Welcome to the March 2021 issue of Credit Insurance News Digest. This issue is sponsored
by STA International.
Index
Credit Insurance News
A surge in demand for trade credit insurance is expected in 2021.
The International Credit Insurance and Surety Association (ICISA) has reported that its latest annual state of the industry survey has found that
95% of its trade credit insurance respondents anticipate an increase in global demand for credit insurance cover in 2021.
Countries heavily affected by the pandemic are especially anticipated to see increased demand, although underwriters also expect growth in countries that have recovered more quickly from the pandemic, such as China,
and countries with a high GDP growth potential. In addition, the survey notes that pricing is expected to harden further, continuing a trend that began before the COVID-19 pandemic. In countries without government support schemes, or where these are limited,
respondents expect a harder market to match the increased risk in these markets. Almost all members expect an increase in claims in 2021, particularly in Europe, Latin-America and the US. To read ICISA's news release go to https://www.icisa.org/news/surge-in-demand-for-credit-insurance-and-surety-cover-expected-in-2021/.
The impact of COVID-19 on the US trade credit insurance market. Leader's Edge has published an article that
examines the significant impact that COVID-19 has had on the US trade credit insurance market, US businesses and the wider US economy. The article notes that as invoices went unpaid, companies with trade credit insurance filed claims on their policies, resulting in the
numbers of claims submitted to US trade credit insurers rising steeply (up to fourfold according to Euler Hermes) and prompting the market to reduce its overall exposure by around 14%. Consequently, according to Lockton 9 out of 10 of its clients
without trade credit insurance "could not buy it at any price". Marc Wagman, Managing Director of Credit and Political Risk at Gallagher, commented: “In the 25 years
I’ve been doing this, it was the first time I’d ever seen such wholesale destruction of available capacity.”
The solution, according to retail and consumer trade groups, is legislation loosely based on similar federal backstop bills passed in Canada and several countries in Europe.
To read the Leader's Edge article go to https://www.leadersedge.com/p-c/stopped-cold.
Trade credit insurers are balancing their risk appetite amidst increasing demand against an anticipated rise in claims.
The Berne Union has reported that the results from its Q1 2021 Business Confidence Survey indicate that demand for export credit insurance is continuing to increase through the first quarter of this year, especially for short-term business.
However, according to the survey, both public and private underwriters are balancing their risk appetite between measured optimism concerning the economic environment and strong expectations that claims paid this quarter will likely increase.
Secretary-General, Vinco David, commented that “public and private segments of the market are working well together to maintain risk capacity, as is evident from the reported stable risk appetite.
As the anticipated claims begin to materialise, we will see how market capacity to absorb this will develop.”
To read Berne Union's news release go to https://www.berneunion.org/Articles/Details/534/Insurers-are-carefully-balancing-their-risk-appetite-against-a-backdrop-of-uncert.
Trade credit insurers are "yanking cover, demanding higher premiums" in South Africa. Business Insider SA has reported that obtaining trade credit
insurance is getting tougher and more expensive in South Africa. Business Insider gives the example of Electrical wholesaler ARB Holdings, which advises that it has seen cover on many of its customers (which are predominantly in the
construction sector)
reduced from 90% to 75% as part of a general
reduction in exposure by insurers. ARB describes a "hardening of the credit insurance market" and the "reluctance of credit insurers to grant sufficient cover to meet the anticipated increased exposure that will arise on normal supplies
to customers." On top of reduced cover limits, ARB said, it was also seeing a demand for higher premiums and increases in co-insurance levels. To read Business Insider's article go to https://www.businessinsider.co.za/arb-numbers-show-credit-insurers-pulling-back-in-construction-sector-2021-2.
According to court documents, Greensill's collapse is rooted in a trade credit insurance dispute.
Global Trade Review (GTR) has reported that the sudden downfall of supply chain finance company, Greensill, was triggered after credit insurance cover was not renewed. According to the article, problems
with Greensill’s trade credit insurance cover first arose in July 2020, when Australia’s Bond and Credit Company (BCC) said it did not intend to renew insurance policies due to lapse on 1 March 2021.
The policies covered non-payment by Greensill clients and account debtors, applied to “some 40 clients”, and totalled around US$4.6 billion. Though Greensill later attempted to arrange alternative cover through its broker, Marsh, and on 1 March
sought a last-ditch, out-of-hours ruling from the supreme court of New South Wales that would force the renewal of its insurance cover,
its efforts were unsuccessful.
Court documents, seen by GTR, reveal the way cover provided by BCC "unravelled" over the last eight months. To read GTR's article go to https://www.gtreview.com/news/asia/greensill-collapse-rooted-in-insurance-dispute-court-documents-show/.
Tokio Marine says reinsurance protects it against Greensill losses. Reinsurance News has reported that
Tokio Marine has told the Financial Times that it expects its exposure to the collapse of supply-chain financing group Greensill will be limited by its reinsurance protection.
The exposure comes through trade credit insurance policies relating to the, extremely well-documented, collapse of financial services company Greensill Capital.
However, Tokio Marine has also questioned whether the insurance policies covering Greensill Capital business were even valid in the first place.
Tokio Marine reportedly stopped the coverage it provided to Greensill as it found an underwriter at Bond and Credit Company had exceeded their risk limits, resulting in the insurance coming under scrutiny as to whether it
is valid or not. The article notes that there’s an expectation this could all end up in court, which could prolong the appearance of any valid reinsurance claims, leaving potential reinsurers covering the loss "on the hook" until litigation unwinds.
