Welcome to September's issue of Credit Management News Digest. This issue is sponsored by AIG.

Index
 
UK Economy & Brexit
Fears of a UK recession intensify - with or without a no-deal Brexit. The OECD has warned that not only would a no-deal Brexit potentially push the UK into recession in 2020, but a smooth Brexit would also reduce UK GDP by 2% in 2020/2021, and cause a negative spillover into other countries - with euro area GDP 0.5% lower than otherwise. Furthermore, in the event of a no-deal Brexit, the OECD warns that total UK export volumes will “immediately decline” by 8% - and continue to decline steadily thereafter, while exports from other EU economies to the UK would fall by 16% due to higher trade costs. The most significant impact would be felt in Ireland. To read the OECD's report and view its presentation slides go to http://www.oecd.org/economy/outlook/.
Downgraded growth expectations for the UK economy - even with an orderly Brexit. The British Chambers of Commerce's (BCC) latest economic forecast has downgraded UK growth expectations to 1.2% in 2019 and 0.8% in 2020 (from 1.3% and from 1.0% respectively). The growth forecast of 1.2% remains unchanged for 2021. Although this will mean that the UK economy should avoid a technical recession in the event of an orderly departure from the EU, the BCC warns that a no-deal exit would lead to major, sudden and unanticipated changes for the UK economy with further downward revisions in its next forecast. To read the BCC's news release go to https://www.britishchambers.org.uk/news/2019/09/bcc-forecast-business-investment-and-productivity-sinking-amid-brexit-stalemate-and-global-slowdown.    
UK growth has been weaker than in other G7 economies since 2016. The Institute for Fiscal Studies (IFS) has analysed what could happen to the UK in four possible Brexit scenarios and has concluded that a ‘no-deal’ Brexit makes for the hardest impact on the economy - even under a relatively benign scenario. Predictions include a further fiscal loosening totalling 2% of GDP, with interest rates cut to zero alongside £50 billion of quantitative easing. The UK economy would also not grow in 2019/20. The IFS also notes that growth in the UK has been weaker than in other G7 economies since 2016, volatile through this year, and averaged only 1.3% in the second quarter of 2019 compared with the same period last year. To read the IFS' analysis go to https://www.ifs.org.uk/publications and select ' Recent trends to the UK economy', and 'UK economic outlook in four Brexit scenarios'.  
UK economic growth forecast revised as investment declines. In its Q3 Economic Forecast, based on the views of chartered accountants working in every economic sector, ICAEW cut its 2019 growth forecast for the UK economy from 1.5% to 1.1%. The forecast noted that output declined in Q2 2019 for the first time since Q4 2012, caused by manufacturing shutdowns and no-deal Brexit stockpiling in Q1. In addition, business investment fell by 0.5% in Q2, meaning that companies’ spending on fixed assets had now fallen in five of the past six quarters. To read ICAEW's news release go to https://www.icaew.com/about-icaew/news/press-release-archive/2019-press-releases/economic-growth-forecast-revised-as-investment-declines-says-icaew.      
Irish businesses 'will need €1.5 billion in State aid' in the event of a no-deal Brexit. Ibec has published a new report setting out a comprehensive set of supports required to stabilise the Irish economy if the UK leaves the EU without a deal at the end of the month. This includes introducing an enhanced Enterprise Stabilisation Fund in the same vein as was available during the financial crisis in 2009, to fund viable companies in temporary difficulty due to a no-deal Brexit. In addition, Ibec is calling on the Irish government to accelerate the current SME credit guarantee scheme’s coverage of invoice discounting and factoring arrangements, as well as introduce a new scheme for export credit insurance to help Irish companies impacted by Brexit diversify away from the UK. To read Ibec's news release go to https://www.ibec.ie/connect-and-learn/media/2019/10/06/ibec-state-aid-report-launch.
UK Trade Sectors
New data shows nearly twice as many closures as openings on the UK high street. According to new research by the Local Data Company and PwC, the first half of 2019 saw almost twice as many store closures (16 per day) as openings (9 per day). In total, 1,634 stores opened and 2,868 stores closed over the period, leading to a net decline of 1,234 stores (compared with a net decline of 1,123 in the first half of 2018). On a sector by sector basis, only 15 of 96 sectors showed a net growth in store numbers, and all but two (takeaways and sport and health clubs) grew by only a single-digit number of outlets. Meanwhile, the biggest net declines were seen amongst fashion retailers (-118), restaurants (-103), estate agents (-100) and pubs (-96). To read PWC's news release go to https://www.pwc.co.uk/press-room/press-releases/store-closures-hit-record-levels.html.
