​Welcome to the December 2024 issue of Credit Insurance News Digest. Our sponsor this month is Markel
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Index
About this month's sponsor: Markel
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PLUS: Q&A with Markel: Key Sector Trends, Industry Challenges, and Insights for 2025​​​​​​​
Credit Insurance News​
Trade credit insurance saves Billington from ISG hit. Construction Enquirer has reported that structural steel giant Billington has said a payout from its credit insurer has spared it from a major hit following the collapse of ISG. In a trading statement today, it said: "The Group has received an interim payment from its credit insurer, and subject to formal acceptance by the insurer of an independent assessment of the remaining claim, the financial impact on Billington is expected to be materially restricted to the excess on the Group's credit insurance." To read Construction Enquirer's article, go to https://www.constructionenquirer.com/2024/12/11/credit-insurance-saves-billington-from-isg-hit/.
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​The future of trade credit insurance: Embracing AI for strategic advantage. ICISA Insider has published an article in which André Düsing, Head of Strategy & Product at Atradius, examines the ways in which the future of credit insurance is intertwined with AI and suggests that embracing AI is crucial for trade credit insurers to drive innovation, gain new strategic advantages and improve operational performance. He comments that trade credit insurers, who already manage structured and unstructured data for risk assessment, are well-positioned to leverage AI, but stresses that adopting AI goes beyond technology investment — it requires a strategic shift in data management, technology integration, and workforce training. He concludes that, ultimately, "credit insurers who foster a culture of innovation and continuous learning will be better positioned to take full advantage of AI's potential." To read ICISA Insider's article, go to https://icisa.org/news/the-icisa-insider-november-2024/.
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Unlocking the potential of trade credit insurance for multinationals. WTW has published an article in which Burkhard Wittgen, WTW's Global Head of Multinationals – Trade Credit & Trade Finance, examines why many companies struggle to optimise their credit insurance policies. He notes that a range of challenges, that "drive up costs and require burdensome administration, are undermining the utility of the product" — often leading to under-insurance or avoidance of coverage altogether. He suggests that some difficulties stem from how the trade credit market has evolved. Multinationals have often built up portfolios of policies, buying cover for each local market in which they operate rather than arranging insurance at a regional or global level. The complexity of unwinding multiple local policies is a disincentive to switching to potentially superior arrangements." To read WTW's article, go to https://www.wtwco.com/en-nz/insights/2024/11/unlocking-the-potential-of-trade-credit-insurance-for-multinationals.
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Berne Union data: Short-term industry trends for the first half of 2024. The Berne Union Handbook has advised that, following consistent strong periods of growth since the pandemic, short-term business expansion slowed to 1% in H1 2024. One explanation for slowing growth is that clients sought higher credit limits to manage inflation and commodity price volatility; however, as tight monetary policy took hold and prices stabilised, further capacity was unnecessary. Slowing business was predominantly observed in advanced economies. In Europe, credit limits offered by Berne Union members contracted by 1.8%, whereas in North America, credit limits grew by only 0.5%. Claims paid under short-term cover expanded 9%, aligning with the consistent recent increases in business volumes, and continue to be concentrated in Europe ($489 million), where insolvencies continue to rise. Meanwhile, claims paid in North America fell by 36% to $145 million, mirroring the trend in new business levels. To read the Berne Union's Yearbook, go to https://www.berneunion.org/Articles/Details/920/Berne-Union-Yearbook-2024-A-milestone-edition-for-90-years-of-trade-innovation.
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How digitalisation can benefit the trade credit insurance industry. Deepesh Patel, Editorial Director at Trade Finance Global (TFG), recently sat down with Richard Wulff, Executive Director of the International Credit Insurance and Surety Association (ICISA), to discuss why trade digitalisation needs to happen. Richard explains that data transparency is critical for trade credit insurers to better manage risk, especially in high-risk regions. With access to more accurate data, insurers can price and underwrite risk more precisely. Digital solutions also improve trade credit insurance by enabling better tracking of supply chains — ensuring compliance with regulations and ESG standards. Furthermore, digitalisation helps combat fraud by strengthening document integrity and enables new insurance products for underserved markets by providing the data needed to assess risk. To read TFG's article, go to https://www.tradefinanceglobal.com/posts/c-suite-speaks-icisas-richard-wulff-provides-four-reasons-to-digitalise-trade/.
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The credit insurance market braces for Basel 3.1. GTR (Global Trade Review) has published an article that warns that within the pages of rules that make up the latest version of the Basel banking regulations, set to take effect in 2026, is a provision that may reduce the effectiveness of credit insurance for large banks, particularly in Europe and Asia. Until now, banks have been able to create their own internal models to estimate the probability of default for various types of obligors and, in the event of default, to determine what percentage of that exposure was likely to be a loss — the loss given default (LGD). However, Basel 3.1 mandates a fixed 45% LGD for credit insurance exposures, limiting the capital relief banks can gain. This has led to speculation that banks may buy less credit insurance for low-risk, high-quality exposures. To read GTR's article, go to https://www.gtreview.com/supplements/gtr-risk-2024/credit-insurance-market-braces-for-basel-3-1/.
