​Welcome to the November 2024 issue of Credit Insurance News Digest. Our sponsor this month is Bondaval.
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Index
About this month's sponsor: Bondaval
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Credit Insurance News​
The largest trade credit insurers' growth is slowing. Aon's H2 2024 Market Insights Report highlights that the largest trade credit insurance carriers maintained strong operating performance in the first half of the year, driven by healthy business retention, new business growth, and claims that were lower than expected and remained below historical averages. However, the report signals a shift, with revenue growth for major trade credit insurers slowing. This slowdown is attributed to reduced client activity and softer premium rates on H1 2024 renewals, which were influenced by heightened competition for both new and renewal businesses – resulting in an overall decrease in premium rates of about 1% to 3%. While Aon expects these trends to persist in the near term, barring any unforeseen events, the report notes that the outlook will largely depend on the risk profiles and claims experience of the insured. To download Aon's report, go to https://www.aon.com/en/insights/reports/h2-2024-market-insights-report.
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The post-pandemic expansion of short term credit slowed to just 1% in the first half of 2024. Latest data from the Berne Union (BU) indicates that although BU members saw a total of US$ 2.46 trillion in new commitments in the first half of 2024 (due to a consolidation of a new growth phase for export credit as well as continued diversification across a growing array of trade support products), growth in short term trade slowed. Despite recording growth for a sixth consecutive period, the post-pandemic expansion of short term credit slowed to just 1%, with a relative decline in commitments to Europe and North America. In tandem, short term claims increased over 30% to US$ 1.7 billion, exceeding the pre-pandemic average. To read the BU's news release, with a link to the full report, go to https://www.berneunion.org/Articles/Details/912/Press-Release-Election-of-new-BU-President-at-AGM-in-Hamburg-as-data-for-the-fir.
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Trade credit insurers continue to report high levels of risk acceptance. Aon's H2 2024 Market Insights Report notes that, during H1 2024, the largest trade insurance carriers' appetite and capacity (Total Potential Exposure) grew by almost 4% against the 2023 year-end position and remained at an all-time high. Aon also notes that the carriers continued to report high risk acceptance levels of approximately 75+% and remained broadly very supportive – albeit with "their usual selectivity on more difficult trade sectors and high-demand obligor names." Furthermore, global credit limit approval rates rose by two percentage points to 78% in September 2024, with gains seen even in lower-risk-acceptance sectors like construction. To download Aon's report, go to https://www.aon.com/en/insights/reports/h2-2024-market-insights-report.
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​Basel III could lessen credit insurance demand from banks. Insurance Insider has reported that its sources are warning that the European Banking Authority's recent report on the implementation of the Basel III framework could result in a drop in demand for credit insurance and alter the risk landscape of portfolios for at least eighteen months. Sources told Insurance Insider that, as a result, trade credit insurers will likely need to adapt their business mix, client base and types of deals underwritten to stay relevant. Some sources also noted that while demand may not necessarily decrease overall, the quality of the credit risk being brought to insurers may worsen. To read Insurance Insider's article, go to https://www.insuranceinsider.com/article/2dyk3jmsq31r90tiqvbwh/basel-iii-could-lessen-credit-insurance-demand-from-banks (subscription may be required).
The European Banking Authority's report is available at https://www.eba.europa.eu/publications-and-media/press-releases/eba-responds-european-commission-eligibility-and-use-credit-insurance.​​​
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Podcast. The US markets' potential for the trade credit insurance industry. Trade Finance Global (TFG)'s Deepesh Patel recently interviewed James Daly, CEO of Allianz Trade in North America, to learn more about the challenges and opportunities for the trade credit insurance industry in the US – historically one of the least penetrated markets. In markets like Europe, the penetration rate of trade credit insurance instruments is around 15%, whereas in the US it is 2-3%. Various factors contribute to this, including a general lack of awareness of the product and businesses perceiving it as an unnecessary expense. While James notes that it is clear that significant work remains to shift perceptions and introduce the benefits of trade credit insurance, given the scale of its economy and the sheer number of businesses that could benefit from trade credit insurance, the significant upside of the US market potential is evident. To listen to the podcast, go to https://www.tradefinanceglobal.com/posts/podcast-s2-e21-csuite-speaks-how-trade-credit-insurance-adapting-us-market-anticipation/.