Growth in UK food and drink exports in 2019 has been driven by a strong increase in exports to non-EU countries. The Food and Drink Federation (FDF) has published a report showing that UK food and drink exports increased by 5.1% (to £11.3 billion) in H1 2019 compared to the same period in 2018. Growth was driven by a strong 9.8% increase in the value of exports to non-EU countries - almost three times that of exports to EU countries. Similarly, the value of branded goods sold to the EU has declined by 1.6%, whereas exports to non-EU countries have risen by almost 10%. Most notably, the UK's largest export market, Ireland, saw the value of branded goods fall by 2.5% in H1. To read the FDF's news release go to https://www.fdf.org.uk/news.aspx?article=8161&newsindexpage=1.    
UK construction is facing a "perfect storm". Bibby Financial Services' UK CEO, Edward Winterton, has commented that the UK construction sector is currently facing a “perfect storm”. “We believe it’s a combination of factors, so a perfect storm so to speak. Brexit is clearly not helping the situation, but it’s not solely to blame. It’s estimated that up to 30,000 businesses were directly impacted by the collapse of Carillion, so the multiplier effect is vast. Add to this declining confidence and reduced investment such as that we have seen over the last four quarters, this is a heady mixture for the sector to overcome.” To read Bibby Financial Services news release go to https://www.bibbyfinancialservices.com/about-us/news-and-insights/news/2019/construction-slows-as-brexit-fog-thickens.  
Worst September on the UK high street in 8 years. According to the latest BDO High Street Sales Tracker, total like-for-like in-store sales fell by -3.1% in September, from an already low base of -2.7% last year, making it the worst September for the UK high street since 2011. In addition, the lifestyle category saw the lowest in-store sales since the height of the recession in November 2008, falling by -5.4% from an already weak base of -2.1% last year. Sophie Michael, Head of Retail and Wholesale at BDO LLP, said: “Cash-strapped retailers are in dire straits. It has been a disastrous year for the high street and, as consumers continue to tighten their belts, they are entering the crucial ‘golden’ trading quarter on very unsteady ground." To read BDO's news release go to https://www.bdo.co.uk/en-gb/news/2019/worst-september-on-the-high-street-in-8-years.  
A significant deterioration in UK manufacturing sector activity. The British Chambers of Commerce’s (BCC) latest Quarterly Economic Survey has found that UK economic conditions weakened in Q3 2019 amid a significant deterioration in manufacturing sector activity. The balance of UK manufacturing firms reporting increased domestic sales was at its weakest since Q4 2011, while domestic orders entered negative territory for the first time in seven years – indicating more businesses saw a decrease than increase. The balance of firms reporting increased export sales also dropped to its lowest level since Q4 2015, while the balance for export orders has reached its lowest level since Q3 2009. To read the BCC's latest news release go to https://www.britishchambers.org.uk/news/2019/10/bcc-quarterly-economic-survey-q3-2019-economic-conditions-weaken-as-manufacturing-slump-continues.    
UK retail sales fall for the fifth month in a row. According to the latest CBI Distributive Trades Survey, UK retail sales volumes in September fell for the fifth consecutive month - albeit at a slower pace than the previous month. Aside from furniture and carpet sellers, which reported unchanged volumes in September, sales contracted across all sectors, with lower sales by clothing retailers and department stores driving the fall in volumes. Growth in internet sales also eased slightly in the year to September and has remained below the long-run average for the past seven months. Looking ahead. retailers expect the contraction in sales volumes to ease further in October. To read the CBI's news release go to https://www.cbi.org.uk/media-centre/articles/retail-sales-fall-for-fifth-month-in-a-row-cbi-distributive-trends-survey/.  