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Basel III and its implications for credit insurance. Daniel de Burca, Head of Policy and Regulatory Affairs at ICISA, has contributed an article to the Berne Union Handbook discussing Basel III standards and implications for credit insurance. He notes that in early October, the European Banking Authority's (EBA) delayed report concluded there was insufficient evidence to propose an alternative approach for what it considered would be a deviation from Basel. However, a decision ultimately rests with the European Commission, which faces the challenge of balancing the EBA's assessment with the real-world evidence of a product that has worked well for Europe's economy. In the UK, the Prudential Regulation Authority (PRA) ran a similar assessment to the EBA, which highlighted insufficient data to adopt an approach that might diverge from Basel, but announced that implementation of the wider standards would be delayed in the UK until January 2026 — a full year after EU implementation. To read the Berne Union's Yearbook, go to https://www.berneunion.org/Articles/Details/920/Berne-Union-Yearbook-2024-A-milestone-edition-for-90-years-of-trade-innovation.
The threat to the credit insurance industry posed by fraud. ICISA Insider recently published an article by Stefanie Koch of ICISA's Credit Insurance Committee, who reported that fraud in trade credit insurance, including fake invoices, counterfeit bills of lading, and duplicate financing, was a central topic at ICISA's recent Autumn meeting. She notes that, while fraud committed by policyholders is typically excluded from trade credit insurance policies, proving such fraud remains challenging with each credit insurer relying on its own fraud detection tools and processes. Consequently, ICISA is exploring the feasibility of an industry-wide solution, focusing on how market participants could collaborate — while respecting data privacy, antitrust, and confidentiality regulations. The Credit Insurance Committee also plans to examine the role of AI in fraud detection. To read ICISA Insider's article, go to https://icisa.org/news/the-icisa-insider-november-2024/.
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Developing credit insurance: Are we doing enough to bridge the trade finance gap? Trade Finance Global (TFG) reports that at the ITFA's 50th Annual Conference experts discussed how credit insurance is changing from a risk mitigation tool for large banks, structured primarily for top-tier clients and large corporations, to cater to a broader market, including SMEs. The article notes that, "the ultimate grail" is trying to get more competition into the market as, historically, a small number of large underwriters — "primarily focused on large, established institutions" — dominated the credit insurance market, "cornering" and constraining capacity for smaller banks and non-bank financial institutions that sought to insure smaller, riskier portfolios. "As banks hit exposure limits with these insurers, the need for more diversified and competitive options has become evident." To read TFG's article, go to https://www.tradefinanceglobal.com/posts/developing-credit-insurance/.
Video: Allianz Trade's new strategy: 'Shape & Scale'. Global Banking & Finance Review has published a video in which Paul Flanagan, Head of APAC for Allianz Trade, discusses the key pillars of Allianz Trade's 2025-28 new strategy, 'Shape & Scale'. Paul notes that Allianz Trade's previous strategy focused on organic growth, while the new approach is focused on changing the organisation in the future. For 'Scale', this includes adding new products, expanding into new geographical areas and expanding Allianz Trade's distribution networks. 'Shape' encompasses directing and leading the market: more online trading, developing e-commerce solutions and solutions for ESG and empowering and training Allianz Trade's workforce skill sets for the future. To watch the video go to https://www.globalbankingandfinance.com/navigating-apacs-dynamic-markets-allianz-trades-strategy-for-the-future/.​
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Strong potential for Vietnam to develop into a thriving credit insurance market. Benjamin Le Forestier, Regional Sales Manager Europe for Tinubu, discusses the opportunities and challenges for trade credit insurance in Vietnam. Despite growing interest over the past fifteen years, he notes that the product has struggled to gain traction. For example, a government-backed export credit insurance scheme from 2011-2013 failed due to a lack of understanding and experience among local insurers, with fewer than fifty policies signed. Consequently, many Vietnamese companies remain unaware of credit insurance benefits — "a challenge common across Southeast Asia." However, as foreign investment and exports grow, some insurers now report increased enquiries from companies and banks in the region. To address this, Benjamin Forestier comments that some international reinsurers have asked Tinubu to explain credit insurance to local insurers and show them how Tinubu's solutions could help them launch this activity. To read Tinubu's article, go to https://www.tinubu.com/blog/vietnam-a-market-for-credit-insurance.
Taking the long view of short-term trade credit insurance. The Berne Union's short-term (ST) committee has reported in the Berne Union Handbook that topics that have driven discussions this year include slowing credit limits (which saw only a 5% increase compared to the first half of 2023), digitalisation, risk evaluation tools and new opportunities in single risk and invoice cover. Katarzyna Kowalska, ST Committee Chair (2023 – 2024) and Deputy CEO, CRO, KUKE, commented that, although these trends may not revolutionise ST trade credit insurance in a year or two, their impact is already growing. In the future: "They will result in much higher aggregate credit limits, greater numbers of customers — and the increased importance of short-term credit insurance for global trade and for SMEs around the world. Our cooperation and knowledge-sharing approach can only accelerate these trends." To read the Berne Union's Yearbook, go to https://www.berneunion.org/Articles/Details/920/Berne-Union-Yearbook-2024-A-milestone-edition-for-90-years-of-trade-innovation.
