Credit Insurance News

The global trade credit industry benefits from strong financial buffers. Moody's has produced a research report on the global trade credit industry that advises that the trade credit insurance industry benefits from strong financial buffers, including a high level of reserves and robust capital. The paper notes that insurers have taken advantage of moderate claims volumes in recent years to build up additional claims reserve buffers, which insurers may use to offset the anticipated increase in claims this year, limiting the negative impact on loss ratios. The industry's capitalisation is also strong. Moody's-rated trade credit insurers had an average Solvency II ratio of around 200% in 2022, with little change in their ratios in 2023. While accounting changes may affect some reserves, the industry's capitalisation remains strong. Finally, credit insurers were able to renew their reinsurance protection for 2024 at similar conditions to last year, further supporting their capacity to withstand higher claims. Click here to download Moody's research report.

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Trade credit insurers and their overlooked role in corporate restructurings. Norton Rose Fullbright has published an article that warns that many German companies and their advisors underestimate the important role of trade credit insurers in restructuring scenarios. The article notes that, when a debtor is in financial distress, successful restructuring will depend on the debtor's ability to maintain sufficient liquidity to avoid insolvency while undertaking negotiations with relevant stakeholders. The reduction or cessation of a trade credit insurer's limit and the subsequent demand by the supplier for cash in advance has the potential to "tip a company into insolvency". To avoid this, the article stresses that it is crucial to involve credit insurers in the restructuring process at an early stage and proactively provide them with the same comprehensive information on financials and the state of the restructuring process as lending banks and other stakeholders. To read Norton Rose Fullbright's article, go to https://www.nortonrosefulbright.com/en/restructuring-touchpoint/blog/2024/03/credit-insurers-and-their-overlooked-role-in-corporate-restructurings.

 

The trade credit insurance industry should be more proactive in shaping new policy developments. Trade Finance Global (TFG) has published an article that suggests that the trade credit insurance industry should take a more proactive stance in shaping new policy developments, rather than simply reacting to them. TFG highlights the proposed EU Late Payments Regulation as a prime example of how increased trade credit insurance sector engagement could have forestalled potential issues. For instance, internal research from ICISA indicates that implementing the payment terms changes proposed by the EU Late Payments Regulation could result in a new financing requirement for SMEs of around €2 trillion. Had the trade credit insurance industry provided a clearer understanding of the financing processes and daily risks faced by businesses, TFG notes that regulators and policymakers might have been better able to comprehend the complexities of the industry's ecosystem. To read TFG's article, go to https://www.tradefinanceglobal.com/posts/eus-late-payment-regulation-exposing-the-need-for-better-public-discourse/.

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Moody's forecasts strong underwriting discipline for trade credit insurers in 2024. Reinsurance News has reported that analysts at Moody's Investors Service expect trade credit insurers to maintain strong underwriting discipline in 2024. They note a rise in corporate defaults impacting insurers' revenue growth and credit insurance claims. However, they suggest that trade credit insurers have shown resilience and kept pricing and underwriting discipline intact, with credit quality remaining relatively high. Analysts explain, “Contrary to previous cycles, credit insurance prices have only fallen moderately in the last two years, despite a low level of claims. Insurers are maintaining good pricing and underwriting discipline, with credit quality remaining relatively high, although gradually decreasing." The rating agency identifies three major event risks for the trade credit insurance industry: escalating geopolitical tensions, a major cyberattack, and political or legislative constraints on credit insurers' ability to reduce their exposures when necessary. To read Reinsurance News' article, go to https://www.reinsurancene.ws/moodys-forecasts-strong-underwriting-discipline-for-trade-credit-insurers-in-2024/.

