Economic outlook 2026-27: The fog of war. Allianz Trade says global GDP growth is expected to slow to 2.6% in 2026, a downgrade of 0.5 percentage points, as the war in the Middle East weakens the outlook for both the US and Europe. The insurer forecasts US growth of 2.1% in 2026 and Eurozone growth of 0.8%, alongside higher inflation. China is still expected to grow by 4.6% in 2026, while the Gulf economies face a much sharper downgrade, with growth forecasts cut by 2.1 percentage points. Allianz Trade warns that a worsening of the conflict would trigger a stagflationary recession. In its downside scenario, the Eurozone would fall into a technical recession, while the US economy would slow sharply for two years. To read Allianz Trade's news release, with a link to the full report, go to https://www.allianz-trade.com/en_global/news-insights/economic-insights/Economic-outlook-2026-27-The-Fog-of-War.html. An AI-generated podcast is also available.

​​

Middle East war: Economic impact. Atradius has published an article assessing the potential impact of the war in Iran. In its baseline scenario (in which the Strait of Hormuz remains effectively closed until the end of April, attacks on Gulf infrastructure cause limited damage, and disruptions will be gradually resolved from May), world growth is expected to ease from 3.0% to about 2.6%, while EU growth slows from around 1.3% to 1.0% in 2026. Across the Middle East, more exposed countries such as Qatar and Kuwait could face downgrades of 3.5 to 15.0 percentage points. Under Atradius' worst‑case scenario (a conflict stretching across multiple months with the risk of broader regional involvement), world growth in 2026 drops to around 2.5%, while the EU edges down to 0.6%. By 2027, the slowdown persists, leaving the world at 2.7% and Europe at 1.5%. To read Atradius' news release, go to https://atradius.co.uk/knowledge-and-research/news/middle-east-war-scenario-update-and-economic-impact.

​

The risks of non-payment due to the conflict in the Middle East. Allianz Trade has published a paper which says the Middle East conflict and disruption to the Strait of Hormuz have triggered a broad-based reassessment of non-payment risks. In its latest review, it downgraded five economies, including the UK, and made twenty-one sector downgrades, with Gulf countries and transport and energy-related sectors at the epicentre. The report warns that economies with heavy hydrocarbon import dependence, current account deficits and fiscal deficits are especially vulnerable, notably Ukraine, Jordan, Pakistan, Kenya and Ethiopia. It also says chemicals, metals and other energy-intensive sectors in Europe are under renewed pressure. Allianz Trade adds that, beyond rising oil prices, tighter financing conditions, supply disruption and weaker demand could increase the risk of broader and more persistent payment stress if the disruption continues. To read Allianz Trade's paper, go to https://www.allianz-trade.com/en_global/news-insights/economic-insights/Pixels_crisis_granular_risks_non_payment_conflict_Middle_East.html.

​​

From broker to CEO: Sian Aspinall on a career in credit and political risk insurance. Global Trade Review (GTR) has published an interview with Sian Aspinall, former Group CEO of BPL, in which she reflects on her career and the changing role of credit and political risk insurance. Aspinall, who first joined BPL in the early 1990s and became CEO in 2022, helped lead a period of strong growth before stepping down in early 2026 because of family health pressures. She remains involved as a non-executive director. In the interview, she says volatility has become the norm and argues that credit insurance continues to gain ground because its value proposition is easier for buyers to see, particularly in banking, where regulation is opening up new opportunities. She also stresses the importance of mentoring, diversity and ensuring the market continues to evolve for the next generation. To read GTR's article, go to https://www.gtreview.com/news/trade-leaders-interviews/trade-leaders-interview-sian-aspinall-bpl/.

​

Cartan Trade and Intact deepen European trade credit partnership. Cartan Trade has announced that it is deepening its relationship with Intact Insurance under a new agreement to expand their trade credit insurance operations across Europe. From 1 May, Cartan Trade will become the dedicated underwriting platform for Intact's European trade credit activities, while Intact will take a majority shareholding in the business. The move marks a significant step in Intact’s regional growth strategy and gives Cartan Trade greater financial backing as it builds its market presence. Cartan Trade said it has grown steadily since launch, reporting annual growth of around 30% over the past four years. SCOR, through its fund SV One SAS, will remain a shareholder alongside Cartan Trade's management team. The agreement will be introduced progressively, with no change to service for clients and broker partners. For more information, go to https://cartantrade.com/cartan-trade-and-intact-insurance-partnership/. 