The Eurozone economy remains weak. AU Group's latest G-Grade for Q4 2024, which summarises over 140 country risk assessments by leading credit insurers, advises that growth in the Eurozone economy remains weak, with GDP growth projected at 0.8% for 2024 and expected to reach 1.3% in 2025. This is due to several headwinds: geopolitical tensions in Ukraine and the Middle East, the industrial sector (particularly in Germany) continues to face a loss of competitiveness and weak demand, with high public debt levels (especially in France). The Chinese economy also faces major challenges, with GDP growth for 2024 revised down to 4.6%, below the government's target of 5%. In 2024, corporate insolvencies are expected to rise by over 11% globally compared to 2023 (Allianz Trade estimates), with countries representing over half of the global GDP expected to experience a double-digit increase and most countries surpassing their pre-pandemic level. To download AU Group's report, go to https://au-group.com/en/studies-and-publications/au-g-grade-q4-2024.
A trade war could bring nominal global trade growth below 5% in 2026. Allianz Trade's latest Global Trade Outlook 2024 warns that Donald Trump is likely to increase tariffs on Chinese and other strategic imports (to 25% for the former and 5% for the rest of the world, excluding Mexico and Canada), which would decrease nominal global trade growth by -0.6pp in 2025. China and the EU would bear most of the cost, with USD 67 billion in exports at risk in 2025-26, especially in automotive manufacturing, transport equipment, and metals. However, in the event of a full-blown trade war (60% tariffs on China and 10% on the rest of the world), the toll would increase to 2.4pps of nominal global trade growth and China, Mexico and Canada would be hit the hardest, with export losses totalling close to USD217 billion over 2025-26. However, this scenario looks unlikely as the US would also have to face a high cost, according to Ana Boata, Head of Economic Research at Allianz Trade. To read Allianz Trade's report, go to https://www.allianz-trade.com/en_global/news-insights/news/global-trade-outlook-2024.html.​
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Coface's net income grew nearly 10% year-on-year to €208 million in the first nine months of 2024. Reinsurance News has reported that Coface recorded a net income of €207.7 million, a 9.5% increase from last year, while revenue decreased by 2.1% to €1,376.6 million. Insurance revenue fell by 4.0% to €1,130.2 million due to lower inflation and a lack of client activity recovery amid a fragile economy. Coface's client retention remained high at 92.7%, though lower than in 2023. Xavier Durand, Coface's Chief Executive Officer, commented: "After several quarters of lower revenues due to lower inflation and a slow economy, especially in Europe, the third quarter turnover stabilised. Despite a moderate decline of -1.3%, credit insurance recorded a positive net production. . . Information services sales recorded another quarter of double-digit growth and have increased by +17.2% year-to-date. Debt collection services rose +18.9% from a still low base." To read Reinsurance News' article, go to https://www.reinsurancene.ws/coface-sees-net-income-increase-10-for-9m24/.
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Economic growth for 2025 is forecast to be solid but unremarkable. Atradius' Chief Economist, John Lorié, looks ahead to a year that feels almost impossible to predict. He notes that global economic growth for 2025 is forecast to be solid but unremarkable, with predictions between 2.5% and 3%. However, uncertainties loom due to factors like geopolitical tensions, particularly in Ukraine and the Middle East. The potential impact of Donald Trump's second term is also a significant concern. Trump's policies, including tariffs and deregulation, may affect global trade, but their implementation could be more gradual and targeted than expected, or may stimulate the US economy — potentially boosting global trade. In Asia, while growth is expected to outpace the global average, China's slowing economy poses challenges. Meanwhile, Western Europe faces poor growth — especially in the Eurozone. To read Atradius' news release, go to https://group.atradius.com/knowledge-and-research/news/will-2025-be-the-year-of-tariffs-and-trade-wars.
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Emerging trends in the trade credit insurance market. Markel has contributed an article to Credit Insurance News that identifies several emerging trends in the market. One significant shift is the growing focus on sustainability and ESG, with Markel reporting that it is experiencing an uptick in inquiries related to carbon credits and electric grid connection bonds. Also, Markel notes that it is continuing to see "a healthy spread" of clients in the corporate trade and finance sector, and reports that banks and other financial institutions continue to purchase policies. Markel comments that this is promising to see, "given the potential implications that Basel IV will have with how banks are able to rate their risk-weighted assets and the capital relief benefits they're able to gain from having a credit insurance policy." To read Markel's article, go to https://www.creditinsurancenews.com/markelarticle2024.
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WICI (Women in Credit Insurance) spotlight on Chris Hall. ICISA has published an interview with Chris Hall, Senior Director and Global Head of Financial Institutions Sales for the CPRI (Credit and Political Risk Insurance) team at WTW. Chris shares that he is "a firm believer in all types of equality", and notes that statistics suggest that gender-diverse companies are 15% more likely to notice higher financial returns, and diverse teams are 87% better at making decisions. "If we can improve gender diversity in TCI, we should have a better and more successful working environment." He also suggests that when bringing out a new product or initiative, leaders should ensure that attempts to "make it perfect"' do not come at the cost of the opportunity window. "The lesson here is to put in the good thinking, but bring out a proof of concept or similar at an early stage." To read the interview, go to https://icisa.org/news/wici-spotlight-on-chris-hall/.
