Welcome to the March 2022 issue of Credit Insurance News Digest. This issue is sponsored by Tinubu Square.

Index
 
Credit Management News Digest
PLUS:This month's featured article: UK 'Spotlight: Credit Insurance in a Cautious Economy' 
Credit Insurance News
Trade credit insurers pull back from Russia and Ukraine. Business Insurance has reported that trade credit insurers are pulling back from covering businesses exporting to Ukraine and Russia following Russia's invasion. Nick Robson, Global leader for Credit Specialties at Marsh, advised that a lack of availability of trade credit insurance will impact exporters of food, textiles and electronics to Ukraine and Russia, as well as those providing products to the Ukrainian agriculture or Russian energy sectors. Trade credit insurers may also be taking an ethical stance, according to Bernie de Haldevang, Head of Credit, Political Risk and Crisis Management at Canopius. To read Business Insurance's article go to https://www.businessinsurance.com/article/20220304/NEWS06/912348311/Trade-credit-insurers-pull-back.
Trade credit insurers face exposure to the Ukraine invasion in multiple areas. Reinsurance News has reported that, according to analysts, the insurance market is exposed in several areas — including political risk insurance (PRI) and trade credit — following Russia's invasion of Ukraine. Analysts at Peel Hunt wrote about PRI: "We anecdotally understand that the total insured limit for PRI insurance across Ukraine and Russia is c.$2.0 billion (a very rough guestimate). Hence, whilst exposure seems manageable, even a single-digit share would be a sizeable loss for the market." They added: "In credit insurance, contracts can be pulled overnight. As such, insurers would have been able to take steps to limit any exposures they might have on their books." To read Reinsurance News' article go to https://www.reinsurancene.ws/insurers-face-exposure-to-ukraine-invasion-in-multiple-areas-analysts/.
What's next for trade credit insurance? Marc Meyer, Tinubu's Senior Vice President and Subject Matter Expert in Insurance, suggests that while in some ways the credit insurance industry is now expected to head back to 'business as usual', it will not be the same as before. Marc notes that the lessons from the pandemic have created new approaches to underwriting risk in support of continued trade, with new and adaptable schemes (fast-tracked out of necessity during the pandemic) and digital solutions such as credit insurance software, leaving a legacy for an industry which has evolved to be "more responsive and nimbler" than ever before. "While we still watch 2022 with caution, the enduring benefits for the industry will be seen well into the future." To read Tinubu Square's article go to https://www.tinubu.com/blog/2022-whats-next-for-credit-insurance-across-emea?
Uncertainties remain, but trade credit insurance demand is generally expected to rise. The Berne Union has published its latest Business Confidence Index (BCI) for Q1 2022. This issue advises that the first quarter of 2022 is generally expected to continue the trends seen in the past quarter, with demand for trade credit insurance expected to rise with the ongoing economic recovery. Both public and private insurers saw an ongoing uptick in their risk appetite in Q4 2021, and although all insurers emphasise that new variants and rising prices — especially energy prices — are factors that need to be watched, the overall impression is that the risk environment is still benign. The BCI notes that certain insurers are even opening up to markets and sectors where exposure previously was reduced due to the pandemic. To download a copy of the BCI go to https://www.berneunion.org/Articles/Details/662/Business-Confidence-Index-Q1-22-Published.
Euler Hermes launches a new digital product: Express Cover. Euler Hermes has launched a new flexible digital insurance product, Express Cover, aimed at UK businesses — who may have looked at trade credit insurance before but found it too costly — to insure a single invoice, a particular client or an entire portfolio. "Only pay for what you need, when you need it". Quotes are free, cover is instant, and claims are paid within 30 days. Euler Hermes also advises that the product integrates with all major cloud accounting packages in the UK. Ruurd van der Veen, Head of Digital Transformation Northern Europe region, told Credit Insurance News Digest that Express Cover is: "Ideal for SMEs that want to insure only export buyers, a new customer for the first transaction or an exceptional value transaction." For more information and a video presentation, go to https://www.eulerhermes.co.uk/express-cover/main.html.
UK credit and political risk insurers brace for fallout from the war in Ukraine. Insurance Insider has reported that the credit and political risk market is keeping a watchful eye on the escalating situation in Ukraine, with underwriters bracing for potentially large losses in Ukraine and Russia. "It is fair to say there is a fair bit of exposure," one source told Insurance Insider. There is, however, some debate regarding the London market’s credit and political risk exposure to the war: one source estimated credit and political risk exposure at around $2 billion in Ukraine and $4 billion in Russia, while another suggested exposure for political risk cover could be $2 billion for Ukraine and Russia collectively. Other sources said these early estimates should be taken with a "pinch of salt". To read Insurance Insider's article go to https://www.insuranceinsider.com/article/29sc3o51cu5zdvmkseolc/credit-and-political-risk-insurers-brace-for-fallout-from-ukraine-conflict (a subscription may be required).
Evolution Credit Partners launches a trade credit protection programme. GTR (Global Trade Review) has reported that Evolution Credit Partners has launched a trade credit protection (TCP) programme which focuses on lower credit-quality buyers "that are not covered or find limited capacity within the traditional trade credit insurance markets." GTR notes that, like credit insurance, the TCP product provides credit protection for sellers from buyers. However, Evolution says its TCP product has several advantages that traditional credit insurance does not offer to buyers, one of which is its duration (the TCP product can be modified to cover a period as short as three months). In addition, the TCP programme does not require regular reporting to Evolution. To read GTR's article go to https://www.gtreview.com/news/americas/evolution-credit-partners-launches-trade-credit-protection-programme/.
Greensill and its impact on the trade credit insurance industry. BCR has published in which Igor Zaks, Editorial Board Member of TRF News and President of Tenzor Ltd, explains the recent developments in the Greensill case and how these impact the credit insurance industry. He notes that the prolonged insurance litigation likely to follow from the Greensill case may have various effects. Firstly, it will test the interpretation and robustness of multiple clauses and structures in credit insurance contracts (and re-insurance treaties). Furthermore, whatever the outcome — complete claim refusal, partial or full payment — there will be consequences for the insurance market (such as available capacity or participation of smaller carriers). It is also likely to impact the perception of insurance in the eyes of the financiers, regulators, and rating agencies. To read BCR's article go to https://bcrpub.com/news/greensill-and-insurers-story-just-beginning.
