business pipeline.
Tim Smith warns that this can result "in all sorts of crazy pricing", which could result in a cycle on pricing that will put pressure on cover, and — if losses begin to arise at the end in the second half of this year —
result in underwriters becoming less predictable. To watch the webcast go to https://vimeo.com/563689934/2451f2a7f4.
Webcast: A new approach to trade credit insurance post-pandemic. Tokio Marine HCC's Underwriting Director — Credit, Ray Massey, recently hosted a Q&A which discusses how multiple lockdowns have impacted the economy and the trade credit
market. Ray notes that recent E&Y/Parthenon analysis calculated that government support has prevented 6,000 UK companies from entering into insolvency if the pre-March 2020 trajectory had continued - a figure which "lays bare"
just how much of a negative impact the withdrawal of support could still have. Now that the scheme has ended, Ray suggests that an approach to trade credit insurance, based on confirmation of a company’s liquidity
position and headroom, rather than positive trading information that may not exist post-pandemic, will be required. This will ensure that those companies that had strong businesses prior to COVID-19 "will be able to draw on the
value and security that trade credit insurance brings."
To read Tokio Marine HCC's news release go to https://www.tmhcc.com/en/news-and-events/trade-credit-a-nervous-time-for-a-re-emerging-economy.
Webcast: How to improve trade credit capacity through captives.
Marsh has published a webinar that advises that as more insurers pull back on trade credit capacity and tighten their underwriting capacity and it "becomes more difficult to
obtain coverage", many businesses are considering alternative ways of securing trade credit insurance, such as through a captive insurer. Marsh notes that its analysis of past data
indicates that the number of Marsh managed captives writing trade credit insurance had already increased by 19% between 2016 and 2020 and, looking ahead, more than half of the organisations
it surveyed recently have plans to expand their use of captives in response to current market conditions. The webinar explores the potential benefits of insuring trade through a captive, examines how
captives can provide cost-efficiencies and increase liquidity and discusses various captive structures and underwriting considerations for trade credit insurance.
To watch the webinar go to https://www.marsh.com/us/insights/research/trade-credit-captives.html.
Webcast: The role of trade credit insurance in a healthy supply chain. GTR has published a video from its recent event, GTR US 21, in which panelists Scott Pales, Willis Towers Watson,
Sanjeev Ganjoo, Citibank, Kent Paisley, Allied World Assurance Company, Jay LeClaire, Euler Hermes World Agency, Pierre-Olivier Cordt-Moller, Gerald Group, and Jason Lagrue, Chubb, discuss
the key measures that should be employed to promote effective trade credit risk mitigation, from in-house risk management and involvement of the appropriate participants in a policy, to the proper
disclosure of counterparty data, and navigating the claims process.
To watch GTR's video go to https://www.gtreview.com/videos/in-it-for-the-long-run-the-role-of-trade-credit-insurance-in-a-healthy-financial-supply-chain.
Webcast: De-globalisation — a new way to trade, but will it stick?
In the final event of the four-part series, ‘From crisis to opportunity: what’s the future of trade?’ Atradius examined if interrupted supply chains with quarantines, protectionism and container ship chaos, coinciding
with a decline of the global merchandise export-to-GDP ratio, means the end of globalisation as we know it? The panellists included:
Dr Linda Yueh, a leading economist on global trends, Fellow in Economics, St Edmund Hall, Oxford University and Adjunct Professor of Economics, London Business School; Valter Viero, Assistant Financial Director, Acciaierie Valbruna SpA;
Bart Jan Koopman, Director of evofenedex, the Dutch trade association; and Eric den Boogert, Managing Director Asia, Atradius.
To watch the full 1-hour webinar go to https://group.atradius.com/virtual-event-series/from-crisis-to-opportunity-event4.html.
Webcast: Transformation and new challenges for Export Credit Agencies
Tinubu Square recently hosted a roundtable to discuss the current role of ECAs, examine how this role has evolved and consider new challenges. Discussion points included: ECAs ability to
cooperate or liaise with other parties in a wider ecosystem (organisation and processes); ECAs collaboration with banks and the requirement to launch new products to be able to operate
in the short term; the regulation applicable for ECAs operating in the Europe Union; the digital transformation and impact of ECAs culture "and their perception of their mission."