40% of Polish companies offer payment terms under 30 days. Coface's recent study on payment behaviour in Poland reveals that average late payments have decreased by 2.5 days to 46.2 days in 2024. However, payment delays are still very much a common practice in Poland, with 60.1% of the companies surveyed saying they had experienced payment delays from their counterparts in the last six months – a figure that has risen sharply compared to the 49.3% of companies that said they had experienced late payments in 2023. There are wide disparities between sectors. Transport has the longest delays, with an average of 61.6 days — an increase of almost 18 days compared with 2023. Other sectors, such as textiles and clothing (58.2 days), are also experiencing significant delays. To read Coface's news release, go to https://www.coface.uk/news-economy-and-insights/poland-payment-survey-2024-shorter-payment-delays-amid-improving-economy.
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UK retail faces a surge in late payments. Insurance Business has reported that, according to Atradius, the UK retail sector is navigating a mix of challenges and opportunities as 2024 draws to a close. Atradius data for Q3 2024 revealed notable rises in payment defaults within retail supply chains. For example, domestic appliance firms experienced a 450% increase in payment defaults compared to the previous year. Meanwhile, defaults in manufactured leisure articles rose by 60%, while consumer durables saw a 28% increase. Atradius says that these figures reflect the pressures faced by businesses in the retail industry amid a challenging economic environment. Despite these setbacks, the sector has reported modest growth. Retail sales volumes rose by 1% in August 2024 and by 0.3% in September 2024. To read Insurance Business' article, go to https://www.insurancebusinessmag.com/uk/news/breaking-news/uk-retail-faces-late-payments-surge-amid-mixed-signals--atradius-515440.aspx.
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Asia is set to maintain its role as an economic powerhouse. Atradius' latest Regional Economic Outlook Emerging Asia – November 2024 advises that the short-term growth outlook is positive for most Asian economies, with emerging Asia maintaining its role as an economic powerhouse. Stronger exports will continue to grow into 2025 — albeit at a less robust pace, and, in most countries, monetary easing will support steady growth, with India and Philippines showing the highest growth rates and Thailand the lowest. However, this picture does not apply to China, where GDP growth is expected to come in at 4.8% this year, roughly in line with the government's growth target, with a modest further growth slowdown (to 4.4%) in 2025. To read Atradius' Outlook, go to https://group.atradius.com/knowledge-and-research/reports/regional-economic-outlook-emerging-asia-november-2024.​
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UK retail sales remain 0.4% lower than pre-Covid levels. Tokio Marine HCC's (TMHCC) new report on the UK retail sector shows that after a tough 2022-23, the worst for the sector may be over. According to figures from the Office for National Statistics (ONS), UK retail sales rose 1.2% in the three months to August 2024 — the highest in 25 months — with gains across most sub-sectors. However, pressures remain: sales remain 0.4% lower than pre-Covid levels from February 2020 and, in 2023, the sector saw 2,219 bankruptcies — a 23.1% increase. Although1,344 retailers filed for insolvency from January to August 2024 — down 5.7% y/y there were some notable failures such as Ted Baker, Carpetright, Body Shop, MatchesFashion and Wilko. The sector also faces ongoing challenges as brick-and-mortar stores attract fewer shoppers, and hybrid working limits footfall in city centers. Retailers must continue adjusting to these shifting consumer behaviors, with a stronger focus on online sales. To read TMHCC's report, go to https://www.tmhcc.com/en/news-and-articles/thought-leadership/uk-retail-sector-report.
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EXIM Launches State Export Credit Insurance guides to assist small businesses. The Export-Import Bank of the United States (EXIM) recently launched a new series of Export Credit Insurance guides which cover all 50 states, five US territories, and the District of Columbia — plus a Spanish-language version for Puerto Rico. They feature information about the top global markets and products exported from each area along with other export data tailored to each location and outline the financing tools EXIM has available for small businesses, including EXIM’s Export Credit Insurance, an insurance policy that covers international receivables. "These guides were created to educate and inform small businesses about the opportunities to grow revenues through exporting," said EXIM president, Chair Lewis. For more information, go to https://grow.exim.gov/eci-map.
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WICI (Women in Credit Insurance) spotlight on Karen Lawson. ICISA has published an interview with Karen Lawson, Head of Broker Relations at Coface. Discussing her proudest achievements, Karen comments that being selected as a finalist in the Mentor category in the recent WICI awards was certainly a huge highlight. She notes that the best advice she would give to an inspiring leader is to lead with patience, empathy, and integrity. "Leadership is about understanding people, working through challenges with a calm and focused approach, and always being open to learning. Surround yourself with diverse perspectives, listen carefully, and stay committed to delivering practical, thoughtful solutions. Leadership is about empowering others and creating an environment where everyone can thrive." To read the interview, go to https://icisa.org/news/wici-spotlight-on-karen-lawson/.
