What’s New in the Nexus Trade Credit Team?
How is the integration of Nexus CIFS and Equinox going?
2019 has seen us move across onto the one underwriting agreement with our Lloyd’s carriers. Rather than have three separate agreements for each of the CIFS, Single Situation, and Equinox businesses we now underwrite from a single agreement. This means we can offer all clients (both existing and prospective) the whole suite of products – from a straight whole turnover cancellable offering through to a non-can key buyer top-up policy. There is a lot going on behind the scenes as we combine the global operations, but being under one underwriting agreement means that we have a strong platform from which to operate. More will follow later this year on our plans to move both businesses fully to the Nexus brand.
Does this mean that you are now ready for Brexit as well?
As well as anyone can be! With our offices in Germany, France and The Netherlands we have a ready-made solution for all of our EEA insureds. (Equinox Global GmbH being our official EEA licensed entity). Additionally, with the set-up of Lloyd’s Brussels as well as the EU Hubs of our non- Lloyd’s panel members, we are well placed to offer Brexit-ready solutions to our insureds.
That sounds complicated. What effect will this have on clients?
As far as clients are concerned there will be very limited impact. Policy wordings, contact points, etc will remain exactly the same as before. The underlying security will now be Lloyd’s Brussels which carries exactly the same ratings as Lloyd’s of London.
How are you finding the risk environment as we come up to Brexit?
Whether it is a direct result of impending Brexit or not, I think it is fair to say that we continue to see a very tricky risk environment within the UK. However, we are able to benefit from the more positively performing economies under our global reach. Claims during 2018 were historically high, particularly in the UK, and this hasn’t shown much sign of abating in the first part of 2019.
So does that mean premiums are being pushed up? What about attitude to risk?
Essentially we continue to maintain a flexible approach to policy underwriting. In some instances we have increased premium rates, but equally importantly we have taken on more of a risk-share with clients, either via a change to the first loss or the introduction of an aggregate deductible. On the risk side we continue to maintain credit limits wherever possible. The risk team do a great job in judging each risk on its own merits. Yes, we do need to take action more frequently on limits in a heightened risk environment, but the focus is on communicating concerns to clients and doing whatever we can to maintain limit values.
2019 has seen us move across onto the one underwriting agreement with our Lloyd’s carriers. Rather than have three separate agreements for each of the CIFS, Single Situation, and Equinox businesses we now underwrite from a single agreement. This means we can offer all clients (both existing and prospective) the whole suite of products – from a straight whole turnover cancellable offering through to a non-can key buyer top-up policy. There is a lot going on behind the scenes as we combine the global operations, but being under one underwriting agreement means that we have a strong platform from which to operate. More will follow later this year on our plans to move both businesses fully to the Nexus brand.
Does this mean that you are now ready for Brexit as well?
As well as anyone can be! With our offices in Germany, France and The Netherlands we have a ready-made solution for all of our EEA insureds. (Equinox Global GmbH being our official EEA licensed entity). Additionally, with the set-up of Lloyd’s Brussels as well as the EU Hubs of our non- Lloyd’s panel members, we are well placed to offer Brexit-ready solutions to our insureds.
That sounds complicated. What effect will this have on clients?
As far as clients are concerned there will be very limited impact. Policy wordings, contact points, etc will remain exactly the same as before. The underlying security will now be Lloyd’s Brussels which carries exactly the same ratings as Lloyd’s of London.
How are you finding the risk environment as we come up to Brexit?
Whether it is a direct result of impending Brexit or not, I think it is fair to say that we continue to see a very tricky risk environment within the UK. However, we are able to benefit from the more positively performing economies under our global reach. Claims during 2018 were historically high, particularly in the UK, and this hasn’t shown much sign of abating in the first part of 2019.
So does that mean premiums are being pushed up? What about attitude to risk?
Essentially we continue to maintain a flexible approach to policy underwriting. In some instances we have increased premium rates, but equally importantly we have taken on more of a risk-share with clients, either via a change to the first loss or the introduction of an aggregate deductible. On the risk side we continue to maintain credit limits wherever possible. The risk team do a great job in judging each risk on its own merits. Yes, we do need to take action more frequently on limits in a heightened risk environment, but the focus is on communicating concerns to clients and doing whatever we can to maintain limit values.
Copyright © 2019 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 © 2019 Credit Insurance News