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Podcast. Navigating trade credit insurance claim denials: Causes and prevention strategies. WTW has produced a podcast in which its trade credit specialist broker, Scott Pales is joined by Pieter Van Ede, Global Head of WTW's trade credit line of business, to discuss common reasons for claim declinations in trade credit insurance. Pieter notes that, statistically, their research suggests that the untimely notification element of a past due account is one of the key potential reasons for an insurer to decline a claim, and stresses how vital proper communication, policy understanding, and diligent management through onboarding is to ensure that clients understand their responsibility. He also shares practical advice on how insured clients can minimise loss and maximise their policy coverage. To listen to the podcast or read the full transcript of the conversation, go to https://www.wtwco.com/en-gb/insights/2024/10/navigating-claim-denials-causes-and-prevention-strategies.
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​​Economic slowdowns may reduce risk appetite but often spark awareness around credit insurance needs. In Intelligent Insurer, Kathleen Koh of Peark Re advises that the Asia-Pacific credit and surety market has untapped potential. Reflecting on the past two economic cycles, she advised that the pandemic tested trade credit insurance and surety resilience, but noted that "credit and surety performed extremely well during COVID-19, even better than in pre-pandemic times." She also suggested that, while economic slowdowns may reduce risk appetite, they often spark awareness around credit insurance needs. "Sometimes crises create opportunities. They remind companies of the importance of protecting trade receivables. As re/insurers, we stay focused, preparing for worst-case scenarios to minimise or even mitigate unexpected claims." To read Intelligent Insurer's article, go to https://www.intelligentinsurer.com/sirc-today-2024/partner-not-provider-key-to-credit-and-surety-success-koh.
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Launching a new credit insurance venture in the Middle East and Africa. In a recent article, Emmanuel Pezé, Vice President of Insurance Sales for Tinubu in the Middle East and Africa, highlighted the region’s growing trade credit insurance market, noting the emergence of new insurers and increasing interest from others. He stressed that understanding the market's diverse needs is key to success, citing the Etihad Credit Agency (ECI), launched in 2018 by the UAE government, as an example of how a tech-driven approach can ensure a successful entry. Pezé also discussed the choice between building or buying a core operating model, which impacts scalability. A 'build' model allows for more customization but requires more time and resources, while a 'buy' model offers an immediate, fully integrated solution with faster scalability. For example, by using Tinubu’s ready-to-use system, ECI was able to begin operations in under 12 months. Download Tinubu's white paper: Launching a new credit insurance venture.
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Data suggests that insolvencies are returning to pre-pandemic norms "rather than surging uncontrollably". Aon's H2 2024 Market Insights Report suggests that business insolvencies are normalising after several years of historically low levels following the COVID-19 crisis. In 2023, the Allianz Trade global insolvency index recorded a +7% year-on-year increase – a notable rise from the 1% increase observed in 2022; Allianz Trade forecasts that global insolvencies will further accelerate, with an expected +10% year-on-year increase in 2024 before a potential stabilisation in 2025. Despite these recent increases, the global insolvency index for 2023 remains relatively close to the historical average. However, the pace of recovery and the severity of insolvencies show significant regional disparities, with sharp increases in insolvencies across Western Europe and the Americas. To download Aon's report, go to https://www.aon.com/en/insights/reports/h2-2024-market-insights-report.
Key strategies for success in the trade credit insurance industry. Trade Finance Global (TFG) recently partnered with Tinubu to host a webinar, "Launching a New Credit Insurance Venture." The panel (hosted by Deepesh Patel, Editorial Director at TFG) included Marc Meyer, SVP Subject Matter Expert at Tinubu, Tobias Povel, Head of Credit, Surety & Political Risks at SCOR P&C EMEA, Stuart Lawson, Global Head at Aon Credit Solutions, and Carmine Mandola, Former CEO, CrediArc & Coface, explored strategic, operational, and market-related considerations for starting and running a credit insurance venture, with a focus on the latest industry trends, challenges, and opportunities. The panel noted that the credit insurance market is predicted to grow 7% annually between 2024-2032, and stressed that the industry has very good untapped potential – particularly in the emerging and developing markets and SMEs. To download the webinar, go to https://www.tinubu.com/webinar-relay-launching-a-new-credit-insurance-venture.​​​​​​​​
​​​Coface Q2 2024 Barometer: An overview from Coface's UK economist, Jonathan Steenberg. Coface's economist, Jonathan Steenberg, has published an article explaining why there were no changes to sector and country assessments for the UK and Ireland despite the positive and negative forces at work in both countries. For the UK, Jonathan notes that while the UK economy is on a recovery path (UK growth of 0.9% in 2024 (revised up from 0.6%) and 1.4% in 2025 (revised up from 1.1%)) with positive trends in inflation and wages, significant risks, such as domestic uncertainty, rising energy prices and potential trade policy changes under a more protectionist US administration, remain. While Ireland is set to benefit from lower global interest rates, increasing multinational activity, and robust government support for domestic growth, insolvencies, mostly among small businesses, are growing fast and are expected to reach a seven-year high. To read Coface's article, go to https://www.coface.uk/news-economy-and-insights/coface-q2-2024-barometer-an-overview-from-our-uk-economist-jonathan-steenberg.
