The organisation that represents trade credit insurers meets in Austria this week. ICISA (International Credit Insurance & Surety Association) is based in Amsterdam and represents 95% of the worldwide market. Its members insured over $2 trillion of trade credit in 2007. A number of topics will be discussed but many eyes will be on the result of many years of study into Probable Maximum Loss (PML). 28 May 08
Oil companies demanding cash in advance from airlines. Jetfuel is up 60% since January and American Airlines have paid $665m more for fuel in the first quarter of 2008. In a global survey of customers, Atradius said 65% expected failures, but small in number. Times article...
Amlin Credit are hosting the Credit Industry Dinner this year on the 13th November 2008 at The Park Lane Hotel, London.
"HOW much did you say I could save by taking out trade credit insurance??" This much..
Vacancies: 1) Senior trade credit insurance specialist opening at a London Bank. 2) CEO position for new UK based trade credit insurance operation. Contact us ✐ for more details. May 08
Euler Hermes appointed Michele Pignotti as CEO of its Italian subsidiary Euler Hermes SIAC.
Defaults rising nearly twice as fast as in previous downturns according to S&P in the Daily Telegraph. A more 'toxic mix' gives companies razor-thin margins for error. Twenty eight north American casualties to date, value $18.4bn, compares with twenty two and $7.1bn in all 2007.
Atradius moves into its new purpose built International Head Office in the Riekers Business Park in Amsterdam. It gives up its beautiful -but impractical- central Amsterdam canal side home of 83 years on the Keizersgracht.
The stunning new building is located 6 kilometres south west of the city centre, equidistant to Schipol Airport. May 08
Photo under construction and map...
Van den Oever, Zaaijer & Partners architects for photos
'Norris in Vietnam'
An excellent new TV advert from Atradius:
Are British businesses feeling brave? This is what Atradius UK are asking – and attempting to answer – with a survey of IoD members and at a seminar in their Cardiff Bay waterfront headquarters on the 19th June. Why not join them? More info...(pdf)
Claims levels higher at Euler Hermes, with an immediate impact on Q1 net income falling 66% to €38.4m. The net combined ratio leapt from 67% to over 83%. Revenues grew 2.8% and despite the ongoing competitive environment, the UK business achieved impressive growth of 11%. Interesting to note that the reinsurance cession rate has declined dramatically in recent years (2005 H1 41% against 2008 Q1 25%). 7th May 08
Florida man sentenced in $30m Ex-Im Bank fraud case. Read
US Ex-Im Bank Award for 2008 Small Business Regional Broker of the Year went to Global Commercial Credit (GCC) of Bingham Farms, Michigan. Read
Bahrain Kuwait Insurance Company (BKIC) has partnered with Euler Hermes to provide credit insurance for their Bahrain based clients.
Finacity Corporation successfully extended a $150m trade receivables securitization transaction for a Fortune 100 client. The program is in its sixth year and includes Euler Hermes insured receivables
from obligors in Asia, North America and Latin America.
Customers taking longer to pay? Concerned your customers may fail? Difficulty financing receivables? These are all a direct consequence of the deepening debt crisis. Receivables risk manager Co-pilot is offering a range of inexpensive web-based credit management tools to improve a businesses credit management systems. See their website launched on 23 April 08
Experian says that increasing business failures in 2008 are 'hugely significant'.
7,500 UK businesses failed in the first quarter of 2008 across 15 of 34 sectors. 'Failed companies expose their suppliers to bad debts, which could push some creditors into insolvency themselves' it said.
Global credit insurer Atradius reported stellar results for 2007, with net profit up 56% at €164m. Revenues were up 7% to €1.15bn. The results do not incorporate the business of Spanish credit insurer Crédito y Caución with whom it merged earlier this year (see news below). It was another year of very low claims levels, the net claims ratio falling a further 4 points to 41%.
News: February 2008
Euler Hermes announce another excellent year with its 2007 results.