Credit and political risk losses doubled in 2021. According to WTW's Global Financial Solutions Claims Review 2021, Credit and political risk insurance losses continued to rise in 2021 to $118.5 million, more than doubling from the previous year and taking 2021 to the 5th highest loss year in WTW's history. In contrast, trade credit losses remained lower than pre-pandemic levels — though the reduction in 2021 insolvency numbers was less dramatic than that seen in 2020 — due to the continuing levels of government interventions and temporary amendments to insolvency legislation that have insulated many companies. However, looking ahead, WTW warns that "without overarching government support packages, it seems inevitable that non-payment loss activity will continue, growing too for trade credit insurers as insolvencies start to increase." To read WTW's review go to https://www.wtwco.com/en-GB/Insights/2022/02/global-financial-solutions-claims-review-2021.
Trade credit insurers have been proactive in reinstating cover. Avenue Credit Insurance has published a Q&A in which Sam Ashdown, Credit Risk Analyst at Avenue Credit Insurance, discusses the outlook for insolvencies and reports that there’s a consensus within the credit insurers that insolvencies will rise sharply this year, although the degree to which this will happen is debated. He also advises that, post-COVID, he has seen good levels of risk appetite, and a number of trade credit insurers have been very proactive in reinstating cover that may have been held back last year. Looking ahead, he notes that "how the insurers transition from a historically low claims environment to a higher one will be critical to maintaining confidence in the industry and the products they offer." To read the Q&A go https://avenueinsurance.co.uk/insolvency-outlook-for-2022-qa/. Further updates from Avenue Credit Insurance will follow.
Ukraine: How exposed are insurers? Insurance Thought Leadership has published an article that advises that political risk insurance losses and trade credit insurance losses in Ukraine due to Russia's invasion will likely be material "but well within the ability of private carriers to perform on their obligations." The article notes that Ukraine is one of the largest insured risks for political risk insurance (PRI) and trade credit insurance (TCI), but notes that several factors are contributing to reducing private PRI insurers' exposure in Ukraine with some PRI and TCI carriers having already stopped writing Ukraine risk in 2014 and carriers with existing Ukraine risk have likely taken reserves against future losses in Ukraine. To read Insurance Thought Leadership's article go to https://www.insurancethoughtleadership.com/commercial-lines/ukraine-how-exposed-are-insurers.
Trade Credit Insurance, COVID and the future. Thomas Lallinger, Chief Executive Financial and Entrepreneurial Risks at Munich Re, has published an article in LinkedIn which examines why, contrary to all expectations, the COVID-19 pandemic not only failed to have a significant negative influence on trade credit insurers' business but in fact produced record profits for both the trade credit insurance and reinsurance industry, as well as those governments which set up TCI (trade credit insurance) protection schemes. Looking ahead, he comments that while the trade credit industry looks well prepared for the future, "I wonder how upcoming attackers, especially digital start-ups, will challenge what we offer and influence how we do it." He concludes: "Don't forget: the electric light did not come from the continuous improvement of candles . . ." To read the article go to https://www.linkedin.com/pulse/trade-credit-insurance-corona-future-thomas-lallinger/?trackingId=zjmGL7FOEbDnWKkW42Lf%2Bw%3D%3D.
2022 looks set to be a historic year for UK trade credit insurance in the UK. Tinubu Square has published an article that predicts 2022 looks set to be a historic year for trade credit insurance: a year in which "the winners and losers will surface," as insurers respond to an uncertain economy, a challenging political and corporate environment "of many unknowns", ticking-time bombs (e.g, 'zombie companies') and increasing competition from new players. Furthermore, as businesses are increasingly being faced with rising credit insurance premiums, the article warns that some may question the worth of credit insurance and move to self-insure. Tinubu Square concludes that, although credit Insurance will remain a vital tool for supporting trade, "it must adapt to be faster and more strategic in order to demonstrate long term value." To read Tinubu Square's article go to https://www.creditinsurancenews.com/tinubu22article.php.
The global recovery continues in 2022, but "a bumpy road" lies ahead. Coface's latest Barometer suggests that although the global economy continues to recover, it still faces significant challenges. As a result, Coface has lowered its 2022 GDP growth forecasts for several European countries, as well as for the US and China, and warns that although the number of insolvencies is still very low for the moment in most countries, 2022 will see a gradual rise in 2022 in business failures, "as it is already the case in the United Kingdom." Coface's latest Barometer for Q4 2021 has also upgraded four country risk assessments (including Denmark) and downgraded two (Sri Lanka and Turkey). In terms of sector risks, Coface has upgraded twelve assessments and made five downgrades, mainly in the energy sector in Europe. To read Coface's news release go to https://www.coface.com/News-Publications/News/Barometer-Q4-2021-The-global-recovery-continues-in-2022-but-a-bumpy-road-lies-ahead.
Potential moderate losses to specialty lines from Russia-Ukraine war — Moody’s. Reinsurance News has reported that a new note from Moody’s says that international insurers have little exposure from the fallout over Russia’s invasion of Ukraine, but political and sovereign risk insurance, along with trade insurance could see moderate losses. Moody’s commented: "Trade credit insurers generally have only moderate exposure to Central and Eastern Europe, which will limit their direct exposure to the military conflict, while war exclusions in some policies could further limit the exposure.” To read Reinsurance News' article go to https://www.reinsurancene.ws/potential-moderate-losses-to-specialty-lines-from-russia-ukraine-war-moodys/.