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Asia expects insolvencies to rise as China's economy slows. Atradius' latest Payment Practices Barometer has reported that a rising level of insolvency risk has emerged as a major concern looking ahead for half of companies across Asia, with widespread worries it could negatively impact B2B trade on credit. India, Indonesia, Japan and Singapore are the markets most preoccupied about future insolvency risk, but worry right across Asia reflects the view outlined by Atradius economists in the latest Insolvency Outlook report, which forecasts an increase in insolvencies across Asia in 2024. Anxiety is also compounded by an already challenging credit risk environment, with late payments affecting an average of 46% of B2B credit sales and bad debts at 4% of B2B sales invoices issued by Asian companies. To read Atradius' news release, go to https://group.atradius.com/press/press-releases/asia-expects-insolvency-rise-as-china-economy-slows.html.
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China’s economic troubles ripple worldwide. Atradius has published an article that warns that as the Chinese economy continues to falter, the spillover is expected to impact exposed economies around the world. Although no country is entirely immune from the effects of China's economic woes, Asia-Pacific economies occupy the top positions in the league table of risk. In terms of trade, regional neighbours like Taiwan, Singapore, Australia, Malaysia, Vietnam and South Korea are highly exposed. Modelling by Oxford Economics suggests that, in the worst-case scenario, the GDP of countries with deep trade links to China would suffer a 1% fall by 2026. Atradius' own research forecasts a 23% increase in insolvencies in the Asia-Pacific region in 2024, primarily driven by China’s growth slowdown. To read Atradius' news release, go to https://group.atradius.com/knowledge-and-research/news/china%E2%80%99s-economic-troubles-ripple-worldwide.
Allianz Trade anticipates a sharp rise in global business insolvencies for 2024. When Allianz Trade released its first global insolvency forecasts in February, the company was already expecting a strong increase in 2024 (+9%) followed by a stabilisation in 2025. However, recent developments have led to an even grimmer picture, with a +11% rise now forecast for this year, followed by a peak in 2025. Business insolvencies will not stabilise until 2026; even then, they will remain high. In the US, Allianz Trade expects insolvencies to rise by +12% in 2025 before falling by -4% in 2026. In Germany, they will increase by +4% before dropping by -4% in 2026. In France and the UK, they will slightly moderate from very high levels (-6% in 2025 for both vs -3% and -4% in 2026, respectively), while in Italy, they will continue to rise (+4% and +3% respectively). Overall, more than half of the global GDP will be hit by double-digit increases. To read Allianz Trade's news release, go to https://www.allianz-trade.com/en_global/news-insights/news/insolvency-report-2024.html.
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Global growth should stabilise in 2025. Coface's latest Barometer suggests the global economic recovery presents a mixed picture. While the US economy looks set for a soft landing, the eurozone continues to face many uncertainties, particularly in the industrial sector. China, meanwhile, is struggling to sustain its growth. However, weaker contributions from the world's three main economic centres should be offset by the acceleration in many emerging economies on the back of less restrictive financing conditions. Excluding China, emerging economies will account for 40% of global growth in 2025, i.e., the highest level since 2012 when the Euro area suffered a sharp recession (-0.9%) at the height of the sovereign debt crisis. In this context, Coface has adjusted its ratings for five countries and seventeen sectors, reflecting a scenario of stabilised global growth in 2025, albeit below potential. To read Coface's news release, go to https://www.coface.uk/news-economy-and-insights/from-monetary-pivot-to-fiscal-turnaround-coface-barometer.