Turnover was up 4.4% at €2.1bn producing a net profit of €407m (up 25%) on a combined ratio of 67.9%. Clemens von Weichs, Chairman, said it had outperformed on all its financial objectives and noted increasing demand for credit insurance outside of Western Europe. Growth in Germany was flat, lower in the Netherlands, but up strongly in the UK and USA. Read (pdf)
The Credit, Bond and Political Risk Team at Guy Carpenter have produced the '2008 Market Update'. This substantial report provides analysis and insight into the performance of the markets from a reinsurance perspective. Read
Heath Lambert Group's State of the Market reports are available Credit and Surety, and Political Risks. Read
Heath Lambert brokerage expanding credit risk team to meet growing demand. The broker's new business was up by 20% last year according to Martin Holland, head of the Credit and Surety Division. Read
Zurich's Emerging Markets increases trade credit insurance cover to $35m per risk - up to 7 years. Political risk capacity is increased to $125m per risk for up to 15 years. Zurich says it is responding to demand in emerging markets from multinationals and financial institutions. Read
Australian broker NCI says suppliers of failed construction company will recover A$2.5m. Terry Duffy, state manager at NCI says they have seen an increase in demand for trade credit insurance. Read
UK corporate insolvency down by 7% in 2007 - but expected to increase. Grant Thornton expect insolvencies to be up to 15% in 2008. Ernst & Young report dramtically higher profit warnings in Q4 07, they were the highest since 2001. Read Read
Survey of Hong Kong businesses says 70% expect growth in 2008. The survey is less optimistic about profitability levels. Xavier Farcot remarked that emerging countries' global GDP will account for 34% in 2008, up from 24% in 2001. Read
CIFS sees growth in UK credit insurance market. Novae Group says CIFS annual premiums are £30m annually. Read (pdf)
Lloyds: Political risk in emerging markets. Presentations from Adrian Lewers of Beazley, Charles Berry of BPL Global, and Dan Smith of International Alert. Video Transcript
Euler Hermes Canada launches Trade Secure, a new policy designed for smaller business.
The policy eliminates the majority of administration and reporting obligations. Read
EFIC Australia to work with accounting body CPA to help SME exporters. Read
EFIC Australia's Roger Donnelly writes in World Risk Developments about credit uncertainty and the countries needing to be watched. Read Full report
Lloyds article: 'Lloyd’s still number one for political risk knowledge' Read
World pharmaceuticals industry faces restructuring: Euler Hermes report. Profitability has declined due to changes in demand and the growth of the generic drug market. Read (pdf)
News: January 2008
Atradius and Crédito y Caución complete transaction to combine the respective businesses. The combined group has 31% of global marketshare (behind Euler Hermes which has 36%) and annual revenues of approximately €1.8bn. The group will maintain local brand names as it seeks to capitalise on the complementary fit between Spanish/Portuguese speaking markets and others. Read
The government of Italy has appointed Lehman Brothers to evaluate options for SACE. Reports suggest the aim is to list SACE in the first half of 2009.
Euler Hermes works with OQIC to offer credit insurance in the Sultanate of Oman. Read
Coface state exports scheme to be simplified and amended in the first quarter of 2008.
Read (French) Announcement by Hervé Novelli in full
Rob Perry has been appointed to Willis Singapore political risk and trade credit team as an executive director. Previously with Willis in London, he will be responsible for project finance, aviation and financial institutions. Read (pdf)
Coface Country Risk Conference predicts slower 2008 growth but with global GDP above 3%. In Europe, Spain, the UK and Ireland will fare the worst though the crisis will be less severe than in 2001, with the impact greater on households than business. Coface also launched its Business Environment rating system. Read
Deloitte CFO survey in the UK says the credit crunch will have an adverse impact in 2008. Likely effects will be increasing equity levels and decreased gearing. Read
Bajaj Allianz General Insurance to set up debt collection company in association with Euler Hermes. It is also building a credit database to strengthen the credit insurance business. Read
Japan's corporate bankruptcies up 6.4% to a four year high in 2007. The number of cases were 14,091 and liabillities were 5.7trillion Yen ($53bn). Read
The chairman of Germany's Technical Committee on credit insurance, Peter Ingenlath, says they expect conditions to worsen, especially for small and medium sized businesses, but predicts insolvency levels will remain at around 28,000 cases in 2008. Read
Coface UK provides credit management and credit insurance advice on GuruOnline.tv
Aon Trade Credit Global Unit release the 2008 political risk map. 'Deals that looked pretty good both to foreign investors and host governments a few years ago, don't look good anymore. The host governments are moving to act to make the deals better for themselves.' Read Bryan Squib (audio) Miles Johnson (audio)
Coface UK establishes a single Commercial Department under John Shulman. The department handles client relationships and acquisition. As part of the reorganisation Russell Warner departs and the Sales Division becomes regionally based.