Panellists included Diana Smallridge, President & CEO, International Financial Consulting, Michel El-Khoury, Lead Consulting Partner, Government Financial Services,
Deloitte Inc, and Henri d'Ambrières, CEO, HDA Conseil. Jérôme Pezé, CEO and Co-founder of Tinubu Square, acted as moderator.
To watch the webinar go to https://www.tinubu.com/wf/tinubu-square-replay-webinar-eca.
As the UK government's reinsurance backstops ends, trade credit insurers are well-prepared.
AM Best has published a new Market Segment Report, 'As Government Backstops End, Trade Credit Insurers are Well-Prepared', which examines the impact the schemes had on commercial trade credit insurers,
and assesses the road ahead for the carriers. The report finds that Europe’s trade credit insurers have generally weathered the pandemic much better than expected, but notes that a surge in
insolvencies linked to COVID-19 factors remains a threat. However, AM Best believes that trade credit insurers are well placed to manage this future uncertainty.
The report costs US$130 and is available at https://www.businesswire.com/news/home/20210712005154/en/Bests-Market-Segment-Report-As-Government-Backstops-End-Trade-Credit-Insurers-are-Well-Prepared.
A message from QBE: Memorial event for John Cross postponed to 11 September.
Unfortunately, due to the delayed lifting of COVID restrictions in the UK, the memorial event to celebrate the life of John Cross, which was due to take place on 17 July, has been postponed. All John's friends and industry colleagues are now invited to the Oyster Shed, I Angel Lane London EC4R 3AB on the new date of Saturday 11 September. The booking is from 3 pm with a few words from those that are looking to speak about John at around 4 pm. There is indoor and plenty of outdoor space available spilling out along the Thames towpath. No confirmation is needed if you would like to come
Unfortunately, due to the delayed lifting of COVID restrictions in the UK, the memorial event to celebrate the life of John Cross, which was due to take place on 17 July, has been postponed. All John's friends and industry colleagues are now invited to the Oyster Shed, I Angel Lane London EC4R 3AB on the new date of Saturday 11 September. The booking is from 3 pm with a few words from those that are looking to speak about John at around 4 pm. There is indoor and plenty of outdoor space available spilling out along the Thames towpath. No confirmation is needed if you would like to come
New Appointments
Euna Underwriting has appointed Kevin Parsons as Head of Trade Credit Insurance with responsibility for new business development. Kevin has 28 years of industry experience, including being Head of
Trade Credit Insurance at UK Export Finance. His most recent position was Class Underwriter at Vibe Syndicate Management Limited.
Atradius has announced the appointment of Carolina Berardinelli as Senior Underwriter, Special Products, in Brazil. Carolina previously worked with the Brazilian Export Credit Agency as a Senior Analyst.
PIB Insurance Brokers has announced that it has appointed Tom Danson as its Trade Credit and Surety Head, a newly created role that partially replaces Richard Miller (see Credit Insurance News Digest, May 2021). Tom joins from Aon, where he was Strategic Sales Director.
Atradius has announced the appointment of Alastair Divers as Account Manager for its Northern hub. Alastair has more than a decade of corporate client experience dealing with customers across a range of sectors from technology and healthcare to education, charity and government.
Prior to joining Atradius, he was Corporate Account Manager for waste management company Biffa.
QBE has announced that James Read has been appointed as Risk Underwriter, based in London. James has 18 years experience in the trade credit insurance industry and joins QBE from Coface, where he had worked as a Senior Risk Underwriter since 2011. Prior to that, James held the same position at Euler Hermes.
Willis Towers Watson has promoted Mark McAllister to the position of Head of Trade Credit Northern Ireland, based in Belfast. Mark joined Willis Towers Watson in April 2019 as a Trade Credit Executive.
Lockton Companies has appointed Nigel Birney as its Head of Trade Credit, based in Belfast. Nigel was formerly Head of Trade Credit Northern Ireland
at Willis Towers Watson.
TigerRisk Partners LLC has announced that James Loggie will be joining its trade credit, surety and political risk business as a partner in 2022, after completing his notice period at Wills Re.
James is currently Senior Director — Credit Surety and Political Risk at Willis Re.