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Credendo's corporate Social Responsibility (CSR) report for 2023 is now available. The report describes Credendo's continued strategy to promote sustainable and sound development and details the projects that Credendo supported that contribute directly to the achievement of the United Nations Sustainable Development Goals (SDG). This includes the green energy mandate, whereby Credendo invests in companies that implement SDG 7: affordable and clean energy. For more information, go to https://credendo.com/en/knowledge-hub/our-csr-report-2023-has-been-published.
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Congratulations:
The inaugural Women in Credit Insurance (WICI) Awards on 21 November 2024, in London, celebrated the achievements of women in the UK trade credit insurance sector and featured guest speaker Hannah Gurga, Director General of the Association of British Insurers. The WICI Awards address the "confidence gap", where women often feel less confident despite equal or superior qualifications. Recognition boosts confidence, offers role models, and promotes gender equity in a traditionally male-dominated field. WICI, launched in 2023, aims to increase female representation in leadership through events, training, and networking. This year's winners were:
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Emma Clarke, Product Owner Process Harmonisation within Group Organisation and Change at Allianz Trade. Rising Star Award.
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Delphine Leprince, Head of Credit Assessment UK & Ireland at Allianz Trade. Trailblazer Award.
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Corine Troncy, Global Head Trade Credit at AIG, Leadership Excellence Award.
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Ewa Rose, Group Chief Underwriting Officer at Bondaval. Innovation in Credit Insurance Award
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Susan Ross MBE, Trade Credit Broker at Aon Credit Solutions. Lifetime Achievement Award
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Linda Smith, Head of HR, UK & Ireland at Allianz Trade. Diversity & Inclusion Champion Award
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Jennifer Donaghy, Director (Broking), WTW Financial Solutions (Trade Credit & Political Risks Insurance). Outstanding Mentor Award.
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Claire Humphreys, Senior Credit Underwriter at Allianz Trade UK & Ireland. Community Impact Award.
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Daniel Ryan, Head of Commercial, The Bond & Credit Co. (Tokio Marine Group) who was awarded Rising Star, Manager, at this year's Tokio Marine Management Australasia end of year party.
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Tryg Garanti has changed its name to Tryg Trade. The company suggests that, as it continues to expand its portfolio, the new name will better represent its reach and expertise.
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Atradius Ireland won the awards for 'Specialist Collections Team of the Year' and 'Best Credit Insurance Company' at the seventh annual Irish Credit Awards 2024.
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Industry Dinner: November 2024.
Markel writes: "We were privileged to host the annual Trade Credit Industry dinner in November, and honoured to have The Choir With No Name (The Choir With No Name | The choir charity for homeless and marginalised people) as the named charity and sing for us on the evening. They serenaded the audience with some classic hits from the past few decades and had everyone on their feet for their rendition of Sweet Caroline (with two special guests from the audience), it was truly inspirational. The event was over-subscribed and well attended with more than 500 guests, and all the profits from the night went to CWNN. It was a wonderful chance for members of our industry to enjoy a special evening together."
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New Appointments
AIG has appointed Stephen Ryan Manthey as Senior Underwriter – Strategic & Multinational Trade Credit. Stephen joins AIG following nearly four years at Nexus Underwriting, where he was most recently a Commercial Underwriter UK.
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Allianz Trade UK and Ireland has promoted Richie Pamma to NEUR Customer Success Manager. Richie has worked for Allianz Trade for nearly six years, most recently as Assistant Head of Risk Underwriting.
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Aon's Credit Solutions in the UK has promoted Bhav Chandegra to the role of Business Development Director – Midlands. Bhav has been with Aon for nearly seven years, most recently as a Business Development Director.
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Atradius UK has promoted Maddy Champion to Middle Market Account Manager covering the South and South West. Maddy has been with Atradius since February 2019, and was employed most recently as Business Development Manager.
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Coface has appointed Joanna Thomas as Mid Market Account Manager. Joanna joins Coface from Atradius, where she was a Business Development Manager. Joanna is based in Cardiff.
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Howden has appointed Shannon Magee as an Account Handler. Shannon moves to Howden after eight years at Tokio Marine HCC, most recently as a Senior Claims Technician.
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Markel International has promoted Simon Philpin to the position of Director of Trade Credit. Simon has been with Markel for nearly nine years and was previously Markel's Head of Trade Credit. Simon was also Chairman of the Trade Credit Committee – Association of British Insurers for two years (until July 2023) and is now a Committee member.
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TL Dallas has appointed Peter Hodgson as Director of Trade Credit. Peter will work alongside Simon Hyde, who has been with TL Dallas for over 25 years, and has been leading the twelve-strong team over the last few years, until Simon's retirement in early 2025. Peter previously helped to grow independent insurance broker, Reynolds, both before and after its sale.
