Welcome to the July 2023 issue of Credit Insurance News Digest.
STA International sponsors this month's issue.
Index
Credit Insurance News
ABI reveals soaring UK trade credit insurance claims.
Insurance Age has reported that the Association of British Insurers (ABI) has revealed that its member trade credit insurers received 5,300 claims in the first quarter of 2023 — up 81% on the same period last year.
The ABI urged firms to think about trade credit insurance and cited UK government figures which showed that company insolvencies in England and Wales in 2022 reached 22,109.
This was the highest number since 2009 and 57% higher than in 2021. Lucy Fraser, the ABI’s general insurance policy adviser, said: "In these tough trading times, every firm, whatever their size, should be thinking about trade credit insurance." To read Insurance Age's article go to https://www.insuranceage.co.uk/insight/7953301/abi-reveals-soaring-trade-credit-claims.
Trade credit insurers saw an average +15% increase in premiums in 2022. AU Group's Credit Insurance Market Survey for 2023 reports that trade credit insurers have benefited from 2022's
post-COVID economic upturn, with a strong increase in premiums (+15% on average), amounting to a total market premium of approx. €9.4 billion (€8.2 billion in 2021). This was combined with a low level of claims and "significant profits".
From a risk appetite point of view, AU Group notes that credit insurers have supported their policyholders by taking more risk, and their overall exposure grew by +14% in 2022 compared to 2021.
Insurers belonging to ICISA paid €2.5 billion in claims in 2022, 60% more than in 2021. However, since Q3 2022, insolvencies have started to rise in almost all regions of the world,
while the end of state support schemes, a tightening of financial conditions and persistent inflation are leaving businesses in a more vulnerable financial position.
To read AU Group's report go to https://www.au-group.com/etudes/credit-insurance-market-2023/.
Trade credit insurers continue to report high acceptance rates.
Aon's latest Market Insights report for Q2 2023 notes that trade credit insurers' capacity remains at a high level — although it appears to have stabilised — and insurers continue to report high acceptance rates
(around 75%) and respond favourably globally, albeit with some selectivity — for example by closely monitoring the retail and construction sectors. However, Aon warns that the economy is expected to slow down,
which could lead to lower capacity requirements and suggests that insurers will undoubtedly see the economic downturn affect their appetite and overall approach. Consequently, Aon expects insurers to
conduct more thorough risk reviews and insist on having more up-to-date financial data to maintain or increase their support in some instances.
To read Aon's report go to https://insights.aon.com/aons-credit-solutions-q2-2023-insights/.
ICISA report highlights the demand for trade credit insurance and surety in uncertain times.
Trade Finance Global has reported that the International Credit Insurance & Surety Association's (ICISA) latest Standard Annual Report indicates robust business growth among its members throughout 2022,
with a significant surge in both premium written and exposure. Notably, premiums in surety and trade credit witnessed a substantial increase of 13% in 2022, while exposure surged by 20% in trade credit and 11% in surety.
However, the report also highlights a significant rise in claims paid (€2.5 billion in claims in 2022, compared to €1.5 billion in 2021) across all business lines, with a notable threefold increase in single-risk claims from
2021 to 2022, soaring from €31 million to €100 million.
To read Trade Finance Global's news release go to https://www.tradefinanceglobal.com/wire/icisa-standard-annual-report-highlights-demand-for-trade-credit-insurance-and-surety-in-uncertain-times/.
20% more companies in Eastern Europe suggest they will consider taking up credit insurance during the coming year.
Atradius' latest Payment Practices Barometer survey for Eastern Europe has found that a potential threat to profitability during the year ahead is the major concern for businesses in the region
(Poland, Hungary, Czech Republic, Slovakia, Bulgaria, Romania, and Turkey). Consequently, many businesses intend to place a greater focus on the importance of credit risk management in B2B trade.
However, although 49% of the companies Atradius polled across Eastern Europe expect to continue with in-house retention and management of customer credit risk, businesses must ensure they have sufficient reserves to absorb
the hit of a large write-off.
Atradius adds that this may explain why 20% more companies polled than last year said they would consider taking up credit insurance during the coming 12 months.
To read Atradius' news release (with a link to the report) go to https://group.atradius.com/press/press-releases/eastern-europe-businesses-worry-about-profitability.html.
Three insurers represent over 70% of the global trade credit insurance market.
AU Group's Credit Insurance Market Survey for 2023 notes that the trade credit insurance market remains dominated by three insurers representing more than 70% of the total global market. Allianz Trade is the largest credit insurer with a
30% market share, followed by Atradius with 24% and Coface with 16%. AU Group notes that Allianz Trade's premium income reached an all-time high level in 2022, driven by a strong new business generation combined with policyholders'
higher economic activity. Atradius recorded the highest income in its history, and while all the regions saw a strong increase, its Global Business Unit made a significant contribution to the group’s growth. Coface saw the industry's best growth at +15.6%, mainly from insurance activities (including bonding & single risk).
To read AU Group's report go to https://www.au-group.com/etudes/credit-insurance-market-2023/.
Allianz Trade CEO on the risks and opportunities facing UK businesses.
Insurance Business has published an article in which Sarah Murrow, CEO of Allianz Trade UK and Ireland, discusses credit insurance in the current economic environment.
She notes that, although it's a running joke in the trade credit insurance industry that people will ask each other how they fell into a career in trade credit insurance, she stayed in the sector "because of the opportunity to protect
the very fabric of society," particularly amid challenging economic conditions. "Credit insurance is hugely beneficial to society because it can stem the knock-on effect of insolvencies on an economy and prevent
financial shocks from reverberating down the entire supply chain."