 

UK brokers should "wise up" to the opportunities trade credit insurance offers. Insurance Age has published an article that discusses the potential for UK brokers to capitalise on the opportunities presented by the trade credit insurance market. Despite a significant increase in claims, the article notes a sense of cautious optimism within the industry, with consolidators recognising the product's value and showing interest in acquiring brokers with expertise in this area. However, while premiums and commissions are lucrative (15-22%), the article also warns that brokers must be prepared to invest time and effort into managing these policies actively. Despite the vast potential of the trade credit market, a relatively small number of businesses currently utilise this type of insurance, suggesting untapped opportunities for proactive UK brokers. To read Insurance Age's article, go to https://www.insuranceage.co.uk/commercial/7954631/trade-credit-insurance-is-again-in-the-spotlight-how-can-brokers-take-advantage.

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Main contractor trade credit insurance hits crisis point. Construction Enquirer has reported that "jittery insurers are pulling trade credit insurance cover on some of the country's leading contractors." Construction Enquirer comments that it has been contacted by several subcontractors and suppliers in recent weeks who warn that they are unable to obtain cover on some of the industry's biggest names. The nervous state of the market was highlighted in the Readie Construction chairman's memo to staff, which blamed chronic tightening in the performance bond and trade credit insurance markets for contributing to its failure. The article also notes that the Construction Leadership Council, working with the Builders Merchants Federation, recently launched a Trade Credit Insurance Survey to gather information on the current market position of TCI provision. To read Construction Enquirer's article, go to https://www.constructionenquirer.com/2024/04/05/main-contractor-trade-credit-insurance-hits-crisis-point/.

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The export credit insurance industry sees a resurgence in risk appetite. The Berne Union's latest Business Confidence Index for Q1 2024 reports that both public and private trade credit insurers experienced more emerging claims in Q4 2023, with some members indicating that claims in the export credit insurance industry had returned to pre-pandemic levels. In addition, both public and private providers shared a similar outlook regarding future claims, with the overwhelming majority of members anticipating an increase in early 2024 and reporting a rise in pre-claim notifications. Despite this, Berne Union reports that there has been a "resurgence in risk appetite", signalling members' growing comfort with existing market risks. For one provider, increased market competition and enhanced reinsurance support contributed to their widened risk appetite. To read the Berne Union's news release, with a link to the full report, go to www.berneunion.org/Articles/Details/846/Business-Confidence-Index-Q1-24-Published.

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Sluggish global economic momentum lies ahead. Allianz Trade's latest forecasts predict sluggish economic momentum, with global GDP expected to grow by less than +3% between 2024-25. Growth in advanced economies should remain stable at +1.6% in 2024, with the divergence in growth performance between the US and Europe from 2023 expected to narrow starting in H2 2024. The US is expected to grow by +1.7% in 2025 after +2.4% in 2024, while the Eurozone's growth should accelerate to +1.5% in 2025 after +0.7% in 2024. Although lower interest rates ahead mean the corporate debt-repayment wall "should be manageable", Allianz Trade warns that highly leveraged sectors could become increasingly distressed, keeping business insolvencies at high levels. Four out of five countries will see business insolvencies increasing in 2024 (+12% y/y on average), with the largest increases likely in the US (+28% y/y), Spain (+28%) and the Netherlands (+31%). To read Allianz Trade's news release, go to https://www.allianz-trade.com/en_global/news-insights/economic-insights/global-economic-outlook-2024-25.html.

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Short-term export trade credit insurance demand indicates a disparity between public providers and private insurers. The Berne Union's latest Business Confidence Index for Q1 2024 has reported that, despite a global slowdown in goods trade – projected to contract by 7.5% in value in 2023 – private export trade credit insurers sustained steady growth (averaging 72.5) during Q3 and Q4 2023. The demand outlook for Q1 is also optimistic, with private insurers appearing confident that increased demand driven by elevated uncertainty, especially in the Middle East and Africa, will outweigh the negative impact of reduced global trade flows. In contrast, in the latter part of 2023, public short-term trade credit insurance providers registered their second quarterly contraction of the year (at 48.7), with the negative consensus especially prevalent among Asia-Pacific providers. To read the Berne Union's news release, with a link to the full report, go to www.berneunion.org/Articles/Details/846/Business-Confidence-Index-Q1-24-Published.