Winter edition of the Atradius Barometer in France reports a reduction in payment periods from 62 days to 56 days. Companies using credit insurance is up from 30% to 36%. And 26% of companies would face a serious crisis if its major customer failed to pay. Read (French)
UK insolvency of furniture retailer Courts sparks outrage at £35m in fees. Read
Euler Hermes' Economist Dan North says US business bankruptcies are rising. This comes as their credit index survey showed a record low point since its inception 5 years ago. Read (pdf)
R+V Credit Insurance in Germany says it grew 8.2% to €200m last year against a market growth rate of just 1%. Its medium sized customer base makes it 'less vulnerable to credit crises and larger risks'. Read (German)
Reports suggest that Coface is in advanced talks with Bank Leumi to form a joint factoring operation in Israel with Coface holding a majority share.
ECGC India to give inward reinsurance support to medium and long term exports from India for overseas contracts won by foreign companies. Read
Professor Jonathan Kydd appointed Chairman of ECGD's 7 member Advisory Council. Kydd is the Dean of the External System, University of London Read
Coface to expand export risk cover to 35 member countries of the Islamic Corporation. The ICIEC, established in 1994, is a multilateral export credit and investment insurance company and a member of Coface's Credit Alliance. Bahrain will be the first country were the agreement will be rolled out. Read
News: December 2007
Sinosure saw lower risk from emerging economies in 2007. The official China ECA dropped Russia trade risk to 5 (medium) from 7 (high risk) and reduced ratings for 22 African countries and others in Eastern and Central Europe. Read
US Ex-Im is keen on partnering US exporters to India. That country anticipates $500bn of infrastructure project spend between now and 2012. Read
UK smaller companies likely to be hit most by rising insolvency in 2008. Desnos of Euler Hermes says they are seeing an increase in late payments, close to five year highs and predicts construction and services to be worst hit. Smaller companies are vulnerable due to typical gearing levels of 75%, higher than for larger firms. Read
Bernie de Haldevang to set up new Political Risk department at Aspen Insurance. He leaves Atrium Underwriting after two years. Aspen anticipate gross written premiums to be $70m after 3 years. Read
Coface Germany increases premiums for credit insurance and factoring. CEO Benoît Claire says that a 10% increase is required to avoid reducing risk capacity. Read (German)
Row brews over whether Canada's EDC should withdraw from short term export credit insurance. The C.D. Howe Institute report 'Insuring Canada's Exports: The Case for Reform at Export Development Canada' says EDC, with 60% share of short term cover, should privatize, enabling competition and benefiting exporters. EDC's response in the Globe and Mail was that the market was vibrant and its market share declined from 70 to 48% in 2006. Report-PDF
Atradius have published their 'Payment Practices Barometer' which surveys the payment behaviour of European companies. Winter 2007 issue. Report PDF
French grip on Euler Hermes UK gets tighter. After the appointment of Fabrice Desnos as CEO (see below), Loeiz Limon-Duparcmeur, 37, French, is appointed Finance Director. His position as Group Financial Controller is taken by Régis Meyer, 33, French.
Hungarian ECA MEHIB (Magyar Exporthitel Biztosito) sells €880m private portfolio to Coface Hungary. MEHIB’s customers' policies will be transferred from January 2008 onwards with unchanged conditions and key MEHIB staff will take up new positions at Coface. Read
Co-operation agreement signed between Euler Hermes and Bank of China Insurance (BOCI). BOCI customers get access to 'easy financing options by signing an insurance contract' with BOCI, reinsured by Euler Hermes. The same facilities will be available to Euler Hermes Mutinational customers later.