Construction bankruptcies look set to peak in 2025. A new report from Allianz Trade suggests that construction bankruptcies are showing sharp increases across the eurozone this year, but the peak has not yet been reached and will follow next year. The latest figures show an increase in insolvencies (compared to a year ago) of +20% in Germany, +21% in Belgium, +31% in France, +35% in Italy and Sweden. In the first half of the year, thirty companies with sales greater than €50 million went bankrupt, particularly in Europe and Asia. According to Johan Geeroms, Allianz Trade's Director of Risk Underwriting Benelux, construction is in the top three sectors most affected by major insolvencies, and large construction groups are most vulnerable. To read Allianz Trade's news release, with a link to the report, go to https://www.allianz-trade.com/en_BE/news/latest-news/construction-bankruptcies-peak-in-2025.html.​​
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The latest Coface survey on payment behaviour in Latin America reveals tighter credit conditions and a significant rise in late payments. Mexico has the shortest credit terms on average (46 days), while Brazil has the longest (60 days). The timber sector imposes the shortest credit terms (36 days), while the chemicals, pharmaceuticals and construction sectors often exceed 90 days. In 2024, 51% of companies surveyed said they had experienced late payment, with more than half of companies in Brazil and Columbia reporting delays, a situation also observed in several key sectors such as construction, energy and information technology. The average duration of late payments has also risen considerably, from 36 days in 2023 to 52 days in 2024. This rise is particularly marked in Ecuador, Colombia, and Peru, while Ecuador (average of 64 days) has the longest delays. To read Coface's news release, go to https://www.coface.uk/news-economy-and-insights/more-restrictive-credit-terms-and-much-longer-payment-delays-in-latin-america.
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Five minutes with Coface's Sam Ashdown. Sam Ashdown, Risk Underwriting Manager at Coface UK & Ireland, recently took part in a Q&A where he discussed the evolving landscape of risk management and the specific challenges facing light industry sectors in the UK today. He notes that there were about 5.5 million privately owned businesses in the UK in 2023, about 50-55% falling into the light industries and services category. While the biggest risks are universal, like interest rates and inflation, the degree of price fluctuation sets light industry sectors apart and how quickly businesses are exposed to rising input costs outside their control. He suggests that the main thing underwriters want to see is how a business manages its cash.
Beyond that, there's a growing need for better business information, especially for exporters. To read the Q&A, go to https://www.coface.uk/news-economy-and-insights/five-minutes-with-sam-ashdown-risk-underwriting-manager-for-light-industry-and-services.
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The Berne Union and Finance in Common launch a joint initiative to promote closer collaboration between export credit and development finance. The Berne Union (BU) and Finance in Common (FiCS) have announced their intention to expand their current cooperation. The BU notes that there are significant financing gaps for sustainable development, and the goal of the joint initiative is to close these gaps by promoting improved understanding, coordination and collaboration among all public and private institutions involved in cross-border finance for trade and economic development, represented by the BU and FiCS membership. For more information, read the BU's news release at https://www.berneunion.org/Articles/Details/911/The-Berne-Union-and-Finance-in-Common-launch-joint-initiative-to-promote-closer-c.
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Allianz Trade fuels low-carbon projects with green bond support. Insurance Business has reported that Allianz Trade has launched Surety Green2Green, a surety solution to support low-carbon technology and renewable energy projects. The product enables clients to secure project completion through surety bonds and guarantees while directing collected premiums toward certified green bond investments. This dual approach seeks to create a funding loop that actively invests in sustainable projects. Soenke Schottmayer, Head of Commercial – Global Surety at Allianz Trade, highlighted the project's straightforward process. To read Insurance Business' article, go to https://www.insurancebusinessmag.com/us/news/environmental/allianz-trade-fuels-lowcarbon-projects-with-green-bond-support-511980.aspx.
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Guide to Islamic Trade Credit Insurance. Rony G Azar, Country Manager at the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), has released a new book, "Guide to Islamic Trade Credit Insurance," available on Amazon. The guide explores the principles of trade credit insurance within Islamic finance, offering insights for businesses looking to navigate the complexities of risk management in a compliant manner. To purchase a copy for kindle, go to https://www.amazon.com/dp/B0DKTV1Q4G.