Aon Austria has appointed Werner Seirlehner as its
Head of Credit Solutions. Werner rejoins Aon from Atradius, where he was Director, Sales Operations. He was previously employed by Aon Austria as Head of Trade Credit, Special Products.
Nexus Trade Credit has appointed Maurice Stolk as
Head of Nexus Trade Credit, Netherlands. Maurice has been with Nexus Trade Credit for nearly six years and most recently was employed as an Underwriter.
Miller Insurance Services has appointed Farris Mellor as an account executive in its credit and political risk insurance team based in London. Farris joins Miller from
Price Forbes & Partners, where he was Director, Credit & Political Risk.
Tokio Marine HCC has appointed Benjamin Faubert as Senior Underwriter, Credit & Political Risk, based in Paris. Benjamin joins Tokio Marine HCC from Societe Generale Corporate and Investment Banking,
where he was Director — Syndication,
Credit & Political Risk.
Markel International has appointed Charlotte Myers to the newly created position of Head of Technical Training at Markel. Charlotte was previously a Senior Consultant at Markel.
Atradius has promoted Ruby Hartery to the position of Senior Underwriter, heading up the retail and services team located at its UK headquarters in Cardiff Bay.
Ruby first joined Atradius as part of its' internship programme, and prior to this appointment worked as an Underwriter.
The International Credit Insurance & Surety Association (ICISA) has announced two new appointments:
- Kay Scholz, Divisional Chief Underwriting Officer at R + V Re, was elected by the members of ICISA as President of the association for the next 12 months. Kay has been a member of the Management Committee and Vice President of ICISA since 2018. His election also marks the first nomination and election of a Reinsurer as President of ICISA.
- For the position of Vice President, Benoît des Cressonnières, CEO of Euler Hermes Reinsurance, was elected. Benoît has served on ICISA’s management committee for the last decade.
Career Opportunities
Senior Commercial Underwriter – Trade Credit Insurance
Ireland (home based with some time in Kill, Dublin office)
Extensive travel within Ireland / UK / Europe (as required)
Main business:
Whole Turnover Credit Insurance, single debtor insurance and other related products.
Performance Objectives:
Key Responsibilities:
Minimum one day per month in Rearsby Office for Team Meetings as directed by Underwriting Manager. Some attendance at the Kill, Dublin office
Skills and Experience Specification:
Essential Skills
Desirable Skills
To apply for this position please go to https://app.jobvite.com/j?cj=oYT5ffwV&s=Credit_Insurance_News_Digest.
Whole Turnover Credit Insurance, single debtor insurance and other related products.
Performance Objectives:
- Underwriting the Trade Credit European book of business (mainly Irish).
- Building and maintaining relationships with specialist & general brokers along with clients.
- Working proactively to identify opportunities & maintaining a portfolio of policies in Ireland and other EU territories.
- Assessing, pricing & structuring new business opportunities.
- Assisting in the overall portfolio profitability targets by underwriting profitable and renewable business.
- Undertaking varied Marketing activities to highlight the Credit brand, demonstrate core strengths, and drive new business opportunities.
- Resolving day to day issues and pricing, negotiation and securing renewals to achieve renewal targets set by the Company
Key Responsibilities:
- Manage a portfolio of credit insurance policies.
- Attend inception meetings, explaining policy operation to client and broker.
- Prepare renewal terms including presenting proposed terms to management for approval.
- Discussing terms with brokers and presenting and negotiating terms with client to secure renewals to set targets.
- Attending renewal meetings and entertaining clients and brokers as required.
- Assessing, pricing and structuring new business opportunities; using varied assessment tools, including claims ratio calculations, excess calculations, and a pricing model.
- Attending new business presentations and pitches, highlighting the Credit business strengths and USPs and tailoring to specific opportunities.
- Discussing terms with brokers; presenting and negotiating terms with brokers to secure policy recommendations.
- Working and meeting with brokers regularly to proactively develop opportunities outside of renewal submissions, both existing insured and uninsured opportunities.
- Resolving day to day policy and credit limit issues.
- Mid term meetings to develop relationship and ensure smooth operation of the policy.
