Welcome to the October 2024 issue of Credit Insurance News Digest. Our sponsor this month is Farosol.
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Index
Credit Insurance News​
UK's PRA decision to maintain its approach to credit insurance may make credit insurance a less attractive option for banks. Global Trade Review (GTR) has reported that, in a blow to banks and credit insurers, the Bank of England's Prudential Regulation Authority (PRA) has stuck to its initial plans to increase capital requirements on exposures to insurance providers held by larger banks. Industry experts have argued that the decision means credit insurance is likely to become a less attractive option for banks that use the product for credit enhancement and to help with regulatory capital relief. The PRA says it "was not persuaded by respondents' arguments" for lighter capital treatment during its consultation on the Basel 3.1 proposals, citing a "lack of evidence that losses on exposures protected by credit insurance" justify such a move. To read GTR's article, go to https://www.gtreview.com/news/europe/uk-drops-plans-to-hike-capital-requirements-for-trade-finance/.
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VIDEO: What does Basel IV look like for the trade credit insurance market? As part of the 50th Annual International Trade And Forfaiting Conference in Cyprus, Trade Finance Global (TFG)'s Editorial Director Deepesh Patel recently sat down with Carol Searle, General Counsel and Group Board Director at Texel Group, to discuss her outlook for the credit insurance market at large. Since the introduction of Basel II in 2004, Carole notes that the trade credit insurance market has grown significantly and is now worth more than $12.8 billion, with a further growth of around 11% anticipated over the next decade. However, many are wary that a tightening regulatory framework (specifically Basel 3.1, also often referred to as Basel IV) may threaten the market's dynamism, and Carole assesses the impact that Basel IV could have on the industry. To read TFG's article and watch the video, go to https://www.tradefinanceglobal.com/posts/video-what-does-basel-iv-look-like-for-the-trade-credit-insurance-market/.
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UK Export Finance is making its credit insurance more accessible with a new online portal. UK Export Finance (UKEF) has launched an online portal for credit insurance applications. This means that UK businesses can apply for government export insurance without being required to complete a PDF form, a feature intended to shorten the application process significantly. UKEF notes that this is particularly valuable for SMEs, that may face challenges securing private-sector finance. Kate Dixon, Managing Director of Yarwood Leather (one of the first businesses to use the new portal), commented: "The support from UKEF has opened up new markets for us in territories which are not covered by our usual credit insurer." UKEF is aiming to support over 1,000 SMEs a year by 2029. To read UKEF's announcement, go to https://www.gov.uk/government/news/export-insurance-applications-made-simpler-for-businesses-with-new-online-portal.
Licensed under the terms of Open Government. Licence v3.0.
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The European Banking Authority's report on the use of credit insurance as a credit risk mitigation tool echoes concerns raised by the PRA. ICISA has reported that the European Banking Authority's (EBA) recent findings on credit insurance as a risk mitigation tool for banks within the evolving EU banking framework align with concerns previously raised by the UK Prudential Regulation Authority (PRA). ICISA critiques the report as "a disappointing outcome for several reasons", which "will likely result in diminishing an activity which is well-established, and which the EBA acknowledges has performed well." Additionally, ICISA emphasises broader concerns regarding the report's alignment with the EU's goal of enhancing financing for the real economy, noting that barriers to financing hinder innovation, productivity, and competitiveness in Europe. "This should give policymakers pause when they consider how broader regulatory efforts may also hamper those same efforts." To read ICISA's news release, go to https://icisa.org/news/eba-publishes-report-long-awaited-report-on-the-use-of-credit-insurance-by-banks/.
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Atradius and Mondu team up. Atradius and Mondu, a fintech offering Buy Now Pay Later solutions, have launched a collaboration aiming at providing businesses across Europe with an integration of the most popular B2B payment options into their e-commerce channels without the need for external payment gateways. This aims to enable merchants to provide their business buyers with an online purchasing experience, "similar to what they are used to from their private life as a digital consumer." The collaboration enables B2B merchants to offer deferred payment options ranging from 30-90 days and 3-12 months instalments, with instant credit decisions by Mondu supported by Atradius. To read Atradius' news release, go to https://group.atradius.com/press/press-release/atradius-and-mondu-team-up-to-enable-better-payment-solutions-for-B2B-e-commerce.html.