Debt Collection Handbook UK 2024. Atradius Collections has published its International Debt Collection Handbook. The UK handbook explains the different regulations and procedures for debt collections in the UK, presents a snapshot of the UK's economic situation and covers the following topics: Debt collection costs, Prescription, Payment methods, Types of companies, Retention of title, Safeguard measures, Legal procedures & legal system, Enforcement in debt, movable and immovable property, Insolvency proceedings. To download a copy, go to https://atradiuscollections.com/uk/publications/international-debt-collections-handbook.html.
Country-specific copies are also available for twenty-three other countries, including the US, Germany and France.
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Company Watch secures a place on G-Cloud 14. Company Watch has been awarded a place on the G-Cloud 14 framework – a digital marketplace that provides public sector organisations with access to a wide range of cloud-based services. By being included in this framework, Company Watch can offer its expertise and solutions to a broader range of public sector clients, helping them identify and mitigate supplier risk, optimise procurement processes, and strengthen their supply chains. To read the full press release, go to: https://blog.companywatch.net/resources/company-watch-awarded-g-cloud-14-framework?utm_source=Credit+Management+News&utm_medium=Announcement&utm_campaign=G-Cloud+14
​Congratulations.
Atradius has redesigned its group website with a new design that aims to provide intuitive navigation and a new highly interactive Risk Map. Brand new local market websites are coming soon.
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Atradius Ireland's Collections team has been shortlisted for 'Specialist Collections Team of the Year' award at the seventh annual Irish Credit Awards 2024.
Tech City Labs won awards in two categories at the Credit Connect Awards: Innovation in Credit and Machine Learning in Credit.
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Company Watch has been shortlisted for two awards (Supplier of the Year Award and Risk Management Achievement Award) at the 2025 Chartered Institute of Credit Management (CICM) British Credit Awards, to be held in February 2025.
STA International has been shortlisted for the Debt Collection Agency Award at the 2025 Chartered Institute of Credit Management (CICM) British Credit Awards, to be held in February 2025.
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Atradius has been shortlisted for two awards (the Global Credit Award and the Technology Development Award) at the 2025 Chartered Institute of Credit Management (CICM) British Credit Awards, to be held in February 2025.
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At the 10th Hong Kong Insurance Awards, SCOR P&C won the Most Innovative Product/Service Award - General Insurance for its data-driven underwriting engine, SCOR Smart Credit.
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New Appointments
Allianz Trade North America has promoted Ned Frey to Regional Vice President – Central. Ned has been with Allianz Trade for fifteen years and was previously Sales Vice President. He is based in Charlotte, North Carolina.
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​Berne Union members have elected Yuichiro Akita (Nexi) as President for 2024-2026, along with Vice President Rafael Docavo-Malvezzi (AXA XL), ST Committee Chair, Jean-Paul Steenbeke (Credendo) and Vice Chair, ZHAO Zheng (Sinosure) and MLT Committee Chair Jim Thomas (Everest) and Vice Chair Jørn Fredsgaard Sørensen (EIFO).
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BPL has appointed Catherine Aubert as a Director. Catherine brings nearly thirty years of experience to the firm, having spent the past twenty-five years as Managing Director and Global Head of Credit Insurance Distribution of Societe Generale Corporate and Investment Banking. Catherine is based in France.
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Coface has announced the addition of five joiners to its team in the Nordic region
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George King has been appointed Sales Manager, Credit Insurance Norway.
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Filip Sporrong joins Coface as Sales Manager, Credit Insurance Sweden.
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Klaus Bælum Kristensen has been appointed Commercial Underwriter Nordics.
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Johan Ibrahim joins Coface as Sales Manager, Business Information Sweden.
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Jesper Hillersborg has been appointed Sales Manager, Debt Collection Nordics.
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Coface UK & Ireland has made three new appointments:
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Tom Bancroft becomes Coface's Head of Marketing, UK & Ireland. Tom has been with Coface since November 2021, and was formerly employed as Marketing Manager, UK & Ireland. He is based in London.
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Charlotte Robinson joins Coface in London as a Risk Underwriter. Charlotte joins Coface after nearly eight years as a Client Manager at Aon Credit Solutions.
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Gina Delo has been promoted to Coface's Head of Broker Relations – Business Information Sales. Gina previously worked as a Business Development Manager.
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Coface New Zealand has expanded its risk underwriting team by appointing Seif Nasser as Senior Risk Underwriter. Seif joins Coface from Allianz Trade in Asia Pacific, where he was a Senior Risk Manager.
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Nexus Trade Credit has promoted Samuel Fattahzadeh to Head of Europe. Samuel was previously Head of Germany and is based in Hamburg.