To read Reinsurance News' article go to https://www.reinsurancene.ws/tokio-marine-says-reinsurance-protects-it-against-greensill-losses/.
Trade credit insurers fear significant loss from Greensill's failure. Insurance Insider has reported that
trade credit insurers are facing a potentially significant hit on multiple fronts following the failure of supply chain financier Greensill.
Sources told Insurance Insider that Greensill is a significant buyer of trade credit insurance, and that the collapse of the company and its ripple effect on other companies could deal "a substantial blow" to the trade credit
insurance market.
According to the article, Marsh is the broker for Greensill and a number of trade credit insurers participate on a panel to cover a wide range of risks. Major credit insurers are also thought to be exposed because of Greensill’s
involvement with other companies. According to media reports, Greensill is in talks with owner Apollo Global Management to sell a large part of its business and is preparing for insolvency in the UK.
To read Insurance Insider's article go to https://insuranceinsider.com/articles/138747/trade-credit-insurers-fear-significant-loss-from-greensill-failure. (Subscription may be required. Free trails are available).
Further articles that readers may find of interest on this news item include:
''Greensill downfall began with firing of insurance manager at Sydney Unit of Tokio Marine', Insurance Journal, - https://www.insurancejournal.com/news/international/2021/03/05/603916.htm.
Further articles that readers may find of interest on this news item include:
''Greensill downfall began with firing of insurance manager at Sydney Unit of Tokio Marine', Insurance Journal, - https://www.insurancejournal.com/news/international/2021/03/05/603916.htm.
'Seeds of Greensill Capital’s swift fall triggered when Credit Insurer balked at renewal', Insurance Journal - https://www.insurancejournal.com/news/international/2021/03/03/603541.htm.
'Tokio Marine examines validity of Greensill insurance policies provided by Australia unit', Insurance Journal, - https://www.insurancejournal.com/news/international/2021/03/10/604676.htm.
'Tokio Marine examines validity of Greensill insurance policies provided by Australia unit', Insurance Journal, - https://www.insurancejournal.com/news/international/2021/03/10/604676.htm.
'Greensill case could trigger loss of confidence in supply chain finance market', S&P Global Market Intelligence
- https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/greensill-case-could-trigger-loss-of-confidence-in-supply-chain-finance-market-62983186.
The pandemic demonstrates "the crucial support trade credit insurance provides."
Commercial Risk has reported that, according to Atradius, despite positive news on vaccinations, the outlook for trade credit risk remains uncertain and insolvencies are predicted to rise significantly in 2021.
The article notes that a pandemic-driven increase in insolvencies is not good news for trade credit insurers - although government reinsurance schemes have helped soften the blow.
According to James Burgess, Atradius UK’s Head of Commercial Business, the level of losses anticipated as the pandemic took hold did not initially materialise to the extent expected,
but the insurer is now seeing significant increases in trade credit insurance losses.
He also noted that given the economic uncertainty during the pandemic, demand for trade credit insurance is high from both new and existing customers looking to expand protection.
“The impact of the pandemic only serves to demonstrate the crucial support trade credit insurance provides.”
To read Commercial Risk's article go to https://www.commercialriskonline.com/trade-credit-fallout-from-covid-19-to-worsen-in-2021/.
Demand for trade credit will not return to pre-2020 norms in 2021. Maybe not ever. Meridian Finance Group has published an article analysing
what underlies the current heightened demand for credit, both from customers in need of longer payment terms and from suppliers as they endeavour to keep doing business during the pandemic. The article reports a surge in new applications
for trade credit
insurance in the US since the outbreak of the pandemic. At the same time, underwriting capacity has tightened, and credit insurance has flipped from a buyer’s market to a seller’s market. Insurance companies are still quoting,
but the article recommends applying for credit insurance now whilst you can still get a policy "in this uncertain new normal." The article sets out some best practices for credit insurance applicants, like aiming to
cover a reasonable spread of risk vs adverse selection or 'cherry-picking'. Policyholders can expect to see quotes with higher deductibles and greater focus on monitoring customers’ creditworthiness.
Premiums have increased as well, although the article stresses that rates remain low compared with the benefits of credit insurance. To read the article go to https://www.meridianfinance.com/credit-demand-in-2021/.
How AI-driven underwriting will improve the quality and efficiency of services provided by trade credit insurers. Mike Holley, Senior Consultant, Credit and Political Risk, Charles Taylor Adjusting, recently contributed an
article to Insurance Day, which examines how technology will secure the credit risk market's future. He notes that the pandemic has already resulted in "a quantum leap forward" in the industry's use of technology.
However, "this is not
just about remote working and the abolition of paper slips." Looking ahead, one of the most likely changes will be the use of new forms of data, which will help trade credit insurers bridge the two-year time gap between
financial statements and when the insured risk
is actually occurring. For the whole turnover companies, "expect to see more of the credit limit underwriting undertaken by machines." For the underwriting of bigger risks, the human underwriter will partner with
sophisticated IT tools to interrogate big data.
To read the article on Charles Taylor Adjusting's website go to https://www.charlestaylor.com/en/news/news-post/focus-technology-will-secure-the-future-of-the-credit-risk/.
Aon estimates that only 20% of large corporates are making use of trade credit insurance as an alternative means of accessing funds.