Russia and Ukraine war: Stagflation ahead. Coface's latest Barometer has warned that the invasion of Ukraine by the Russian military has "drastically" increased uncertainty about the recovery of the global economy. As Russia is the world’s third-largest oil producer, the second-largest natural gas producer and among the top five global producers of steel, nickel and aluminium, Coface advises that any significant reduction in energy supplies and metal shipments is highly likely to lead to soaring global prices for these commodities. Industries such as automotive, transport, chemicals, are among the sectors that are particularly vulnerable. Coface also predicts that the scale of sanctions will cause the Russian economy to fall into (deep) recession in 2022, and has consequently downgraded the country’s risk assessment from B to D. To read Coface's Barometer go to https://www.coface.com/News-Publications/Publications/Russia-Ukraine-conflict-Stagflation-ahead.
The Chinese government promotes export trade credit insurance to increase foreign trade. Asia Insurance Review has reported that China is stepping up support for export credit insurance as part of its efforts to spur the stable growth of foreign trade. According to a circular released jointly by the Ministry of Commerce and the state-run China Export & Credit Insurance Corporation, and reported by Xinhua News Agency, regulators should guide enterprises to make full use of export credit insurance policy tools and give full play to the role of export credit insurance in risk protection. To read Asia Insurance Review's article go to https://www.asiainsurancereview.com/News/View-NewsLetter-Article/id/79436/Type/eDaily/China-Govt-promotes-export-credit-insurance-to-increase-foreign-trade.
Financial sanctions will have a heavy impact on the Russian economy. Credendo has published an overview of the sanctions on Russia and Belarus and notes that the current sanctions are some of the most severe sanctions the West could deploy. As a result, Credendo advises that it has decided to downgrade both Russia's short-term and medium-to-long-term political risk rating to category 7/7, and warns that Russia's business environment risk (category (E/G), political violence risk (4/7) and expropriation risk (5/7) are all under pressure. As Belarus has no access to international markets and relies on Russia as a main source of funding, sanctions will also have a substantial impact. To read Credendo's assessment go to https://credendo.com/en/knowledge-hub/belarus-and-russia-severe-financial-sanctions-lead-immediate-and-severe-impact.
Nexus Underwriting Management Ltd to be renamed Kentro Capital Ltd. Nexus Underwriting Management Limited has announced that it has been renamed Kentro Capital Limited (Kentro is the Greek word for 'centre'). Both Nexus Underwriting and Xenia Broking will operate as distinct, independent brands under the new holding company. Colin Thompson, CEO of Nexus, commented: "Nexus today underwrites in excess of US$500 million gross written premium, is the product of 15 acquisitions, operates out of nine counties and very much has its own distinct brand as a leading MGA platform . . . Similarly, Xenia is the second largest trade credit broker in the UK — having successfully concluded eight acquisitions and employing in excess of 70 staff." For more information go to https://www.nexusunderwriting.com/news/nexus-underwriting-management-limited-to-be-re-named-kentro-capital-limited.
Creditsafe Nederland BV (part of Creditsafe Group) announces the acquisition of Graydon. Graydon has been in operation for over 130 years and has been a 100% subsidiary of Atradius for the last five years. David Capdevila, CEO of Atradius, commented: "We are cooperating with Creditsafe as one of our information providers successfully via our Iberian information provider Iberinform and we are convinced that Graydon will benefit from the unrivalled expertise and market reach of Creditsafe." To read Atradius's news release go to https://group.atradius.com/press/press-releases/creditsafe-acquires-graydon-from-atradius.html.
Global economic overview: What does the future hold for businesses? Coface has published the first episode of a new series of podcasts, Trade Talk, which will examine different aspects of the economic recovery and related challenges. In this episode, Isabelle Mejean (Economist, Ecole Polytechnique) and Jochen Boehm (Director, Coface) focus on the state of international trade today and examine the steps that businesses can take to adapt to the current disrupted international environment. To listen go to https://www.coface.com/News-Publications/Trade-Talk-podcast.
Promising markets for 2022. New research by Atradius has identified Uruguay, Côte d'Ivoire, Israel, Qatar and Taiwan as five markets that offer promising opportunities for investors and exporters in 2022. Atradius' Promising Markets report suggests that these economies are recovering well and their outlooks are generally well-insulated from negative pandemic developments.  To read Atradius' report go to https://group.atradius.com/publications/economic-research/promising-markets-2022.html.
Q&A with Xenia's Director of Client Services (North East), Michele Horner. Xenia Broking Group has published a Q&A in which Xenia's Director of Client Services (North East), Michele Horner, describes her role at Xenia, how she got into the insurance sector and what she enjoys most about her job. She advises any young person who wants to get into the trade credit insurance sector that it's a great industry to work in, from both a work and social aspect, "it is so niche and most people know each other." To read the Q&A go to https://xeniabroking.com/news-and-insights/coffee-cup-corner-a-quick-q-a-with-xenias-director-of-client-services-north-east-michele-horner.
HODA and its impact on trade credit. David Stevens, Underwriter for Trade Credit, Political Risk, and Surety at Markel International, has published an article that provides a breakdown of the recent amendments to The Hydrocarbon Oil Duties Act (1979) and examines how those changes could potentially affect UK trade. Effective 1 April, the changes to HODA will impact the circumstances in which the use of rebated (red) diesel, with businesses affected required to pay the higher excise duty price of 57.95p per litre (in addition to 20% VAT). Some sectors are likely to be hit more than others. For example, certain distributors will not only be subjected to the increased excise duty, but they will also need to manage larger driver salaries — which have risen by up to 40% over the past six months. To read Markel's article go to https://performancefreed.markel.com/news/hoda-and-its-impact-on-trade-credit.
Infographic explains the trade credit insurance process. The Association of British Insurers (ABI) has updated its pages on trade credit insurance with an infographic and information, 'How trade credit works', that explains the trade credit insurance process. The ABI also provides summaries to explain:
  • What is trade credit insurance
  • Why should businesses take out trade credit insurance
  • Buying trade credit insurance
Take a look at https://www.abi.org.uk/products-and-issues/choosing-the-right-insurance/business-insurance/trade-credit/.