Interview with Franz Maier, head of Atradius Austria. In German or a Google translation here
Oval Insurance Broking awarded UK 'Credit Insurance Broker of the Year Award 2007'. Awarded by the ABI Credit Insurance Committee, head of Oval's Credit Insurance operation Jonathan Smith said he was extremely pleased to have won the first award. Read
QBE Trade Credit announce new team members for Paris and New York. Kirsten Tosoni will manage Credit & Surety in Paris and Anna Mavro joins the Americas team as Assistant VP. Read
Aon Trade Credit UK negotiates £1.2m claim for Toshiba on underwriters Euler Hermes UK in five days. Read
QBE Trade Credit increases its capability in South East Asia. Policies now being issued from from local QBE offices in Vietnam and Philippines. Read
GE Corporate Lending Provides $400m Trade Accounts Receivable Securitization to Cummins Inc. Read
Troubled company index shows biggest increase since September 2001. Analysis by Kamakura (20,0000 public companies in 29 countries) showed a one month jump of 2.4% to 10.4%. All-time low was 5.4% in Apr/May 2006. Read
China's Enterprise Bankruptcy Law And Key Cross-Border Restructuring Issues. Read
:) All you need to know about the sub-prime crisis. Thanks to Adriaan Hebly Watch And related, do you know how to explain what a CDO is? You will now... Read
BIIA Credit Management and Information Forum 2008. 23 January 2008, Hong Kong PDF
ECGD invites consultation on Fixed Rate Export Finance (FREF) scheme due to expire at 31 March 2008. PDF
News: November 2007
Fabrice Desnos appointed CEO at Euler Hermes UK. (The announcement of Richard Webster's appointment as CEO at AMG is below). Desnos has been Finance Director in the UK since January 2003. Read
Aon Trade Credit UK sells forfaiting activities of Aon Forfaiting to DF Deutsche Forfait. The agreement takes effect from 30 November and the two companies will co-operate in generating and financing future forfaiting operations. Read
US business bankruptcies for the period to end September exceeds full year 2006 numbers says Euler Hermes ACI. Separately a new report says US growth in '08 will be 1.9% as property values plummet by $1.2 trillion. Read
18th Annual Global Convention Insuring Export Credit & Political Risk
25 - 28 February, London, UK. Plus workshops the day before: 'Legal Aspects of Export Credit & Political Risk Insurance' led by Ince & Co and the day after: 'Political Risk 2008. Outlook & Impact on Your Business' led by Exclusive Analysis Details
Italy's export credit agency SACE SpA, described as the last Italian state owned jewel, is to be opened up to investors with a private equity or public sale in 2008. Read in Italian or the Google English translation
Credit Insurance broker alliance ICBA announced new products and appointment to two multi-national global programmes at October conference in Dublin. Read
Germany's insolvency practitioners would welcome more involvement by private equity partners to restructure insolvent companies. The Euler Hermes/University of Mannheim survey also says for companies of €5m or less sales, the only alternative is liquidation. Read PDF
EDC Canada to establish permanent Middle East representation in Abu Dhabi. Exports to the region are growing as it undertakes economic diversification creating opportunities for transportation systems, power generation, environmental protection and urban planning. Read
RK Harrison, Lloyds brokers, acquire Glasgow based credit insurance brokers International Risk Consultants. RK Harrison own and operate the Tepfin.com online credit and political risk quote system accessing 18 underwriters and $18bn capacity on 620 obligors. Read
Coface has appointed Yves Zlotowski as its Chief Economist. He succeeds Sylvia Greisman, who is moving to another position within Coface. Read
US Ex-Im Bank optimistic about Nigeria's economic progress due to reform program and higher oil prices. Read
2nd Annual Structured Commodity Finance Conference. How are Global Structured Commodity Finance Markets Faring in Today's Economy? 29 - 30 January 2008, London Read
Coface Republic of Ireland appoints Bob Frewen as Sales Director and Ken Mcgrath as Operations Manager. Read
Atradius UK has seen a surge in requests by buyers for extending trade credit periods. Businesses are already seeking alternative and lower cost solutions to funding shortfalls as bank finance tightens and cost rises. Read
Corrected: Berne Union October Annual Meeting in New Delhi. Aggregate new business of over $1.1 trillion was covered by Berne Union members in 2006. It's role has never been more important according to its newly elected President, Hidehiro Konno from NEXI Japan. Read
The Times attacks ECGD for £290m exposure to Iran incurred in part the during period Ministers were threatening sanctions. Read
Euler Hermes loses UK CEO Richard Webster to AMG loss adjusters. Webster will be taking up his position as CEO at AMG in January. He joined Euler Hermes in August 2002 from the rail infrastructure group at Amey plc. AMGClaims.co.uk
Euler Hermes appoints Michael Hörr to the 5 man group Management Board. Hörr, 43, German, is responsible for operations and IT and joined from AGF in September 2007.