The article notes that this is especially pertinent as Allianz Trade is currently forecasting a 16% year-on-year increase in business insolvencies in the UK in 2023 — 29% above 2019 levels.
To read Insurance Business' article go to https://www.insurancebusinessmag.com/uk/news/business-resilience/allianz-trade-ceo-on-the-risks-and-opportunities-facing-uk-businesses-450632.aspx.
Revenues from major credit insurers increased 10-15% in the first quarter of 2023. Aon's latest Market Insights report for Q2 2023 reports that revenues from major credit insurers increased 10-15% in Q1 2023 compared to the same period in 2022. This reflects both tailwinds from increased trade volumes, given the inflationary environment and the high levels of policy renewals on January 1st. Aon now expects growth to moderate in 2023. Aon's report also notes that loss experience is slowly but surely normalising to pre-pandemic 2019 levels, with insurers reporting gross loss ratios of 40-50% for Q1 2023 — an increase of up to a third compared to the same period in 2022. The combined ratios are also returning to levels not seen since the third quarter of 2020 and historical pre-pandemic levels of between 70 and 80%. Corporate insolvencies are expected to exceed pre-pandemic levels in many countries in 2023, while large losses are also increasing, with some notable peak losses affecting the market.
To read Aon's report go to https://insights.aon.com/aons-credit-solutions-q2-2023-insights/.
The global economy is moving from a stagflation scenario into a low, positive growth scenario in 2023 and 2024.
Atradius' latest Economic Outlook advises that, although the global economic growth is forecast to slow to 2.2% in 2023 from 3.1% in 2022, it is performing better than expected at the start of the year and moving away from
a stagflation scenario to low, but positive growth in 2023 and 2024. There are two major reasons for this upgrade. First is China's reopening after the sudden reversal of the zero-COVID policy that happened earlier this year.
Second, the US and eurozone economies proved more resilient to 'stagflation’ forces'. Atradius predicts GDP growth across advanced markets will reach 1.0% in 2023, which is better than the stagnation expected at the beginning of the year.
Growth in 2024, however, looks set to remain very restrained at 0.9%. GDP growth in emerging market economies is forecast to stay in lower gear at 3.9% this year and 3.8% in 2024.
To read Atradius' news release go to https://group.atradius.com/economic-research-economic-outlook-july-2023.html.
The return of credit risk: +21% increase in business insolvencies globally.
A new Economic Outlook by Allianz Trade estimates that global growth is likely to slow to +2.5% and to stay at +2.3% in 2024, with advanced economies overall set to avoid negative annual growth in 2023
(+1.5% in the US, +0.5% in the Eurozone, +0.2% in the UK) and in 2024 (+0.7% in the US, +1.0% in the Eurozone, +0.5% in the UK). However, business insolvencies are expected to continue increasing globally (+21% y/y),
with advanced economies such as Canada, the UK, Denmark, Finland and Switzerland already seeing business insolvencies above pre-pandemic levels. Globally, Allianz Trade warns that this should be the case for one out of two
countries by the end of 2023, with the main exceptions in Asia (China, Japan, Australia, South Korea, Singapore), Latam (Brazil) and the US.
To read Allianz Trade's report (a presentation is also available) go to https://www.allianz-trade.com/en_global/news-insights/economic-insights/economic-outlook-wall-of-worries.html.
Coface rolls out a new solution designed to optimise claims management.
Coface has announced that its Data Lab has developed a solution designed to optimise claims management based on OCR (Optical Character Recognition) technology and training advanced neural network algorithms.
For each new declaration of unpaid debts requiring indemnification, the tool analyses all the documents provided by clients and detects and distinguishes invoices from other documents.
It then identifies the key information (invoice number and date, the payment due date, the total amount and VAT, etc.) from among all the digital and textual content extracted by the OCR, and, in a few minutes,
can detect files where the notification for which the declaration of unpaid invoices is incomplete. Coface notes that by reducing manual analysis work by 70%, the solution improves claims processing and speeds
up the indemnification process to benefit its clients.
To read Coface's news release go to https://www.coface.com/News-Publications/News/How-Coface-uses-advanced-Data-Science-to-help-businesses.
A strong deterioration in the trade credit risk landscape for UK companies.
Atradius' latest Payment Practices Barometer for the UK has found a strong deterioration in the trade credit risk landscape for UK companies with a marked increase in late payments and bad debts.
Atradius' survey (conducted between the end of Q1 and the beginning of Q2 2023) found that UK late payments stood at an average of 50% of all B2B invoiced sales — a rise of 25% compared to last year.
The level of bad debts had also increased by 80%, affecting 9% of all UK B2B sales, while UK insolvencies stand at 120% of the pre-pandemic levels of 2019.
Furthermore, 27% of companies polled expect a severe worsening of payment behaviour in the year ahead, compared to just 12% last year. This sentiment was expressed across all sectors.
To read Atradius' news release go to https://atradius.co.uk/reports/payment-practices-barometer-b2b-payment-practices-trends-united-kingdom-2023.html. The Statistical Appendix to the regional report is also available for download.
Coface and Crédit Agricole have signed a distribution agreement.
Coface and Crédit Agricole have signed a distribution agreement to allow Crédit Agricole to distribute Coface's credit insurance products to small and medium-sized companies that are planning to grow internationally and
develop their business outside of France.
This will enable Crédit Agricole customers to identify risks of default that could lead to unpaid invoices from their clients, and also include financial intelligence and risk assessment by country, sector, and company.
"Crédit Agricole wants to step up its support for its enterprises customers who want to develop their activity abroad," explained Claire-Lise Hurlot,
Head of the Customer Project of Crédit Agricole S.A.