#StandwithUkraine
Kentro/Nexus/Xenia have joined collective forces to raise funds to support the humanitarian efforts to help the refugees who are leaving their homes and neighbourhoods, as well as those that have chosen to stay in Ukraine.
"We will be taking your support directly to where it is needed and have organised a man with a van. If our efforts warrant organising a second van for this trip, we will do so. Our man will be leaving the London office on Friday 11th March, possibly for the first of many trips that we may ask him to make. He will need to drive to the Polish/Ukraine border at Przemyśl, some 1,200 miles from London, where many refugees are crossing the border. The items we provide will help the local Polish community in their efforts to support refugees, the refugees themselves, AND we hope to send support and aid across the border via local links to those still in their homes within Ukraine and defending everything that means something to them and to us . . . their freedom and liberty. Your donation will be used to purchase items from the list below:
    • Medical and first aid supplies
    • Protective equipment such as we can source (i.e., military surplus helmets) for those living in conflict Ukraine
    • Toiletries
    • Long-life food items
    • Sleeping bags, blankets
    • Warm clothes and coats
    • Shoes in good condition and suitable
    • Items for children – such as small toys; colouring pencils, books, jigsaws."
New Appointments
Attis Credit Solutions has announced that it has appointed Evie Clowes as an Account Handler based in their Halifax office. Evie joins Attis from Credit Risk Management.
Atradius has announced a number of new appointments: 
  • As of April 1st, Laurence Caligaris will be promoted to Deputy Head of Special Products, alongside Jesse van Cleef. She will be responsible for the London, Paris and Singapore teams, especially focused on the development of the single situation products and the political risks (SCPRI) market brokers. 
  • Joep van der Bijl has been promoted to Key Account Manager, focusing on the business development together with Atradius' global department and the highest profile customers serviced from the Netherlands.
  • Nick Spruit has been promoted to Manager of the UK team, based in Amsterdam. He will be responsible for managing the development of the UK business with the credit insurance brokers and will manage the London based members of this team.
Euler Hermes has announced two new appointments:
  • Riccardo Rosa has been appointed CEO of Euler Hermes World Agency, replacing Anil Berry, who was appointed member of the Group Board of Management of Euler Hermes in charge of Market Management, Commercial and Distribution in June 2021. Riccardo joined the Euler Hermes Group in 2013 as Regional Chief Commercial Officer for the Mediterranean, Middle East & Africa region. In 2016, he was appointed Global Chief Commercial Officer of Euler Hermes World Agency.
  • Jennifer Baert has been appointed General Counsel of Euler Hermes Group in charge of the legal and tax departments. Jennifer was previously Global Head of Credit Risk Assessment of Euler Hermes Group.
QBE has announced two new appointments: 
  • Stephen Watson joined QBE in February and will be their New Business Underwriting presence for Trade Credit in Manchester. Stephen joins from Allianz, where he has been working for the last 4+ years on Commercial Combined New and Existing Business. 
  • Sonny Skulnick has joined QBE's Risk Team as an Assistant Risk Underwriter. Sonny graduated from the University of Kent in 2021 with a degree in Financial Economics and he also gained industry experience during a work placement for Marsh, shadowing their energy broking team.
Nexus Group has announced some changes to its Trade Credit Senior Management Team. 
  • Richard Marriage, Managing Director of Nexus Trade Credit, has become CEO, UK & Europe, of Nexus Underwriting, responsible for the underwriting performance of all product lines in the region.
  • Frank Masteling, CUO Trade Credit and Head of Europe, takes over from Richard as the Managing Director of Nexus Trade Credit. Frank has been with Nexus since the acquisition of Equinox in 2018 and, prior to that, established the Equinox Dutch branch, joining Equinox in 2014. 
  • Ian Selby is promoted to CUO Nexus Trade Credit. This will expand Ian's current UK responsibilities into a fully global role in Trade Credit. Ian has been part of the Nexus team for 14 years, most recently as Head of UK, Trade Credit.
Career Opportunities