After 12 years, CEO of Euler Hermes Hungary to head group subsidiary in India. Hans-Peter Schöttler is succeeded by Dr. András Bárczay, who is also head of Allianz Hungary. Erwan Querné, is also appointed to the board, coming from EH SFAC where he was CFO. Read
Profitability up 92% at Euler Hermes in Q3 2007. Turnover steady and claims are falling. Revenues in Italy, UK and US grow, Germany and Netherlands fall. Predictions for 2008 are for slowdown, not recession, boosting demand for credit insurance. Read
Coface Country Risk Conference 2008 takes place at Paris La Defense on 22 January 2008. Now in its 12th year, the conference attracts a global audience. Read
Exporta's 'Emerging Markets Trade & Political Risk Forum 2008' takes place in London on the 22 & 23 January 2008. PDF...
Bank of Baroda and India's ECGC have agreed to the former distributing ECGC products.
Two Philippino men are charged with $16m attempt to defraud US ExIm Bank. False shipping documents purported to support sale of goods to the Philippines. If convicted they face extended prison terms. Read
Coface expands factoring operations. Agreement to acquire top Danish factor and new operations in Singapore, Hong Kong, Australia and China. Read Coface is also reportedly planning the first factoring company in Israel.
Atradius (Dutch State Business) and Sinosure, China ECA, sign MoU. The agreement seeks to support projects where both Dutch and Chinese exporters are involved. Read
Coface UK creates new South West sales team. Stephen Cooke is appointed Regional Sales Director and Graham Constable joins him as Regional Sales Manager. Read
News: October 2007
Exporters International Group reported net income of $2.4m in the 9 months to Sept 07. Earned premium was up 4% at $9m, and the net loss ratio was 11.9%. Read
Clemens von Weichs discusses sub prime crisis and restates prediction of a soft landing for the world economy in 2008. Further, higher costs of borrowing (and credit insurance) will incline businesses to inter company credit - with risks controlled by credit insurance. Read
Aon issues 'Risk Bulletin #144' the final version. PDF...
2008 will be the 3rd year of flat exports for Canadian exporters, says EDC's Poloz. Exporters are fighting to maintain exports in the face of the weak dollar, but the world should be able to avoid recession. Read
MIGA appoints Edith Quintrell Director of Guarantees Read
New Lloyds of London head Richard Ward interviewed. Targets like digital claims submission and processing are high on his agenda. Read
German Business Confidence Declines to 20 Month Low Bloomberg and there is growing pressure over trade with Iran too. Read
Coface UK & Ireland offers free credit opinions here and a 'Quick Credit Management Healthcheck' here
The Israeli Credit Insurance Co says it will link up with Euler Hermes to collect overseas debts. Arrears beyond 30 days were $275m at the end of September this year. Read
UK ECGD's £50m fund to support renewable energy exports received no applications in six years. It's record is attacked as it was also revealed it had never declined any application on environmental grounds. Read
Coface Austria opens for business in the Czech Republic. Coface Austria mit neuer Kreditversicherungstochter in Tschechien Read (German) Radek Laštovička und Sabine Lehner von Coface Tschechien über die Serviceleistungen des Unternehmens Read
Euler Hermes Germany agrees with staff representatives over closure of local offices. Geschäftsleitung von Euler Hermes und Arbeitnehmervertretungen haben ihre
Verhandlungen zu Interessenausgleich und Sozialplan abgeschlossen. Read (German)
Spain put onto negative watchlist, joining USA and UK. Coface points to the risk of contagion from the property crisis. Romania is also watchlisted with its vulnerability to a crisis of confidence due to a predicted current account deficit of 14% GDP this year. Read Malcolm Guest of Coface South Africa interviewed on sub-prime crisis. Read MP3 audio
Australia's EFIC sees 50th year of operation with doubling of support - A$1.4bn, and facilities -A$554m. Read
Jon Lindsay steps down as Managing Director of Coface UK and is replaced by Xavier Denecker, who headed up Coface's Spanish and Portuguese operations Read
Interview with Yves Poinsot, head of Atradius France (in French)
Feu vert pour une implantation de Coface au Grand-Duché de Luxembourg (Green light for Coface operation in Luxembourg) Interview with Belgium Manager, Olivier Nifle. cfo-news.com
Argentine president expects Paris Club debt Accord over $6bn in debt defaults. Read
US Ex-Im Bank fraud: eight charged over $80m of 'exports' to the Phillippines. Five have pleaded guilty; four are exporters, one a freight-forwarder. Read
Coface s'installe dans le pays Mali. (Coface opens representative office in Mali) Read
Coface Brazil expects 25% premium growth in 2008. bnamericas.com
UK export markets slowdown. Points to Eurozone and the impact of the credit crunch says Euler Hermes Read
Euler Hermes wins 'Best Export Credit Agency' (German Government agency) Read
Hiscox launches combined war, terrorism and political violence cover. Insureds entitled to consultancy across a range of Control Risks services. Read
Zurich Credit announces expansion plans. Two Commercial and one Risk Underwriter will join the UK operation which becomes a Centre of Competence headed by Simon Amey. Read
Want to know your NQL from your AFL or your Assignee from your Loss Payee? The ICISA's Catalogue of Credit Insurance Terminology will help. Request your copy from Saskia Cruz
Atradius US partners with Zana Network, an online help network for small and medium business. Zana Network launched in June 07 and is based in Michigan. ZanaNetwork.com
Australia's EFIC in A$2m guarantee for online gamemaker Auran to unleash 'Fury' on Europe and N. America. EFIC.go.au
Presentations from EGAP's conference 'The Future of Credit Insurance' available here.