To read Coface's news release go to https://www.coface.com/News-Publications/News/Coface-and-Credit-Agricole-sign-a-distribution-agreement-to-accompany-corporates-in-their-international-development.
Aon brings together its political risk and credit solutions offering.
GTR (Global Trade Review) has reported that, as part of a five-year effort to encourage greater convergence across different products to meet changing client needs,
Aon has incorporated its political risk and structured credit team into its global credit solutions practice.
"Traditionally, credit risk insurers have been viewed in two brackets, multi-debtor (portfolio) credit insurers and single risk insurers," Aon says. "Our vision is to bring the best of both of these worlds to our clients."
As a result, clients can benefit from portfolio pricing and risk analysis associated with multi-debtor insurers, as well as the non-cancellable flexible nature of single buyer insurers. Based in London and headed by Stuart Lawson, the new-look unit has 20 staff members.
To read GTR's article go to https://www.gtreview.com/news/europe/aon-brings-together-political-risk-and-credit-solutions-offering/.
The British economy has "plenty of potential" but needs stability.
Jonathan Steenberg, an economist at Coface, has published a paper that examines the reasons for Coface's decision in Q2 2023 to upgrade Ireland's country risk assessment.
The UK's risk assessment remained unchanged in this period, and Steenberg's paper also considers what the UK can do to catch up with Ireland's upgrade. He notes that "chronic pessimism" seems to be the prevailing
sentiment in the UK following "the financial upheavals of the pandemic, the mini-budget, concerns about the UK's
future trading relationships", as well as five years of under-investment that has hampered productivity. For an upgrade to the UK's risk assessment, he advises that Coface would hope for export recovery and recovery in economic activity
to pre-pandemic strength, combined with a fall in corporate insolvencies from the current surge. He concludes: "Overall, there is plenty of potential in the British economy, but it needs stability before it can be realised."
To read Coface's article go to https://cofaceitfirst.co.uk/trade-risk-in-the-uk-and-ireland/.
Asia: companies experience fewer overdue payments but longer payment delays.
Coface's latest Asia Corporate Payment Survey reveals that the share of companies reporting overdue payments fell to 57% in 2022 — the lowest in 10 years — from 64% in 2021.
Nevertheless, the duration of payment delays across Asia-Pacific increased markedly, with the average payment delay lengthening from 54 days in 2021 to 67 days.
According to Coface’s experience, 80% of overdues longer than six months (ultra-long payment delays /ULPDs) are never paid. Although the survey shows an overall decline in the proportion of respondents experiencing ULPDs exceeding 2% of their annual revenue (falling from 34% in 2021 to 26% in 2022), the situation in Australia was different
as the proportion of respondents with such ULPDs expanded from a high level of 56% in 2021 to 63% in 2022. Malaysia also faced a rise in cash flow risk, with the percentage rising from 0% in 2021 to 26%.
To read Coface's news release go to https://www.coface.com/News-Publications/News/Asia-companies-experience-fewer-payment-delays-in-our-latest-Survey.
Bad debts now affect 7% of all Australian B2B invoices.
Atradius' latest Payment Practices Barometer for Australia found an average 12% increase in overdue invoices during the past year, with 47% of the total value of B2B sales on credit currently remaining unpaid at the due date.
Companies cited temporary liquidity shortfalls and invoice disputes as two reasons for late payments, while the agri-food sector cited insolvency problems.
Bad debts now affect 7% of all B2B invoice sales, up from 6% last year.
Atradius notes that 53% of the companies it surveyed in Australia reported spending extra time and resources on chasing overdue invoices amid setting up stronger credit control procedures.
In addition, almost as many companies delayed payments to their own suppliers. Some appetite for a strategic approach
involving credit insurance was found in the agri-food
sector. To read Atradius' Barometer (with a link to the full report) go to https://group.atradius.com/publications/payment-practices-barometer/b2b-payment-practices-trends-australia-2023.html.
The numbers of UK Creditors' Voluntary Liquidations are very close to the highest level on record.
Xenia Broking has published a new report, UK Insolvency Analysis 2023, by Roberto Simone, Risk Development Executive at Xenia Broking.
The report advises that, although the latest macroeconomic data suggests the general economy and outlook appears to have improved, the short term looks increasingly bumpy for many UK businesses.
The latest data confirmed a total of 5,747 company insolvencies in the quarter, with the number of Creditors Voluntary Liquidations very close to the highest level on record since the start of the series in 1960.
Looking ahead, high energy bills and inflation,
interest rate increases and a more aggressive HMRC suggest that insolvency figures for the rest of 2023 will climb even further.
To read Xenia Broking's report go to https://xeniabroking.com/news-and-insights/uk-insolvency-analysis.
Global Pharmaceuticals Industry: "Not a case of boom then bust".
Atradius' latest Industry Outlook considers the post-pandemic outlook of the global pharmaceuticals industry following its substantial output growth of 14% during 2021 and 3% increase in 2022.
Three Atradius trade sector experts share their pharmaceutical industry analysis and list the top three opportunities and challenges to growth in the pharmaceuticals industry in their respective regions.
Overall, they predict that, although growth has slowed significantly, "this is not a case of boom then bust for the industry," they still expect global growth to remain above 3% over the next few years.
To read Atradius' Outlook go to https://group.atradius.com/publications/industry-trends/global-pharmaceuticals-industry-outlook-2023.html.
Video: Trade credit insurers still have a good appetite for writing risk, and premiums are at historic lows.
SCHUMANN has published an interview with Mike Lawrence, Head of Sales at Xenia Broking, which discusses current economic challenges and the role of trade credit insurance in protecting businesses.
Mike advises that despite current perceptions of higher risk, trade credit insurers have not really changed their stance and still have a very good appetite for writing risk.
