|Welcome to issue 41 of Credit Insurance News Digest, 1 July 2014. This issue is kindly sponsored by AU Group.
Credit Insurance News and Reports
New report analyses and compares the financial results of the Credit Insurance industry's leading players. AU Group has published a new report, Study of the Credit Insurance Market 2014, which analyses and compares the financial results of the trade credit insurance industry's leading players: Euler Hermes, Atradius and Coface - which, the report advises, have global market shares of 34%, 23% and 18% respectively. The report also examines the geographical disparities and differences in performance between players. For example, according to the report, in North America Coface registered a decrease in sales of 9.6% compared to the previous year, while Euler Hermes and Atradius saw increases of 3.4% and 5.4% respectively. Overall, in the industry's traditional markets, Northern Europe saw increased dynamism, while the credit insurance industry 'struggled' in Western Europe. To view AU Group's report please click on the banner above or go to http://www.au-group.com/study-2014-credit-insurance-market.
- Credit Insurance News and Reports
- Industry Events and Offers
- Business Info: Recommended Reports
- Career Opportunities and New Appointments
- About this issue's sponsor
Trade credit insurance claims to rise in Europe, the Middle East and Africa (EMEA) throughout the remainder of 2014. According to Marsh’s latest EMEA Trade Credit Quarterly Briefing, several countries in EMEA experienced increased claim levels in the first quarter of this year, following a continuous decline in the last three quarters of 2013. Furthermore, Marsh expects this trend in claims to peak within the next 12-18 months. Tim Smith, Managing Director in Marsh’s International Trade Credit Practice, commented: “Past experiences tell us that some businesses will financially over-stretch themselves in the period following a recession as they look to grow. . . At the same time, insurers are providing higher levels of cover for less premium amid continuing competition for attractive risks. We expect the level of claims to rise across EMEA this year, which may lead to insurers seeking higher rates for trade credit insurance in 2015 and beyond.” To view Marsh's news release go to http://uk.marsh.com/default.aspx?tabid=1572&ID=40810.
Atradius vs Prepaid Services: Ongoing legal battle highlights policy disclosure problem. Insurance Business has published an article which advises that the ongoing multi-million dollar legal battle in Australia between a credit insurer and insured over a rejected claim has highlighted the importance of brokers stressing to their clients the importance of providing accurate information. The case of Prepaid Services vs Atradius, in which Atradius declined to pay Prepaid Service’s trade credit insurance claim on the basis that it had failed to properly disclose information related to the company - and if it had done so Atradius would never had provided cover in the first place - is said to be one of the largest trade credit insurance cases that Australia has witnessed, involving a $62 million loss. To view the article on Insurance Business' website go to http://www.insurancebusinessonline.com.au/news/multimillion-dollar-legal-battle-highlights-policy-disclosure-problems-189071.aspx.
Natixis successfully sells 51% of the capital of Coface on the Paris Euronext regulated market. Coface launched its initial public offering (IPO) on Monday 16 June. According to Coface's owner Natixis, close to 80 million shares were sold for a total amount of €832 million giving Coface a market value of around €1.63 billion. Natixis said it would retain 49% of Coface after the IPO, or 41.35% if it fully exercises an over-allotment option of up to 15% of the offer. Jean-Marc Pillu, Coface Chief Executive Officer, commented: “During the IPO, we received a warm welcome from investors, who were particularly receptive to us, both in France and abroad. The IPO is a positive development for the Coface Group." To view Coface's statement following the IPO go to http://www.coface.com/News-Publications/News/Success-of-the-Coface-IPO.
Atradius releases the eighth edition of its Global Collections Review. Atradius' latest Global Collections Review advises that businesses exporting within or to Europe use a wide variety of collection practices which vary from region to region. For example, in Northern Europe, especially for Dutch (60%), British (49%) and Swedish (45%) companies, it is common practice to collect using a debt collection agency. However, in Southern and Eastern Europe only 26% of businesses use a collections agency, and taking legal action to collect debts is typically pursued by half of the businesses surveyed. The Review also found that European companies are more inclined to offer credit terms to their domestic customers than to their foreign customers, despite the fact that survey results suggest that domestic customers are actually more likely to delay payment. To view Atradius' news release with a link to the full report go to http://www.atradiuscollections.com/global/updates-publications/press/4239-eighth-edition-global-collections-review.html.
Markel are set to launch a trade credit operation in the US. Markel has announced that on 7 July it will be launching a new trade credit operation in the US headed by Philip Amlot. The new operation will be based in New York, and policies will be underwritten on an admitted basis, utilising two Markel insurance companies: Markel American Insurance Company and Markel Insurance Company. Simon Philpin, who recently joined Markel from Equinox Global, will take Philip Amlot's place in London. Ewa Rose, Managing Director of Markel’s trade credit unit, commented to Credit Insurance News Digest: "The North American Credit Insurance market is believed to have a premium value of US$ 700 million with around 7% growth over the last year. This equates to around 5% to 8% penetration compared to over 20% in Europe." (Note: For more information on Simon's appointment see ''New Appointments' below). To view Markel's announcement go to http://www.market-matters.biz/trade-talk/june14/the-new-york-launch.htm?dm_i=19BZ,2K4RB,C20B4B,9C3IN,1.