Coface opens new office in Serbia Read
UK business failures fall but data points to tough times ahead says Experian. Read
US Ex-Im $1.23m guarantee for Boeing sales to Air India financed by ABN AMRO. Read
Turkey Trade & Export Finance Forum, 17 October 07, Istanbul, Turkey Brochure PDF
Growing China exports to Iran lead to questions on its support for sanctions. Exports increased from $3.7bn in 2002 to $20bn in 2006. Read
Brazil Trade & Export Finance Forum. 27-28 November, Rio de Janeiro, Brazil PDF
Trade credit has weathered the subprime storm so far says economist Dan North of Euler Hermes ACI. Slower growth and difficult conditions lie ahead for US business. Read
Cancellation of guarantee from AIG company to Ascot Underwriting leads to withdrawal of S&P rating. Ascot's political risk team is David James and Julian Barker. More to follow.
ICISA, the private credit insurer and surety trade association, announces two new members and the publication of the ICISA Directory 2008. Read
S&P upgrades Euler Hermes Guarantee PLC financial strength rating to AA-. Reflects the unconditional guarantee to the company by parent Euler Hermes UK PLC. Euler Hermes Guarantee
Developments at Export Credit Insurance Corporation of South Africa (ECIC). AllAfrica.com and ECIC website
Old fashioned 'long-firm fraud' at Impeq Micro US leads to convictions. Improvements made to communications between buyers, and processes. 'A Dun & Bradstreet report is not enough'. CRN.com
News: September 2007
Euler Hermes UAE new appointments. As previously reported this month George Khalil becomes Head of Commercial, and now Mahan Bolourchi is appointed Head of Risk Middle East and Mariam Abou Taam becomes Business Development Manager - Factoring. Read
RESOURCE: 'Performance sectorielle le secteur agroalimentaire en France.' PDF
AM Best affirms financial strength rating of A+ (Superior) for Euler Hermes ACI
German business more reluctant to pull back on sales to Iran. Despite ECA support dropping from $3.3bn in '04 to $1.2bn in '06, actual exports were $5bn and $5.7 respectively. IHT article
British Chancellor, a poor credit insurance underwriter? Months before rescue, Northern Rock was making ‘good strategic choices’ and making ‘wise and balanced investments’ he said. AccountancyAge.com
Defaults by medium sized UK business to increase as banks reduce and tighten lending. Daily Telegraph. Accountancy Age reports that predictions of increased failures will come in leisure and retail as well as automotive and construction. Read CIFS quote D&B on 12% increase in UK failures with first half numbers topping 48,000 Read In context with Deloitte Profitability Monitor
US corporate defaults could escalate to $35bn in 2008. This is the starkest of three CFO.com articles this month warning of the worsening credit quality of US businesses. The first was a survey of CFO's falling optimism, the second was S&P's predicted default levels and the third was the jump in distressed corporate credit.
EFIC Australia's September newsletter discusses emerging market resilience, Fiji, Thailand, Indonesia and Congo Read
Fitch Rates Export-Import Insurance Company of the Republic of Belarus IFS 'B'; Outlook Stable Read For further information on Eximgarant see the Berne Union Yearbook 2006 (large 38Mb pdf)
US Ex-Im extends it's one-third exposure fee reductions for 39 months. This for US aircraft and aero engine exports to buyers in countries who ratify and implement the Cape Town Treaty Read
Eurasia Group's risk index says political risks are rising in Argentina, Turkey and Pakistan. MarketWatch.com
Fitch Rates Export-Import Insurance Company of the Republic of Belarus IFS 'B'; Outlook Stable Read
Credit Insurance is about supporting business, but where are conditions for doing business improving? The World Bank 'Doing Business 2008' report sets out which countries are taking the steps needed to encourage enterprise. Read
Euler Hermes links up with Allianz Utama to provide cover in Indonesia. Euler Hermes will provide staff training, access to its global risk database and debt collection network to enable Allianz Utama to provide credit insurance locally. More to follow.