 

 

Credit Insurance Fundraising
Help Sally Brown raise funds to support Afghan women.
For the past four years, girls and women in Afghanistan have been systematically shut out of education and work. Futures have been narrowed, ambitions interrupted, and opportunities stripped away. And yet, despite all of this, thousands have refused to give up on learning.
I am Sally Brown, Editor and Founder of Credit Insurance News, and I mentor and teach a group of young Afghan women who have shown extraordinary courage and determination in the face of unimaginable barriers and now need support to take the next step.
Through the volunteer-led education programme I work with, more than 1,200 Afghan girls and women are continuing to study online, supported by people around the world who believe that opportunity should not simply disappear overnight. Among them are sixty remarkable young women who have already earned life-changing opportunities through sheer hard work and perseverance. Forty are due to begin remote internships with international companies this May, and twenty are preparing to start online Master's degrees with British universities this September.
They have done everything asked of them. They have studied, applied, persevered and succeeded. But 90% are still trying to do all of this on smartphones. At this stage, that is simply not enough.
We are raising funds for sixty laptops, one for each of these young women, so they can properly take up the opportunities they have worked so hard to earn. 
Any support would be greatly appreciated. It would not simply provide a laptop; it would help turn hard-won opportunity into something real, practical and lasting.
To support the campaign (every little helps), please go to https://givebutter.com/ywtWJv.
To find out more about the charity I volunteer with and how to help women in Afghanistan, there is a wonderful TedEx with one of the charity's founders - https://www.youtube.com/watch?v=Jj2fXR3YP_o&t=2s.

​​

Support Jane Hull as she runs the London Marathon to raise funds for Guide Dogs.
Jane Hull, Director Underwriting and Operations, Trade Credit, at Tokio Marine HCC, is raising money for Guide Dogs by running the London Marathon. In September 2024, Jane was diagnosed with an acoustic neuroma, a non-cancerous brain tumour, which resulted in total hearing loss in one ear, tinnitus, double vision and eye stability issues. This makes walking difficult and gives Jane insight into the challenges faced by the visually impaired. Training for the marathon is both a key part of Jane's recovery and a chance to support a life-changing cause. If you're able to help, please sponsor Jane here: https://2026tcslondonmarathon.enthuse.com/pf/jane-hull. Thank you for backing her effort and the remarkable work of Guide Dogs. 

​
 

​​​​Congratulations to...
Congratulations to Aon and WTW, both of whom have been shortlisted in the category of Best Political Risk Insurance Broker in the GTR Leaders in Trade Awards 2026.

​

Congratulations to Allianz Trade on being named the Best Trade Credit Insurance Company in Asia Pacific 2026 at the Global Banking & Finance Review Awards.

​

Congratulations to Willis, a WTW business, which has been voted Asia's Best Credit Risk Insurance Broker for the second consecutive year at the APLMA (Asia Pacific Loan Market Association) Syndicated Loan Market Awards.
 

​

​​New Appointments

Allianz Trade has made three senior appointments and promotions:

• Francis Jespers has been appointed CEO Morocco, based in Casablanca. He took up the role in March 2026 after serving as Regional Program Director Northern Europe at Allianz Trade in Belux. Before that, Francis was CEO for Central and Eastern European Countries at Allianz Trade, based in Prague, and earlier served as CEO of Euler Hermes Netherlands.

• Claudia Carapacchio has been promoted to Head of Territory, South at Allianz Trade in Germany. Claudia takes on the position after a career with Allianz Trade spanning more than 24 years, during which she most recently served as Senior Commercial Manager.

• Rick Lemke has been promoted to Regional Head of Surety DACH at Allianz Trade in Germany. Rick has been with Allianz Trade since 2014 and was previously Head of Specialised Brokers & Partner Management DACH.

• Luise Deines is promoted to Head of Excess of Loss – DACH. She previously served as Head of Products & Services at Allianz Trade in Germany and has held a range of World Agency and product development roles across Germany and the UK.

​​

Aon has made several new appointments and promotions:

• Uday Tank and Tom Langley-Poole join as brokers in Aon's Reinsurance Solutions Credit and Financial Risks team. Both will be based in London and will report to Rupert Evans, International Head of Credit and Financial Risks Reinsurance. Uday joins from Phoenix Group, where he was Senior Credit Risk Manager, while Tom joins from Allianz Trade, where he served as Global Programme Director.