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The trade credit insurance implications of ISG's insolvency. According to Construction News, sector experts have warned that contractors may find it harder to access finance as providers reassess risk in the wake of ISG's collapse (the £2.2 billion turnover firm – ranked 6th in the latest CN100 rankings – called in administrators from Ernst & Young in September). James Burgess, Head of Commercial at Atradius, said ISG's collapse "underscores the challenges the sector is facing, with insolvencies rising and confidence being tested." He warned that trade credit insurance premiums may increase, with ripple effects through supply chains. "Access to funding may also tighten in the short term as lenders adjust to these changes," he said. "However, companies with strong financial health could find themselves in a better market position." To read Construction News' article, go to https://www.constructionnews.co.uk/financial/isg-collapse-may-tighten-access-to-finance-experts-warn-30-09-2024/.
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The next frontier in trade credit insurance underwriting. Moody's recently published an article highlighting a persistent challenge in the trade credit insurance industry: the unpredictability of significant insurance losses, often driven by factors beyond the insurer's risk assessments, such as geopolitical events. These instances underscore the need to incorporate a wider range of data – such as political risk and macroeconomic trends –into the credit assessment process. Traditional credit analysis, which typically focuses on historical financial performance and public information, can overlook crucial indicators of a company's future financial health. In this context, Moody's argues that the trade credit insurance industry is at a pivotal moment, where its future will be shaped by technological innovation and a more comprehensive approach to risk assessment. To read Moody's article, go to https://www.moodys.com/web/en/us/insights/underwriting/innovation-in-trade-credit-insurance-underwriting.html.
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The current state of the trade credit insurance industry. During the recent 2024 conference, Lara Bieman, SCHUMANN's Head of Sales, interviewed Samual Fattahzadeh, Head of Trade Credit for Germany at Nexus Trade Credit; Jesse van Cleef, Head of Multi Buyer Trade Credit Europe for Liberty Specialty Markets; and Michael Holly, Strategic Adviser to SCHUMANN. The discussion focused on the trade credit insurance industry's current state, exploring challenges and opportunities for insurers and MGAs. The panel highlighted the value of MGAs in driving innovation but acknowledged that, while increased competition can improve services and products, it can also introduce volatility as companies may quickly enter and exit the market. The conversation underscored the necessity of stable underwriting practices and effective technology use, and stressed the need for improved collaboration within the industry. To watch the video, go to https://www.youtube.com/watch?v=Z8NEQhzSxrQ&list=PL6zyyPMAUjJ4npGjmffT4_yf2Brxj_XyR&index=7.
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Cash flow "woes" in Asia Pacific encourage businesses to consider trade credit insurance. Insurance Business has reported that Aon's Working Capital Benchmarking Report for Asia-Pacific reveals that businesses in the region are facing slower cash conversion, with an average of seventy-one days delay in 2023 – a slight increase from the previous year. Noting that managing working capital is crucial, particularly when companies face extended payment cycles, Steve Taylor, Head of Credit Solutions at Aon in Asia, commented. "Businesses must identify areas for improving working capital availability and implement strategies such as using credit insurance to protect against the risk of non-payment, support revenue growth, and secure financing." To read the article, go to https://www.insurancebusinessmag.com/asia/news/breaking-news/cash-flow-woes-in-asia-pacific-drive-risk-management-focus--aon-507009.aspx.
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The global economy is expected to grow moderately this year. Atradius' latest Insolvency Outlook, September 2024, suggests that the global economy is expected to show a moderate expansion of 2.7% this year –remaining steady but with low growth by historical standards. Atradius predicts that, despite a relatively slow start to the year, the US economic outlook for 2024 remains positive – with a gradual slowdown through the rest of the year the most likely scenario. In the eurozone, growth is expected to remain sluggish this year. Southern European countries, such as Spain, Portugal and Greece, are doing relatively well. However, Germany remains a weak spot due to its sluggish manufacturing sector. To read Atradius' Insolvency Outlook, go to https://atradius.co.uk/reports/economic-research-insolvency-forecasts-september-2024.html.​​​​​​​​​​​​​
USMCA businesses are exploring more diversified approaches to credit risk, including trade credit insurance. Atradius' latest Payment Practices Barometer survey for North America (USMCA) has found that late payments currently affect, on average, around half of all invoices issued by North American businesses, while bad debt stands at an average of 6%. 35% of businesses across North America, particularly in the US, respond by delaying payments to their own suppliers. In this environment, Atradius notes that a significant trend shows many businesses are moving away from retaining customer credit risk in-house to explore more diversified approaches. This includes tools like trade credit insurance, which is used by around 40% of Canadian and Mexican companies, compared to 23% in the US. Factoring is also popular in Canada, where 46% of companies use it as a complement to trade credit insurance. To read Atradius' news release, go to https://atradius.co.uk/reports/payment-practices-barometer-b2b-payment-practices-trends-north-america-usmca-2024.html.