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Job Vacancies
Senior Credit Controller for Benelux, Middle East & Africa
Location: Based in Central Western Europe. Home office options are available for the right candidate
Metsä Group is a successful forest industry group with roots in the Finnish forest – our parent company is a cooperative of over 90,000 forest owners. Metsä Group’s Group Services employ some 1,000 professionals in finance, IT, sourcing and logistics, HR, technology, business process development, communications, law, and many other fields. Their task is to support Metsä Group and its Business Areas in implementing their strategy. Our specialists’ independent work is supported by a strongly networked workplace community.
We welcome people from diverse backgrounds and different stages of life. Metsä has space and opportunities for many kinds of talent, regardless of age, gender, ethnic background, sexual orientation, disability or other characteristics – Metsä is for all. Read more: metsagroup.com/metsaforall.
This recruitment is carried out anonymously.*
We are looking for a Senior Credit Controller for the Benelux, Middle East, and Africa regions and working with five other team members in Belgium, France, Italy, Spain, and Iberia. You will be part of a global team of over twenty, and the position comes with potential for growth into a leadership role.
Your key responsibilities are
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Credit Management: Oversee credit management for approximately 500 customers in the Benelux, Middle East, and Africa, reporting to the Regional Credit Manager.
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Risk Management: Manage credit risk, optimize customer payments, and ensure adherence to credit guidelines.
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Credit Risk Analysis: Conduct customer and vendor credit risk analysis within the credit limit approval process and credit insurance.
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Payment Management: Prevent late payments and follow up with customers on overdue accounts. Identify recurring issues causing late payments and propose solutions.
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Credit Checks: Review and act on credit checks that systematically block orders and deliveries.
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Compliance: Execute “Know Your Customer” compliance checks.
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Reporting: Provide credit risk and collections reports to stakeholders.
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Collaboration:
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Work closely with Sales, Customer Service, Business Management, and Trade Finance teams.
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Contribute to Credit Management Team’s continuous development of credit management within Metsä Group.
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What are we expecting of you?
We are seeking a highly motivated and results-driven professional with a solid understanding of international trade and payment instruments. The ideal candidate will have a Bachelor’s degree and at least 5 years of relevant experience, with excellent communication and interpersonal skills, and a demonstrated ability to take initiative.
Key Qualifications:
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Bachelor’s degree and 5+ years of relevant experience.
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Solid understanding of international trade and payment instruments.
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Highly organized with a keen attention to detail and the ability to prioritize tasks effectively.
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Able to work independently and remotely, adapt under pressure, and respond with flexibility to changing circumstances.
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Management potential with the capability to quickly learn new systems and procedures.
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Requirements:
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Fluency in English and French is mandatory; proficiency in one or more of Dutch, Arabic, Spanish, or Italian is highly valued.
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Proficiency in MS Office; SAP S4 Hana experience is a plus.
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Willingness to travel within the region and occasionally to other countries.
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EU Work Permit required.
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The position is expected to be based in Central Western Europe with convenient transport links, and home office options are available for the right candidate.
Career in the new era at Metsä Group
At Metsä Group, you’ll work with professionals from many fields. Our atmosphere is open, and it’s easy for newcomers to fit in. We want to renew the business by striving for positive impacts on the environment and society. This means significant development opportunities and agile projects, competence development, and understanding the business. Our big company offers a wide range of career opportunities and many interesting challenges.
Metsä Group has a responsible corporate culture that creates a safe working environment for all of us. We value good leadership and support for personal career development. We encourage you to display your competence and will provide you with opportunities to use it.
We offer an engaging, dynamic work environment within an international setting, providing opportunities to work across diverse sectors and cultures. The role comes with a competitive salary and additional benefits, all tailored to your skills, qualifications, and experience.
Enter a new era in your career,​ welcome to Metsä Group!​
*Anonymous recruitment - this is how it works
This is an anonymous recruitment process. The gender and date of birth of the applicant are not asked for on the application form. Personal details such as name, mother tongue, time of studies, name of educational institution and contact details are hidden until the interview stage. Attachments (such as CVs) are also hidden.
Recruiters have access to the contact details of those invited for interview once the applicant has been selected for interview.
Our system will guide you through the application process. The questions on the application form will help you present your skills and experience anonymously. Answer all questions carefully. If you’re invited for interview, your CV will be displayed to the recruiters to support the interview.
Read more and watch the video on anonymous recruitment.
Would you like to know more? Contact us!
Because the application process is anonymous, we don’t record any information about people who contact us. So don’t hesitate to call us if you have any questions about the position or the recruitment process itself. For more information about the position, please contact Regional Credit Manager Eric de Man. You can reach Eric by phone on +32 473747107.
How to apply?
Click on the link https://metsagroup.wd3.myworkdayjobs.com/en-US/MetsaGroup_Careers/details/Senior-Credit-Controller_R0005002-2 to apply.
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Note that attachments won’t be visible in anonymous recruitment until the interview stage, so it’s important to fill in the application form carefully. Please send your application as soon as possible, as we’ll already start processing applications during the application period. Please include your cv and salary request. You’ll receive a confirmation message the next morning after your application has been received.
The application will be open until 15.12.2024. We wish you the best of luck!