Premiums are also at an all-time historical low. However, looking ahead, as the claims environment deteriorates, Xenia expects an uptick in premium rates and closer monitoring of risks by insurers.
He notes that, although a criticism levied at insurers in the past was that they could be premature in removing cover or reducing limits, this is no longer the case.
Most insurers now give a period of notice of 30-60 days before removing a credit limit.
In addition, non-cancellable cover, traditionally solely available to larger businesses, is now more frequently offered to small businesses with turnover above £10 million.
To watch SCHUMANN's video go to https://www.youtube.com/watch?v=kBXGVpL9IB0.
Xenia Broking: Q&A with Linda Scott MCICM, Consulting Director.
As part of their Coffee Cup Corner series, Xenia Broking has published a Q&A in which consulting Director, Linda Scott, describes how she got into the credit insurance sector, what she most enjoys about her role and some of the memorable things that have happened during her career.
Reflecting on how the job has changed since she started her career, she suggests that mobile phones have had the biggest impact. "Years ago, I would have to stop at motorway services, have change for the phone box, hope there was not a queue,
then ring your prospect or client to be told he/she was in a meeting, please call later. . . stopping at the next service area to go through the same rigamarole." To read the Q&A go to https://xeniabroking.com/news-and-insights/coffee-cup-corner-q-a-with-linda-scott-mcicm-consulting-director.
Women in Credit Insurance — Mentoring survey.
One of the goals of Women in Credit Insurance (an informal association of women and men who together strive to increase the representation of women leaders in the trade credit insurance industry) is to set up and establish a framework for Mentoring Circles
either within a member's organisation or for smaller organisations who wish to work together.
To help the association understand demand, credit insurance professionals are invited to take part in a brief survey at https://www.surveymonkey.co.uk/r/PTJNB73.
For more information about the Women in Credit Insurance initiative go to https://www.linkedin.com/in/women-in-credit-insurance-b72a54269/.
For more information about the Women in Credit Insurance initiative go to https://www.linkedin.com/in/women-in-credit-insurance-b72a54269/.
Webinar: Factors putting pressure on the North American economy.
Dan North, Allianz Trade's Chief Economist, recently hosted a webinar to discuss the contributing factors putting pressure on the North American economy
and to forecast the rest of the year. Following the webinar, a poll found that 78% of viewers agreed that they were worried about the potential for their company to experience late customer payments over the next 6-12 months,
yet only 35% are using trade credit insurance to protect their accounts receivable.
To watch the webinar go to https://www.allianz-trade.com/en_US/resources/events/economy-under-pressure-webinar.html?
Tradecast: Credit insurance, export credit and funds: How do we solve the African trade finance gap?
Tinubu has partnered with Trade Finance Global to present a virtual event, exploring the challenges and opportunities for the African credit insurance industry.
Tinubu notes that, although there are signs of new and expanded market opportunities, to create a sustainable and successful trade credit insurance industry, there are many questions that need to be discussed, and much collaboration is needed. The tradecast included:
- A brief overview of private/public trade finance and credit insurance landscape across Africa.
- Geopolitical and macroeconomic and sovereign debt/defaults overview and how this impacts the credit insurance landscape in Africa.
- How could new technology improve opportunities?
- The business case for the creation of new ECAs in Africa, as well as exploring opportunities for credit insurance.
To watch the tradecast go to https://www.youtube.com/watch?v=x4CF8mtEjFM.
Podcast: Outlook and opportunities in the energy sector.
Coface has published a new episode of its podcast 'Trade Talk' in which its Chief Economist, Jean-Christophe Caffet, and Marc-Antoine Eyl-Mazzega, Director of the Energy & Climate Center at IFRI, discuss the outlook and
opportunities in the global energy sector. For a selection of excerpts with a link to the podcast, go to https://www.coface.com/News-Publications/News/Energy-sector-outlook-and-opportunities-in-our-latest-podcast.
Podcast: Is the UK experiencing a 'rolling recession'?
Company Watch has published a podcast in which Kirsten Tompkins, Market Analyst and Content Creator in Turnaround and Restructuring at EY-Parthenon,
joins Adam Stones, Data Scientist at Company Watch, and Craig Evans, CEO of Company Watch, to discuss the latest EY Q1 2023 profit warnings report, 'On a Knife Edge'. The podcast notes that revised forecasts show the UK economy
is on track to avoid a technical recession in 2023, but EY's profit warning data suggests it could be experiencing a 'rolling recession', where waves of pressure cause individual parts of the economy to contract in turn.
The podcast notes that banking stresses and higher-than-expected inflation also serve as a reminder that the recovery is still on a knife edge. Profit warnings rose dramatically in the technology and telecommunications sectors in Q1 2023,
with 35% of profit warnings in Q1 citing contract delays or cancellations.
To listen to the podcast go to https://blog.companywatch.net/resources/q1-ey-profit-warnings-podcast-company-watch-financial-stress-testing.
June BUlletin: Claims: Controlling Chaos, and Risk Versus Reality. The Berne Union (BU) has published the June edition of its BUlletin.
This issue explores BU claims data and its relation to predicting risk since the pandemic, features a broker's eye view of the state of the CPRI market and examines how "how the 'dark arts' of tradecraft"
may increasingly play a role in international supply chain resilience. Articles include:
- Claims: Controlling chaos, the risk versus reality. Joshua Koehler, Associate Director of Berne Union.
- Understanding ESG risks to take on opportunities. Lorraine Audsley, SVP and Chief Sustainability Officer at EDC.
- A strong new export and investment fund for Denmark. Henrik Holst Elstrøm Senior Director, EIFO, SME.
- Viewing the CPRI market in context. Harry McIndoe, Director of BPL Global.