Aon's latest report in its C-Suite Series notes that, although maintaining liquidity and capital is a top priority for private equity firms as they deal with the economic impact of COVID-19,
many companies are "overlooking key tools – perhaps less intuitive than bank financing, but still valuable – as they work to free up cash."
For example, Aon suggests that credit insurance can help shorten cash conversion cycles by giving companies the increased ability to extend payment periods with suppliers, reduce penalties and accelerate trade receivables from customers.
In addition, there are opportunities to unlock liquidity by using insurance instruments to meet contractual demands for security. However, according to Aon's estimations, only 20% of large corporates are currently making use of the product.
To read Aon's report go to https://www.aon.com/emea/c-suite/mergers-and-acquisitions/leave-no-stone-unturned.
A condensed view of country risk assessments published by Atradius, Coface, Credendo and Euler Hermes. AU Group has released its latest AU 'G Grade'
for Q1 2021. The AU 'G-Grade' is based on the individual assessment of a country by each of the four main credit insurers and is calculated according to the real risk taken by these major insurers collectively.
The IMF Statistics Department's seven key indicators also give a view of the key trends and the level of risk per country.
This issue notes that the impact of the pandemic on economies has led to wide variations in economic impact, with Spain (-11.1%), the UK (-10%), and the US (-3.4%) experiencing negative growth, compared to China (+2.3%) — one of the few
countries to grow in 2020. Looking ahead, world GDP growth is expected to reach +5.5% in 2021 (according to the IMF).
To download the latest 'G Grade' go to https://www.au-group.com/new-trends-in-country-risks-au-g-grade-q1-2020/.
Arch acquires a majority stake in Coface. Reinsurance News has reported that Arch Capital Group's share purchase agreement with Natixis for a majority stake in Coface has received all necessary approvals.
Arch now holds 44.8 million shares of the trade credit insurer.
Marc Grandisson, CEO of Arch, commented: “2020 has demonstrated the strategic importance of credit insurance for inter-company trade.
We are delighted to accompany Coface in its future development.”
Coface’s board is now comprised of 10 members, four women and six men, the majority of whom are independent. The Board has also confirmed the appointment of Bernardo Sanchez Incera, the Deputy CEO of Société Générale, as Chairman. To read Reinsurance News' article go to https://www.reinsurancene.ws/arch-acquires-majority-stake-in-coface/.
White paper and webinar: 'How COVID-19 changed global trade forever.' Atradius has published a whitepaper and video of its virtual event in February,
'How COVID-19 changed global trade forever.' This was the first event in the series 'From crisis to opportunity: what is the future of trade?' An audience of almost 3,000 people, including brokers, agents, customers, Atradius staff
and others, watched the interactive event live. Christine Gerryn, Director of Group Communications & Commercial Development, said: "We have developed a white paper and a summary video to share to all, to people who attended
the event and the ones who were unable to make the event live but are interested in the topic." She added: "The second event in this series, 'How trade relationships and tariffs affect trade worldwide', will be broadcast live on 25 March at 4 pm CET."
To watch the video or download the whitepaper of the first event go to https://group.atradius.com/virtual-event-series/crisis-to-opportunity/how-covid-19-changed-global-trade-forever.html.
The COVID-19 domino effect. Euler Hermes has published an article that warns that 2021 may see global supply chains experience a widespread insolvency domino effect, with COVID-sensitive sectors, such as hospitality, non-food retail and transportation, expected to bear
the brunt. The article notes that so far, unlike previous crises, the massive amount of state support has ‘frozen’ many companies' situation and led to an unprecedented and artificial fall in business insolvencies worldwide
during 2020. However, the phasing out of state supports will inevitably trigger a return to a normalised number of insolvencies. This will consist of companies that were no longer viable before the crisis but were kept afloat
by emergency measures, as well as those weakened by the crisis. According to Euler Hermes' report 'Vaccine Economics', this could lead to global insolvencies increasing by +25% in 2021.
To read Euler Hermes' news release go to https://www.eulerhermes.com/en_global/news-insights/business-tips-and-trade-advice/insolvency-risk-and-covid-19-domino-effect-ebook/insolvency-risk-the-covid-19-domino-effect-explained.html.
A snapshot of claims, demand and appetite in the credit and political risk insurance (CPRI) industry.
BPL Global has published its annual Market Insight report, which reveals a snapshot of claims, emerging areas of demand and appetite, and an assessment of how the CPRI industry has fared over the past twelve months.
Commenting on the findings, James Esdaile, Managing Director of BPL Global, said: “Though there have been, of course, winners and losers in our market from the COVID-19 pandemic, we can report relative stability overall. Indeed,
across an insurance industry already hardening pre-COVID, the pandemic has merely accelerated that market trend.” The report notes that the results of BPL Global's annual market-wide capacity survey indicate resilience in the
market in 2020, with the aggregate capacity of the CPRI insurers remaining stable compared to the previous two years. To read BPL Global's news release go to https://bpl-global.com/2021/03/01/burgeoning-renewables-demand-for-cpri-is-key-trend-to-watch-says-new-bpl-global-report/.
Renewable energy drives demand for credit and political risk (CPRI) insurance. Commercial Risk has reported that
a new report by BPL Global has advised that renewable
energy deals are driving fresh demand for CPRI insurance; a third of BPL Global's project finance enquiries last year were from the power sector, with two-thirds for renewable energy projects.
The article notes that BPL Global's aggregate policy limit currently stands at $417 million for existing project finance policies covering renewable energy. 40% of the book is in Europe,
with the bulk of the portfolio providing coverage for banks and financial institutions as they allocate more liquidity to renewables.