TreviPay and Allianz Trade announce a strategic partnership. TreviPay, a B2B payments and invoicing network, has announced a new strategic partnership with Allianz Trade. This collaboration will provide the option to integrate Allianz Trade's credit insurance into TreviPay's suite of trade credit and invoicing solutions: an addition which TreviPay notes will be particularly beneficial for small to medium-sized businesses that may lack extensive credit histories. Recent research by TreviPay shows that seamless A/R automation and offering trade credit are pivotal for B2B buyer loyalty. The study found that 72% of business buyers are more loyal to businesses that offer their preferred payment methods, with trade credit being a top choice. Despite this preference, many businesses struggle to offer trade credit to their buyers, due to cash flow strain and concern around growing DSO. To read TreviPay's news release, go to https://www.trevipay.com/resource-center/blog/trevipay-and-allianz-trade-announce-strategic-partnership-to-enhance-b2b-risk-management-and-underwriting-solutions/
French businesses are experiencing increased payment delays and rising insolvencies. Coface's latest survey on payment behaviour in France shows that 85% of companies (82% in 2023) have experienced payment delays, with the majority indicating that they are longer (51 days compared to 48.2 days last year) and more numerous. Although no sector has been spared, the automotive, energy, pharmaceuticals, agri-food, financial services and construction sectors have been particularly hard hit, with more than 25% of companies in these sectors reporting delays of more than two months. This deterioration in payment behaviour is also reflected in a rise in insolvencies, which have now stabilised at much higher levels than in 2019 and 2023. 39,506 insolvencies were recorded in the first seven months of the year, up 23% on 2023 and 26% on 2019. Businesses with sales of less than €250,000 account for 87% of insolvencies. To read Coface's news release, go to https://www.coface.com/news-economy-and-insights/increased-payment-delays-for-french-businesses-amid-growing-social-and-political-risks.
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The global insolvency surge isn't over just yet. Atradius' latest Insolvency Outlook, September 2024, forecasts a 23% increase in global insolvencies in 2024, with significant increases in countries adjusting from low insolvency levels or experiencing spikes, such as Australia, New Zealand, Sweden, Canada, the Netherlands, and the US. Denmark is the only country with a substantial decrease. Of the twenty-nine markets that Atradius monitors in this report, twenty-three have adjusted fully to normal (i.e., their insolvency level is now at least 95% of its level in 2019) or are overshooting their pre-pandemic insolvency levels. The picture for 2025 is more stable, with insolvencies set to reduce slightly by 3% globally, reflecting decreases in Europe and Asia Pacific. To read Atradius' Insolvency Outlook, go to https://atradius.co.uk/reports/economic-research-insolvency-forecasts-september-2024.html.
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16% of German companies report ultra-long overdue payments. Coface's latest survey on corporate payment experience in Germany shows that, although the payment behaviour of German companies remains stable, the increase in credit risks from accumulated overdue payments and the pessimism of German companies about their current situation is striking. 16% of German companies reported ultra-long overdue payments that have a share of 2% or more of their annual turnover (+7pts vs 2023). Coface's experience suggests that 80% of these overdue payments are never paid back. In addition, 48% of German companies indicated that their current business situation deteriorated between 2023 and 2024, while only 9% reported an improvement. Companies' sentiment is now more pessimistic than after the beginning of the pandemic or the start of the war in Ukraine. To read Coface's news release, go to https://www.coface.com/news-economy-and-insights/germany-corporate-payment-survey-2024-simmering-under-the-lid.
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Steady (not stellar) global growth lies ahead until 2026. Allianz Trade's latest Economic Outlook predicts global growth of +2.8% until 2026, with the US economy slowing (growth of +1.7% in 2025 and +2.2% in 2026) but remaining the main support to the global economy in 2024. Momentum is gradually building in Europe, and Allianz Trade expects growth to increase to +1.4% in 2025-26 – slightly above potential. However, Germany will remain in recession for a second year in a row, with growth expected to bottom out in late 2024. The Chinese economy remains in a slowdown, but further monetary easing and accelerating fiscal spending in the coming quarters should bring China's GDP growth close to the official target of "around +5%" in 2024, and it should remain above +4% in 2025-26. To read Allianz Trade's news release, with a link to the report, go to https://www.allianz-trade.com/en_global/news-insights/economic-insights/economic-outlook-2024-2026.html.