Client Manager — Global Credit Solutions team.
London or Chelmsford.  
We’re hiring!
Aon are currently looking for a Client Manager to join our market leading Global Credit Solutions team based in either our London or Chelmsford.

About Aon
Aon Plc is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance.
Aon is an equal opportunities employer. Aon's recruitment and selection policy ensures the best possible skill mix of colleagues and the highest quality candidates are appointed using objective job-related criteria.

About the role
As a Client Manager your key responsibilities will include:
Working as part of a multi skilled broking team specialising in global clients and under instruction of client directors, to support our most strategic and global client relationships as well as ownership of own portfolio of clients. Interacting with Clients, Insurers and colleagues on day-to-day policy management including: 
  • Managing credit limit capacity requests and optimising client’s coverage under their programme
  • Supporting clients with policy reporting requirements, including coordinating pre-claims activity, claims submission and broking process
  • Negotiation of policy wordings with insurers and ensuring timely delivery of accurate policy documentation
  • Providing clients with training and guidance on policy terms and conditions
  • Gathering and analysing policy performance and market data, delivering reports and presentations
Managing policy renewals within own portfolio and supporting client directors on renewal process for strategic accounts. Gathering and analysing relative statistical detail, submissions to market, coordination of responses, presenting terms and preparation of renewal reports.
Preparation for, and attendance of, client and insurer meetings/conference calls plus timely follow up of notes and actions
Advising clients on relevant market developments and sharing knowledge of market trends to enhance the overall value proposition
Actively being involved in and supporting growth initiatives development opportunities Liaising with colleagues across the Aon global network to coordinate and provide oversight on Global Client programmes
Responsible for adherence to Aon business processes, systems and procedures
Working in accordance with the Aon UK Limited Risk Management Framework, and compliance with the Aon UK Limited policies, including participation in the management of risks (including completion of mandatory training) that may adversely affect the business, interests or reputation of any Group Company.

About you
Your knowledge and expertise:
As a Client Manager your skills and qualifications will ideally include;
  • Previous experience of working in credit insurance (or related) sector
  • Enthusiastic and innovative
  • Strong team player
  • Excellent attention to detail and confidence in handling data
  • Ability to handle significant workflow through efficient time management and organisation
  • Self motivated and willing to use own initiative 
  • Ability to find creative solutions to new problems as they arise 
  • Integrity and working in a way that positively impacts our clients, colleagues and communities
  • Good working knowledge of Microsoft Office and ability to use IT systems efficiently to support client service delivery

Salary and Benefits
This role offers a competitive salary and bonus, plus a comprehensive benefits package and 25 days holiday. Through our flexible benefits, you will also have the opportunity to choose additional benefits, including healthcare and additional holiday. We also offer tremendous potential with a growing worldwide organisation.
Our Colleague Experience
Every day, our colleagues make a difference, work with the best, own their potential, and value one another. Together, we share this one purpose: to empower economic and human possibility around the world. This unifying goal is at the heart of our identity, and it lives in everything we do. To learn more about our colleague experience, visit Aon Colleague Experience. We’re happy to talk flexible working. If you need to flex your working pattern, Aon offers flexible and agile working policies and we’re happy to discuss options with you upon application. 

To apply for this position, please go to https://jobs.aon.com/jobs/48892?lang=en-us&previousLocale=en-US and click on Apply.
Client Director – Trade Credit 
Redhill
Who are we?
Verlingue are an established, prominent independent family-owned Insurance Broker & Employee Benefits Consultancy with the long-term vision of becoming the recognised leading business of this type in Europe. Operating from offices throughout France, Switzerland and the UK, Verlingue employ over 1,000 people, have income of around €100M and place nearly €2BN of premiums on behalf of clients.