James Esdaile, Managing Director of BPL Global, commented: “New patterns of demand have developed in recent years in the project finance arena, particularly for renewable energy projects,
for which we have witnessed increased interest. . . we expect this trend to continue.” To read Commercial Risk's article go to https://www.commercialriskonline.com/renewable-energy-drives-demand-for-credit-insurance-bpl/.
The Channel Partnership joins Specialist Risk Group. The Channel Partnership has announced that it has become part of Specialist Risk Group (SRG) and will be a key component in their Specialist Risk Insurance Solutions business. SRG is an integrated group of insurance intermediaries arranging
specialist insurance for corporates and individuals operating in the UK and internationally. The group serves over 42,000 end policyholders across multiple business lines and specialises in creating solutions to challenging
risk transfer questions. SRG is owned by its management team and HGGC, a middle-market private equity firm based in Palo Alto, California. There will be no changes to the Channel Partnership's directors and team.
To read The Channel Partnership's news release go to https://www.the-channel-partnership.co.uk/the-channel-partnership-joins-specialist-risk-group/.
The US is likely to see an economic rebound in 2021. Insurance Business has reported that
Atradius’ latest US Country Report anticipates a more positive outlook for the US following the change in presidential administrations but cautions that downside risks remain.
The report also notes that, although there were relatively few US insolvencies in 2020, and business bankruptcy filings decreased 4.9% year over year, as insolvencies historically lag behind economic downturns an increase is
likely this year. Companies with constrained liquidity are especially vulnerable. Richard Reynolds, Head of Strategic Accounts at Atradius UK, commented: "The good news is that pockets of positivity remain and new trade
opportunities are on the horizon. However, exporters must protect themselves like never before. The adage ‘look before you leap’ has never been more apt.”
To read Insurance Business' article go to https://www.insurancebusinessmag.com/us/news/breaking-news/us-likely-to-see-economic-rebound-in-2021--atradius-246121.aspx.
What COVID-19 has meant for ECAs and their ability to attract smaller companies. TXF has published an article that suggests that
COVID has had a galvanising effect on the ability of ECA to attract smaller companies. For example, Kim Richter, Head of SME and Cleantech at Denmark's export credit agency, EKF, believes that the crisis has caused a change
in awareness of EKF as an agency and its export finance support for smaller companies. He commented to TXF, “I strongly believe that the crisis will have a lasting impact . . . being part of the government’s
efforts to support Danish exporters has opened doors to further clients.” Similarly, UK Export Finance (UKEF) has also experienced a massive uptick in demand for credit insurance from SMEs. "A threefold increase,"
which, according to Carl Williamson, Head of Trade Finance at UKEF, "we were able to fulfil, helped by the relaxation in the EU temporary framework, which allowed us to provide more credit insurance for OECD countries.”
He concluded: "For us, the next few years will be very focused on the SME." To read TXF's article go to https://www.txfnews.com/News/Article/7129/ECAs-and-the-once-elusive-SME-Hunting-the-Snark.
UKEF launches a new product to enable UK exporters to get paid upfront. UK Export Finance (UKEF) has launched a new guarantee scheme, the Standard Buyer Loan
Guarantee (SBLG). This enables UKEF to guarantee a loan of up to 85% of the contract value with a UK company — typically worth between £1 million to £30 million — and ensures UK businesses get paid upfront to fulfil an export contract while their overseas buyers can repay the loan from their lender over a longer period.
Minister for Exports, Graham Stuart, said: "The UK is one of the world’s top five exporting nations. We are determined that this should continue, so this new scheme from our world-leading export finance agency, UKEF, will help our exporters reach buyers they would otherwise miss."
To read UKEF's news release go to https://www.gov.uk/government/news/ukef-overhauls-buyer-finance-support-to-boost-sme-exports.
New Appointments
STA International has announced the appointment of Jonathan De Gilbert as Business
Development Manager. Jonathan spent the past 15 years with Experian, latterly as Business
Development Manager (Collections) – Partners & Alliances. The brief at STA is to manage existing,
and develop new, partner opportunities with introducers to provide their customers with cash
management solutions, including debt collection and receivables management. Also, Jonathan will
handle existing and new B2B key accounts with multiple subsidiaries in the UK and overseas.
Euler Hermes has announced the appointment of Loeiz Limon-Duparcmeur as Group Chief Financial Officer from April onwards.
He will also join the management board at Euler Hermes. Loeiz is currently Euler Hermes' Group Head of Risk Underwriting.
LiquidX has appointed Alex Bursak as Director and Regional Head of Insurance for the Asia Pacific region, based in Singapore.
Alex joins LiquidX from Euler Hermes, where he worked most recently as Head of Sales and Distribution for Singapore.
Atradius UK has appointed Joel Williams as Senior Credit Risk Underwriter, based in Cardiff. Joel has been with Atradius for six years, and most recently worked as a Credit Underwriter.
Xenia Broking has appointed Nathan Muffett as an Account Broker based in Sheffield. Nathan previously worked at Aon and Acumen as a Client Adviser.
Impello Global, a trade credit insurance brokerage headquartered in Seattle, has hired Matthew Handwork as its new Head of Structured Trade Finance. He will be based in Columbus, Ohio.
Matthew was formerly Senior Vice-President for credit specialties at Marsh JLT Specialty.