Coface anticipates that the UK economy will get back to its pre-crisis level in the third quarter of 2014. Coface has published its latest Panorama, The British recovery: Miracle or Mirage, which contains a study on the strength of the British recovery and advises that Coface now anticipates that the UK economy will get back to its pre-crisis level in the third quarter of 2014. In addition, Coface reports that it has upgraded its risk assessment for the UK to its A2 rating, with growth of 2.7% - potentially exceeding that of Germany - predicted in 2014. However, whilst Coface's Panorama stresses that "the current dynamism of economic growth and the early onset of the recovery are astonishing", it also cautions that all the structural weaknesses of the British economy have not gone away and the UK economy seems more vulnerable than recoveries from past crises. To view Coface's news release with a link to the full report go to http://www.cofaceuk.com/News-Publications/News/The-UK-upgraded-to-A2-due-to-the-strength-of-its-recovery2.
Massimo Falcioni discusses some of the series of factors which have led up to Euler Hermes' success in the GCC region. Global Banking & Finance Review has published a video clip of a recent interview with Massimo Falcioni, CEO, Euler Hermes GCC, in which Mr Falcioni discusses some of the series of factors which have led up the company's success in the GCC region and to its recent award for 'Fastest Growing Credit Insurance Company GCC'. Mr Falconi also talks about the benefits of credit insurance, with particular reference to SMEs, and notes that Euler Hermes' retention rates in the Gulf are above 90% and, if the current growth trajectory continues at the same pace (i.e.,16% growth recorded in the first quarter compared to the Q4 2013), Euler Hermes will record up to 45% growth in the region in 2014. To view the interview go to http://www.globalbankingandfinance.com/global-banking-finance-review-interview-euler-hermes-the-2014-award-winner-for-fastest-growing-credit-insurance-company-gcc/.
Coface notes an improvement in risks in Western Europe and in 'new' emerging economies. Coface has advised that, according to its forecasts, the first quarter of 2014 confirmed the acceleration in global growth: after 2.6% in 2013, growth will be close to 3% in 2014 and 3.3% in 2015. The eurozone (1.1% growth expected in 2014) is slowly but surely recovering from a serious double-dip. The US is showing dynamic and balanced growth (2.7% growth forecast in 2014), in spite of bad weather in January. Overall, a rebalancing of growth is underway to which advanced economies will contribute around a third of this (compared to only a quarter in 2013) and emerging countries two thirds. It is in the context of this confirmed recovery that Coface has upgraded its assessments of several European and emerging economies, including Germany, Austria, UK, Spain, Kenya, Rwanda, Nigeria and Sri Lanka. To view Coface's news release go to http://www.cofaceuk.com/News-Publications/News/Updated-Country-Risk-Assessments-June-2014.
Euler Hermes and Huawei sign benchmark deal. Euler Hermes and Huawei, a leading global ICT solutions provider, have announced an agreement to cover the trade receivables for Huawei’s consumer device business in Europe. In 2013, Huawei’s consumer business was the world’s third largest supplier of smartphones by units shipped and contributed 24% of Huawei’s global revenue. Euler Hermes advises that it will support Huawei’s consumer business to prioritise target countries for market entry, assess and categorise potential business partners based on their credit and payment history and manage its portfolio of existing business relationships. To view Euler Hermes' news release go to http://www.eulerhermes.com/mediacenter/news/Pages/Huawei-signs-benchmark-deal-with-Euler-Hermes-cover-European-mobile-business-against-payment-default.aspx.
Japanese insolvencies to level-off this year after a 10.5% decrease in 2013. Atradius has published its latest Country Report on Japan which advises that although the economy is expected to contract in the second quarter of 2014, for the whole year growth of 1.4% is expected, followed by 1.3% GDP growth in 2015. The report also advises that since 2009, annual corporate insolvencies in Japan have decreased: by 4% in 2011 and 2012, and as much as 10.5% in 2013. However, a levelling off of corporate insolvencies is now expected in 2014. Sector wise, the agriculture, food and Financial Services have the brightest outlook, while the Electronics/ICT, metals, steel and textiles sectors have the weakest outlook. To view Atradius' full report go to http://global.atradius.com/images/stories/CountryReports/CR_Japan_June_2014.pdf.
Perkins Slade and CIA announce partnership. Perkins Slade, one of the UK’s leading independent insurance brokers, has announced that they are partnering with the Credit Insurance Alliance (CIA) to support and grow the company’s credit insurance book of business. Speaking about the new relationship, Perkins Slade CEO, Nick Tamblyn, commented: “At Perkins Slade we have been looking for a strategic partner to help us further enhance our offering in this very specialised field . . . we believe that in CIA, we have found the ideal partner with similar values to our own.” To view Perkins Slade's news release go to http://www.perkins-slade.com/news-media/news/2014/06/perkins-slade-partners-with-the-credit-insurance-alliance-cia.
Atradius' latest Market Monitor on the Chemicals/Pharmaceuticals sector reports a continuing demand for both chemicals and pharmaceuticals. In the United States, chemicals are used in the production of 96% of manufactured goods and the fortunes of the chemicals industry are following the upward path of the economy. In Europe, the picture is more mixed, although Italy’s export oriented chemicals industry is proving resilient, the Spanish chemicals industry too has seen robust export growth. The German chemicals and pharmaceuticals sector are also both performing well, although expiring patents are reducing pharmaceutical profits. In Asia, China’s chemicals and pharmaceuticals industries are both seeing high growth, but new laws on environmental protection are likely to impact small businesses that do not meet the required standards. To view Atradius' report go to http://global.atradius.com/images/stories/Market%20monitor/2014/Atradius_Market_Monitor_June_2014.pdf.
Atradius examines the Key to Business Success in the Czech Republic. Atradius is hosting a webinar, The Key to Business Success in the Czech Republic, on 9 July 2014 at 15:00 hours CET. A panel of experts on the economy, business culture and law of the Czech Republic will cover the opportunities and logistics of trading with this market in a debate led by award winning financial journalist and broadcaster Adam Shaw. To register to join the webinar go to http://global.atradius.com/czech-republic-webinar.html.