- Supply chain resilience is the new tradecraft: Why this matters. Rebecca Harding, Trade Expert/Economist, Supply Chain Resilience, Trade Sustainability, Strategic Advisory, Independent Investment Fund of Denmark (EIFO).
To read the BUlletin go to https://www.berneunion.org/Articles/Details/776/June-BUlletin-Claims-Controling-Chaos-and-Risk-Versus-Reality.
Congratulations
BPL Global is celebrating its 40th Anniversary this month. To mark the occasion, it recently hosted an industry thought leadership conference at the Pan Pacific Hotel in London and a celebration at London's Victoria and Albert Museum for staff, clients, industry peers and special guests. Group CEO Sian Aspinall commented: "It is a celebration not only of the past 40 years but of our future as a fully independent broker, advocating for our policyholders and the industry as a whole." Founded in 1983, BPL Global has grown to be the leading broker in CPRI, with an annual premium volume of US$560 million in 2022 and a market share close to 20%
BPL Global is celebrating its 40th Anniversary this month. To mark the occasion, it recently hosted an industry thought leadership conference at the Pan Pacific Hotel in London and a celebration at London's Victoria and Albert Museum for staff, clients, industry peers and special guests. Group CEO Sian Aspinall commented: "It is a celebration not only of the past 40 years but of our future as a fully independent broker, advocating for our policyholders and the industry as a whole." Founded in 1983, BPL Global has grown to be the leading broker in CPRI, with an annual premium volume of US$560 million in 2022 and a market share close to 20%
The winners of the ITFA Insurance Awards 2023. Congratulations to the following companies who were among the winners at the ITFA Insurance Awards 2023
on June 21st 2023, held at Crédit Agricole CIB’s campus in Montrouge, France.
- Best Insurer: Trade Credit Insurance Insurer — Allianz Trade.
- Best Insurer: Surety Insurer — Tokio Marine HCC.
- Best Broker: Trade Credit Insurance Broker — Marsh.
- Best Broker: Surety Broker — Marsh.
- Best Broker (second successive year): Comprehensive Non-Payment Insurance Broker — BPL Global.
New Appointments
Atradius UK has welcomed Noemie Robert as a Senior Underwriter to its Special Products Market team in London. Noemie joins Atradius from
Societe Generale Corporate and Investment Banking in France, where she was an
Environmental & Social Expert.
Chubb has appointed Edward Cockburn as Assistant Underwriter, Political Risk & Trade Credit, based in London. Edward joins Chubb from Amlin.
Coface has announced the appointment of Benoît Urbin as Country Manager for the UK & Ireland. Benoît is based in London and reports to Carine Pichon, CEO of Coface in Western Europe.
He replaces Frederic Bourgeois, who will continue his career outside of the Coface Group.
Benoît has already spent nearly ten years within the Coface Group. He has held various senior roles in the company, first in Western Europe within the commercial and underwriting departments,
then in North America as Country Manager & Chief Agent of Coface Canada, and then as Chief Operating Officer for the North America region.
Marsh has appointed Nick Hulland as a client Executive. Nick joins from Aon, where he worked as a Client Director - Energy. Prior to that, Nick worked as a Major and Strategic News Business Underwriter for Allianz Trade in UK & Ireland. He is based in Manchester.
Lilley Plummer Risks has appointed Allan J Wallace as Practice Head, Credit & Surety.
Alan previously worked for The Indemnity & Risk Consultancy Limited as Director and Principal. Before that, Alan was Chief Executive Officer of Parker Norfolk and Partners Limited
Munich Re Syndicate has promoted Victoria Buckingham to Head of Political Risk & Credit. Victoria was previously a
Senior Underwriter, Political Risk & Trade Credit at Munich Re Syndicate.
NCI Trade Credit Solutions has announced two new appointments and one promotion:
- Stephen Koukoulas has been engaged as NCI's economic expert. Stephen Koukoulas is an economic thought leader in his role with his business, Market Economics. His experience includes heading global research for TD in London, Chief Economist of Citibank and Former Senior Economic Advisor to the Australian Prime Minister.
- Toby Morley joins NCI as a Sales Executive. Toby is based in Hobart, Tasmania and is new to the trade credit insurance industry.
- Michael Dunster has been promoted to Regional Manager, North Queensland. Michael was previously a Client Service Manager with NCI.
Tinubu has announced that it has appointed Olivier Placca as the new Chairman of the Board and CEO of the company. Tinubu expresses deep gratitude to the outgoing CEO, Jérôme Pezé.
Jerome will continue to serve on the board of directors of Tinubu and will work alongside Olivier on strategic subjects.
Olivier is a co-founder of Tinubu and has been with the company for over 23 years — most recently as Group Deputy CEO.
QBE has restructured its new business trade credit team. In addition to new joiner Gary Payne (see June's issue) and the appointment,
in January, of Dave Murray as Head of New Business for Trade Credit (see February's issue):
- Jack Staniforth, Underwriter for Trade Credit, will be responsible for all new business enquiries in the South West, Midlands, Northern Ireland and the Republic of Ireland.
- Harry Bennion and Ruth Copperwheat have left the new business team for the account management team. They will now focus on servicing existing QBE customers in the South.
- Abbie Sandford will continue in her role in London and the South East, but with increased responsibility for all new business with turnover over £10m.
- Stephen Watson will work alongside Gary Payne, servicing the £10-35m turnover business in North England and Scotland.
Career Opportunities
Broker | Belgium Manager. Brussels (Belgium).
BlueBird HR Solutions is an Executive Search & HR Solutions firm, born in 2021 and assisting our clients in the management of their growth. Our client, Texel Group, is looking for their new Broker | Belgium Manager.