- Working within allocated authority levels, based on skills and experience, and referring upwards beyond these levels to secure agreement within the company’s authorisations.
- Liaison with and training of internal team of technical and administrative support staff (UK based) who will provide support for the policy.
- Maintaining accurate records of meetings and correspondence including action points and ensuring all actions are promptly followed up.
- Providing guidance to Commercial Underwriters and the internal administrative team.
- Assisting the Senior Commercial Underwriter for Scotland/NI, Underwriting Managers & Underwriting Directors as required.
- Liaison with Risk Underwriting, Sales, Customer Relations & Claims Departments.
- Assisting with departmental specification for IT developments including assisting with testing and training of departmental staff
Minimum one day per month in Rearsby Office for Team Meetings as directed by Underwriting Manager. Some attendance at the Kill, Dublin office
Skills and Experience Specification:
Essential Skills
- Educated to A Level standard or equivalent.
- Ideally a minimum 5yrs experience as a commercial underwriter in Sales and/or servicing, with a consistent record of achieving budgets, working successfully with the broking market, and binding significant policy numbers.
- Full driving licence (max 6 points).
- Good IT skills including data input, Microsoft Word, Excel and Outlook Presentation and Negotiation skills.
- Excellent customer service and telephone skills.
- Excellent organization skills.
- Good standard of written English
Desirable Skills
- Educated to degree level or equivalent by experience CII or ICM qualifications.
- Experience of managing a portfolio of credit insurance customers.
- Strong logic /mathematical skills.
- Additional language skills especially French /German /Spanish.
- Construction sector knowledge
- Export knowledge
To apply for this position please go to https://app.jobvite.com/j?cj=oYT5ffwV&s=Credit_Insurance_News_Digest.
Senior Underwriter for Trade Credit, Surety and Political Risks. Munich, Germany.
Munich Re is a globally leading credit reinsurer. We are recognised as a panel leader and for our bespoke and innovative solutions in the segments trade credit, surety and political risk reinsurance.
We are looking for an experienced, client-focused and highly motivated Senior Underwriter to strengthen our team. Your tasks will include client and broker management as well as business development activities. You will write credit reinsurance programs and provide technical guidance as well as support to the underwriters in the team.
YOUR JOB
Munich Re not only stands for fairness with regard to its clients; it is also an equal opportunities employer. Severely disabled candidates will also be prioritized, if equally qualified.
We are looking for an experienced, client-focused and highly motivated Senior Underwriter to strengthen our team. Your tasks will include client and broker management as well as business development activities. You will write credit reinsurance programs and provide technical guidance as well as support to the underwriters in the team.
YOUR JOB
- Assuming responsibility for the underwriting of treaty and facultative reinsurance contracts including duties related to single risks assessment and pricing
- Conducting the analysis and assessment of market and client potential as well as defining and implementing the derived strategies to capitalize on profitable business opportunities in your markets
- Establishing and strengthening close and long-term relationships with clients & brokers
- Designing and delivering innovative solutions customized to the identified needs of your clients and prospects, including beyond traditional reinsurance
- Extensive knowledge of trade credit, surety and political risk insurance
- Proven business development and marketing competence
- Very good negotiating and networking skills to build long-term relationships with clients and brokers
- Passionate team player with good interpersonal skills and the ability to support the further development of the underwriting team
- Sound analytical thinking and the ability to work effectively and in a solution-oriented manner
- Excellent command of English; good Spanish or French language skills would be an advantage
- Degree in International Business, Economics, Mathematics, Law or equivalent field
- Willingness to travel
- You will work in an environment where we think big: Change and culture are continuously role-modeled. We create and articulate a compelling and ambitious shared purpose, vision and direction. We pave the way towards success and see failure as learning
- You are going to experience that we care & dare: We are empathetic. We know when to lead and know when to let others lead. We attract, grow and coach future leaders
- We communicate in a clear & authentic way: We interact with a positive and humble spirit. We solicit feedback, ask and listen, learn and unlearn
- You will grow with your clients: Whatever our role, we support business, in an efficient and effective way, to create value for our clients. We embrace new ways of working leveraging digitalization to deliver solutions
- Join us, and experience that we lead the We: We have a passion for winning and growing as a team. We inspire people to be capable of joint performance. We create an inclusive environment where different thoughts, generations, cultures and experiences are valued and encouraged.