Impello Global was launched in 2018, and in addition to Ohio, has offices in California, Idaho, Oregon and Washington.
Job Vacancies
Account Manager, Commercial UK & Ireland – Regional Sales, Manchester
Our organisation
Atradius provides trade credit insurance, surety and collections services worldwide through a strategic presence in 50 countries. Atradius has access to credit information on 200 million companies worldwide. Its credit insurance, bonding and collections products help protect companies throughout the world from payment risks associated with selling products and services on trade credit. Atradius forms part of Grupo Catalana Occidente, one of the leading insurers in Spain and worldwide in credit insurance.
Unit / Team
As the Commercial Unit is located across the UK and Ireland, our key responsibility within the Atradius group is to ensure profitable and sustainable growth of the Regional portfolio and to manage customer satisfaction, retention and distribution strategy.
Within the team are sales, account management, customer service & support, project management and control teams who work together to oversee and implement the Commercial strategy in order to achieve their targets.
Atradius has its UK and Ireland HQ in Cardiff Bay, and a network of offices throughout the United Kingdom and Ireland, so that our customers can be assured of our personal services.
Job description
As Account Managers in the Commercial UK & Ireland Unit and based in the Manchester office, to succeed in the role you must demonstrate a real desire to support our existing clients thus ensuring we remain the insurer of choice in a challenging marketplace. Working with our Broker community you will service and grow an existing portfolio of clients in order to meet their needs and achieve your retention and additionality targets. You will make presentations to clients, brokers and other industry professionals in order to negotiate and close renewal of the policies within your portfolio. To do this effectively you will have, or be able to demonstrate sound communication and negotiations skills. You must have the ability to plan and execute your work independently and be able to react quickly to changing priorities.
This is a full-time position (36 hours per week).
Knowledge, Skills and Experience
What we offer
Office Location
The Chancery, 58 Spring Gardens, Manchester, M2 1EW
Contact Person and Contact Details
Interested? Please send your CV and motivation letter to GBUKjobs@atradius.com
Only successful candidates will be contacted.
Closing date 16 February 2021
Atradius provides trade credit insurance, surety and collections services worldwide through a strategic presence in 50 countries. Atradius has access to credit information on 200 million companies worldwide. Its credit insurance, bonding and collections products help protect companies throughout the world from payment risks associated with selling products and services on trade credit. Atradius forms part of Grupo Catalana Occidente, one of the leading insurers in Spain and worldwide in credit insurance.
Unit / Team
As the Commercial Unit is located across the UK and Ireland, our key responsibility within the Atradius group is to ensure profitable and sustainable growth of the Regional portfolio and to manage customer satisfaction, retention and distribution strategy.
Within the team are sales, account management, customer service & support, project management and control teams who work together to oversee and implement the Commercial strategy in order to achieve their targets.
Atradius has its UK and Ireland HQ in Cardiff Bay, and a network of offices throughout the United Kingdom and Ireland, so that our customers can be assured of our personal services.
Job description
As Account Managers in the Commercial UK & Ireland Unit and based in the Manchester office, to succeed in the role you must demonstrate a real desire to support our existing clients thus ensuring we remain the insurer of choice in a challenging marketplace. Working with our Broker community you will service and grow an existing portfolio of clients in order to meet their needs and achieve your retention and additionality targets. You will make presentations to clients, brokers and other industry professionals in order to negotiate and close renewal of the policies within your portfolio. To do this effectively you will have, or be able to demonstrate sound communication and negotiations skills. You must have the ability to plan and execute your work independently and be able to react quickly to changing priorities.
This is a full-time position (36 hours per week).
Knowledge, Skills and Experience
- Experience within Credit Insurance desirable
- Strong understanding of policy structures and an excellent appreciation of the responsibility that comes with managing relationships and delivering against operational plans
- Ability to successful renew business, either at an individual or board level
- Well organised and prepared for all customer and broker visits
- Confident, ambitious self-starter with a desire to succeed in a competitive market
- A team-player, able to work alongside & with other team members to progress / enhance our offering to provide the optimum solution for our Clients & Brokers
- Proven ability to achieve financial targets
- Relevant business experience or degree Right to work in the UK
What we offer
- A great and challenging place to work - dynamic, transparent and informal
- An environment for our people where they can realise professional growth
- Work in a very international working place Good career opportunities
- Attractive terms and conditions: salary in line with market conditions, commission scheme, pension scheme etc.
Office Location
The Chancery, 58 Spring Gardens, Manchester, M2 1EW
Contact Person and Contact Details
Interested? Please send your CV and motivation letter to GBUKjobs@atradius.com
Only successful candidates will be contacted.
Closing date 16 February 2021
Trade Credit Specialists.
Excellent salary + company benefits
About Us:
We are a dynamic business created to fill a gap in the market for a specialist, independent, client-centric and service focussed insurance adviser. We provide insurance solutions to organisations of all shapes and sized, from start-ups, to SME’s through to larger corporate risks. Our team of personal insurance experts can also deliver bespoke cover for private individuals.
This is an exciting time to join PIB Insurance. Collaboration is at the heart of everything we do. We believe that working together as one team across the Group is better for our customers, our businesses, and our employees. We offer excellent rates of pay, fantastic benefits and excellent career opportunities.
As we continue to grow, we are interested in talking to experienced ‘Trade Credit Specialists’ for a number of vacancies we have in Management, Account Management and Business Development which can be based from any of our UK PIB offices. If you are interested in a career with PIB and want to find out more then please do get in touch.