And Finally. . .
Congratulations to Euler Hermes. For the second consecutive year, Euler Hermes was named best trade credit insurer in Asia Pacific in the 2014 GTR Asia Leaders in Trade awards by GTR (Global Trade Review) magazine. Fabrice Desnos, head of Euler Hermes in Asia Pacific, commented: “Asia continues to drive world GDP growth, and this is reflected in our business in the region." To view Euler Hermes' news release go to http://www.eulerhermes.com/mediacenter/news/Pages/Euler-Hermes-named-best-trade-Asia-Pacific-credit-insurer-Global-Trade-Review-second-consecutive-year.aspx.
Markel to move offices. Markel has announced that at the end of 2014, its London office will be moving to 20 Fenchurch Street, London; occupying floors 25, 26 and 27. For more information about this move go to http://www.market-matters.biz/trade-talk/june14/our-new-home.htm.
Industry Events, Offers and Training
GTR Asia Trade Finance Week 2014. 9-11 September. Raffles City Convention Centre, Singapore.
Incorporating the 6th Annual Asia Trade & Export Finance Conference, Supply Chain Workshop, GTR Asia Leaders in Trade Awards and various networking events, GTR Asia Trade Finance Week is now accepted as the world’s premier trade finance gathering for discussing key regional and global themes. The event is expected to welcome over 600 high level delegates, including companies of all sizes from all manner of sectors. Recognising Singapore’s position as a global trade hub, considered as the crossroads for suppliers and buyers worldwide, attention will turn to both the significance of Asia’s regional and global trade flows, as well as casting a keen eye on some of Asia’s most exciting and thriving markets. With official support from IE Singapore, as well as over 35 global institutions, this is an event not to be missed. Click here for more information. A 15% discount is available for Credit Insurance News Digest readers, please quote CIN15.
Global Commodity Trade Finance Conference. 16 September 2014, Lugano, Switzerland.
Global Trade Review (GTR) is delighted to announce that the inaugural Global Commodity Trade Finance Conference will be taking place in Lugano, Switzerland in September 2014. Held in partnership with the Lugano Commodity Trade Association (LCTA) and reflecting Switzerland’s role as the world’s leading commodity trade hub, the event is ideally placed to provide timely insight on the significance of the global trading market and the challenges faced, both in the local markets and the opportunities faced further afield. Huge emphasis will be placed on the importance of networking, in which an abundance of such opportunities will be provided over the course of the event. Delegates will also have the opportunity to plan and organise private meetings with fellow attendees prior to the conference. Click here for more information. A 15% discount is available for Credit Insurance News Digest readers, please quote CIN15.
3rd Annual West Coast Trade & Export Finance Conference. 16 October, Los Angeles. United States.
GTR are delighted to announce that the 3rd Annual West Coast Trade & Export Finance Conference will be held in Los Angeles for 2014. With a city responsible for over $400 billion worth of trade and a state that contributes 11% of total US exports, this one-day conference will be a key meeting point for the producers, importers, exporters, financiers and service providers of one of the most dynamic trade centers in the world. As the only gathering of trade finance practitioners on the West Coast, hear industry leaders discuss the financing demands of corporate organisations as well as the complexities of seeking new opportunities in emerging markets. Focus will center on both the development of operational strategies and the technical aspects of trading and creating supply chains across borders. Given the high-level delegation in attendance, networking is not to be missed. Engage with decision makers before the conference through the GTR online networking site, during the conference within dedicated networking sessions, and finally at a cocktail drinks reception at a central Downtown location. Click here for more information. A 15% discount is available for Credit Insurance News Digest readers, please quote CIN15.
Alternative and Receivables Finance Conference, 17 October 2014. London, UK.
At this timely one day conference, SMEs and their advisers will be meeting to discuss how alternative finance options are changing the funding landscape as well as how traditional and alternative finance can work together to help SMEs prosper. 20+ Speakers include the British Business Bank, Lloyds Bank, Marketinvoice, Platform Black, P2P CS, Bibby Financial Services and many more. The conference is actively supported by the British Chambers of Commerce, the Federation of Small Business as well as ACCA and ABFA. Click here for the programme. There is also a separately bookable Introduction to Receivables Finance Masterclass 16th October which covers credit insurance, invoice discounting and supply chain finance. A 10% discount is available for Credit Insurance News Digest readers, please quote CIN10. In addition, we are delighted to offer 5 free delegate passes to the event for any B2B SMEs amongst our subscribers. Attendees must be chief executives or CFOs. For details, please email Sally at Credit Insurance News.
6th Annual West Africa Trade & Commodity Finance Conference. 22-23 October, Lagos, Nigeria.
GTR will be holding the 6th Annual West Africa Trade & Commodity Finance Conference in Lagos, Nigeria, for the first time. Given Nigeria’s rise to prominence and West Africa’s growing prosperity, the focus of the conference will look at the industries and sectors that have been instrumental in developing one of the most exciting regions in world trade. This two-day event will bring together delegates from corporate, banking and financial services organisations to discuss key market issues within agribusiness, hard commodities, risk mitigation and infrastructural development. Specialist speakers will engage with high level delegates through specific transaction case studies, roundtable discussions, onstage interviews, and live question and answer sessions. As the only dedicated trade, commodity and export finance conference in West Africa, this will be a networking opportunity not to be missed for anyone undertaking or looking to do business in the region. Meet with decision makers before the conference through the GTR online networking site, during the conference within dedicated networking sessions, and at an exclusive evening cocktail drinks reception. Click here for more information. A 15% discount is available for Credit Insurance News Digest readers, please quote CIN15.