In the UK we trade under the names Verlingue and NBJ London Markets.
  • We employ 180 people and have offices located in Manchester, Egham, Redhill and London.
  • Verlingue are leading corporate Insurance Brokers providing Insurance, Risk Management and Employee Benefit services to businesses and Private Clients.
  • NBJ London Markets are a specialist Lloyds & London Market broker providing access to unique products and services with capabilities to place business internationally.
  • We identify with high standards of knowledge, professionalism and ethical practices throughout the organisation. We are recognised as part of an exclusive group of fewer than 200 Chartered Insurance Brokers.
  • Ranked in the top 10 independent commercial insurance broking businesses in the UK, placing £135M of premium.
  • Clients range from FTSE 250 to SME, HNW / connected Private Clients and other Retail brokers.
Our success is based around our people delivering high quality service, excellent working relationships and meaningful results for our clients, including provision of a single stop advisory service. We offer the certainty of long-term relationships to clients, our insurer market and our people. This sets us apart from our competitors.
For further background please visit www.verlingue.co.uk and www.nbjlondonmarkets.com.

The Team
Verlingue have a vibrant team with different backgrounds but with the same vision of success and growth, so being a team player is critical This role will be based in our Redhill Office, which is currently made up of 5 Credit personnel.

The Role
This is a hybrid role consisting of managing a portfolio of clients whilst new business development will be a key contributor towards the departments growth plans.

Key Responsibilities
General responsibilities
  • Provide new clients to Verlingue Trade Credit through a combination of self-generated leads, internal leads and client referrals. (Year 1 target £50k new business income)
  • Client retention through the provision of a professional service to clients covering all aspects of their credit insurance arrangements; to advise, arrange and secure the appropriate cover at a competitive premium
  • Provide high-level support and assist with disseminating Credit cross-office internally (presenting and training)
  • To comply with regulatory requirements, industry codes of practice and the Company’s own procedures and rules
  • Must work on the principal of treating customers fairly and behave in an ethical manner
  • To provide a positive contribution to the team objectives
  • To update knowledge of insurance market as & when developments occur
  • To continue improvement in technical insurance knowledge
  • To support & assist with the development of the Credit team members
  • To liaise with colleagues in other departments, to assist them or to work collaboratively when required
  • To refer all complaints and any potential Errors & Omissions to a Director and/or the Complaints Officer immediately
Business Development
  • Development of a book of clients through new business
  • Develop leads through networking with existing and new contacts alike
  • Develop business from group colleagues and assist in supporting their clients
  • Help build the Verlingue brand through growth
Renewals
  • Liaise with Account Handlers regarding method of obtaining renewal information
  • To undertake renewal visit/client contact to ascertain client’s needs for the year ahead 
  • To discuss with Account Handlers broking strategy and deadlines
  • To ensure meeting notes are issued in a timely fashion
  • Liaise with account handlers to ensure the invoicing of new business and renewals is on time, as well as documentation being issued within the office timescales
  • To ensure renewal terms are provided to the client in an accurate and timely way using the Acturis system documentation
Day to day Servicing
  • To liaise with Account Handlers to ensure that any mid-term issues are dealt with accurately and promptly.
  • To assist the Director of Trade Credit and other colleagues where necessary to assist with workload issues
 Person Specification
  • Experience of proven new business development
  • A proven track record of developing a book of existing business, or be in the position to bring a book of business over time
  • Experience in Credit Insurance or in Commercial Finance
  • Minimum 3-5 years’ experience in a Client Director / Account Director, or similar role
  • Ability to work to a tight deadline • Excellent and accurate administration & communication skills
  • Be self-motivated • Ability to work under pressure
  • Problem solving ability • Ability to present and/or support with training 
  • Ability to utilise IT for maximum advantage
  • Demonstrable drive, self-motivation and determination to achieve results
  • Strong influencing, negotiation and leadership and management skills
  • Team player
  • Customer obsessed
  • Consistently demonstrates behaviours conducive to achieving both personal and team objectives, in line with the core values of Verlingue
To apply for this position please send your CV with a covering letter to sacha.dean@verlingue.co.uk.
Business Broker Support/PA. Account Management department. Hastingwood, Essex or remote
Working Hours: 10am – 3pm
EFCIS is committed to making a real difference to the Credit Insurance market in the UK. We have global reach in 46 countries via our ICBA alliance and are one of the top 5 growing brokers in the UK.
We provide Credit Insurance and financial solutions to all B2B companies and assist them in protecting their business via risk assessment and debt collection.

Division Summary
EFCIS is a firm believer in technical innovation, to help us guarantee exceptional client service and leading-edge financial solutions. Our growing success reflects our commitment to the latest solutions, the best people, and vibrant working culture. To help us drive our success into the future, we are looking for an experienced candidate to offer business support to two of our top brokers and directors. The role is primarily desk based within our head office in Hastingwood.

PRIME PURPOSE OF THIS ROLE:
EFCIS requires a hands-on broker support candidate to offer administrative assistance to two of our director level brokers, to offer them complete support and back up when they are out of the office in client meetings by being able to run with their e-mails and telephone calls, assisting clients and underwriters with their queries, chasing, and moving queries forward and generally acting as a broker support role.