UK Exports
The value of UK exports as a proportion of UK economic output has hit a series of highs in the last decade. The House of Commons Library has published a new report on UK trade which indicates that the UK’s share of global exports has generally declined over time - from around 11% in 1948 (though this figure covers exports of goods only) to around 3% in 2018 (this figure covers exports of goods and services). However, despite this decline in the UK’s share of world exports, the value of UK exports as a proportion of UK economic output has hit a series of highs in the last decade, reaching 31% in 2011, before falling slightly in subsequent years. In 2018, overall UK exports were equal to 30% of UK GDP, with goods exports equal to 17% of GDP - the highest level since 2013. To read the report go to https://researchbriefings.parliament.uk/ResearchBriefing/Summary/CBP-8261.
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Europe remains the dominant market for UK goods. According to ‘UK Manufacturing: 2019/20 The Facts’, an annual analysis by Make UK and Santander, while the US is the single biggest export market for UK manufactured goods and services (worth £118.2 billion), exports to the top seven EU markets alone amounted to £236.5 billion in the same period (£256.1 billion including Switzerland). Commenting, Seamus Nevin, Chief Economist at Make UK, said: “Whilst the United States remains the biggest market and, presents significant opportunities for export growth, it is a fallacy to believe that geography is not the biggest factor driving trade." He added, "The figures also provide an important reminder that we’re still one of the top ten biggest manufacturing nations." To read Make UK's news release go to https://www.makeuk.org/insights/publications/2019/09/13/uk-manufacturing-the-facts-2019-20.  
Increase of UK exports to non-EU countries. Latest figures from the Office for National Statistics (ONS) reveal that UK exports to non-EU countries are currently growing twice (increase of 4.2%) as fast than those to the EU (increase of 1.6%). This is driven in large part by major non-EU trading partners including the US and China. For example, in the year ending June 2019, exports of goods and services to the US increased by 9.3% (from £115.7 billion in the 12 months prior, to £126.4 billion). Similarly, demand for UK goods and services in China has seen a significant increase of 13.9% (from £20.8 billion to £23.7 billion) in this period, and UK exports to Japan have seen a rise of 9.2% (from £13.1 billion to £14.3 billion). To read the ONS' news release go to https://www.gov.uk/government/news/increase-of-uk-exports-to-non-eu-countries-latest-figures-show.
UK Trade in Numbers September 2019. The Department for International Trade (DIT) has published a pocketbook providing a snapshot of the UK’s trade position, summarising trade statistics produced by the Office for National Statistics, HM Revenue & Customs, and the Department for International Trade. This research indicates that of the UK's top five trading partners, the US is in first position accounting for 14.7% of total trade in 2018, followed by Germany (10.2%) and The Netherlands (7.2%). France (6.5%) and China (5.3%) take up the remaining spots in fourth and fifth position. To download a copy go to https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/833498/190924_UK_trade_in_numbers_full_web_version.pdf.
UK Insolvency & Late Payment
Warnings that plans to prioritise repayments to HMRC over repayments to other creditors in UK insolvencies will have serious consequences. R3 has reported that leading business groups and insolvency experts have written to the UK Chancellor to warn that current plans to prioritise repayments to HMRC over repayments to other creditors in insolvencies will make it harder to rescue businesses, limit access to finance throughout the UK economy and will also increase the impact of insolvencies on other companies. Philip King, Chief Executive of the Chartered Institute of Credit Management, commented: “The Treasury’s desire to boost its own revenue is at risk of causing an unintentional domino effect which will hit businesses and the economy. What’s proposed will have serious consequences for trade creditors who are at risk of suffering more bad debts, late payment and insolvencies in their supply chains.” To read R3's news release go to https://www.r3.org.uk/index.cfm?page=1114&element=33882&refpage=1008.
UK restaurant insolvencies increased by 25% in the last year alone. New research by UHY Hacker Young has found that the number of restaurant businesses going insolvent has jumped 25% in the last year to 1,410 in 2018/19, up from 1,130 2017/18. The research also notes that while much of the publicity over restaurant closures has been focused on big-name, multiple operators - such as Jamie Oliver, Byron Burger and Strada - this has obscured the problem at thousands of smaller restaurant businesses. Peter Kubik, Turnaround and Recovery partner at UHY Hacker Young, commented: “The crisis in the restaurant sector has been presented as a problem only for the chains that had lost touch with their customers. That’s overlooking the hundreds of small independent restaurants that have become insolvent. . . Our research shows that the UK’s Top 100 restaurants made an £82 million loss in the last year, down from a pre-tax profit of £102 million twelve months ago*. To read UHY Hacker Young's news release go to https://www.uhy-uk.com/news-events/news/restaurant-insolvencies-jump-25-in-the-last-year-alone/.