Understanding International Credit Reports: New training course. Various dates throughout 2014.
Graydon has announced that it is introducing a new training course, Understanding International Credit Reports. The one-day course will examine: report content by region (MENA, North America, Latin America, Africa, Europe, Far East & 'Tax Havens'), sources of data (Credit Agencies, Public Registries, Local Agent in undeveloped markets & Law Firms), credit scoring/ratings and pricing. The course costs £599 + VAT (a 10% discount is offered to Credit Insurance News Digest readers) and will be held on various dates throughout the year. For more information, please go to https://www.graydon.co.uk/understanding-international-credit-reports-CIN-members.
Business Information: Latest Reports and Business Shorts
One-in-five UK businesses would struggle with interest rate rises. Over 1-in-5 businesses say that they would be put into financial difficulty if interest rates were to rise by at least one percentage point in the next 18 months, according to R3’s latest Business Distress Index. 6% of UK businesses say they would be put into ‘serious’ financial difficulty were interest rates to rise over the next eighteen months, while 16% said they would be put into ‘some’ difficulty. R3 president Giles Frampton commented: “ Normally, insolvencies peak after a recession, but we haven’t seen that this time around. Record low interest rates and high levels of creditor forbearance have helped keep lots of businesses going.” To view R3's news release go to http://www.r3.org.uk/index.cfm?page=1114&element=19889&refpage=1008.
Demand for British made goods remains buoyant. According to the latest CBI Industrial Trends Survey, demand for UK-made goods rose strongly in June. Total order books picked up, reaching their strongest level since December’s eighteen year high. This strength was broad-based, with above average results in 14 out of the 17 sectors. The food and drink sector was particularly robust, reporting its fullest order books in almost four years. Export order books also rallied to a level well above the long run average, driven by particularly strong results from the mechanical engineering, electronics and motor vehicle industries. To view the CBI's news release go to http://www.cbi.org.uk/media-centre/press-releases/2014/06/firm-growth-in-manufacturing-sector-cbi/.
UK business show propensity to 'play it safe': the vast majority exporting to the traditional but lower-growth markets of Western Europe and North America. New research from the Grant Thornton International Business Report (IBR) has uncovered an unprecedented boost in plans to increase exports, driving levels of business optimism to record highs. The growth in business optimism is particularly high in Europe, with UK optimism the highest at 80% - albeit down 3% on last quarter. Expectations for increasing exports in the EU were particularly strong, although, as noted Grant Thornton's Agents of Growth report, they still fall behind the more troubled European economies such as Turkey (40%), Spain (40%) and Greece (38%). There is still a way to go if UK business is not to be left behind. To view Grant Thornton's news release go to http://www.grant-thornton.co.uk/en/Media-Centre/News/2014/Export-expectations-drive-business-optimism-to-new-high1/.
UK recovery continues at a brisk pace - CBI survey. As strong output growth continues and rising business investment supports the sustainability of the recovery, the UK economy has continued to grow briskly in the second quarter, according to the latest CBI growth indicator. The survey of 830 respondents across the manufacturing, retail and service sectors again registered robust growth, with a balance of +29%. Demand for UK manufacturing strengthened and while sales growth in the distribution sector slowed, expectations for the next quarter are among the strongest on record. For the business & professional and consumer services sector growth continued at a solid pace in the three months to June. To view the CBI's news release go to http://www.cbi.org.uk/media-centre/press-releases/2014/06/uk-recovery-continues-at-a-brisk-pace-cbi-survey/.
65% of Irish SMEs expect improved export sales in 2014. The majority of Irish SME exporters expect an increase in turnover during 2014 and also forecast entry into new markets this year, according to a new report commissioned by AIB. The ‘Exports Outlook Report’, based on a survey conducted on behalf of the bank by IPSOS/MRBI among 200 SMEs exporting goods or services out of Ireland shows a strong upbeat mood among respondents. With exports accounting for almost 40% of total SME turnover last year, a total of 65% of respondents expect improved export sales, while 30% of SMEs contacted in the survey confirm that they are planning to export to new countries this year; the US is cited as the top destination (27%), followed by Germany (16%) and France (13%). In the year ahead, 46% of companies expect their exports to increase on last year. To view the Irish Exporter's Association news release with a link to the full report go to http://www.irishexporters.ie/section/AIBreportsOutlookExports.
Almost half the top 100 global companies are American. The US now boasts nearly half of the world’s 100 most valuable companies with 47 companies compared to 42 five years ago, and 33 in 2008, a PwC study has found. Eurozone companies in the index held their position at 18 companies, and the UK now has eight companies in the Top 100 compared with nine in 2009, and ten in 2008. The biggest fallers were the BRIC countries with companies from China and Hong Kong falling from 11 to eight and the other BRIC nations falling from six to three. According to PwC, this reflects current investor sentiment towards those markets and the fact that these companies have still to emerge beyond their domestic markets with a global presence. To view PwC's news release go to http://pwc.blogs.com/press_room/2014/06/global-market-capitalisation-tracker-shows-us-businesses-eclipsing-the-rest-of-the-world.html.
Scotland’s economy set to enjoy ‘best year since financial crisis’. The EY Scottish ITEM Club latest summer update suggests that Scotland’s economy will grow by 2.4% this year, an increase of 0.7 percentage points on the 1.7% forecast in December 2013. Further growth of 1.9% is predicted in 2015 and 2016. Dougie Adams, senior economic advisor to the EY Scottish ITEM Club, said: “This year is shaping up to be the best for Scottish economic growth since the onset of the financial crisis, with business investments and exports adding momentum to the consumer-driven recovery.” To view EY's news release go to http://www.ey.com/UK/en/Newsroom/News-releases/14-06-16--EY-scotlands-economy-set-to-enjoy-best-year-since-financial-crisis.