• John MacKay becomes Head of Region, Scotland. Based in Glasgow, John took up the role in March 2026 after almost fifteen years with Aon, most recently as Client Director.

• Neil Hill is promoted to Head of Region, North. In this role, he will oversee Aon's teams across the North of the UK, including Manchester and Leeds. He moved into the position after serving as Client Director since July 2022.

• James Ponsford has been appointed Head of Structured Credit & Political Risk, Asia & Global Commodities Industry Leader, based in Singapore. James has been with Aon for more than thirteen years, and was previously Head of Growth & Regional Director, Aon Credit Solutions, Asia.

• Thorben Gibbesch joins as Senior Account Executive, Credit Solutions in Germany. He moves from Coface, where he spent more than six years, most recently as Head of Direct & Partnership Business Region Nord.

• David Wilson has been appointed UK Head of Sales, National Clients, Credit Solutions. He took up the role in January 2026 after previously serving as Branch Director at Aon. Before rejoining Aon, David was Head of Trade Credit & Surety, Scotland & Northern Ireland at TL Dallas & Co Ltd. He had also earlier worked at Aon as Business Development Director.

• Marc Holden has been appointed Head of Strategic Clients, Credit Solutions National. He took up the role in January 2026 after previously serving as Branch Director at Aon. Marc has been with the business for more than nineteen years.

​

Atradius Trade Credit Insurance, Inc. has promoted Dave Donati to Regional Head of Marketing, North America. He takes on the role after more than six years with the business, most recently serving as Marketing Manager, North America in Maryland.

​​

Attis Credit Solutions has promoted Nathan Brown to Branch Director, Manchester. Nathan takes on the role after more than four years with the business, having previously served as Client Director and, earlier, as Client Manager. Before joining Attis, he spent more than six years at Aon in Sheffield, where he held the roles of Client Manager and Client Advisor.

​​

BPL has made two new appointments:

• Edouard Huberdeau joins as Director, based across its Geneva and Paris offices, where he will focus on developing tailored credit insurance solutions, including surety, for existing clients. Before joining BPL, Edouard was Chief Financial Officer at Alvean Sugar SL, the world’s largest sugar trading company.

• BPL has also welcomed Peter Sprent back to the business in an advisory role. Returning to the firm where he began his London Market career, Peter brings more than 30 years' experience in financial risk insurance, most recently as Chief Commercial Officer at The Texel Group.

​

Coface has made two new appointments:

• Carmen Chow has been promoted to Head of Commercial for Hong Kong. Carmen has worked at Coface for five years and, prior to her promotion, served as Head of Account Management for Japanese solutions in Asia-Pacific.

• Alistair Hewson has been appointed Head of Account Management in Sydney, New South Wales. Alistair joins from Intuitive Insurance Solutions, where he was General Manager. Prior to that, he was Head of Trade Credit Solutions Australasia at WTW.

​

LHK Group has appointed Bryan Gray as Trade Credit Lead in Dublin, Ireland. Bryan joins from Lockton, where he served as Head of Business Development. Prior to that, Bryan was National Business Development Manager, Direct Sales at Coface in Ireland.

​

Marsh has made four new senior appointments:

• Milind Jain has been promoted to Managing Director in the United Arab Emirates. Milind takes on the role after nearly a decade with Marsh Risk, where he has held a series of senior positions across the MENA region, most recently as Senior Vice President, Credit Specialty Leader, Middle East & North Africa. Before joining Marsh, he spent more than six years at Coface in Dubai.

• Stephanie Pariot has been appointed Managing Director in London. Stephanie takes on the role after more than six years with Marsh, where she most recently served as Head of Placement, Credit Specialties. Before joining Marsh, she was Divisional Director, Financial Solutions at Willis Towers Watson in London.

• Mary Prescott has been promoted to Head of Corporate within Marsh Trade Credit. Mary is based in Manchester and takes on the role after more than four years with Marsh Risk, where she most recently served as Head of Corporate North. Earlier, she was Head of Broking at Marsh Trade Credit. Before joining Marsh, she spent nearly 20 years at Bluefin, where she held a number of roles, including Associate Director.