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VIDEO: How trade credit insurance can give Irish companies "peace of mind". James Riordan, General Manager of Credit Risk Brokers and newly elected Executive Board Member to Farosol Credit Management Services, is interviewed by Declan Flood for the 'Excellence in Credit' Series. As part of the interview, James provides an overview of Ireland's trade credit insurance sector, and describes how the product can provide "peace of mind". He also explores some of the risks facing the trade credit insurance sector, examines the current claims situation in Ireland and describes how Credit Risk Brokers use their relationships within their international network, Farosol, to add value to their client servicing. Declan notes that, although the take-up rate for credit insurance in Ireland is low in comparison to international standards, "from a risk mitigation perspective to me, it's one of the greatest tools." To watch the video, go to https://www.youtube.com/watch?v=Eh3k44pLfCg.
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VIDEO: What trade credit insurance is and why it's vital for international business. CollectCo Connection has published a podcast in which Chris Walcher, Senior Director of Sales at CollectCo, interviews Matt Allison, Credit Consultant at Allianz Trade In North America. Key topics covered include: What trade credit insurance is and why it's vital for international business; How trade credit insurance protects your business from the risks of extending credit; The critical role of due diligence in assessing new business partners; Evaluating the financial stability of potential international partners; The impact of global economic conditions on trade credit insurance; Common mistakes businesses make when extending credit internationally. To listen, go to https://www.youtube.com/watch?v=cEDzbEgEUdQ.
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VIDEO: How credit insurance has become essential in enabling trade finance to function at scale. To learn more about how credit insurance providers are adapting to evolving trade finance demands, Trade Finance Global (TFG) recently spoke with Marcus Miller, Managing Director, Global Lenders Solutions Group Leader, Credit Specialties, and Marie-Aude Vesval, Global Unfunded Risk Participation Leader, Credit Specialties at Marsh. The experts noted that credit insurance and financial institutions are adapting through regulatory compliance, risk distribution, and innovative tools like MRPAs (Master Risk Participation Agreements). As a result, "credit insurance, once a niche product, has become essential in enabling trade finance to function at scale, even in the face of regulatory pressures and market volatility." To watch the video, go to https://www.tradefinanceglobal.com/posts/video-how-credit-insurance-providers-are-adapting-to-evolving-trade-finance-demands/.​
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Credit Insurance in Challenging Market Conditions (and other videos). SCHUMANN has published the full video recordings of the discussion panels which took place at its recent conference..
These include:
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Promising Applications of AI in Receivables Finance.
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Factoring and Receivables Finance as a Growth Driver for Companies.
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Technological Innovations Driving Change in Credit & Surety.
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Opportunities for End-to-end Connectivity of Insurance Business Partners.
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Credit Insurance in Challenging Market Conditions (see paragraph below)
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Startups and MGAs - The Role of Technology
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The Future of CPRI under Basel Regulations for Banks
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The Quest for Stability and Growth
For the full recordings go to https://lnkd.in/eM2x8np2.
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WICI (Women in Credit Insurance) spotlight on Tanya Giles. ICISA has published an interview with Tanya Giles, Head of Atradius SME and founding leadership member and deputy chair of WICI Leadership Team. Tanya discusses what she does to continue to grow and develop as a leader, her favourite part of her job, and the best advice she would give to an aspiring leader. Tanya also reveals that if she could be anyone for a day she would be Pink, as she is a big fan of her music. To read the interview, go to https://icisa.org/news/wici-spotlight-on-tanya-giles/.
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The BUlletin: October 2024. Berne Union had published its October BUlletin. This issue explores how ECAs are incorporating ESG, climate, and sustainability considerations into their mandates. Topics include climate risk management models used in building resilient portfolios, the challenges of attracting renewable energy investments in Africa, innovative partnerships for sustainable projects, and support for e-commerce SMEs. In addition, subject matter experts discuss the implications of changing credit cycles for the leveraged finance market and the importance of adhering to claim provisions in insurance contracts. To read the newsletter, go to https://www.berneunion.org/Newsletter.​
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Shorts
60 Seconds With... Allianz Trade's Steve Bramall. Insurance Post has published an article with Steve Bramall, Credit Director of Allianz Trade UK & Ireland, in which we learn that Steve would like to replace Daniel Craig as 007 and can't live without Facetime. Go to https://www.postonline.co.uk/commercial/7955966/60-seconds-with-allianzs-steve-bramall to read the article.