About The Texel Group:
The Texel Group is a leading specialist credit and political risk insurance broker with clients that include first-tier global investment banks, development finance institutions, commodity traders and corporates and we have offices in London, Belgium, Singapore, New York, and California. Credit (or “non-payment”) insurance is purchased by banks, corporates and traders looking to cover the risk of a counterparty failing to make payment under a loan or other type of credit exposure. The main drivers for such cover include regulatory capital relief, balance sheet optimisation and risk mitigation.
Our offer:
The Texel Group is a high-achieving Lloyd’s broker, and takes its corporate social responsibility seriously, including its work through the Texel Foundation. Since 2015 the Texel Foundation has joined forces with charities and social enterprises across 21 countries and supported more than 90 causes. Texel’s unique culture is collaborative, supportive, and sociable. Texel is committed to creating a diverse environment and values a culture of inclusion for all our employees where their individual strengths, thoughts and experiences can be shared. Our differences enable us to be a better team — one where we work more collaboratively.
We offer you:
Reporting to the Board of the Texel Group, the Belgium Manager will be responsible for the insurance distribution of Texel Europe and setting and implementing the daily policy of the company. The ongoing management of company operations by maintaining office systems and supervising staff.
Duties of the Belgium Manager:
The specific responsibilities include:
Broking Responsibilities:
The Texel Group is a leading specialist credit and political risk insurance broker with clients that include first-tier global investment banks, development finance institutions, commodity traders and corporates and we have offices in London, Belgium, Singapore, New York, and California. Credit (or “non-payment”) insurance is purchased by banks, corporates and traders looking to cover the risk of a counterparty failing to make payment under a loan or other type of credit exposure. The main drivers for such cover include regulatory capital relief, balance sheet optimisation and risk mitigation.
Our offer:
The Texel Group is a high-achieving Lloyd’s broker, and takes its corporate social responsibility seriously, including its work through the Texel Foundation. Since 2015 the Texel Foundation has joined forces with charities and social enterprises across 21 countries and supported more than 90 causes. Texel’s unique culture is collaborative, supportive, and sociable. Texel is committed to creating a diverse environment and values a culture of inclusion for all our employees where their individual strengths, thoughts and experiences can be shared. Our differences enable us to be a better team — one where we work more collaboratively.
We offer you:
- To work in direct collaboration with the Board in London, with a fully international scope and first-class clients.
- To take on large responsibilities in the growth and management of our Belgium office.
- A competitive salary with bonus and a package including 15% Pension, 25 days holiday, Meal vouchers, and Health insurance.
- Teamwork and Solidarity.
- Reputation for Expertise, Hard Work, and Innovation.
- Empathy, Integrity, and Fairness.
- Embracing Individuality and Empowerment.
- Enjoyable working environment.
Reporting to the Board of the Texel Group, the Belgium Manager will be responsible for the insurance distribution of Texel Europe and setting and implementing the daily policy of the company. The ongoing management of company operations by maintaining office systems and supervising staff.
Duties of the Belgium Manager:
The specific responsibilities include:
- Manages the liaison with the Board of the Texel Group in London and the ongoing liaison with the Belgian regulator (the FSMA) and other relevant regulators (the FCA and the FINMA), as applicable.
- Implements the agreed strategy towards the profitable growth and operation of the Company, formulates and successfully implements the daily Company policy (as agreed by the Board).
- Maintains the operational performance of the Company.
- Agrees, maintains, and supervises all in-force outsourcing agreements.
- Working within the local team and office operations, and oversees the audit, legal, compliance and AML functions of the Company.
- Responsibility for the compliance policies and procedures of the Company incl. AML, GDPR, etc.
- Responsible for the execution of Evidence of Cover (EOC) for Texel Europe in association with other directors.
Broking Responsibilities:
- European Client Liaison.
Collaborating with the London Broking team in respect of certain clients. Including, but not limited to: - Policy and Slip drafting.
- Non-Binding Indication drafting and transmission to clients.
- Day to Day written and oral interaction with clients and Underwriters.
- Policy Maintenance through premium adjustments and ongoing client interaction.
- Regular travel to meet with clients who are domiciled outside of the UK.
- Generating new clients through referrals and leads o Managing the claims process from initial submission to Xchanging Claims Services through to the ongoing recovery efforts post a claim.
- Maintaining high levels of internal reporting to the Board of Directors through data entry onto Connexion and into the Projected Income spreadsheet.
- Ensuring clients are treated fairly and equitably.
- Maintaining compliance with all relevant legislation and regulatory requirements.
- Excellent command of English and French/Dutch.
- Excellent knowledge of the insurance market and potential changes/threats to this market.
- Excellent presentation skills.
- Excellent negotiation skills.
- Excellent awareness of the regulatory environment that surrounds the industry.
- A lateral thinker and able to use initiative to seek solutions to challenges.
- Empathetic and enjoys working in a highly collaborative environment.
- Enjoys analysing risks and is able to present these effectively to underwriters.
- Values diversity and takes pride in helping to build a team that brings together diversity of thoughts, perspectives, and expression.
- Able to create a positive working environment.
- Able to work with remote and international teams.
- Good literacy, analytical and creative thinking skills.
- Excellent communication and interpersonal skills.
Underwriting Manager Strategic & Multinational, Trade Credit.
London
London
Who we are
American International Group, Inc. (AIG) is a leading global insurance organization. AIG member companies provide a wide range of property casualty insurance in approximately 70 countries and jurisdictions. These diverse offerings include products and services that help businesses and individuals protect their assets and manage risks. Get to know the business
With more than 35 years of experience in trade credit, AIG offers unparalleled local underwriting and policy servicing capabilities. We leverage decades of experience to provide innovative credit management tools and insights for middle-market businesses, large corporations, multinationals, and financial institutions. Our non-cancelable limits coverage, credit management tools, and our dual pen Underwriter approach help these clients serve customers in more than 70+ countries.