Over a quarter of UK businesses are yet to budget for interest rate rises. Company Watch commissioned market research group OnePoll to ask financial decision makers at companies across the UK about their preparations for higher interest rates. The biggest number of respondents - 40% - were preparing for interest rate rises of only 0.25%, with the next highest number (30%) budgeting for an increase of 0.75%, and with 25% modelling for a 0.5% rate rise. Emma Caister, Director, Company Watch, commented: “Clearly with many companies in the Company Watch survey still feeling the effects of the long recession, even a small increase in debt costs might end up having a big impact on the strength of their businesses. To view Company Watch's news release go to http://www.companywatch.net/wp-content/uploads/2014/06/Interest-rate-rises-unmodelled-9-June-2014.pdf.
Universal and consistent growth returns to the UK High Street. For the first time since 2010, growth on the high street has proven both consistent and widespread, BDO's High Street Sales Tracker has revealed. Overall like-for-like sales grew 1.1% in May, marking the first full quarter in four years where the fashion, lifestyle and homewares sectors have all shown sustained growth over a three month period. BDO's figures show like-for-like sales at fashion retailers grew 0.7% year-on-year in May, with sales of lifestyle goods up 0.9% and homewares up 5.1%. Sophie Bevan, head of Retail & Wholesale at BDO LLP, said: "The high street feels like it has turned a corner. . .The exciting thing is that not only is growth coming from all sectors, it's coming from the majority of retailers as opposed to just a minority boosting the overall performance. To view BDO's news release go to http://www.bdo.co.uk/press/universal-and-consistent-growth-returns-to-high-street.
Career Opportunities: New Opportunities
Trainee Underwriter: Trade Credit & Political Risk. London.
A global leader in Insurance is looking to grow its Trade Credit & Political and are looking to recruit a Trainee Underwriter with a good understanding of the TC&PR line of business. You will be responsible for underwriting the Political Risk and Structured Trade Credit line of business under the direction of the divisional Underwriting Manager and providing support to the Country and Credit Risk Management Team. You will also provide administrative and processing support to the Political Risk Team and co-ordinate the PR activities abroad.
Key Responsibilities: Underwriting Political Risk and Structured Credit line of business. Indicate and decline enquiries received from brokers in line with business plan. Negotiate wordings and policy terms. Sign policies, endorsements and declarations to facilities in line with business plan. Attend Trading Floor and Lloyds to service brokers. Represent the business at client meetings and occasionally travel overseas. Prepare their own indications and Declinature front sheets for daily Peer Review Meeting. Prepare own policies, endorsements and declarations for daily Peer Review Meeting. If you have the right experience, please send in your CV to email@example.com. Please note that if you have not heard back within 72 hours your application has been unsuccessful.
Credit Insurance Consultant in Direct and Bank, London to cover South East. Euler Hermes.
Salary: Depending on experience, plus exceptional commission scheme, non-contributory pension, car, laptop, i-pad, blackberry, share incentive scheme, discounted gym membership, discounted healthcare and additional benefits.
If you are looking to develop and grow your already exceptional sales talent within a thriving company then look no further. In order to succeed in this role you will need experience in a target driven sales role within professional services. You will possess a positive, pro-active attitude along with a passion and drive to succeed. This is a challenging role for an experienced business to business field sales person.
Responsibilities: To deliver on target good quality business revenue and to represent Euler Hermes in a professional and ethical manner. To manage a local database of prospects and introducers and to provide accurate management information on a regular basis.
Requirements & Key Skills: A proven track record in business to business field sales. An exceptional level of business acumen and commercial awareness. Strong relationship building experience, with both potential clients and business introducers. Corporate in both manner and appearance. The ability to read and perform basic analysis of a set of accounts. Experienced in consultative selling at board level. The ability to present technical information effectively. Experience of using CRM systems. Please apply through the e-recruitment system located on the careers page of our website - click here. (Please mention Credit Insurance News Digest when applying).
On the Road Credit Analyst, Birmingham. Euler Hermes Services UK. Salary: Competitive remuneration package including, bonus, non-contributory pension, home working and additional benefits.
An exciting opportunity has arisen to join our Birmingham Risk Office team. If you enjoy working in a role which requires financial analysis, high level meetings, and portfolio management, then this is the role for you. You will be a self-sufficient individual with the ability to proactively work on your own initiative, including management of your diary, to ensure that you are able to effectively monitor a portfolio of risks in the Midlands. Your key objectives will include, but will not be restricted to, the activities required to monitor companies in your portfolio and mitigate/prevent claims. In order to work in this role you will need experience in financial analysis, and conducting meetings, have good business acumen, gravitas and integrity.
Requirements & Key Skills: Education to degree standard or equivalent or banking/finance/insurance experience with a relevant professional qualification. Proven experience of analysing financial, economic and other information to assess credit risk. Extensive experience of reading and interpreting profit and loss, balance sheets and other financial documents. Experience of holding high profile meetings with influential heads of business. Exceptional interpersonal skills. Proven report writing proficiency. Full clean UK driving license. Please apply through the e-recruitment system located on the careers page of our website - click here. (Please mention Credit Insurance News Digest when applying).
Senior Risk Underwriter, London. Euler Hermes UK. Salary: DOE plus flexitime, non-contributory pension, share incentive scheme, discounted gym membership, discounted healthcare and additional benefits.