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How single contract credit insurance plugs the million-pound SME business gap. Richard Miller, Head of mid-term for Northern Europe at Allianz Trade, discusses a solution to the growing SME insurance gap.
https://www.insurancetimes.co.uk/expert-views/how-single-contract-credit-insurance-plugs-the-million-pound-sme-business-gap-allianz-trade/1453066.article.
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Congratulations to . . .
Credit Insurance News: This month marks a significant milestone as I celebrate the 12th birthday of Credit Insurance News. Over the past 12 years, I have been fortunate to receive unwavering support from the industry, which has been central to Credit Insurance News' success as a free publication for the benefit of the industry as a whole.
I am deeply grateful to our readers, contributors, and partners who have stood by Credit Insurance News, helping us grow from a fledgling venture into a trusted source of information in the credit insurance field. Your engagement and encouragement have made this journey possible, and I look forward to continuing to serve you with the same dedication in the years ahead.
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Company Watch: G2 has recognised Company Watch as a High Performing Financial Risk Management Platform in their Fall 2024 Report.
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Credendo: Credendo has been recognised as one of Belgium's top 1% of all employers and received the Leading Employers 2024 award.
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Jane Hull: On 3 October, Jane Hull, Director Underwriting and Operations (Trade Credit Insurance) at Trade Credit at Tokio Marine HCC celebrated her 30th anniversary with Tokio Marine HCC. Jane joined HCC in 1994 as a quantity surveyor in the surety team.
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All the nominees for Women in Credit Insurance Awards. Over 100 nominations were received in total, including:
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Trailblazer Award: For a woman who has pioneered new methods, strategies, or approaches in credit insurance, setting a new standard in the industry. Nominees include: Delphine Leprince (Allianz Trade), Danielle Cousins (EFCIS), Nikki Salmon (FinCred)
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Leadership Excellence Award: Honouring a woman who has demonstrated exceptional leadership skills and has significantly impacted her organisation or the credit insurance industry. Nominees include: Corine Troncy (AIG), Ana Dieguez (Aon), Kerlijne Van Steen (Credendo).
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Innovation in Credit Insurance Award: For a woman who has developed innovative solutions or products that have significantly advanced the field of credit insurance. Nominees include: Ewa Rose (Bondaval), Ozlem Ozuner (Allianz Trade), Zoe Butcher (Allianz Trade).
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Rising Star Award: Aimed at recognising an up-and-coming female professional who shows exceptional promise in the field of credit insurance. Nominees include: Chantal Castagna (Aon), Emma Clarke (Allianz Trade), Brenda De Lucena (WTW).
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Outstanding Mentor Award: For a woman who has dedicated significant effort to mentoring and supporting other women in the credit insurance industry. Nominees include: Jennifer Donaghy (WTW), Karen Lawson (Coface), Jane Hull (TMHCC).
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Community Impact Award: Recognising a woman whose work in credit insurance has had a substantial positive impact on the community or society at large. Nominees include: Claire Humphreys (Allianz Trade), Isabel Garcia, (Allianz Trade), Iveta Terefenkova (Allianz Trade).
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Lifetime Achievement Award: Honouring a woman who has had a long and impactful career in credit insurance, serving as a role model for future generations. Nominees include: Susan Ross (Aon), Jane Wyatt (Coface), Corine Troncy (AIG, Ewa Rose (Bondaval).
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Diversity and Inclusion Champion Award: For a woman who has actively worked to promote diversity and inclusion within the credit insurance sector. Nominees include: Linda Smith (Allianz Trade), Sally Nolan.
The awards ceremony is on 21 November and is hosted by Howden. Good luck to all!
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New Appointments
Allianz Trade Denmark has promoted Alen Kahs to Credit Director Nordics, Member of the Board of Management. Alen previously worked for Allianz Trade in Switzerland as a Credit Director and a member of the Board of Management. Alen is moving from Zurich to Copenhagen.