About the role
What you need to know:
What we’re looking for:
Leadership Skills
Technical Skills & Expertise
A look at our Benefits
We're proud to offer a range of employee benefits and resources that help you protect what matters most - your health care, savings, financial protection and wellbeing. We provide a variety of leaves for personal, health, family and military needs. For example, our "Giving Back" program allows you to take up to 16 hours a year to volunteer in your community. Our global mental health and wellness days off provide all colleagues with a paid day off to focus on their mental health and wellbeing.
We also believe in fostering our colleagues' development and offer a range of learning opportunities for colleagues to hone their professional skills to position themselves for the next steps of their careers. We have a tuition reimbursement program for eligible colleagues to enhance their education, skills, and knowledge in areas that relate to their current position or future positions to which they may transfer or progress.
We are an Equal Opportunity Employer
American International Group, Inc., its subsidiaries and affiliates are committed to be an Equal Opportunity Employer and its policies and procedures reflect this commitment. We provide equal opportunity to all qualified individuals regardless of race, color, religion, age, gender, gender expression, national origin, veteran status, disability or any other legally protected categories such as sexual orientation. At AIG, we believe that diversity and inclusion are critical to our future and our mission – creating a foundation for a creative workplace that leads to innovation, growth, and profitability. Through a wide variety of programs and initiatives, we invest in each employee, seeking to ensure that our people are not only respected as individuals, but also truly valued for their unique perspectives.
To learn more please visit: https://www.aig.com/about-us/diversity-equity-and-inclusion.
AIG is committed to working with and providing reasonable accommodations to job applicants and employees with physical or mental disabilities. If you believe you need a reasonable accommodation in order to search for a job opening or to complete any part of the application or hiring process, please send an email to candidatecare@aig.com. Reasonable accommodations will be determined on a case-by-case basis.
American International Group, Inc. (AIG) is a leading global insurance organization. AIG member companies provide a wide range of property casualty insurance in approximately 70 countries and jurisdictions. These diverse offerings include products and services that help businesses and individuals protect their assets and manage risks. Get to know the business
With more than 35 years of experience in trade credit, AIG offers unparalleled local underwriting and policy servicing capabilities. We leverage decades of experience to provide innovative credit management tools and insights for middle-market businesses, large corporations, multinationals, and financial institutions. Our non-cancelable limits coverage, credit management tools, and our dual pen Underwriter approach help these clients serve customers in more than 70+ countries.
About the role
What you need to know:
- The position holder will be part of the UK Trade Credit management team with a sizeable team of highly skilled Underwriters to manage.
- You will be responsible for the implementation of the commercial and risk underwriting strategy of AIG Trade Credit Business in the UK for Strategic and Multi-National business focusing on profitability, and growth of the Portfolio and revenue.
- Review, monitor and discuss policy terms and conditions with the team to ensure we seek the best outcomes to achieve profitability without compromising the loss of good business.
- Ensure the delivery and development of accurate and reliable management information.
- Develop, oversee and ensure all team members have appropriate training and development plans to achieve a high level of job satisfaction and service delivery to our clients and brokers.
- Develop working relationships with AIG Distribution teams to support cross sales initiatives Work with MN team to ensure full understanding of service SLA and how it affects customer service – ONE AIG.
- Meet Clients in your area of responsibility and understand the cover we are providing.
- Support new business pitches and strategic client meetings to support Underwriters with complex situations.
- Support the team in finding solutions that protects AIG and satisfies the needs of the Customer.
- Provide support to senior management team for new initiatives, IT platforms, product development.
- Build strong relationships with Tier 1 Brokers and other brokers as required
What we’re looking for:
Leadership Skills
- Proven leadership and management experience.
- Ability to manage remote staff / support flexible working.
- Strong interpersonal skills critical.
- Team development / sharing knowledge.
- Strong communication, management & organisation.
- Ability to deliver difficult messages in a positive way to promote our products to brokers and Customers.
Technical Skills & Expertise
- Ability to make presentations and communicate at senior level both with companies and distribution partners.
- Proven experience in Risk Underwriting and Policy structuring trade credit Policies.
- Understanding of contract wordings and detailed technical knowledge of sector nuances.
- You will have an expansive network of broker contacts and be well-respected in the market for your industry knowledge.
- International working experience beneficial with the ability to speak additional languages highly desirable.
A look at our Benefits
We're proud to offer a range of employee benefits and resources that help you protect what matters most - your health care, savings, financial protection and wellbeing. We provide a variety of leaves for personal, health, family and military needs. For example, our "Giving Back" program allows you to take up to 16 hours a year to volunteer in your community. Our global mental health and wellness days off provide all colleagues with a paid day off to focus on their mental health and wellbeing.
We also believe in fostering our colleagues' development and offer a range of learning opportunities for colleagues to hone their professional skills to position themselves for the next steps of their careers. We have a tuition reimbursement program for eligible colleagues to enhance their education, skills, and knowledge in areas that relate to their current position or future positions to which they may transfer or progress.
We are an Equal Opportunity Employer
American International Group, Inc., its subsidiaries and affiliates are committed to be an Equal Opportunity Employer and its policies and procedures reflect this commitment. We provide equal opportunity to all qualified individuals regardless of race, color, religion, age, gender, gender expression, national origin, veteran status, disability or any other legally protected categories such as sexual orientation. At AIG, we believe that diversity and inclusion are critical to our future and our mission – creating a foundation for a creative workplace that leads to innovation, growth, and profitability. Through a wide variety of programs and initiatives, we invest in each employee, seeking to ensure that our people are not only respected as individuals, but also truly valued for their unique perspectives.