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The Garden Industry Manufacturers' Association conference discussed industry challenges and the advantages of trade credit insurance. Gardenforum recently featured a presentation by Mark Whiteley, Business Development Director at Xenia Broking Group, and Fiona O'Brien, Senior Underwriter at Tokio Marine HCC International Group, at the Garden Industry Manufacturers' Association (GIMA) conference. They discussed industry challenges and the advantages of trade credit insurance. Mark and Fiona highlighted concerns about two (unnamed) major companies in the sector and advised suppliers to consider securing a two or three-year contract with a credit insurance underwriter. Mark emphasised the importance of including an 'All monies' clause in the retention of title terms to safeguard suppliers' stock from liquidators. To read Gardenforum's article, go to https://www.gardenforum.co.uk/headlines/outlook-looks-troubled-for-retailers/?br.

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Credit insurance: full speed ahead in Brazil. The Fullcover has published an article in which Phillip Krinker, Founder & CEO of CredRisk Seguros and Brokerslink Trade Credit Practice ambassador for the LATAM regional hub, discusses the growth and dynamics of the Brazilian credit insurance market. He notes that the market has shown steady growth over the past decade despite economic fluctuations, with written premiums increasing from around U$34 million in 2011 to around US$140 million in 2021, with an average annual loss ratio below 35%. Major global insurers have entered the Brazilian market, and there has been a rise in specialist credit insurance brokers – although the larger corporate brokers mainly service the market. The market primarily serves large industrial clients across various sectors, with a focus on agro-industry, retailers, pharmaceuticals, and banking sectors. Traditional Whole Turnover Insurance accounts for 70% of written premium, while Excess of Loss Insurance accounts for the remainder. To read The Fullcover's article, go to https://www.thefullcover.com/en/the-magazine/edition-16/general-article/credit-insurance-full-speed-ahead.

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The UK is turning a corner, but company insolvencies are still rising. Coface has published an article in which Andrew Share, Director of Business Information at Coface, explains why businesses can't afford to let their guard down. Andrew notes that there has been a welcome outbreak of positive economic news this month; according to the latest forecasts by the Office for Budget Responsibility, the UK economy will pick up to 0.8% in 2024 – slightly above Coface's prediction of 0.5%. However, company insolvencies are still rising, with more compulsory liquidations and administration proceedings – including big names such as Ted Baker and The Body Shop. The impact is also seen in the latest trade credit insurance statistics from the Association of British Insurers, which found that, in Q4 2023, the gross claims paid by trade credit insurers was £69 million (up £19 million on the previous quarter), with domestic gross claims paid up by 70%. To read Coface's article, go to https://cofaceitfirst.co.uk/figures-on-gdp-growth-inflation-and-consumer-spending/.

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2023 was an overall positive year for Atradius' credit insurance business, with positive growth trends across most of the group. Atradius's latest Annual Report has noted that its gross insurance revenue grew moderately by 1.1% (1.9% at constant foreign exchange rates), while claims expenses increased by 7.6% as claims entry progressively returned to pre-pandemic levels. Although its markets in North America showed marginal growth during the year, France and the Netherlands showed strong and stable growth (10.1% and 7.3%, respectively), along with the UK and Ireland (7.2%). Overall, the group's risk exposure for credit insurance increased by 3.2%, to EUR 876.7 billion at year-end 2023, due to the moderate growth of insurable business volumes driven by new business acquisition and increases in commodity prices and inflation. Europe represents over 70% of Atradius' total exposure, with Germany the largest market at 12.9%, followed by Spain at 10.9%. To read Atradius' news release, with a link to the Annual Report, go to https://group.atradius.com/press/press-releases/atradius-annual-results-2023.html.