MAIN RESPONSIBILITIES:
Provide support to two brokers (this will generally involve): 
    • Completing internal forms for FCA compliance
    • Gathering and inputting data into forms for market submission and client recommendation.
    • Running one of the broker’s inboxes and telephone extensions when they are out of the office
    • Running IT reports from our client platform and assisting clients with their outputs
    • Managing brought forwards and diary notes in brokers diaries
    • Answering the telephone o Testing IT systems and databases
    • Database input
    • Downloading reports from underwriter portals and uploading into our client portal
  • Pro-actively responding to the demands and challenges of Business as we grow, prioritising those solutions/demands and managing expectations of users/customers
  • Meet expected turnover times of above main responsibilities
  • Share knowledge and participate as a team member within the office
  • Gain knowledge of our market and underwriters by completing training days and attending conferences and seminars where appropriate to understand the business processes and flows involved
  • Willingness to learn new technologies and systems to meet the brokers FCA and internal requirements
EXPERIENCE/QUALIFICATIONS REQUIRED:
  • Essential knowledge: Outlook Word Excel PDF 
  • Beneficial Knowledge:
    • Credit Insurance market Broker market (not necessarily Credit Insurance) 
    • Assisting / supporting a senior individual to achieve their targets and objectives as well as your own 
    • Knowledge of insurance and principals of underwriting
    • Salesforce
  • Must be comfortable with using a PC and IT systems once training provided on specialist systems.
Please submit your CV to enquiries@efcis.com for consideration.

CORE COMPETENCIES:
Knowledge:
Specialist Skill – Acquires and develops the specialist and technical knowledge and skill to perform the role on an on-going basis within the changing environment of the broker. 
Business Knowledge and Contribution – Understands the broader business environment in which they work from an industry, organisation, Business Unit and role perspective. 
Knowledge Management - Uses, develops and implements systems and processes to capture, manage and distribute up to date, accurate and readily accessible knowledge and information across the business, to a wide range of stakeholders.

Interpersonal: 
Delivering Results – effectively manages one’s time and resources to ensure that objectives are achieved efficiently and on time. 
Serving Our Customers – provides customers with the products, services and solutions to suit their changing needs ensuring that they are based on sound business principles. 
Communicating with Impact – effectively applies verbal, nonverbal and written communication methods to achieve desired results. Presents ideas effectively to individuals or groups. 
Working in Teams – Understands team dynamics and uses a flexible interpersonal style to contribute to the effective functioning of teams and to the completion of team goals. 
Building Relationships – Develops and maintains ongoing working relationships, networks and partnerships to help achieve business goals through others (e.g. peers, functional partners, customers etc). 
Enabling Change – Encourages others to seek opportunities for different and innovative approaches to addressing problems and opportunities; facilitates the implementation and acceptance of change within the workplace.

Personal:
Being Proactive – Strives to stay ahead by anticipating rather than reacting; ensures that their actions are always carefully considered. 
Resilience – Has confidence in their ability to achieve ambitious goals and celebrates success; never allows themselves to become arrogant. 
Problem Solving Style – Identifies clarifies/defines and works through challenges towards a defined outcome. 
Acting with Integrity – Lives the broker’s business model based on trust and integrity as perceived by our stakeholders, especially our customers. 
Personal Accountability – Takes full responsibility for their actions and the impact that you have on others; self driven with a desire to continually grow and improve on their performance. 
Valuing Diversity – Demonstrates dignity of all people. Respects others and what the Broker stands for. Recognises that there are corresponding obligations associated with individual rights.
Events & Professional Development
GTR Africa, 10-11 March 2022. Cape Town.
GTR Africa is returning to Cape Town, South Africa on March 10-11, 2022 as we once again provide a one of a kind event for the trade and export finance community.
Long recognised as the leading industry event for Sub-Saharan Africa, we’re hugely excited to bring the region’s trade, commodity and export finance community together once again for a much-anticipated return to in-person discussion and networking. 
Offering unrivalled insights into the latest trends and developments impacting African trade, export and infrastructure financing through an extensive programme of expert speakers and interactive discussion, the event will include a full exhibition and provide the invaluable opportunity for participants to network and connect with industry leaders, peers and potential clients. 
We look forward to welcoming you back! 

For more information about this event go to https://www.gtreview.com/events/africa/gtr-africa-2022/. Credit Insurance News readers can receive 15% off any pass to this event with code: PARTNER15. 