This is a superb opportunity to work within our London team as a Risk Underwriter. We are looking for someone who is flexible, adaptable and excited by the challenge of working in a fast paced environment for the Market Leader in Credit Insurance. Open to innovation, you will ensure the most effective credit limit service in terms of quality of decision, turnaround times and communication within our London team. If you are an experienced underwriter/credit professional and believe that the client should be at the centre of everything you do, we would be delighted to hear from you.
Responsibilities: To effectively monitor and implement prompt credit limit decisions, monitoring and providing excellent communication within agreed service levels.To assess credit limits consistently and correctly within prescribed times in order to ensure renewal, new business targets and loss ratios are achieved. To provide quality responses in respect of agreed reschedulings so that our customers are given informed business decisions and losses are mitigated. To reassess proactively business procedures and recommend changes on an ongoing basis to reduce costs and to improve customer service. To meet clients, buyers and brokers (internationally if required) in order to keep loss ratios to a minimum, maximise cover and ensure renewal.
Requirements & Key Skills: Degree standard of education (preferably business based) or equivalent. A detailed understanding and knowledge of UK Risk Underwriting and/or credit management. A demonstrable understanding and knowledge of export underwriting, export risk assessment, export finance, political risk, export practice and export credit management would be advantageous. Experience to undertake analysis of financial, economic and other information to assess credit risk. Demonstrate commercial awareness and customer service. Good communicator and experienced at building relationships both internally and externally to the Company. Knowledge of the credit insurance market and its competitors. Please apply through the e-recruitment system located on the careers page of our website - click here. (Please mention Credit Insurance News Digest when applying).
Telemarketing Executive, London. Euler Hermes Services UK. Salary: Depending on experience plus flexitime, non-contributory pension, share incentive scheme, discounted gym membership, discounted healthcare and additional benefits.
To create, maintain and develop a pool of prospects in order to secure qualified meetings for the Direct Sales Force resulting in achievement of targeted appointment levels and revenue.
Responsibilities: To effectively monitor and implement prompt credit limit decisions, monitoring and providing excellent communication within agreed service levels. To assess credit limits consistently and correctly within prescribed times in order to ensure renewal, new business targets and loss ratios are achieved. To provide quality responses in respect of agreed reschedulings so that our customers are given informed business decisions and losses are mitigated. To reassess proactively business procedures and recommend changes on an ongoing basis to reduce costs and to improve customer service. To meet clients, buyers and brokers (internationally if required) in order to keep loss ratios to a minimum, maximise cover and ensure renewal.
Requirements & Key Skills: Educated to degree standard or equivalent. Positive attitude together with a desire to succeed. Minimum twelve months telemarketing/telesales negotiation experience. Minimum twelve months experience in an outbound Business to Business role. Please apply through the e-recruitment system located on the careers page of our website - click here. (Please mention Credit Insurance News Digest when applying).
Commercial Business Consultant, Dublin. Euler Hermes Services Ireland. Salary: DOE, plus excellent commission scheme, pension scheme, company car, laptop, discounted healthcare and additional benefits.
If you are looking to develop and grow your already exceptional sales talent within a thriving company then look no further. In order to succeed in this role you will need to deliver budgeted revenue of direct new business sales to the SME and corporate market. You will possess a positive, pro-active attitude along with a passion and drive to succeed. This is a challenging role for an experienced new business; business to business field sales person.
Responsibilities: To deliver good quality new business revenue. To represent Euler Hermes in a professional and ethical manner. To deliver self prospected appointments and manage local database of prospects. To develop a network of local introducers and brokers. To provide accurate management information on a regular basis.
Requirements & Key Skills: A proven track record in new business to business field sales. An exceptional level of business acumen and commercial awareness. Corporate in both manner and appearance. The ability to read and perform basic analysis of a set of accounts. Experienced in consultative selling. The ability to present technical information effectively. Please apply through the e-recruitment system located on the careers page of our website - click here. (Please mention Credit Insurance News Digest when applying).
Political Risk Underwriter - Singapore.
NEW OPPORTUNITY - Global Political & Credit Risk Insurer is seeking an Underwriter to join their Singapore office. Outstanding opportunity to experience the dynamic and evolving insurance environment within the Far East. Great package and team environment. 1-3yrs experience Underwriting or 3-5yrs broking within the PRI market essential. Outgoing & social character a must. Contact us on Kerren.Leach@eamesconsulting.com (London) or Mark.Sheldon@eamesconsulting.com (Singapore). Please mention that you saw this job in Credit Insurance News Digest).
Junior Credit Insurance Broker, West Midlands. £20,000 - £30,000 per year plus additional benefits.
This is a great opportunity to become part of a dynamic organisation in the Birmingham area as a Junior Credit Insurance Broker. You will be required to support the Manager in preparing reports, MTA's, placing/sending to underwriting panel and a small element of new business. The successful candidate should have experience in a relevant Trade Credit Account Handling or Account Executive position and must have a client focused approach, and the ability to build and maintain relationships with clients, colleagues and providers, providing a high level of service in accordance with the company requirements and FSA regulations. Candidates should also be accurate, reliable and self-motivated, with the willingness to learn and develop. IT literacy, excellent communication skills and telephone techniques for dealing with day to day communications with clients are also necessary. To apply, please email firstname.lastname@example.org. Please mention that you saw this job in Credit Insurance News Digest).
Still Recruiting . . .
Client Manager, Aon Trade Credit. Reading. Competitive salary, plus a comprehensive benefits package.