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WICI (Women in Credit Insurance) spotlight on Sarah Murrow. ICISA has published an interview with Sarah Murrow, CEO of Allianz Trade. Looking back over her career, Sarah suggests the most important lesson she's learnt during your career is not to be afraid to voice what you want. "For much of my career, I waited for promotions and opportunities to be presented to me before I eagerly pursued them. What I've come to learn – and this is important for both men and women alike – is to share with others what your ambitions are and to be the broker for your own career." Sarah also stresses the importance of making timely decisions to foster a more agile and resilient environment. "Sometimes, failure to make any decision can be worse than making a wrong decision!" To read the interview, go to https://icisa.org/news/wici-spotlight-on-sarah-murrow/.

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How legacy systems are impacting innovation in credit insurance. Tinubu has published an article in which Olivier Saint-Raymond, a Credit Insurance Solutions Expert at Tinubu, examines the challenges that legacy systems pose for trade credit insurers. Olivier notes that legacy systems in the credit insurance industry significantly hinder innovation and progress, obstructing credit insurers' ability to meet evolving customer demands, industry standards, and regulatory requirements. While some insurers have already embraced digitalisation, others are constrained by their reliance on legacy systems or, by trying to integrate new technologies with existing systems, fall short and limit collaboration and efficiency. "In many cases, credit insurers have been operating under the same systems and processes for decades. By nature, they are risk-averse; however, their resistance to change how they operate can also be a major stumbling block." To read Tinubu's article, go to https://www.tinubu.com/blog/how-are-legacy-systems-impacting-innovation-in-credit-insurance.

 

Atradius predicts that global growth in 2024 will be at its weakest rate since the global financial crisis (excluding the COVID-driven downturn). Atradius' latest Annual Report predicts that global growth is expected to slow to 1.9% in 2024, the weakest growth rate since the global financial crisis (excluding the COVID-driven downturn in 2020), with weakening GDP in several major economies such as the US and China at the start of 2024, followed by only a sluggish recovery. Growth in all the key advanced markets – including the US, UK and Eurozone – is expected to remain low in 2024, while emerging markets will also see a modest decline in growth. Insolvencies are expected to increase in the majority of markets, although the percentage increase will be generally lower, and the picture across markets will be more mixed than in 2023. Several markets are still likely to see a substantial rise in insolvencies. To read Atradius' news release, with a link to the Annual Report, go to https://group.atradius.com/press/press-releases/atradius-annual-results-2023.html.

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The ESG challenge for African trade credit insurers. Trade Finance Global (TFG) has published an article in which Emmanuel Peze, Vice-President of Insurance Sales in the Middle East & Africa at Tinubu, shares his thoughts about the ESG challenge for African credit insurers and how they can play a role in Africa's future prosperity. He notes that, in the case of Africa, the challenge of integrating ESG principles is complex and cites the challenges presented by the East African Crude Oil Pipeline (EACOP). In January 2024, StopEACOP announced that a coalition of twenty-eight insurers and reinsurers unanimously agreed not to offer insurance for the project due to the environmental and human rights risks. However, with Uganda and Tanzania forecasting significant uplift in local employment, economic, and direct foreign investment opportunities, there are fears StopEACOP's activism will push the project to other insurers with little regard for ESG. To read TFG's article, go to https://www.tradefinanceglobal.com/posts/the-esg-challenge-for-african-credit-insurers/.

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Around 31,000 UK businesses are expected to fail in 2024. According to Allianz Trade's latest Global Insolvency Outlook, ahead of an expected recovery in 2025, UK businesses must first navigate a year of geopolitical and economic uncertainty and a heightened risk of non-payment as insolvency rates peak at a 15-year record. Around 31,000 UK businesses are expected to fail in 2024, a 10% increase from last year. The predicted rise would mark the fourth consecutive year of increased business insolvencies for the UK (following a 15% year-on-year increase in 2023, 53% in 2022, and 9% in 2021) and would push business insolvency levels to 43% above 2019 levels, the highest in Europe alongside Ireland. In addition, Allianz Trade suggests that UK firms will continue to struggle as the economic outlook for 2024 remains weak. Allianz Trade forecasts 2024 GDP growth for the UK at  +0.6% compared with +1.4% in the US and +0.8% in the Eurozone. To read Allianz Trade's news release, go to https://www.allianz-trade.com/en_GB/insights/economic-research/2024-uk-insolvency-outlook.html.