SBCE Brazil to fall under control of Coface? CEO Fernando Branco says premium will grow 60% when holding rises from 27.5% to 75% in October reports Brazil's Valor Econômico. Coface has been writing business directly in Brazil since November 2005. Read SBCE.com
Coface starts Canadian factoring business headed by Gordon Slinger. Coming from GMAC-Canada, Slinger will head the new entity named Coface Credit Management Canada Company. Read
Management announcements at Euler Hermes. Benoît des Cressonnières appointed Chief Executive Officer of Euler Hermes Reinsurance AG, the Group’s reinsurance subsidiary. Jörg-Uwe Lerch appointed Group Strategy Director and Arnaud Roger appointed Group General Secretary. Read
George Khalil appointed Head of Commercial, Euler Hermes UAE. He was previously with Tech Data FZ-LLC - UAE and previously with Ingram Micro Australia. (Euler Hermes opened it's Dubai office in May 2007 serving customers in the Gulf Cooperation Council (GCC) area.) ArabianBusiness.com Associated: CEO of the Dubai Export Council speaks at the Credit Alliance meeting in Madrid and says one goal of the DEDC is to provide exporters with credit insurance Albawaba.com
RESOURCE: Stratfor Daily Podcast. Essential for a daily commute, Stratfor's geopolitical analyses read by Colin Chapman provide an excellent insight into events behind the news and predictions of future events. iTunes link or go to Stratfor.com
Euler Hermes ACI Chief Economist Daniel North predicted in May 2007 the recent drop in Fed rates and a month ago predicted the drop of 50bps. Congratulations. Let us know of other acts of genius!
IndustryWeek.com in the US highlights importance of credit insurance. Joe Ketzner of Euler Hermes says 'sound credit management practices must be in place' before any policy is bound. Read
Atradius Turkey: the latest country in the Atradius country network. Its credit insurance license is in place and it is opening a local office in Istanbul to be headed by Country Manager Mrs Salda Eke (previously with Aon Risk Services). Atradius says it sees increasing demand in the fast growing market which it sees as a 'rising star of the global economy'. Read
Coface's London Markets Team adds Mark Palmer as Commercial Underwriter. After a year, increasing business has necessitated the move for the team led by Joe Blenkinsop. Mark joins from Colemont Insurance Brokers. Read
Euler Hermes UK has appointed Richard Barnett head of legal and secretariat. Richard is a former partner at Clyde & Co, and run-off specialist RiverStone where he was claims and litigation director. He plans to develop training and career opportunities for the 7 person team at Euler Hermes.
Euler Hermes Group Appoints Michael Hörr Chief Operating Officer. Michael Hörr, 43, is a German national. With the Allianz group since 1989, he was appointed director of AGF’s global brokerage business and space insurance in 2002. Since 2006 he has had responsibility for health and employee benefits at AGF.
Private insurers cannot fill the capacity gap if Government pools for terrorism cover are discontinued says Munich Re. BusinessInsurance.com reports that Munich Re is concerned at the state of negotiations, particularly in the United States and Germany. Read
'Global Business Credit' FCIB's 18th Annual Global Conference. Palm Beach, Florida from 11-13 November. Sponsors include Coface and Euler Hermes. Topics include 'International Credit Management and Risk Mitigation Techniques' and 'Effective Credit and Collection Techniques in Latin America'. FCIBGlobal.com
Atradius says regulatory approval for merger with Credito y Caucion (CyC) expected soon. Peter Ingenlath said a high priority for will be the subsequent IPO, with some shareholders wishing to reduce their holdings. Once completed Spanish insurers will hold a stake of circa 64% CNN
Euler Hermes Germany: Management and Works Council reached an agreement upon closure of certain branch offices. Euler Hermes erzielt Einigung bei der Standortfrage Durchbruch bei den Verhandlungen mit dem Betriebsrat über die geplante Schließung von Bürostandorten EulerHermes.com
NACM Canada 9th Annual Credit Conference and Expo. Toronto 18-19 October. Sponsored by Equifax, exhibitors include Export Development Canada, Atradius, Coface, Euler Hermes and Marsh Canada. FCIBGlobal.com
Euler Hermes erzielt Einigung bei der Standortfrage (Agreement reached on office closures in Germany) Read (in German)
Hungary 'highly susceptible' to financial crisis if emerging market risk aversion increases. Euler Hermes' country snapshot says fiscal and current account shortfalls are eroding economic fundamentals and increasing exchange rate vulnerability. EulerHermes.com
RESOURCE: Interactive global political risk map of Country Stability Rankings courtesy of Eurasia Holdings and PriceWaterhouseCoopers View
Advice to exporters from the Irish Exporters' Association: 'take out export credit insurance'.