Munich Re not only stands for fairness with regard to its clients; it is also an equal opportunities employer. Severely disabled candidates will also be prioritized, if equally qualified.
Events & Professional Development
SCHUMANN Digital Credit Risk Management Conference 2021, 30 September.
The virtual SCHUMANN Conference gives attendants the opportunity to find out what is new in the world of digital credit risk management. Experts from many industries will report on the challenges due to the current economic developments and the opportunities offered by increasing digitalization.
Attendants will experience more than 40 speakers from well-known, international companies in two live streams and 30 slots. Participants from more than 20 countries have already registered.
Companies are currently faced with the need to realize corporate expansions in a way that preserves liquidity and capital, and therefore to push forward digitalization and automation in credit management. Profit from the experiences of other companies with new methods and future-orientated technologies.
The agenda will be published soon here: SCHUMANN Conference.
Registration is free of charge: https://portal.prof-schumann.com/en.
The virtual SCHUMANN Conference gives attendants the opportunity to find out what is new in the world of digital credit risk management. Experts from many industries will report on the challenges due to the current economic developments and the opportunities offered by increasing digitalization.
Attendants will experience more than 40 speakers from well-known, international companies in two live streams and 30 slots. Participants from more than 20 countries have already registered.
Companies are currently faced with the need to realize corporate expansions in a way that preserves liquidity and capital, and therefore to push forward digitalization and automation in credit management. Profit from the experiences of other companies with new methods and future-orientated technologies.
The agenda will be published soon here: SCHUMANN Conference.
Registration is free of charge: https://portal.prof-schumann.com/en.
National Credit Awards 2021. 21 October 2021. The Waldorf Hilton, London.
New for 2021, MoneyAge is proud to present the National Credit Awards.
The awards are designed to honour the outstanding professionals and firms in the many varied fields of the credit industry, to recognise, celebrate, and promote best practice, to support continuing development, and to contribute towards raising the standards within the credit arena.
The awards are free to enter and you can enter as many categories as you like.
Head over to the website to find out more.
SUBMIT YOUR ENTRY: https://www.moneyage.co.uk/creditawards/index.php.
Deadline for entries: 25 June 2021
New for 2021, MoneyAge is proud to present the National Credit Awards.
The awards are designed to honour the outstanding professionals and firms in the many varied fields of the credit industry, to recognise, celebrate, and promote best practice, to support continuing development, and to contribute towards raising the standards within the credit arena.
The awards are free to enter and you can enter as many categories as you like.
Head over to the website to find out more.
SUBMIT YOUR ENTRY: https://www.moneyage.co.uk/creditawards/index.php.
Deadline for entries: 25 June 2021
Stecis is getting back on track with Webinars, Classroom courses and Masterclasses.
As we all hope that the Covid-19 pandemic is under control after the summer, STECIS has planned again a number of classroom courses in November 2021. For Trade Credit Insurance and Surety Bonds, at each Foundation and Advanced courses will be offered in the vicinity of Amsterdam Schiphol. In case still necessary, all applicable Covid-19 restrictions will be in place during the classroom training courses. During the classroom trainings real, practical cases will be discussed. Additionally, various webinars on both Trade Credit Insurance and Surety Bonds have been already scheduled throughout the year. These webinars are interesting to all individuals who are starting their career in the TCI and/or Surety Bonds industry, but also for all other interested parties like brokers, re-insurers´ employees, lawyers, credit managers etc.
To expand our offering STECIS is currently developing three masterclasses on Trade Credit Insurance that will address the following topics: TCI and Digitalisation, Non-traditional TCI products and TCI and Finance. These masterclasses will be hold by top experts from the TCI industry presenting the recent developments and trends in the field of TCI. Joining these masterclass will be not only be an excellent way to keep up to date with important developments in the TCI world. The courses are also an excellent means to increase your professional network as you will meet other participants and top experts from the industry.
When the outlines of the three masterclasses are available, they will be shared via Credit Insurance News and the website of Stecis.
More information can be found on the Stecis’ website: www.stecis.org.
All courses will run at the Steigenberger Hotel at Amsterdam-Schiphol.