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WTW reports a 35% increase in CPRI enquiry submissions in 2023. WTW has published its latest 2024 Capacity Survey and Market Update (CPRI) survey, which examines current market trends. According to the survey, an analysis of WTW's in-house broking platform indicates that WTW saw a 35% increase in enquiry submissions in 2023. On the supply side, the total capacity available for transactional credit insurance rose 17% in 2024 (following a similar rise in 2023). WTW also notes that the number of insurers in this space continues to grow year-on-year, with a number of MGAs and new entrants coming into the CPRI space. As the field becomes more crowded, insurers are beginning to specialise their offering to focus on sub-sets of the market to retain market share and a competitive edge. To read WTW's news release, with a link to the full report, go to https://www.wtwco.com/en-gb/insights/2024/03/credit-and-political-risk-insurance-capacity-survey-and-market-update-2024.

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Atradius predicts a 16% increase in global insolvencies in 2024, with wide regional variations. Atradius' latest insolvency outlook advises that after a 32% surge in global insolvencies in 2023, it expects a 16% global increase in 2024, followed by a minor decrease of 1% in 2025. However, there is a wide variation in the growth rates across markets, with higher increases in insolvencies in the markets where the adjustment from the artificially low levels of recent years has still to occur (such as Singapore, Italy, the Netherlands, Poland and the US) and decreases in markets where insolvencies have already overshot their pre-pandemic levels (such as South Korea, Ireland, Canada and Finland). Atradius foresees a relatively strong increase in insolvencies in North America (25%), driven by the US. For Europe, Atradius expects a somewhat smaller increase of 12% as the process of normalisation of insolvencies in most European countries is more advanced. To read Atradius' news release, with a link to the full report, go to https://group.atradius.com/publications/economic-research/insolvency-forecasts-march-2024.html.

 

The EU's Late Payment proposal could curtail business flexibility and widen the financing gap. New research from Allianz has identified profit margins as the primary driver of payment terms, exerting a more significant influence than financing options or economic cycles. According to Allianz, a one-percentage-point decrease in profitability translates to an extension of over seven days in payment terms. However, while stressing that addressing the issue is of paramount importance, Allianz cautions that the proposed Late Payment regulation by the European Commission (which suggests reducing payment terms from 60 days to a mandatory 30 days, with the possibility of extending to 60+ days through mutual agreement or for specific goods) could curtail business flexibility and widen the financing gap, affecting over 40% of European companies currently paying after 60 days. To reduce payment terms to 30 days, Allianz estimates that European companies would need EUR2 trillion in additional financing. To read Allianz's news release, go to https://www.allianz.com/en/economic_research/insights/publications/specials_fmo/2024_04_04_WCR_DSO.html.

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The global construction industry is facing modest growth in 2024. Atradius' latest Industry Trends report for the construction industry suggests that global construction output will increase by 2.0% in 2024 (up 3.7% compared to 2023). Growth in advanced economies is predicted to be 1.8%, while building activity in emerging markets will likely increase by 2.2%. Countries named as having a 'Fair' Outlook in this report include the US (4.4% growth anticipated in 2024 and 3.5% growth in 2025), Ireland, and India. Countries with a "Bleak" outlook include: the UK, Turkey, Hungary, France, Denmark and Austria. In the UK, construction output is forecast to decrease by 1.8% in 2024. Atradius considers that no countries have a construction sector with either a 'Good' or 'Excellent' outlook. To read Atradius' news release, with a link to the Annual Report, go to https://atradius.co.uk/reports/industry-trends-construction-industry-trends-march-2024.html.