Further information
Our employee’s success isn’t measured on time spent in the office, so please talk to us about your flexible working needs.
We have many sites across the UK, so whether this be working from home, logging on from another office then we would love to hear from you!
PIB Group is an equal opportunities employer, committed to hiring a diverse and inclusive workforce. We do not discriminate on the basis of race, colour, gender, religion, disability, age, sexual orientation or any other characteristic protected by law.
To apply for a position, complete the online application form at https://pibgroup.livevacancies.co.uk/#/job/details/591.
Your application will be treated in the strictest confidence.
We are a dynamic business created to fill a gap in the market for a specialist, independent, client-centric and service focussed insurance adviser. We provide insurance solutions to organisations of all shapes and sized, from start-ups, to SME’s through to larger corporate risks. Our team of personal insurance experts can also deliver bespoke cover for private individuals.
This is an exciting time to join PIB Insurance. Collaboration is at the heart of everything we do. We believe that working together as one team across the Group is better for our customers, our businesses, and our employees. We offer excellent rates of pay, fantastic benefits and excellent career opportunities.
As we continue to grow, we are interested in talking to experienced ‘Trade Credit Specialists’ for a number of vacancies we have in Management, Account Management and Business Development which can be based from any of our UK PIB offices. If you are interested in a career with PIB and want to find out more then please do get in touch.
Further information
Our employee’s success isn’t measured on time spent in the office, so please talk to us about your flexible working needs.
We have many sites across the UK, so whether this be working from home, logging on from another office then we would love to hear from you!
PIB Group is an equal opportunities employer, committed to hiring a diverse and inclusive workforce. We do not discriminate on the basis of race, colour, gender, religion, disability, age, sexual orientation or any other characteristic protected by law.
To apply for a position, complete the online application form at https://pibgroup.livevacancies.co.uk/#/job/details/591.
Your application will be treated in the strictest confidence.
Risk Underwriter / Credit Analyst, London.
Are you passionate about Credit Insurance? Are you seeking a progressive role in a growing and
reputable MGA?
Nexus Trade Credit are currently recruiting for a dynamic Risk Underwriter / Credit Analyst to join our busy underwriting team in London. The successful candidate will form an integral part of the team, helping to analyse domestic and export risk supporting our renewal and new business portfolio. This includes assessing and agreeing credit limits within authority levels and monitoring exposures in all sectors both domestically and globally.
The Nexus Trade Credit UK Non-Cancellable team is unique in the UK market, by offering non- cancellable coverage on a whole turnover and ground up basis. Our products may suit clients that are looking to take on a significant deductible (XOL) or more traditional middle market clients through our ‘trigger’ and ‘complete’ policies. In addition we offer Top Up coverage in excess of primary (typically cancellable) insurers, allowing clients to achieve full limit satisfaction on sectors and buyers with capacity constraints.
Responsibilities of the role
Nexus Underwriting is the largest independent specialty Managing General Agent (MGA) in the London market. We believe in the ability and potential of all our people and are committed to helping them reach their full potential and future career aspirations by providing a motivational and encouraging work environment.
To apply for this position, please email your CV to hsaar@nexusunderwriting.com and careers@nexusunderwriting.com.
Nexus Trade Credit are currently recruiting for a dynamic Risk Underwriter / Credit Analyst to join our busy underwriting team in London. The successful candidate will form an integral part of the team, helping to analyse domestic and export risk supporting our renewal and new business portfolio. This includes assessing and agreeing credit limits within authority levels and monitoring exposures in all sectors both domestically and globally.
The Nexus Trade Credit UK Non-Cancellable team is unique in the UK market, by offering non- cancellable coverage on a whole turnover and ground up basis. Our products may suit clients that are looking to take on a significant deductible (XOL) or more traditional middle market clients through our ‘trigger’ and ‘complete’ policies. In addition we offer Top Up coverage in excess of primary (typically cancellable) insurers, allowing clients to achieve full limit satisfaction on sectors and buyers with capacity constraints.
Responsibilities of the role
- Conducting detailed financial analysis and formulating credit decisions and risk strategies on buyers, industries and countries
- Managing credit limit requests, taking into account the full scope of the policy and risks relating to buyers, countries and industries
- Proactive monitoring of credit limits and risk strategies
- Monitoring industry, economic and political trends
- Liaising internally and externally about risks and policies, this includes Underwriters, Brokers, clients, risks and information providers on an international level
- You will have 3-5 years practical hands-on experience in a Financial / Credit Analyst role, prior credit insurance or reinsurance experience is a strong advantage
- A broad knowledge of and interest in domestic and global economic trends
- Enthusiastic and hardworking individual with a focus on providing the best possible service
- Commercial awareness partnered with a strategic mind-set
- Experience in delivering client-focused solutions and creating long-lasting relationships
- Proficient working knowledge of MS Office software
Nexus Underwriting is the largest independent specialty Managing General Agent (MGA) in the London market. We believe in the ability and potential of all our people and are committed to helping them reach their full potential and future career aspirations by providing a motivational and encouraging work environment.
This role reports to: Head of UK Non-Cancellable Underwriting
Office Location: 52-56 Leadenhall Street, London, EC3A 2EB.
To apply for this position, please email your CV to hsaar@nexusunderwriting.com and careers@nexusunderwriting.com.
Events & Professional Development
GTR India 2021 Virtual, 10-11 March 2021.