​Senior New Business Trade Credit Underwriter – Strategic & Multinational​
Location: London
​​Join us as a Senior New Business Underwriter to grow your career at the forefront of Trade Credit insurance.
At AIG, we are reimagining the way we help customers to manage risk. Join us as a Senior Underwriter focusing on strategic and multinational accounts to play your part in that transformation. It’s an opportunity to grow your skills and experience as a valued member of the team.
Make your mark in Trade Credit
Within the UK Strategic & Multinational team we are typically targeting the world’s largest companies to help them with their credit exposures. Expect to work with the world’s biggest and most successful names on global insurance programs.
We now have an opportunity for a Senior New Business Underwriter to join our UK Strategic and Multinational Trade Credit team. The successful candidate will be responsible for developing a pipeline of new business with strategic broking partners. The individual will hold a ‘dual pen’ authority – with the successful candidate taking responsibility for setting credit limits and agreeing commercial terms on enquiries received from the market. Products offered include excess of loss (XOL), Single Risk and Top Up policies.
A key part of the role will be working with a strategic broker allocation to communicate AIG’s strengths, quote cases and grow our business. AIG believes in a partnership approach with its brokers to identify and win opportunities. This role represents an opportunity to work with some of the largest multinational companies in the world and find credit insurance solutions that meet their needs.
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How you will create an impact
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The successful candidate will become a key driver of the Trade Credit’s new business efforts in the Strategic & Multinational space. The role will include the following:
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Underwriting new business submissions, prepare commercial terms and pitch to prospective new clients.
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Develop and maintain strong relationships with key broking partners.
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Preparing strategic action plans to identify and win new strategic clients in the Excess of Loss, Top Up, Selected Portfolio and Single Buyer product lines.
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Drive the commercial strategy of the Strategic & Multinational team in collaboration with the team.
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Hold a ‘dual-pen’ authority – having a delegated authority to quote both commercial terms and buyer credit limits.
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Underwriting to an agreed acceptable loss ratio.
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Participate in the AIG Global Solutions team supporting the establishment of the Trade Credit Multinational AGS brans as a leading XOL market and multinational program Underwriter.
The UK Trade Credit team is on a mission of continuous improvement of our teams, processes and service offered to clients. Expect to work on a personal development pathway to improve your skillset.
What you’ll need to succeed
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A good understanding of financial assessment including ability to understand profit and loss, balance sheet and cash flow analysis.
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Proven business acumen and successful commercial career experiences with multinational programs, MN companies and global brokers.
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Good understanding of Trade Credit, wordings, processes and documentation.
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Good communicator with presentation, communication and negotiation skills.
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Ability to perform data analytics including competence in mathematics and Microsoft Excel.
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Enjoys being part of a team and has strong team ethics.
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Analytical and problem solving skills.
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A good understanding of Commerce.
Ready to take your career to the next level? We would love to hear from you.
Enjoy benefits that take care of what matters
At AIG, our people are our greatest asset. We know how important it is to protect and invest in what’s most important to you. That is why we created our Total Rewards Program, a comprehensive benefits package that extends beyond time spent at work to offer benefits focused on your health, wellbeing and financial security—as well as your professional development—to bring peace of mind to you and your family.
Reimagining insurance to make a bigger difference to the world
American International Group, Inc. (AIG) is a global leader in commercial and personal insurance solutions; we are one of the world’s most far-reaching property casualty networks. It is an exciting time to join us — across our operations, we are thinking in new and innovative ways to deliver ever-better solutions to our customers. At AIG, you can go further to support individuals, businesses, and communities, helping them to manage risk, respond to times of uncertainty and discover new potential. We invest in our largest asset, our people, through continuous learning and development, in a culture that celebrates everyone for who they are and what they want to become.
Welcome to a culture of belonging
We’re committed to creating a culture that truly respects and celebrates each other’s talents, backgrounds, cultures, opinions and goals. We foster a culture of inclusion and belonging through our flexible work arrangements, diversity and inclusion learning, cultural awareness activities and Employee Resource Groups (ERGs). With global chapters, ERGs are a cornerstone for our culture of inclusion. The diversity of our people is one of AIG’s greatest assets, and we are honored that our drive for positive change has been recognized by numerous recent awards and accreditations.
AIG provides equal opportunity to all qualified individuals regardless of race, color, religion, age, gender, gender expression, national origin, veteran status, disability or any other legally protected categories.
AIG is committed to working with and providing reasonable accommodations to job applicants and employees with disabilities. If you believe you need a reasonable accommodation, please send an email to candidatecare@aig.com.
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To Apply: Please email your CV and covering letter to Wesley Bates, Talent Aquisition Manager, UK at wesley.bates@aig.com.
Industry Events
​​​​GTR MENA, 18-19 February, 2025. Dubai.
Having celebrated the largest ever edition of GTR MENA in 2024, welcoming a record-breaking 1,136 attendees, GTR is excited to return to Dubai on February 18-19, 2025, bigger, better and ready to host the region’s leading content and networking platform for the global trade, export, commodity and supply chain finance community.