Chief Executive recommends export credit insurance on all export markets. It ensures that a bad deal or customer bankruptcy will not put the rest of your business in danger. Independent.ie
Pakistan Export Finance Guarantee Agency (PEFGA) to become fully fledged export credit agency (ECA). Read
Exxon Mobil Seeks arbitration over the takeover by Venezuela of its oil assets. It made its case to the International Centre for Settlement of Investment Disputes, a group with close ties to the World Bank. BBC.co.uk
Export Credit Guarantee Corporation of India (ECGC) may launch domestic cover by November. Initially expected offered to exporters and may add Rs 50 crore of premium. BusinessStandard.com
EDC Canada reports that supported exports increased 30% in the first half to C$37bn. Emerging markets accounted for one third, up 58% on last year. Read
China Export & Credit Insurance Corporation agreement. China's Ministry of Commerce and Sinosure sign agreement to co-operate on support for the development of the service outsourcing industry. TradingMarkets.com
Dubai Export Development Corporation (DEDC) prepares to add credit insurance. Read
Australia's ECA, The Export Finance and Insurance Corporation (EFIC), leads private syndicate support for Zambian Lumwana mine project. Reportedly, the first export credit agency to provide "political risk insurance cover that includes commodity hedging”. EFIC.gov.au
ECGD Autumn Newsletter PDF
UK Federation of Small Business says late payment is an epidemic. Creditsafe survey says 30% of companies couldn't pay suppliers due to delayed payments. FreelanceUK.com
Trade Finance 2007: An Abundance of Resources. Looking at convergence and technology at banks and Global Supply Chain Finance Ltd, TradeBeam, TradeCard, and Ariba WorldTradeMag.com
News: August 2007
Australia's EFIC says risk repricing has reached emerging economies. Estonia, Latvia and Lithuania as well as Hungary, Bulgaria and Romania face threats from 'yawning external current account deficits'. South Africa and Turkey are similar but less extreme cases. Domestic asset price bubbles may cause downswings in growth cycles and an upswing in debt defaults for Gulf Arab states and China. EFIC.gov.au
Euler Hermes UMA - US collections industry outlook positive Read
RESOURCE: The Political Risk Insurance Center (PRI-Center) is a site providing free access to online political risk management and insurance resources. The PRI-Center was established in 2006 as part of the Multilateral Investment Guarantee Agency's (MIGA) mandate promote foreign direct investment to developing countries so as to enhance growth and development.
Coface Deutschland sponsors new Mainz football stadium to be called 'Coface Arena'. The Coface headquarters on Kisselberg hill is within site of the proposed stadium which has yet to receive planning permission. SportFive.com Neues Mainzer Stadion wird Coface Arena
Banks and other financial institutions thirst for credit and political risk cover says RiskandInsurance.com in their article entitled Banking on More Political Hazards. The article quotes Alliant Emerging Markets, Marsh, Ascot Underwriting, Hiscox, Aon and Jardine Lloyd Thompson. Read
Export-Import Bank of Malaysia Bhd (Exim Bank) needs to promote itself more. Especially with a branch of Coface on its territory. TheEdgeDaily.com
US: Is the pendulum swinging away from corporate risk management? Study suggests a reluctance to spend more time talking about risk and 20% of directors want less. FinancialWeek.com
Euler Hermes Acmar : 10 ans de présence au Maroc CFO-News.com
Pakistan Export Finance Guarantee Agency (PEFGA) to be restructured. It will seek partners to manage an export credit insurance facility. DailyTimes.com.pk
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