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Payment delays in China continued to shorten in 2023. Coface's latest survey on payment behaviour in China shows that more companies are prepared to grant payment terms in 2023 and that the average payment delay decreased to 64 days from 83 days previously. The survey also showed a continuous downtrend of ultra-long payment delays (ULPDs, above 180 days) exceeding 2% of annual turnover, a threshold for high non-payment risk – 80% of such delays are never paid based on Coface's experience. Only 33% of respondents reported such delays, the second-lowest level since 2014. The decline was led mainly by fewer respondents experiencing ULPDs of more than 5% of annual turnover, which decreased from 25% in 2022 to 12% in 2023. By sector, agriculture was the only one to report longer payment delays (+3 days). To read Coface's news release, with a link to the full report, go to https://www.coface.com/news-economy-and-insights/payment-delays-in-china-continued-to-shorten-but-corporates-increasingly-cautious.

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Growth sectors 2024: Europe, Americas, and Asia-Pacific. Atradius has published an infographic that analyses the major industries across Europe, the Americas, and Asia-Pacific and identifies the opportunities for the current year and into 2025. Atradius finds that Europe's short-term outlook remains subdued. However, there are signs of sectors' weaknesses bottoming out, with some bright spots in the ICT and pharmaceutical industries. In the Americas, chemical output is forecast to rebound by 1.7% in 2024 and 2.1% in 2025, after a 2% contraction last year, while high-tech goods output is forecast to increase by 4.3% in 2024 and 3.3% next year. US transport and logistics output is also set to grow by about 3% in 2024. In Asia-Pacific, across most markets, the growth expectations of major sectors are favourable, with chemicals, ICT, food and transport standing out. To read Atradius' news release, go to https://group.atradius.com/publications/industry-trends/growth-sectors-2024-europe-americas-asia-pacific.html.

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Trade credit insurance in the digital era. SCHUMANN has published an article in which Robert Meters, Director of Global Business, discusses the significance of digital transformation in credit and surety insurance. The article notes that recent events like ExCred International and ICISA Surety Week have emphasised the industry's success over the past two decades with an annual premium growth rate of 5-6%. Despite current economic and political challenges, further success is anticipated. The article also anticipates increased usage of trade credit insurance by banks and financial institutions due to regulatory changes like Basel III and IV and stresses that technical solutions will allow insurers to transform decision-making processes, reduce manual effort, increase the speed of underwriting, and streamline connectivity between brokers and the insurance company. Click here to read SCHUMANN's article.

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Webinar: Market environment and outlook for trade credit insurance – risks, challenges and opportunities ahead. Moody's recently hosted a webinar covering various aspects of trade credit insurance underwriting, including discussions on the current macroeconomic environment, the impact of climate risk and rising ESG requirements on underwritten portfolios, and the role of cyber risk in the underwriting process. Key topics covered included:

• Analysis of the current macroeconomic conditions and their implications for Trade Credit Insurers.

• Challenges posed by climate risk uncertainties and increasing ESG demands for the portfolios being underwritten.

• The significance of cyber risk and strategies for integrating it into the underwriting process.

The speakers were Benjamin Serra, Senior Vice President of Moody's Ratings; Valentin Braun, Director, Solutions Specialist at Moody's; and James Hargreave, Director, Data Analytics at Moody's.
To register to watch the webinar, go to https://events.moodys.com/2024-mce22998-market-environment-and-outlook-for-trade-credit-insurance?
 

 

Congratulations

Congratulations to Prudence Chang, who Insurance Business Australia has recognised as a Leader in Insurance, Elite Women. Prudence works for NCI as an Executive Manager, Business Development and Partners. 

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Congratulations to Allianz Trade in Hong Kong on its 25th anniversary. Founded with an office of six employees in 1999, it is today the largest private trade credit solutions provider in the city.

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New Appointments

Allianz Trade in the Asia Pacific region has promoted James Lee to the position of Regional Head of E-Commerce, based in Singapore. James joined Allianz Trade in 2018 as the country manager for Indonesia.