Aon is currently recruiting a Client Manager to join our Trade Credit team based in Reading. As a Client Manager some of your key responsibilities will involve: Under instruction and direction of Client Directors, helping with renewal, retention and growth of existing accounts with effective client relationships and ongoing servicing needs. Working on a portfolio of accounts to ensure that relevant information is shared among client team and required actions are taken to meet clients' needs. Acting as a contact within a broking team for a portfolio of clients to ensure client needs and expectations are met. Dealing with Client and Insurer day to day matters arising e.g. chasing/questioning/broking credit limit decisions, following up progress on reported buyers overdue in making payment to client for goods sold and delivered on credit terms. Assisting with preparation for Policy renewal. Where appropriate liaise with Aon network on Global Client outward/inward business. Developing and improving the day to day client relationship and client experience. Providing advice to clients and colleagues on market developments and sharing knowledge of market trends to enhance the overall value proposition. As a Client Manager your skills and qualifications will ideally include: Educated to A Level standard or equivalent, with work experience in Credit Management, trade finance, and or international affairs. An understanding of, and interest in, the Insurance market. CII progress and an understanding of the client including risks, strategic and financial drivers would be advantageous An enthusiastic and innovative Team player, with the ability to handle significant workflow through efficient time management. To apply, please contact Samantha Cook at email@example.com or call 0207 0860181. (Please mention Credit Insurance News Digest when applying).
Risk Underwriter, Euler Hermes. London. Salary DOE, plus flexitime, non-contributory pension, share incentive scheme and additional benefits.
This is a superb opportunity to work within our London team as a Risk Underwriter. We are looking for someone who is flexible, adaptable and excited by the challenge of working in a fast paced environment for the Market Leader in Credit Insurance. Open to innovation, you will ensure the most effective credit limit service in terms of quality of decision, turnaround times and communication within our London team. If you have market insight and believe that the client should be at the centre of everything you do, and can demonstrate your credit risk assessments skills, we would be delighted to hear from you.
Responsibilities: To effectively monitor and implement prompt limit decisions, monitoring and providing quality communication within agreed service levels. To assess credit limits consistently and correctly within prescribed times in order to ensure renewal, new business targets and loss ratios are achieved. To provide quality responses in respect of agreed reschedulings so that our customers are given informed business decisions and losses are mitigated. To reassess proactively business procedures and recommend changes on an ongoing basis to reduce costs and to improve customer service. To meet clients, buyers and brokers (internationally if required) in order to keep loss ratios to a minimum, maximise cover and ensure renewal.
Requirements and Key Skills: Degree standard of education (preferably business based) or equivalent. A good understanding and knowledge of UK Risk Underwriting and/or credit management. A demonstrable understanding and knowledge of export underwriting, export risk assessment, export finance, political risk, export practice and export credit management would be advantageous. Experience to undertake analysis of financial, economic and other information to assess credit risk. This will include knowledge of financial statements and an ability to compile spreadsheet accounts and cashflows where appropriate. Knowledge of EHUK's products. Please apply through the e-recruitment system located on the careers page of our website - click here. (Please mention Credit Insurance News Digest when applying).
Credit Insurance Consultant in Direct and Bank, Euler Hermes. Manchester to cover West Yorkshire. Salary DOE, plus exceptional commission scheme, non-contributory pension, car, laptop, i-pad, blackberry, share incentive scheme, discounted gym membership, discounted healthcare and additional benefits.
Summary of Role: If you are looking to develop and grow your already exceptional sales talent within a thriving company then look no further. In order to succeed in this role you will need experience in a target driven sales role within professional services. You will possess a positive, pro-active attitude along with a passion and drive to succeed. This is a challenging role for an experienced business to business field sales person.
Responsibilities, Requirements and Key Skills: The job holder's responsibilities will include: delivering on target good quality business revenue, representing Euler Hermes in a professional and ethical manner, managing a local database of prospects and introducers and providing accurate management information on a regular basis. Candidates should have a proven track record in business to business field sales and an exceptional level of business acumen, commercial awareness and strong relationship building experience, with both potential clients and business introducers, Candidates should also be: corporate in both manner and appearance, have the ability to read and perform basic analysis of a set of accounts, be experienced in consultative selling at board level, have the ability to present technical information effectively with experience of using CRM systems.
Please apply through the e-recruitment system located on the careers page of our website - click here. (Please mention Credit Insurance News Digest when applying).
Credit Account Executive, Leeds Salary up to £50,000 dependent upon experience.
An exciting opportunity has arisen within a specialist Broker to join their established Credit Insurance Team, set within their Leeds based offices. The successful applicant will be responsible for developing a book of Credit Insurance clients through existing previous relationships and targeting new clients from a range of industries. The role is a client facing role and you will be responsible for generating leads, making and attending appointments to win the business. You must have the ability to communicate effectively to all different levels, have excellent sales skills and ideally have a proven track record in Credit Insurance from a broker or insurer perspective. Commercial Insurance candidates will be considered also who have a keen interest within Credit Insurance. This could also be the ideal opportunity for an Account Handler looking for the next step to being Account Executive. To apply please contact Helen Spriggs on 0113 308035 or email your CV to firstname.lastname@example.org. (Please mention Credit Insurance News Digest when applying)
Account Handler, Credit Insurance, Birmingham £16,000 - £24,000 dependent upon experience + Benefits.