GTR India will return in 2021 as a hybrid event, offering an extended offering as the country’s leading trade-based gathering for networking and knowledge sharing, with a virtual event on March 10-11 and a physical event in Mumbai in October.
For over 15 years GTR India has provided critical market insight combined with unrivalled networking opportunities with leading experts on the country’s trade environment and trade finance sector. Both events will delve into the most pertinent discussion topics impacting Indian #trade and #exports, from supply chain challenges, geopolitical considerations (including free trade agreements), support for exporters, digitisation drives and the measures taken across both public and private sector to aid business recovery.
VIRTUAL EVENT LINK: https://bit.ly/36VQ4By.
PHYSICAL EVENT LINK: https://bit.ly/36VbT48.
GTR India will return in 2021 as a hybrid event, offering an extended offering as the country’s leading trade-based gathering for networking and knowledge sharing, with a virtual event on March 10-11 and a physical event in Mumbai in October.
For over 15 years GTR India has provided critical market insight combined with unrivalled networking opportunities with leading experts on the country’s trade environment and trade finance sector. Both events will delve into the most pertinent discussion topics impacting Indian #trade and #exports, from supply chain challenges, geopolitical considerations (including free trade agreements), support for exporters, digitisation drives and the measures taken across both public and private sector to aid business recovery.
VIRTUAL EVENT LINK: https://bit.ly/36VQ4By.
PHYSICAL EVENT LINK: https://bit.ly/36VbT48.
ExCred Digital will take place on 23 and 24 March 2021.
ExCred is the leading event for the for the ECA and private insurance sector. The meeting point for heads of ECAs, private insurers, their customers and partners offers the almost 700 annual participants from 50 countries the ideal opportunity to find out about the latest developments in the industry.
Challenges and opportunities for the insurance market in 2021; How is risk appetite and capacity changing?
Panelists will discuss the following questions:
ExCred is the leading event for the for the ECA and private insurance sector. The meeting point for heads of ECAs, private insurers, their customers and partners offers the almost 700 annual participants from 50 countries the ideal opportunity to find out about the latest developments in the industry.
The agenda includes the following panel discussions:
'Impact of government intervention on short term credit insurance during the COVID-19 crisis'.
Panelists will discuss the following questions:
Panelists will discuss the following questions:
- Given the need for government intervention in 2008/9 as well as 2020/21, is the private market capable of standing on its own feet long term?
- Was the privatisation of the 1990s an unqualified success?
- How easy will it be for governments to withdraw during 2021 without causing insolvencies?
- What is the reaction of private insurers to the government intervention?
- Will governments want to retain some influence or standby arrangements over the longer term?
- As it becomes more fashionable for governments to have an open industrial strategy, should governments become more actively involved in short term credit?
Amy Shinkman - Vice President, Export Credit Insurance, Export-Import Bank of the U.S.
Vinco David - Secretary General, Berne Union
Phil Bonner - Global Head of Credit and Financial Risk, Reinsurance, Aon Benfield.
Challenges and opportunities for the insurance market in 2021; How is risk appetite and capacity changing?
Panelists will discuss the following questions:
- How is risk appetite changing? State of the market; insurance capacity, availability. What can still be placed? Where are the challenges?
- Some insurers are preferring long-term over short-term deals; ECAs doing more short term; moving into each other’s turfs; impact; prospect for short/long term in 2021
- Focus on reshoring, adapting and improving the resilience of supply chains, spreading/mitigating risk; shifting from reliance on China; how will this reconfigure world trade?
- How will the market cope with a potential influx of claims in 2021?
- Potential for more consolidation in the insurance market
- When should business pick up again as before?
- Opportunity; innovation and new business lines
Panelists: Moderator Sian Aspinall - Joint Managing Director, BPL Global
Catherine Aubert - Head of Trade Credit & Political Risk Insurance, Société Générale
Matthew Beckett - Assistant General Manager, Insurance Placement, SMBC
Lise Kessler - Managing Director, Global Head of Credit Risk Insurance, Credit Agricole
Jared Kotler - Head of Credit and Political Risk, The Hartford
For some more information go to
https://bit.ly/3qybiMm.
GTR West Africa 2021 Virtual, 24-25 March 2021.
GTR West Africa will return in 2021 virtually, providing an extended digital offering as the region’s leading event for trade discussion and networking on March 24-25.
Encompassing all the key aspects of the live conference experience through GTR’s established virtual event format, this hugely anticipated gathering will combine the highest level content with bountiful networking opportunities via our dedicated platform.
Harnessing the vast potential of technology for connecting West African trade leaders with their peers, this online gathering promises a comprehensive programme of live and on-demand debate, discussion and engagement, welcoming the region’s leading practitioners in trade, export and commodity finance to explore the latest developments, strategies and solutions employed to drive growth.
LINK: https://bit.ly/36XnLTf
GTR West Africa will return in 2021 virtually, providing an extended digital offering as the region’s leading event for trade discussion and networking on March 24-25.
Encompassing all the key aspects of the live conference experience through GTR’s established virtual event format, this hugely anticipated gathering will combine the highest level content with bountiful networking opportunities via our dedicated platform.
Harnessing the vast potential of technology for connecting West African trade leaders with their peers, this online gathering promises a comprehensive programme of live and on-demand debate, discussion and engagement, welcoming the region’s leading practitioners in trade, export and commodity finance to explore the latest developments, strategies and solutions employed to drive growth.