We also have 20 complementary corporate rate passes available to Credit Insurance News readers who are exporters, importers, manufacturers, distributors, traders, and producers of physical goods. To apply, please email Sally (sally.brown@creditinsurancenews.co.uk) with your full details (full name, job title, organisation, email, country, and phone number) and we will pass on your details for approval.
World Trade Symposium, 31 March. London.
The past 18 months have seen the rules on global trade rewritten. The profound digital transformation that was already underway has accelerated, slashing costs and reforging supply chains - with innovative shippers, banks, trading blocs, and fintechs leading the way.
As a result, all governments, businesses, and trade practitioners now face the urgent task of understanding the technology trends and practical and policy challenges involved in grasping the opportunity of digital trade.
Alongside this, policymakers and non-governmental organisations forecast that digital technologies and standards will open trade to millions more small and micro-enterprises across the world, cementing a new path to global prosperity.
Digital tracking and provenance solutions could also boost sustainability and help reduce carbon emissions.
These “tech-tonic” shifts are a significant opportunity for all stakeholders in trade, but many obstacles still need to be overcome.
The World Trade Symposium 2022 will bring together top executives and leading global policymakers for a day of rigorous discussion and debate on these critical issues.
The event will reassess the new “trade lines” created by the pandemic, explore the scope and impact of digital trade technologies and evaluate the opportunities and challenges ahead.
For more information and to book tickets go to https://www.tradefinanceglobal.com/conferences/world-trade-symposium-03-2022/.
8th Annual Supply Chain Finance Summit, 26 April. London.
We are proud to become a media partner for the Supply Chain Finance Summit hold on 26 April in London. This in-depth event tracks the transformation of supply chain finance. Book your Early Bird tickets now: https://bcrpub.com/events/supply-chain-finance-summit-2022.

Supply chain finance continues to accelerate, with global volumes growing by nearly 50% from the pre-pandemic period and utilisation also increasing dramatically. It is expanding faster than ever for new business as well as existing. Corporates are now fast-tracking their decision-making when it comes to approving supply chain finance programmes.
BCR’s SCF Summit will examine:
  • The impact of the pandemic and other macro-economic issues on SCF? 
  •  How much longer these spectacular rates of growth can continue? 
  • What are the latest innovations and trends in the sector? 
  • How did SCF become a driver for sustainability and how to carry ESG principles and alignment through to supply chains? 
  • The challenges of realising SCF’s potential to deliver ESG objectives? 
  • Risk management strategies - changes due to the pandemic
Join the 8th Annual Supply Chain Finance Summit on 26 April in The Royal Horseguards Hotel, Westminster, London and find out the answers to these and many other topical questions on the future of global SCF development. Plus, we will be back to REAL networking!

To register please follow this link https://bcrpub.com/events/supply-chain-finance-summit-2022.
As an event partner Credit Insurance News has negotiated a 20% discount for all its members.
The 20% delegate discount code is MEDIA-20 – please utilise the code upon booking.

For more information on the Summit and to book your Early Bird tickets, please click the link below:
https://bcrpub.com/events/supply-chain-finance-summit-2022.
Annual Receivables Finance International Convention, 26-27 May. London/Hybrid 
Join BCR Publishing for their 22nd Annual Receivables Finance International Convention. 
RFIx’22 will be held in London at the offices of Clifford Chance and will bring together in person, senior receivables finance executives from around the world, with live streaming also available.
BCR will be also holding its 4th Annual Receivables Finance International Awards on 26 May 2022, on the evening of the first day of RFIx’22.
Book your place for RFIx’22 and help define the future of working capital finance: https://bcrpub.com/events/rfix-receivables-finance-international-convention-2022. 
To apply for free to receive RFIx22 Award, download your info pack today: https://bcrpub.com/awards/rfix22-awards-and-gala-dinner.
TXF Global 2022: Export, Agency & Project Finance
HYBRID EVENT: LISBON & ONLINE, 7-8 June 2022. Lisbon, Portugal.
TXF Global Export is back for 2022 and this time, *drumroll*... we’re taking the global export roadshow to Lisbon!
Join us on the 7th & 8th June 2022 for another unmissable hybrid event. Deal makers from across the globe are already lining up to save their spot. Topics up for debate include:
  • Financing the goals of COP 26
  • Mega borrowers of the future
  • Mega borrowers of the future
  • Guardians of Export Credit - The Government perspective
  • The Green ECA CEO panel
Two types of participation are available for TXF hybrid events:
Two types of participation are available for TXF hybrid events:
1. Physical Event Ticket
  • Get your feet on the ground to come together with key clients, colleagues and industry experts. Your ticket will also include:
  • Additional networking features such as the poolside cocktail reception Access to the virtual event platform – reach out to virtual-only attendees and watch all sessions on-demand if you miss them 
  • Networking concierge service – allow us to do the leg work and introduce you to new potential clients 
2. Virtual Ticket/ On-Demand (Available TXF events 365 Members Only)
From the comfort of your desk watch all sessions live or on-demand as well as use our ‘Search the Guest List’ feature to reach out to other virtual attendees and those joining the physical event in-person. 
To find out more about joining virtually as part of a TXF Membership, please email membership@txfmedia.com. email membership@txfmedia.com.
About this month's sponsor: Tinubu Square
Tinubu® Square is the industry-leading SaaS platform vendor, enabling credit insurance & surety digital transformation. 
For 20 years, Tinubu® Square has provided credit & surety insurers across the globe with software and services allowing them to offer best-in-class customer experience, as well as significantly reduce their exposure to risk and their financial, operational and technical costs. 
Tinubu® Square has an international footprint with customers in over 20 countries, including 30 of the top 60 worldwide credit & surety underwriters.
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