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Aon has appointed Prem Padmakumar as a Client Manager. Prem joins Aon from Nimbla, where he was Senior Customer Success Manager.

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Atradius has announced has announced the following promotions: 

• Robbert Bozelie has been promoted to a new role as Director Special Products within the Atradius Leadership Team. Robbert has been with Atradius for nearly twenty-six years and was most recently employed as Regional Director of Global Netherlands & Nordic. Robbert is based in The Netherlands.

• Eric Seignol has been promoted to Head of Account Management for Atradius Global France. Eric was previously a Global Account Manager at Atradius.

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Bartlett Group has appointed Simon Wheeler as a Credit Insurance and Bond Broker at Bartlett Group. Simon joins Bartlett from PIB Insurance Brokers. Simon has over twenty years of experience in the Credit Insurance Industry as a Commercial Underwriter and Broker. In the last nine years, Simon has worked remotely from Slovakia.

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Coface has made the following new appointments:

• Maxine Walton has been promoted to Head of CGS & FI Risk Underwriting. Maxime was previously Programme Risk Manager.

• Martine Grau-Foghsgaard is appointed Commercial Excellence Manager, Coface Nordic. Martine is based in Copenhagen and joins Coface from Aon Denmark, where she was Senior Specialist Broker, Trade Credit – Nordic.

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Credendo – Guarantees & Speciality Risks has announced two senior appointments: 

• Christoph Witte has been promoted to General Manager of Credendo's subsidiary, specialising in excess-of-loss and top-up covers, single-risk insurance and surety bonds. Christoph has been with Credendo for more than twenty years and was most recently General Manager of Credendo – Short-Term EU Risks 

• Kerlijne Van Steen, currently Head of Single Risk and Surety Underwriting at Credendo—Guarantees & Speciality Risks, has been promoted to Deputy General Manager. Kerlijne has worked for Credendo for nearly seventeen years.

 

Gallagher UK has announced the following appointments:

• Sarah Winstone has been promoted to Executive Director of Trade Credit for Gallagher's London-based team. Sarah has worked for Gallagher for eight years, most recently as a Director. 

• Andy Williams has been appointed Commercial Director. Andy is based in London and joins Gallagher from Towergate Insurance, where he was an Account Director.

 

Tokio Marine HCC has announced the following promotions:

• Leigh Carnie becomes Head of Renewals (South). Leigh was previously Underwriting Manager, Commercial.

• Andy Aldridge becomes Head of Renewals (North). Andy was previously Underwriting Manager, Commercial. 

• Mark Ledger becomes a Commercial Underwriter. He will manage a portfolio of policies in the Midlands region, having previously provided desktop servicing to an SME portfolio.

• Paul Baxter becomes Business Intelligence Manager. Paul was previously Senior Statistician at WTW.

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QBE Europe has announced several new appointments:

• Aidan Quinn has been appointed as Head of Commercial Underwriting, Trade Credit.​ Aidan joins the European business from QBE's Australian division, where he held the role of Head of Commercial Underwriting based in Melbourne. Aidan will be based at QBE's Fenchurch Street offices in London.

• Catalina Romero has joined QBE Europe as a Senior Risk Underwriter in the Trade Credit Team. Catalina has more than fifteen years of experience in financial services and previously held roles at Coface, Allianz and Barclays Bank.

• Iain Bird has been appointed Head of Surety. Iain has more than twenty-five years of experience, most recently with Great American, Travel and General, and Correlation Risk Partners.

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WTW has made several new appointments:

• Gary Tighe has been appointed as WTW's Head of Business Development, based in Dublin, Ireland. Gary joins WTW from Allianz Trade UK & Ireland, where he was Broker New Business Development Manager.

• Richard Sloper has been promoted to Divisional Director at WTW. Richard was previously a Senior Broker.

• Rishabh Karnik, formerly Vice President at Marsh India, joins WTW as Lead for Financial Solutions. Rishabh is based in Mumbai, India.