To learn more please visit: https://www.aig.com/about-us/diversity-equity-and-inclusion.
AIG is committed to working with and providing reasonable accommodations to job applicants and employees with physical or mental disabilities. If you believe you need a reasonable accommodation in order to search for a job opening or to complete any part of the application or hiring process, please send an email to candidatecare@aig.com. Reasonable accommodations will be determined on a case-by-case basis.
To apply for this position go to https://aig.wd1.myworkdayjobs.com/aig/job/London/Underwriting-Manager-Strategic---Multinational--Trade-Credit_JR2302929-1.
Events & Professional Development
Asia: Export & Natural Resources Finance 2023, 20-21 September 2023. Singapore.
TXF's largest Asian export, commodities & project finance event returns in September 2023.
Export finance in the region was booming with 2022 seeing the return of international business to Singapore Asia topped the global regional table in the first half of the year. Once again
Meet over 400 borrowers, exporters, project sponsors, developers, financiers, DFIs, government representatives, insurers, law firms, ECAs and more at this all-new networking super-highway! Plus a dedicated CPRI stream.
Special offers available — email marketing@exilegroup.com to enquire.
For more information go to https://www.txfnews.com/events/269/Asia-Export-Natural-Resources-Finance-2023.
TXF's largest Asian export, commodities & project finance event returns in September 2023.
Export finance in the region was booming with 2022 seeing the return of international business to Singapore Asia topped the global regional table in the first half of the year. Once again
Meet over 400 borrowers, exporters, project sponsors, developers, financiers, DFIs, government representatives, insurers, law firms, ECAs and more at this all-new networking super-highway! Plus a dedicated CPRI stream.
Special offers available — email marketing@exilegroup.com to enquire.
For more information go to https://www.txfnews.com/events/269/Asia-Export-Natural-Resources-Finance-2023.
Africa 2023: Export & Natural Resources Finance, 24-25 October. The Westin Cape Town, South Africa.
Taking place in October 2023, this is an unmatched opportunity to end the year on a high and start 2024 with new connections, crucial business intelligence insights and get ahead of the competition. Without anything quite like it in the market right now, this unique free offering will bring you the best of all things export, project, commodities & development finance.
Special offers available — email marketing@exilegroup.com to enquire.
For more information go to https://www.txfnews.com/events/272/Africa-2023-Export-Natural-Resources-Finance.
Taking place in October 2023, this is an unmatched opportunity to end the year on a high and start 2024 with new connections, crucial business intelligence insights and get ahead of the competition. Without anything quite like it in the market right now, this unique free offering will bring you the best of all things export, project, commodities & development finance.
Special offers available — email marketing@exilegroup.com to enquire.
For more information go to https://www.txfnews.com/events/272/Africa-2023-Export-Natural-Resources-Finance.
Export & Project Finance Dealmakers Assembly 2023, 21-22 November 2023. Berlin, Germany.
After the resounding success of our seminal event last year, in October 2023, we head to Germany for the highly anticipated second edition of the TXF Export Finance Dealmakers Assembly, a conference turned upside down. The event's primary focus will be on securing those all-important meetings, strengthening ties with existing clients and forging new connections. The Dealmakers Assembly will be a conference like none you've attended before. A completely unique and innovative event format focused on deal origination, networking and meeting rooms galore. Discounts are available on bookings of 2 or more — email marketing@exilegroup.com to enquire.
For more information go to https://www.txfnews.com/events/270/Export-Project-Finance-Dealmakers-Assembly-2023.
After the resounding success of our seminal event last year, in October 2023, we head to Germany for the highly anticipated second edition of the TXF Export Finance Dealmakers Assembly, a conference turned upside down. The event's primary focus will be on securing those all-important meetings, strengthening ties with existing clients and forging new connections. The Dealmakers Assembly will be a conference like none you've attended before. A completely unique and innovative event format focused on deal origination, networking and meeting rooms galore. Discounts are available on bookings of 2 or more — email marketing@exilegroup.com to enquire.
For more information go to https://www.txfnews.com/events/270/Export-Project-Finance-Dealmakers-Assembly-2023.
Professional Development
STECIS, the Trade Credit Insurance & Surety Academy endorsed by ICISA and FCI, offers
a range of webinars and classroom training courses.
Two webinars are planned in the second half of 2023*:
For 2023 the following classroom courses are scheduled*.
Two webinars are planned in the second half of 2023*:
- 23rd August 2023: Fundamentals of Trade Credit Insurance
- 14th September: 2023 Buy now Pay later: Hype or trend?
For 2023 the following classroom courses are scheduled*.
- 31 October & 1 November: the Trade Credit Insurance Foundation Course
- 2 & 3 November: the Advanced Trade Credit Insurance Course
- 31 October & 1 November: the Trade Credit Insurance Foundation Course
- 2 & 3 November: the Surety Advanced Course
Also, there is the possibility of arranging in-house training: then there will be created a tailor-made outline for your staff based on the training demands of your company. The
training will be effected at your own offices or at a venue of choice.
Detailed information about the webinar and classroom training courses is available on Stecis’ website: www.stecis.org. Also, further information can be obtained by sending an e-mail to info@stecis.org.
Detailed information about the webinar and classroom training courses is available on Stecis’ website: www.stecis.org. Also, further information can be obtained by sending an e-mail to info@stecis.org.
* Course and Webinars will run on the basis of a minimal number of participants.
About this month's sponsor: STA International
STA International is the recommended debt collection partner to four 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.
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.
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