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Atradius has made two promotions:
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Harris Yanto has been promoted to Head of Sales in Singapore & Global Sales in Asia. Harris has been with Atradius for nine years and has held various positions – most recently as ​​​Global Sales Manager in Asia. Harris is now based in Singapore.
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Joel Bick has been promoted to Senior Business Development Manager at Atradius UK, based in London. Joel was previously an Account Manager at Atradius in Cardiff.
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AU Group has appointed Nuria Gorog as Senior Vice President of Specialty Credit, Political Risk and Surety. Nuria has over twenty-five years experience and is a former Vice-Chair of the Investment Committee of the Berne Union and Chair of the Single Risk Committee of ICISA. Nuria joins AU Group from Zurich, where she most recently worked as Portfolio Manager & Head of Surety France.
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Bondaval has promoted David Stevens to Head of Commercial Underwriting, UK & Europe, based in London. David joined Bondaval in November 2023 as Head of Business Development, UK. Before Bondaval, David worked for Markel International for over eleven years, initially joining as a Graduate Trainee.
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Coface has made two new appointments:
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Ronald Chai has become Head of Commercial, based in Singapore. Ronald joins Coface from CreditorWatch, where he was Enterprise Account Director, based in Australia. Prior to that, Ronald spent nine years with Atradius in Singapore.
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Zuleka Ibrahim joins Coface in the UK as as Account Manager. Before taking a short break from the industry to travel, Zuleka worked for both Aon and Atradius.
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FGI has appointed Sara Bell as Director. Sara joins FGI from Allianz Trade in North America, where she was a Senior Risk Management Consultant.
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Marsh McLennan has promoted Varun Shukla to Assistant Vice President, Credit Specialities, based in Dubai. Arun was previously Senior Manager, Credit Specialities​.
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WTW has made several news appointments:
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Gary Payne has joined WTW as Director, Trade Receivables and Supply Chain Finance – Financial Solutions. Gary joins from QBE Europe, were he was Senior Underwriter, Specialty Trade Credit. Prior to that, Gary worked for Coface in Vancouver, British Columbia, Canada. He is now based in London.
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​Sabine Rauch joins WTW as Lead Multinational Clients DACH – Trade Credit, Trade Finance & Surety. Before joining WTW, Sabine worked for Aon Versicherungsmakler Deutschland for over five years, most recently as Director Surety DACH.
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Billy Roberts has joined WTW as Director of Trade Credit for the US. Billy previously spent two years as Vice-President, supply chain finance at JP Morgan, following a decade in the trade credit division of Aon.
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Job Vacancies
Commercial Underwriter
London, Onsite, Full time
We look for character over credentials:
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We’re a specialist credit & surety underwriter transforming B2B credit with financial technology (website).
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We’re backed by top European and American VCs including Dawn Capital, Octopus Ventures, Talis and Expa.
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Founded in 2020, we are licensed and operating across the UK, Europe, US and Canada with offices in London, New York and Dallas.
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Since our commercial launch in March 2022, we are already serving some of the world’s largest companies, providing them with superior credit protection and innovative risk management technology.
About the role:
We’re looking for a highly motivated and driven individual to join the Commercial function within Bondaval. You will be positioned at the heart of what we do as a business, having a front row seat to drive our commercial growth and securing new partnerships. The ideal candidate is eager to learn, make an impact and is ready to roll up the sleeves and get things done.
The role covers both the UK and Europe, supporting our business expansion across these regions. You'll report directly to David Stevens, Head of Commercial Underwriting for the UK & Europe.
This is a fantastic opportunity to join one of the most exciting financial technology companies, with the chance to grow and develop alongside the business.