• Aaron Bailey has been promoted to Managing Director, Global Energy & Commodities Group Leader, Credit Specialties at Marsh Risk in London. He takes on the role after previously serving as Global Energy & Commodities Leader, Credit Specialties and Senior Vice President, Credit Specialties. Before joining Marsh Risk, Aaron spent more than seven years at Aon, where he held a series of senior roles in Credit Solutions and Structured & Capital Solutions, most recently as Executive Director EMEA, Credit Solutions.

 

Miller Insurance Services LLP has promoted Harry Bower to Associate Director, CPRI in the City of London.

Harry takes on the role after more than five years with Miller, where he has built his career within the Credit and Political Risks team. Most recently, he served as Account Handler / Broker.
 

Nexus Trade Credit in Germany has appointed Jens Marienfeld as Broker & Partner Manager Europe. Jens takes on the role after more than two years with Nexus Trade Credit, where he previously served as Broker & Partner Manager in Hamburg. Before joining Nexus, he spent more than seven years at Coface, holding a number of senior roles, including Head of Partner and Brokership Northern European Region.

​​

PSC Insurance Brokers has appointed Sam Rodda as Senior Account Executive in Melbourne, Australia. He joins PSC after nearly four years at Lockton in Sydney, where he most recently served as Client Manager. Before joining Lockton, Sam spent almost four years at Coface.

​

The Bond & Credit Co has promoted Siobhan McEntee to Head of New Business in Melbourne, Victoria. She was previously Senior Account Manager at the business, a role she held from January 2022 to March 2026. Before joining The Bond & Credit Co., Siobhan was Joint Managing Director of Trade Credit Risk Pty Ltd for more than 10 years.

 

Tokio Marine HCC has promoted Lily Overton to Trade Credit Claims Technician. Lily was previously Administrative Coordinator at the company, a role she held from November 2024 to February 2026. 

​

Trade Credit Risk Ltd has appointed Katie Wright as Account Manager and Trade Credit Specialist. She joined the business in January 2026 from Xenia Broking, where she held a number of broking and account roles over more than five years. Before that, she was a Commercial Underwriter at Nexus Trade Credit. Katie is based in Essex and works in a hybrid role.

​

WTW has made five new appointments:

• Caroline Davies has been promoted to Director, Broking. Based in London, Caroline took up the role in March 2026 after more than six years with WTW, where she previously served as Divisional Director and in Broking & Client Servicing Operations, Political & Trade Credit Risks. Before joining WTW, Caroline was New Business Manager at Tokio Marine HCC, Operations Director at Acumen Credit Insurance Brokers Ltd, and earlier a Broker at Willis.

• Scott Walker joins WTW as Executive Director in London. He joined the business in March 2026 after more than nine years at Marsh, where he served as Trade Credit Practice Leader, London. Prior to that, Scott was Relationship Manager and Insurance Advisor at Bank ABC, focusing on receivables finance, and earlier spent more than six years at Aon Trade Credit as Senior Client Director.

• Rudy Bonnier has been promoted to Senior Director after almost 14 years with WTW, where he has held a series of roles in political and credit risk insurance, most recently as Associate Director. Before joining WTW, Rudy was Underwriting Assistant, Political Risk at Coface in London.

• Jamal K Bullen has been promoted to Associate Director, Credit Risk Solutions, GB. Based in London, he  previously served as Divisional Director, Credit Risk Solutions. Before joining WTW, Jamal held a number of commercial roles at Nimbla, most recently as Client Director. He is also a Committee Member for London & South East at BIBA.

• Sandra Mathew has been promoted to Manager – Broking, Credit Risk Insurance. Based in London, she took up the role in April 2026 after previously serving as Lead Associate – Broking, Credit Risk Insurance.

​

Retirement

​Congratulations to Graham Bristow on his retirement after a long and successful career in trade credit insurance and risk. Graham most recently retired from Marsh Risk, where he had served as Chairman of Marsh Trade Credit UK and previously as Managing Director at Marsh. Earlier in his career, he held senior roles including Managing Director at Aon Credit Solutions, Chief Executive Officer of Aon Credit International, Head of ACI National, Executive Director at R K Harrison Financial Risks, Head of Corporate Trade Credit UK at Aon Trade Credit, and Associate Director at Sedgwick Credit. Wishing Graham all the very best for a long, happy and well-deserved retirement.