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One Source Risk Management has appointed Brett Bronstein as its Vice President. Brett joins from Allianz Trade in North America, where he had worked for nearly fifteen years as Sales Vice President. Brett is based in Austin, Texas.
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PIB Insurance Brokers has appointed Luke Giddings as its new Managing Director. Luke joins PIB after spending just over four years with Coface, where he was most recently employed as Head of Coface Global Solutions Sales, UK & Ireland. Luke has also worked for both Atradius and Xenia. Luke is based in London.
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Tokio Marine HCC has made several promotions within its Customer Relations Team
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Mark Ledger has been promoted to Commercial Underwriter and will be responsible for a renewal portfolio in the Midlands area. Mark has been with the business for almost fifteen years and has been underwriting a portfolio of SME clients for the last four years.
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Millie Sibson has been promoted to SME Commercial Underwriter. Millie has been with the business for ten years, eight of which have been spent in the Trade Credit team. In addition to supporting Tokio Marine HCC's team of Commercial Underwriters, Millie will also have responsibility for her own portfolio of SME clients.
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Robbie Jennings has been promoted to SME Commercial Underwriter. Robbie has been with the business for almost five years. In addition to supporting Tokio Marine HCC's team of Commercial Underwriters, Robbie will also have responsibility for his own portfolio of SME clients.
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WTW in North America has appointed Reilly Jordan as Director – Trade Credit. Reilly is based in Baltimore and joins WTW after spending nearly nine years with Allianz Trade in North America in various roles, most recently as Senior Underwriter, XoL.​​​​​
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Xenia Broking has appointed Richard Welbourne as a Business Development Specialist. Richard joins Xenia from Gallagher, where he was a Business Development Manager. He has also worked with Avenue Insurance Partners and The Channel Partnership.
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Job Vacancies
Vacancy of the Month:
Risk Underwriter, Credit Insurance
London
Reporting directly to the UK Country Manager of Credendo (Short-Term Non-EU Risk) in London and also to the Team Leader in Brussels. You will work closely with the account managers in the London branch and your colleagues at HQ in Brussels (and other branches).
As a Risk Underwriter, your duties will include:
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Gathering and analysing all relevant information for the assessment of short-term credit risks.
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Making decisions on acceptance of credit risk within individual delegated authority or submitting proposals to Credit & Executive Committees.
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Being the contact person for existing / potential clients / brokers and advising them on the decision making process & respond to their specific questions & queries.
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Following up of decisions and monitoring of credit risk within the portfolio.
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Consult and monitor changes in macro and micro-economic conditions of countries & regions where clients of Credendo - Short-Term Non-EU Risk are active.
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Ensuring that procedures, KPI’s and all ancillary information are maintained within the portfolio and kept up to date.
Profile
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Preferably a graduate with 2 years relevant working experience.
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Excellent knowledge of English. An additional language would be an advantage.
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Competent IT skills.
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Clients oriented and have a commercial mind-set.
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Excellent analytical skills and enjoy working with figures.
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Great negotiation skills and be able to present your analyses and ideas both orally and in writing.
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Dynamic and result-oriented; you take the initiative and have a sense of responsibility.
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Be well-organised, accurate and able to work within deadlines.
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Enthusiastic and have a broad interest in international economics and finance.
Our offer
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Being part of a dynamic, high achieving London team.
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A challenging career in a multilingual and international environment.
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Continuous learning opportunities to develop your talent.
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An attractive salary supplemented by excellent fringe benefits.
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The role is based in the City of London.
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To Apply: Please email your CV and a covering letter to Feargal Tierney at f.tierney@credendo.com
​Senior Underwriter - Trade Credit (New Business).
Manchester based (hybrid working)
We currently have an exciting opportunity for a Senior Underwriter to join our growing Trade Credit Team.
We’re looking for an individual who understands and is experienced in new business / commercial underwriting within the trade credit space.
This is an exciting opportunity for an underwriting professional looking to further their career as we will provide the necessary support and guidance for you to excel in your role.
Your New Role:
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Review and quote on trade credit new business submissions in accordance with the business plan and the agreed risk appetite.
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Support the development of the annual business plan for the portfolio and ensure delivery of the plan via sales targets, both individually and as a team.
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Establish strong relationships with both internal and external stakeholders, including customers, brokers, business partners and colleagues, to maximize influence and achieve business objectives.