Responsibilities:
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Lead and assist broker-driven sales efforts in the UK and Europe
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Manage pricing discussions and deal negotiations
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Perform research to identify potential new prospects
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Develop sales collateral and proposal materials
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Work closely with our existing broker channel and develop new partnerships
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Build and maintain relationships with existing client base and grow existing accounts
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Update and maintain our CRM to efficiently manage deal flow
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Identify market trends and provide internal feedback to assist with sales development
You might be a good fit if you have:
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4+ years of trade credit insurance experience
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Risk underwriting experience
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Existing trade credit broker network
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Experience of structuring trade credit policies (Ground up, Named buyer, XoL)
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Experience in preparing pitches and/or commercial terms
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A relentless attention to detail and unwavering work ethic
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Strong organisational, analytical, and presentational skills
Nice to haves:
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Existing ACII qualification or training towards one
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Experience of working closely with, CFOs, Treasurers and Credit Managers
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Logistics:
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Compensation: Base + bonus
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Employment type: Permanent
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Employee Share Option Pool: Available - you will earn a stake in the company you are helping to build
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Location: London office, UK, with the expectation of travel as needed to meet prospective clients, brokers, and partners, and the flexibility to work from home up to two days per week on average
Company benefits:
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25 days’ paid vacation
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Pension
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Cycle to Work and Electric Vehicle schemes
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Learning and Development support
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Interview process:
We run a quick and efficient process:
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30 minute introductory call with David Stevens, the Hiring Manager
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In-person interview with David Stevens and Ewa Rose, Group CUO
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Interview with Tom Powell, CEO
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Offer
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To Apply: Please go to https://app.screenloop.com/careers/bondaval/job_posts/3282?tab=application_form to complete the online application form.
Industry Events
​​​Trade Credit Insurance Week 2024. ICISA Event. 8 October - 10 October 2024. Online.
Trade Credit Insurance week is a week of celebration of Trade Credit Insurance sector. With this event, ICISA aims at increasing awareness of the valuable economic role of TCI industry. Experts in the sector agreed to join our initiative and share their views on issues faced by the industry nowadays.
The event will take place between 7-10 October 2024. A total of 8 virtual sessions will be organized during the week, featuring debates, interviews, webinars and presentations.
The prgramme includes:
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Net Zero: How insurance supports the path to net zero​. October 9th, 9:00 AM (BST)
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All about data - Unlocking the future of trade, credit and risk​. October 9th, 2:00 PM (BST)
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Trading on credit – how business view credit and how TCI proves its worth​. October 10th, 9:00 AM (BST)
The full programme with list of speakers can be downloaded at https://icisa.org/event/trade-credit-insurance-week-2024/.
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Launching a New Credit Insurance Venture. 15 October 2024. Online.
Trade Finance Global (TFG) is set to host an exclusive roundtable webinar entitled "Launching a new credit insurance venture: a comprehensive guide." This virtual event will bring together top experts from the credit insurance industry to share insights on market entry, growth opportunities, and operational strategies.
Deepesh Patel, Editorial Director of TFG, will moderate the discussion, and will be joined by four distinguished panelists:
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Stuart Lawson, Global Head at Aon Credit Solutions;
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Marc Meyer, SVP Subject Matter Expert in Credit Insurance at Tinubu;
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Carmine Mandola, Former CEO of CrediArc & Coface;
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Tobias Powell, Head of Credit, Surety & Political Risks, SCOR P&C EMEA.
The webinar will highlight crucial aspects of launching and operating a credit insurance business. It will also explore recent trends in credit insurance, and opportunities in underserved markets.
The panellists will examine key considerations for market entry, financing and operational strategies, technological advancements, and digitalisation in the sector.
Attendees will gain valuable insights from case studies, including how SBI General Insurance Company Limited (SBIG) executed a successful diversification with a niche market positioning and Etihad Credit Insurance's strategy for SMEs in Dubai.
"This webinar will be your gateway to the future of credit insurance," said Deepesh Patel, Editorial Director at TFG. "It brings together industry titans to unpack the complexities of launching a credit insurance venture. From exploring untapped markets to leveraging cutting-edge technologies, we'll provide a roadmap for success in this dynamic field."
The event is open to everyone, from industry professionals and entrepreneurs to those simply interested in the credit insurance sector. Registration details are on the TFG website at at https://www.tradefinanceglobal.com/webinars/launching-a-new-credit-insurance-venture/.
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About this month's Sponsor: Farosol
Farosol is a global network of credit insurance brokers with 14 partners, covering 30 countries and helping over 5,000 clients protect their businesses. With an annual insurable turnover of more than €30 billion, Farosol offers a wide range of tailored credit insurance and credit management services, including asset-based finance.
As businesses face an upsurge in unpaid invoices and a growing number of insolvencies Farosol's global network – combined with local expertise – helps companies access competitive rates for international solutions, while still enjoying the personal service of independent brokers.
Farosol is all about building close relationships, delivering expert advice, and keeping things transparent. Clients also receive a regular newsletter with updates on credit risk trends and credit management products specific to each member's country, ensuring everyone stays informed in today's challenging environment.
For more information, visit www.farosol.com.