Further information can be obtained by sending an email to: info@stecis.org.
As we all hope that the Covid-19 pandemic is under control after the summer, STECIS has planned again a number of classroom courses in November 2021. For Trade Credit Insurance and Surety Bonds, at each Foundation and Advanced courses will be offered in the vicinity of Amsterdam Schiphol. In case still necessary, all applicable Covid-19 restrictions will be in place during the classroom training courses. During the classroom trainings real, practical cases will be discussed. Additionally, various webinars on both Trade Credit Insurance and Surety Bonds have been already scheduled throughout the year. These webinars are interesting to all individuals who are starting their career in the TCI and/or Surety Bonds industry, but also for all other interested parties like brokers, re-insurers´ employees, lawyers, credit managers etc.
To expand our offering STECIS is currently developing three masterclasses on Trade Credit Insurance that will address the following topics: TCI and Digitalisation, Non-traditional TCI products and TCI and Finance. These masterclasses will be hold by top experts from the TCI industry presenting the recent developments and trends in the field of TCI. Joining these masterclass will be not only be an excellent way to keep up to date with important developments in the TCI world. The courses are also an excellent means to increase your professional network as you will meet other participants and top experts from the industry.
When the outlines of the three masterclasses are available, they will be shared via Credit Insurance News and the website of Stecis.
More information can be found on the Stecis’ website: www.stecis.org.
All courses will run at the Steigenberger Hotel at Amsterdam-Schiphol.
Further information can be obtained by sending an email to: info@stecis.org.
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 Limit, a service offering real-time credit opinions and 24/7 monitoring and, in the UK only, First Collect, a highly regarded debt collection service in partnership with STA International.
We currently operate from offices in the UK, Germany, Netherlands, France, and the USA. We specialise in Whole Turnover, Non-Can and Top-Up policies, and can also consider cover on an XoL and Key Buyer basis.
Nexus Trade Credit is backed by several leading Insurance Companies and Lloyd’s syndicates, enabling us to offer policies with very strong ratings.
Nexus Trade Credit is part of the Nexus Group, a leading, independent, specialty Managing General Agent (MGA) group based in London with a focus on niche insurance classes of business. Nexus employs over 300 staff and is represented in nine countries: UK, Ireland, France, Germany, Italy, The Netherlands, USA, China (Hong Kong SAR) and Malaysia (Labuan FT).
In addition, we provide products that enhance companies’ credit management including First Limit, a service offering real-time credit opinions and 24/7 monitoring and, in the UK only, First Collect, a highly regarded debt collection service in partnership with STA International.
We currently operate from offices in the UK, Germany, Netherlands, France, and the USA. We specialise in Whole Turnover, Non-Can and Top-Up policies, and can also consider cover on an XoL and Key Buyer basis.
Nexus Trade Credit is backed by several leading Insurance Companies and Lloyd’s syndicates, enabling us to offer policies with very strong ratings.
Nexus Trade Credit is part of the Nexus Group, a leading, independent, specialty Managing General Agent (MGA) group based in London with a focus on niche insurance classes of business. Nexus employs over 300 staff and is represented in nine countries: UK, Ireland, France, Germany, Italy, The Netherlands, USA, China (Hong Kong SAR) and Malaysia (Labuan FT).
Copyright ©2021 Credit Insurance News. All rights reserved.
All news stories on Credit Insurance News' website are included with the prior permission of the copyright holder. Reproduction or redistribution in whole or in part, in any manner, without the express prior written consent of the copyright holder, is a violation of copyright law. If you, or your organisation wish to redistribute, republish or link-to all or any part of any Credit Insurance News Digest, you must first contact the copyright holder direct or email sally.brown@creditinsurancenews.co.uk for further information.
All news stories on Credit Insurance News' website are included with the prior permission of the copyright holder. Reproduction or redistribution in whole or in part, in any manner, without the express prior written consent of the copyright holder, is a violation of copyright law. If you, or your organisation wish to redistribute, republish or link-to all or any part of any Credit Insurance News Digest, you must first contact the copyright holder direct or email sally.brown@creditinsurancenews.co.uk for further information.
Terms and Conditions Privacy and Cookie Policy © 2020 Credit Insurance News