Credit Management
Credit Managers are warned that Credit Scorecards can be highly predictive, but they are not fool-proof. New research from InfolinkGazette has cautioned that while the majority of insolvencies are predictable, the speed with which companies financial health can decline makes the regular review of credit limits and bad debts of vital importance. Greg Connell, Managing Director of InfolinkGazette, commented: “Credit Scorecards built using proven methods for the analysis of financial statements and payment attributes can be highly predictive, but they are not fool-proof." Credit managers should bear in mind that towards the end of the financial statement filing cycle, the credit score can be based on 21 month old financial data "during which time, the financial strength could have collapsed". To read InfolinkGazette's analysis go to https://www.infolinkgazette.co.uk/?pid=6
The credit manager’s mantra of ‘know your customer’ is more important than ever. A simple checklist for businesses to help keep the cash flowing regardless of the Brexit outcome has been published by The Chartered Institute of Credit Management (CICM). The guide challenges businesses to question how well they know their respective customers under four key headings: goods and the supply chain; processes and contracts; people and organisation; and cashflow. Philip King, the CICM’s Chief Executive, advises that businesses can mitigate the risks they face by asking some simple questions: “The credit manager’s mantra of ‘know your customer’ will be more important than ever as we head towards a Brexit conclusion . . . Asking the right questions early will enable you to put plans in place that will help you be better prepared for whatever outcome.” To read CICM's news release go to https://www.cicm.com/business-organisation-checklist-helps-firms-keep-cash-flowing-through-brexit/.  
Events to help you get ready for Brexit. Departments across the UK government have announced events to help businesses get ready for Brexit. This includes a series of free face-to-face Business Readiness Events across the UK, to help businesses find out what actions they need to take to prepare for Brexit. The events include support and advice stands, with in-depth sessions led by subject matter experts from across government, including Defra, HMRC, Home Office and DCMS. There are also Brexit preparedness workshops for exporters, and HMRC is running Get Ready for Brexit webinars during October, which will provide an overview of everything UK businesses involved in the movement of goods between the EU and the UK need to know to keep goods moving after 31 October. For more information go to https://www.gov.uk/government/news/events-to-help-you-get-ready-for-brexit.
World Economy
The world economy is heading into troubled waters. According to UNCTAD’s latest Trade and Development Report 2019, the world economy is heading into troubled waters, with recession in 2020 now "a clear and present danger". Even ignoring the worst of the downside risks, the report projects that global growth will fall to 2.3% in 2019 - compared with 3% in 2018. Furthermore, several big emerging economies are already in recession and some advanced economies (including Germany and the UK) are dangerously close. UNCTAD adds that trade growth is also set to slow sharply (to 2%) this year following weakening global demand, compounded by the unilateral tariff actions of the US administration. To read UNCTAD's news release go to https://unctad.org/en/pages/newsdetails.aspx?OriginalVersionID=2194.
The global economy looks likely to see its weakest annual growth rates since the financial crisis. According to the OECD’s latest Interim Economic Outlook, the global economy has become increasingly fragile and uncertain. The OECD warns that with growth slowing and downside risks continuing to mount, economic prospects are weakening for both advanced and emerging economies. As a result, the OECD's current predictions are that the global economy will grow by 2.9% in 2019 and 3% in 2020 - the weakest annual growth rates since the financial crisis. The US is forecast to see GDP growth of 2.4% in 2019 and 2% in 2020, Germany's growth is estimated to be 0.5% 2019 and O.6% in 2020, and France is predicted to see GDP increase by 1.3% in 2019 and 1.2% in 2020. Italy look set to be the worst-performing economy in the Euro area in 2019 with 0% growth. To read the OECD's news release go to http://www.oecd.org/economy/oecd-sees-rising-trade-tensions-and-policy-uncertainty-further-weakening-global-growth.htm.