LINK: https://bit.ly/36XnLTf
GTR East Africa 2021 Virtual. 12-13 May 2021.
Following the success of the inaugural virtual event in October 2020, GTR East Africa will return once again in a digital form for 2021, taking place on May 12-13, 2021. Utilising GTR’s bespoke virtual event platform, this online gathering promises expansive networking and an extensive and comprehensive programme of live and on-demand content, welcoming the leading practitioners in trade, agribusiness, supply chain and commodity finance. Join industry experts from across the region to explore the latest developments, strategies and solutions employed to drive East African trade growth. LINK: https://bit.ly/3gphJ0x.
Following the success of the inaugural virtual event in October 2020, GTR East Africa will return once again in a digital form for 2021, taking place on May 12-13, 2021. Utilising GTR’s bespoke virtual event platform, this online gathering promises expansive networking and an extensive and comprehensive programme of live and on-demand content, welcoming the leading practitioners in trade, agribusiness, supply chain and commodity finance. Join industry experts from across the region to explore the latest developments, strategies and solutions employed to drive East African trade growth. LINK: https://bit.ly/3gphJ0x.
Receivables Finance International Convention, 18th – 20th May 2021 - Virtual.
BCR’s 21st annual Receivables Finance International Convention provides an essential update on the latest invoice financing trends, market challenges and innovations.
The receivables finance sector continues to evolve rapidly. Covid-19 has meant a significant shift in market attitudes. Some of these will be permanent; some will disappear over time. Many expect a rapid rise in receivables finance business coming out of the pandemic as government-imposed restrictions are eased. But navigating to that point could be tricky as the financial support provided by governments will expose many SMEs to terminal positions.
RFIx 2021 will take a deep dive into the impact of the pandemic and global geopolitics on market trends and risk. It will explore how practitioners can become fitter, leaner, and better in this new world through innovative product development, technology and new markets, and discover the new challenges around ESG, regulatory and legal issues.
This flagship event for the receivables finance industry attracts delegates from across the globe, bringing together both market experts and new entrants. Being a virtual event, it provides a chance to network with an even wider circle of industry peers.
Join senior receivables finance executives at the 21st annual RFIx Convention and ensure the right direction for your business.
As event partners, Credit Insurance News can offer members a 25% discount on a delegate pass rate. To register please follow this link. The member discount code is rfix21-med.
Alternatively, you can contact yongmei.he@bcrpub.com quoting your discount code for payment via invoice.
BCR’s 21st annual Receivables Finance International Convention provides an essential update on the latest invoice financing trends, market challenges and innovations.
The receivables finance sector continues to evolve rapidly. Covid-19 has meant a significant shift in market attitudes. Some of these will be permanent; some will disappear over time. Many expect a rapid rise in receivables finance business coming out of the pandemic as government-imposed restrictions are eased. But navigating to that point could be tricky as the financial support provided by governments will expose many SMEs to terminal positions.
RFIx 2021 will take a deep dive into the impact of the pandemic and global geopolitics on market trends and risk. It will explore how practitioners can become fitter, leaner, and better in this new world through innovative product development, technology and new markets, and discover the new challenges around ESG, regulatory and legal issues.
This flagship event for the receivables finance industry attracts delegates from across the globe, bringing together both market experts and new entrants. Being a virtual event, it provides a chance to network with an even wider circle of industry peers.
Join senior receivables finance executives at the 21st annual RFIx Convention and ensure the right direction for your business.
As event partners, Credit Insurance News can offer members a 25% discount on a delegate pass rate. To register please follow this link. The member discount code is rfix21-med.
Alternatively, you can contact yongmei.he@bcrpub.com quoting your discount code for payment via invoice.
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: STA International
STA International is the recommended debt collection partner to six credit insurance underwriters.
Systems alignment provides a secure and transparent service to reduce protracted default (PD)
claims, and increase policyholders' cash flow.
With UK and overseas accounts referred at the end of the Maximum Extension Period (MEP) to STA,
we add Late Payment Act interest and collection cost to the principal debt and immediately contact
the buyer.
This early intervention results in speedy recovery of most accounts. The policyholder receives prompt remittance of the principal sum and interest, with STAs costs covered by the buyer paying the collection costs. Recovering costs and interest means, on average, policyholders enjoy free-of- charge debt collection.
The underwriter has online access to every action taken by STA, including a single buyer's consolidation across multiple policyholders. Simultaneously, the policyholder sees all STA actions on every buyer placed for collection, along with the collection success dashboard and recovery cost details.
With PD claims reduced for the underwriter, cash flow and premium protection maximised for the policyholder, STA provides a win-win solution to cash collection challenges.
To find out more, please visit www.stainternational.com.
Call Sam Cable on 01622 600921; email sam.cable@staonline.com.
This early intervention results in speedy recovery of most accounts. The policyholder receives prompt remittance of the principal sum and interest, with STAs costs covered by the buyer paying the collection costs. Recovering costs and interest means, on average, policyholders enjoy free-of- charge debt collection.
The underwriter has online access to every action taken by STA, including a single buyer's consolidation across multiple policyholders. Simultaneously, the policyholder sees all STA actions on every buyer placed for collection, along with the collection success dashboard and recovery cost details.
With PD claims reduced for the underwriter, cash flow and premium protection maximised for the policyholder, STA provides a win-win solution to cash collection challenges.
To find out more, please visit www.stainternational.com.
Call Sam Cable on 01622 600921; email sam.cable@staonline.com.
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