The annual two-day conference will provide high value networking opportunities, enabling delegates to catch up with industry friends, forge new business connections and meet with highly esteemed exhibitors from leading trade service providers across the Middle East and North Africa. Over 90 industry experts will explore the latest trends and developments, highlighting both challenges and opportunities whilst offering future projections of the market. The GTR team looks forward to welcoming you there!
2025 key discussion themes:
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The changing nature of global shipping
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Seizing the African opportunity
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Delivering trade growth: Do banks need to less cautious?
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Diversification, state support and ‘flight to quality’: The commodity financing melting pot
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Milestones reached but challenges ahead: How can digital reach the parts others can’t?
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Is supply chain finance on a downward curve?
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2025 event features:
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45+ exhibitors
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5+ hours of networking opportunities with key stakeholders in the industry
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Unparalleled expertise from 90+ speakers
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Exceptional content on topics and regions covered
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Enhanced networking with opportunities to schedule meetings and swap business cards
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Invitation to the evening networking reception
Discounts and promotions
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!0% Early booking discount – January 17, 2025
Early booking discount available for new registrations only and not in conjunction with additional discounts. 10% is automatically processed during online checkout or with a GTR team member. -
Young Professionals Pass – Limited free tickets available
To qualify, you must be under 25 years old, with less than three years of experience in the trade finance industry. Limited to 2 events per year.
10 passes are available for this event for those who work within the industry, limited to 2 passes per institution, and cannot be combined with other promotions. Two passes are available for this event to those studying a relevant educational/University course. Confirm your eligibility by contacting ypp@gtreview.com with your work email address, LinkedIn profile, and age.
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For more information about this event, go to https://www.gtreview.com/events/mena/gtr-mena-2025-dubai.
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GTR Africa, 13-14 March 2025. Cape Town.
GTR Africa has solidified its position as the premier event for the African trade and trade finance community. Returning to Cape Town on March 13-14, 2025, this flagship event will deliver essential insights spanning trade, supply chain, infrastructure, working capital, export and commodity financing markets. Supported by prominent players representing the entire trade finance ecosystem, the conference will feature over 60 speakers sharing unparalleled expertise over two impactful days. Anticipating the participation of more than 550 delegates from over 250 companies, GTR Africa 2025 offers a prime opportunity to engage with key figures in African trade. Don’t miss your chance to reconnect with familiar faces and establish vital new connections in the market during this unrivalled conference.
Event features:
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30+ exhibitors
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8+ hours of networking opportunities with key stakeholders in the industry
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Unparalleled expertise from 60+ speakers
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Exceptional content on topics and regions covered
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Enhanced networking with event app, meetings zones and digital business cards
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Invitation to the evening networking reception
Don’t miss your chance to join the unrivalled opportunity to catch up with old friends and build those crucial new market connections at what is set to be an excellent conference.
We look forward to seeing you there!
Discounts and promotions
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10% Early Booking discount – Available until February 7, 2025
Early booking discount available for new registrations only and not in conjunction with additional discounts. 10% is automatically processed during online checkout or with a GTR team member. -
Young Professionals Pass – Limited free tickets available
To qualify, you must be under 25 years old, with less than three years of experience in the trade finance industry. Limited to 2 events per year.
10 passes are available for this event for those who work within the industry, limited to 2 passes per institution, and cannot be combined with other promotions. Two passes are available for this event to those studying a relevant educational/University course. Confirm your eligibility by contacting ypp@gtreview.com with your work email address, LinkedIn profile, and age.
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For more information about this event, go to https://www.gtreview.com/events/africa/gtr-africa-2025-cape-town.
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About this month's Sponsor: Markel
We Are Markel
We’re a leading global specialty insurer with a truly people-first approach.
As part of Markel Group, we’ve been insuring the usual and the unusual for more than 90 years. It means
we have a deep understanding of risk and the financial strength to stay by your side long into the future:
Markel Group was listed at number 262 in the 2024 Fortune 500 and has $55b in total assets as of Dec.
31, 2023.
With more than 5,000 employees across the globe, finding creative solutions for complex risks is our
passion. And our broad array of tools and knowledge allows us to create tailored coverage solutions for
even the most complex needs.
Markel International is a division of the Markel Group. Looking after the commercial insurance needs of
major businesses, SMEs, professionals and sole traders, Markel International has offices in 17 countries,
across the UK, Europe, Canada, Latin America and Asia Pacific.
Markel’s International Wholesale division is made up of three product divisions – Professional Financial
Risks (PFR) and Cyber, Marine and Energy, and Speciality – and serves London, Asia Pacific and
Lloyd’s Syndicate markets. We have our own trusted Lloyd’s syndicate but can also underwrite risks
through our other Markel companies, depending on where you are in the world. We have underwriting
and claims specialists in London and across Asia Pacific, with teams working in Singapore, Hong Kong,
Kuala Lumpur, Mumbai, Shanghai, Dubai, Melbourne, Sydney and Brisbane.
Our broad array of capabilities and expertise allows us to create intelligent solutions for the most complex
risks. However, it’s our people – and the deep, valued relationships they develop with colleagues,
brokers and clients – that differentiates us worldwide.