Global Business Monitor reveals challenges for SMEs. According to the latest Global Business Monitor study of more than 2,300 SMEs in 13 countries across Asia, Europe and North America, two-fifths of businesses (42%) believe rising costs and overheads are their greatest challenge. Government regulation (36%) and cashflow (32%) were also cited in the top three concerns in 2019. Across the study, SMEs in Hong Kong were most concerned about the health of the global economy (70%), with Slovakian businesses (39%) least likely to show concern. .To read BFS' news release go to https://www.bibbyfinancialservices.com/about-us/news-and-insights/news/2019/global-business-monitor.  
Events & Offers
Credendo, Single Risk Seminar 2019, 10 October 201. Geneva.
Credendo has announced that it is holding a Single Risk Seminar, 'A Global Geopolitical Reset', on 10 October at the Four Seasons Hotel Des Bergues in Geneva. The event will take place between 2.30 pm and 10 pm, and will include presentations by: 
  •  Stéphane GarelliI, Professor Emeritus of World Competitiveness, IMD business school and at the University of Lausanne, Switzerland. Founder, World Competitiveness Center, and publisher of the Annual World Competitiveness Yearbooks ranking the competitiveness of nations 
  • Daniel Scholten, Assistant Professor Geopolitics of Renewables, Delft University of Technology, Netherlands; expert panel of the IRENA Global Commission on the geopolitics of energy transformation (International Renewable Energy Agency) 
  • Admassu Tadesse, President and Chief Executive of TDB (Trade and Development Bank)
The evening will round-off with an evening Cocktail Reception. For more information contact Carine Ramillon by email c.ramillon@credendo.com.
GTR Europe 2019, 14 October 2019. Paris, France
GTR Europe 2019 returns to Paris to welcome regional trade experts from across the continent. A key market gathering for European trade and export finance business heads and key relationship builders, the event will further expand on GTR’s unrivalled reach across the regional and global trade finance market.
Expected to welcome over 250 delegates from 15 countries, the conference will deliver a well-rounded outlook on Europe’s economic growth, trade concerns and priorities for the future, allowing representatives to share their insights on the most current topics.
This one-day event features sessions addressed by and for corporates and is one not to be missed by those looking to build trade relations across a range of exciting markets! 
Last year, the two largest sectors in attendance were corporates & traders (39%) and bankers & financiers (22%). Over 250 different companies from around the world were in attendance, 78% of all attendees held a senior to a c-level position. Use code: EBD10 for 10% early booking discount – expires September 20. Click here for more information.
Supply Chain Finance Summit, 15-16 October 2019. Singapore
BCR’s Supply Chain Finance Summit-APAC in Singapore focuses on the growth of supply chain finance across the APAC region.
With local governments, international and regional banks; and investors all actively encouraging the development of local and cross-border SCF programmes, it is now, more than ever before, vital to review the latest developments in this market and understand how to capitalise on opportunities in this region.
Join us in Singapore to hear from the industry's thought leaders, engage in debate, network with your peers and help define the future of working capital.
As event partners, Credit Insurance News can offer their members a 10% discount on a delegate pass rate. To register please follow this link https://bcrpub.com/events/supply-chain-finance-summit-apac-0.
 The Credit Insurance News delegate discount code is CIN19 – please utilise the code upon booking.

GTR Africa London 2019, 13 November 2019. London
GTR’s well-known annual African-focused conference, GTR Africa London, will return once again to London this Autumn. It has quickly become a key annual gathering for domestic and international trade, as well as export and project finance professionals focusing on growth and sustainability within Africa.
Over 300 delegates are expected in attendance on November 13, with a dual-stream conference agenda covering a broad range of topics focusing on creating a sustainable vision for the future of African trade. Delegates will explore these topics through multi-format sessions which will include; case studies, interactive panel discussions, break-out sessions, and a new ‘fire-side chat’ format, as well as our famous networking opportunities.
GTR Africa London will look at the pros of ECA’s, supporting infrastructure development and tech innovation and how it can benefit the European region in the global trade race for Africa as well as using the benefits of common European languages in negotiations for a sense of trust through language. The conference will also dive into the risks involved in investing into Africa alongside Chinese and UK government policies while exploring the “in’s and out’s” of the AfCFTA.