I have an excellent opportunity to work for a leading National Broker to work as an Account Handler in their Birmingham branch. The role is to deal with Credit insurance and to help manage a very healthy book of business. My client requires an individual who can provide support to a successful Account Executive with a large book of business. Have the ability to conduct renewals with clients and give instructions to Insurance providers. Develop positive and professional relationships with Insurers and Underwriters and promote effective communication. Previous experience within the Insurance Industry is a must preferably within Credit Insurance however someone from a Commercial Insurance background with an understanding of Credit Insurance will be considered. To apply please contact Helen Spriggs on 0113 308035 or email your CV to email@example.com. (Please mention Credit Insurance News Digest when applying).
Trade Credit Account Executive (Ref: SM/13765), Reading. Salary to £35,000 + car allowance, bonus and Benefits.
A national broking organisation is looking to recruit an energetic, driven and ambitious Trade Credit Account Executive to add to their already impressive client servicing team. The job holder will develop and service an account of Trade Credit business and deal with both SME and Corporate Trade Credit risks. To apply for this role, candidates should be self motivated, driven, organised and ambitious and will be either an existing Trade Credit Account or Development Executive, or someone with excellent commercial insurance experience. Sound technical knowledge of Trade Credit Insurance is a must, while experience of political risks this would be advantageous though it is not essential. Experience in providing specialised sales advice in the insurance market thorough understanding of the insurance market and products and sound relationship building skills are also required. The salary is dependent on experience, but will be market-leading, and flexible to attract the very best candidates in the market. The bonus scheme is superb and uncapped, and is complimented by a comprehensive benefits package to include Pension, Group Life, PMI, Free Car Parking and generous holiday allowance. To apply for this position please email Stephen Mallaband at firstname.lastname@example.org. (Please mention Credit Insurance News Digest when applying).
Credit Insurance Account Executive, West Midlands. Generous basic salary plus a wide range of company benefits.
This prestigious broking firm has a branch network spanning much of the UK, with strong presence locally, seeks an experienced Credit Insurance Account Executive to join its Regional Head Quarters in West Yorkshire. This firm has a solid commitment to the Yorkshire region, with credit insurance very much recognised as one of its core business activities. As such, this role boasts an enviable level of job security in the current climate. As a Credit Insurance Account Executive, responsible for the day to day management of a diverse portfolio of clients, you will advise upon the most appropriate credit insurance programme to suit their requirements, using your influence with specialist credit insurers to secure comprehensive levels of cover, at a competitive premium. You will also work with colleagues in the marketing team to actively prospect and secure new business. Building a strong level of professional rapport with your clients, you will create a culture of credit control best practice, dealing with limit extensions and providing ongoing advice in relation to day to day enquiries. You will also oversee claims arising within your portfolio, supplying the relevant claims MI to insurers when preparing renewal reports. To assist you in the proactive management of your portfolio you will need to work in close conjunction with the in-house Credit Insurance Broking and Admin Teams.It is essential that you have extensive experience within credit insurance, ideally gained in a broking environment. Exposure to other products under the wider ‘Credit Risks’ banner, such as Political Risk or Surety, would certainly add weight to your application. In addition, our client is eager to hear from those individuals who have made progress, or can demonstrate a commitment to, gaining professional qualifications from the Chartered Insurance Institute or Institute of Credit Management. For more information and to apply please go to http://astoncharles.co.uk/opportunities/credit-insurance-account-broking-yorkshire-insurance/#sthash.eiLhxLE8.dpuf or contact Richard Jones at RichardJones@astoncharles.co.uk. (Please mention Credit Insurance News Digest when applying).
New Appointments at HCC. HCC has announced several new industry appointments and internal promotions. Darren Felsenstein has been appointed to the position of Business Development Executive. Darren joins HCC on 7 July and will work with Dan Forrester. Jon Latham will be joining HCC on 1 July as a Client Executive and will be looking after a portfolio of clients in Manchester, Birmingham, M6 corridor and Scotland. In addition, Paula Gent has been promoted to Senior Client Executive, Leigh Carnie has been promoted to the role of Lead Client Executive and Ben Snell is promoted to the role of Client Executive Assistant (Internal Lead) and will take responsibility for HCC's internal support team.
New Appointment at Markel International. Markel International has announced that Simon Philpin has been appointed as underwriter & senior risk analyst, responsible for servicing the existing client portfolio, business development and strategic planning. Simon joined from Equinox Global, where he was employed in 2013 following 11 years at Atradius.
About this issue's sponsor: AU Group
A.U. Group is the world’s largest broker exclusively specialised in the insurance, financing and management of trade receivables.
We support our clients by structuring, placing and managing solutions for:
- Credit Protection - by transferring the risk to the insurance market
- Credit Financing - by assigning trade receivables to a bank or factor<
- Credit Management - by optimising credit management tools
Why A.U. Group?
- Established in 1929
- The world’s largest broker exclusively specialised in the insurance, financing and management of trade receivables
- 100% independent
- 2500 clients globally
- 200 people (100 in France)
- €200 billion commercial transactions covered globally
- €300 million premiums placed worldwide
- 35 Offices in 28 countries
- Managing policies in 70 countries
Credit Insurance News Digests: Sponsorship
- A unique expertise in the implementation of insurance and short-term financing programmes globally.
- Structured involvement of our staff providing ongoing support to ensure policies run smoothly and terms and conditions are optimised
- Stability and staff continuity provides knowledge and strong relationships
- Unique relationships and contact with insurers. Our proximity to the main insurers’ headquarters has led to key relationships at the highest level and facilitates negotiations to obtain the best terms and conditions in the market.
- International capability including a local, customer-focused approach
- The latest business innovations and technological developments to optimise your customer receivables.
Sponsoring an issue of Credit Insurance News Digest is a great way to promote your company or brand to a committed audience of trade credit insurance professionals.
If you are interested in sponsoring an issue see our sponsorship page for further information.