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Act as a technical underwriting expert to support and enhance new business opportunities.
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Positively promote the department, division, and company as a whole, in order to maximize brand leverage.
About You:
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Proven experience within, and understanding of, the Credit Insurance market, specifically the Trade Credit Insurance product with focus on whole of turnover.
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New business sales / Commercial underwriting experience
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An interest in and previous exposure to different types of trade credit products including Whole of turnover, Single/Selective risk, Excess of Loss, top up and finance led policies
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Strong relationships building skills, with the ability to prospect, present and pitch to brokers Strong internal and external communication skills, experienced in leading negotiations and undertaking presentations to individuals and groups.
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Proven ability to work under pressure in an organised fashion with pipeline management capabilities clearly demonstratable
Why QBE? At My Best
At QBE, we want our people to feel rewarded and inspired to perform at their best, that’s why we have created “At My Best”. It’s our connection, our way of showing we have your back. We understand that one size doesn’t fit all and that priorities can change depending on your life stage. That is why our blend of wellbeing initiatives and benefits offer flexibility to suit what matters most to you. It’s in the culture of our business, our QBE DNA, to support our people. Everything we do is underpinned by our QBE DNA.  
We’re an international insurer that’s building momentum towards realising our vision of becoming the most consistent and innovative risk partner. We can never really predict what’s around the corner, but at QBE we’re asking the right questions to enable a more resilient future – helping those around us build strength and embrace change to their advantage.  
QBE aims to build a workplace that is fair and inclusive because we want to attract and retain the best people to do the job, we have adopted flexible working across the company and welcome this conversation (https://qbeeurope.com/careers/flex-qbe/). 
With more than more than 13,000 people working across 27 countries, we’re big enough to make a real impact, but small enough to provide a friendly workplace, where people are down-to-earth, passionate, and kind.  
To find out more about why you should work for QBE, visit our careers website. 
At My Best - QBE Benefits  
You are more than your work – and QBE is more than a workplace, which is why we provide you with the benefits, support and flexibility to help you concentrate on living your best life personally and professionally.  As well as the benefits below we also offer an extensive choice of other options to suit you!  
30 days holiday a year with the option to buy up to 2 additional days. 
Flexible working - balancing work and life is important so our flexible working opportunities are open to all, this can include part-time, job share and compressed hours. 
Pension – you are automatically enrolled into the QBE pension plan, which entitles you to receive employer contributions of 10% of your basic salary. 
Private medical insurance – we fund fully comprehensive private medical cover for you and all the family.  
Family friendly policies – we offer 26 weeks leave at full pay regardless of gender identity, sexual orientation or how you become a parent. 
Short term remote work abroad - you can request up to 20 days per year to work remotely from certain locations abroad. 
Sustainable investing - we believe sustainable integration is important for long term financial, environmental, and social outcomes. Our pension strategy supports our net-zero goal to achieve year-on-year reductions in carbon footprint, by investing more in green businesses than the broader market, so your savings are looking after the planet's future, as well as your own. 
Cycle-to-Work – benefit from regular exercise whilst making your commute greener and cheaper, select and bike and/or accessories up to the value of £5,000. 
To find out more visit our  Reward Page. 
QBE Awards  
Some of the award’s QBE are proud to have won, been a finalist for, and shortlisted for include;  
AXCO Global Insurance Awards 2024 Winner: Network Management of the Year 
Insurance Business UK 5-Star Cyber Awards 2024: QBE rated as a 5-Star Cyber Insurer 
UK IT Industry Awards 2023 Winner: Green Technology Innovation of the Year 
Working Dads Employer Awards 2023 Winner: Parental Policies Award 
Insurance Post British Insurance Awards 2023: QBE rated as a 5-Star Employee
You can view all our awards here 
Inclusion of Diversity 
We are striving to create a workplace culture where all our people feel included, and we are committed to building a diverse workforce that is reflective of the communities we operate in.  We are proud to have partnerships with organisations such as Stonewall and Working Families, and our commitment to the Women in Finance Charter, the UN Women’s Empowerment Principles and Race at Work charter helps keep us accountable and transparent. For more information on our strategy targets please take a look at our Careers Page 
Accessibility  
Here at QBE, we are promoting an accessible workplace for all, which includes supporting candidates to perform at their best during their recruitment process. If you require any accommodations, please make your Talent Acquisition contact aware. 
ESG & Sustainability 
At QBE, we believe that integrating sustainability into our business helps us deliver on our purpose of enabling a more resilient future.  Our three key focus areas include fostering an orderly and inclusive transition to a net-zero economy, enabling a sustainable and resilient workforce, and partnering for growth through innovative, sustainable, and impactful solutions. For further information regarding QBE’s sustainability targets, including our net-zero pledges and inclusion of diversity targets, and our award-winning impact investment initiative ‘Premiums4Good’, please visit our Sustainability homepage and read our latest Sustainability Report  
What next? If you have a passion to contribute to QBE’s vision of enabling a more resilient future for our customers and the community, we encourage you to apply! Simply click the “apply” button to submit your CV and other relevant documents, and a member of our friendly Talent Acquisition team will be in contact to discuss your interest further if you meet the requirements of the role.  
We believe this is our moment – what if it was yours too?  
APPLY NOW and let’s make it happen!  
Industry Events
Women In Credit Insurance: Under 40s Leadership Panel, Friday 15 November, 2024 10:30 AM - 11:30 AM GMT
In this webinar, we will discuss stories from our under 40s Leadership Panel who are currently in the Trade Credit Insurance world, where you can expect them to discuss their stories of success, rising through the ranks, and their leadership styles and goals. Our aim is to inspire the next generation of female leaders within the Trade Credit Insurance world. Moderated by Nadine Haschka, Strategic Account Manager at Allianz Trade our panel experts are: - Lucy Stagg, Senior Manager at Atradius - Hannah Lyon-Wall, Managing Director at Fincred - Tom Danson, Managing Director for Trade Credit & Surety at PIB - Jenny Taylor, Client Director at AON. You can register for this event by completing the form at https://register.gotowebinar.com/register/2133352067650133338.
This event is kindly sponsored by Atradius UK.
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GTR Nordics, 27 November 2924. Stockholm.
Set to welcome over 600 participants and still undisputed as the region’s premier annual trade financing event, GTR Nordics, returns to Stockholm on November 27 to deliver the latest insights on the evolving opportunities and challenges impacting Nordic trade, export and supply chain financing. The conference will feature a packed day of debate between the market’s leading trade practitioners and extensive opportunities to access unmatched networking potential.
Offering invaluable insights and sharing unique industry expertise, over 50 expert speakers will gather to discuss headline trends and practical financing techniques, from green investment challenges to the effect of higher rates on supply chain financing, the role of trade and export finance in Ukraine’s reconstruction, trade ecosystem digitalisation and much more!
We look forward to welcoming you to GTR Nordics 2024 in Stockholm later this year!
Key discussion themes include:
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Transitional investment and sustainability strategy
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The evolving value of supply chain finance
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Financing transition-critical Nordic industries
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Supporting Ukraine reconstruction
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Working capital optimisation and innovation
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Trade fintech and ecosystem digitalisation
Event features:
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25+ exhibitors
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3+ hours of networking opportunities with key stakeholders in the industry
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Unparalleled expertise from 55+ speakers who are active in the market
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Exceptional content on topics and regions covered
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Opportunity to schedule meetings and swap business cards
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Evening drinks reception
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Discounts & Ppromotions
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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. -
20 passes are available for this event, limited to 2 passes per institution, and cannot be combined with other promotions. 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/europe/gtr-nordics-2024-stockholm/.
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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: Bondaval
Bondaval combines insurance and technology to secure receivables for the world's best credit teams, so they can extend more credit, win more business and secure better financing terms.
Complete credit protection solutions, backed by comprehensive cover
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Non-payment guarantees. Platinum-grade protection against payment default with market-leading terms: 100% indemnity, non-cancellable limits, and claims paid within 5 days.
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Credit risk insurance. Structured solutions, designed flexibly, with non-cancellable credit limits and up to100% indemnity.
Our products can be used alone or combined for even more powerful protection.
Delivered digitally for peace of mind, greater efficiency and deeper insights
Whatever the solution, all clients gain access to the Bondaval platform, designed by our expert in-house technology team, so users can:
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Effortlessly meet their policy obligations
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Connect their data for smarter decision making
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Enjoy portfolio management tools that just work
Founded in 2020 by Tom Powell and Sam Damoussi, with Ewa Rose as Chief Underwriting Officer, Bondaval is licensed across 31 countries, with a global team of 35+ across London, New York, and Texas.