As supporting partner, we have secured a limited amount of free Corporate Rate passes to attend the event, normally £849. Corporate Rate passes are only available to those who are exporters, importers, manufactures, distributors, traders & producers of physical goods and are not valid in conjunction with other discounts and available for new registrations only.
To check your eligibility, and to register on a free Corporate Rate pass, please contact Tanya Naysmith at tnaysmith@gtreview.com.
All others, including bankers, insurers, solution providers etc., can receive a special 15% partnership discount when booking online with code: CIN15.
For more information on GTR Africa London 2019, visit 
the event website or download the event brochure.
Alternative & Receivables Finance Forum, 14 November. London
Alternative & Receivables Finance Forum tracks the transformation of receivables and invoice finance; showcasing the most successful new entrants to the market, examining the future of technology-enabled funding models, and driving the conversation on alternative finance for SMEs. This is a unique gathering, where you can network with established receivables finance providers and ‘alternative’ SME funders and find out how the competitive landscape for commercial finance is changing.
The comprehensive programme provides insights into the priorities influencing SMEs’ financial choices and showcases the latest technology-enabled distribution models.
As event partners, Credit Insurance News can offer their members a 10% discount on a delegate pass rate. To register please follow this link https://bcrpub.com/events/alternative-receivables-finance-forum-1. The Credit Insurance News delegate discount code is CIN19 – please utilise the code upon booking. Alternatively you can contact yongmei.he@bcrpub.com quoting your discount code for payment via invoice.
Trade Credit, Bond, and Political Risk Insurance Dinner, 21 November 2019. The Tower of London. 
Gordon’s Alive! 
Book your tables for the London 2019 Trade Credit, Bond, and Political Risk Insurance Market Dinner and Charity Auction, hosted by Marsh. 
 This year’s event will be held on Thursday 21 November in the spectacular Winter Pavilion at The Tower of London. 
Our master of ceremonies will be actor and adventurer Brian Blessed. Proceeds from the charity auction will go to The British Red Cross. Tables are available seating ten people, and the ticket price includes a sparkling wine reception, a three-course meal, coffee, and petits fours for each guest. House wines, beers, and soft drinks are also included for the duration of the evening. 
TXF Trade Credit and Political Risk Insurance 2019, 4 December. Institute of Directors, London.
The place for banks, corporates and traders to meet the CPRI market and forge new and deeper partnerships for distribution and risk mitigation.
Book your place on 4 December in London for the most interactive private insurance forum around. With insurance and reinsurance brokers as well as underwriters all in attendance alongside CPRI product users, this is the forum for anybody looking to meet the market to explore how to maximally leverage the private insurance product.
Book your place here.
Limited bank, corporate and trader passes available. Please contact tom.pycraft@txfmedia.com to check your eligibility.

Supply Chain Finance Summit, 30-31 January 2020. Amsterdam
The fifth annual Supply Chain Finance Summit is a great opportunity to learn about the latest trends, ideas and developments transforming working capital and supply chain management, as well as a chance to network with leaders in the industry.
This in-depth event tracks the transformation of supply chain finance (SCF); showcasing the latest innovations within the industry for both domestic and cross-border financing, examining the future of technology-enabled supply chain models, and driving the conversation on increasing access of SCF for SMEs and emerging markets.
As event partners, Credit Insurance News can offer their members a 10% discount on a delegate pass rate. To register please follow this link https://bcrpub.com/events/supply-chain-finance-summit-1.
The Credit Insurance News delegate discount code is CIN20– please utilise the code upon booking. Alternatively you can contact yongmei.he@bcrpub.com quoting your discount code for payment via invoice.
About the Sponsor: AIG
An Experienced Partner for All Economic Cycles
American International Group (AIG) is a leading global insurance organisation. Building on 100 years of experience, AIG provides a wide range of insurance products to customers in more than 80 countries and jurisdictions. Within the Trade Credit and Trade Finance markets, our specialist teams create flexible insurance solutions that strengthen economic resilience and enable capital efficiency for clients. 

Trade Credit Insurance 
In an uncertain world, where economic downturns and shocks are a continuous threat, businesses are justified in taking a cautious approach to growth. Trade Credit insurance from AIG can help transfer the risk of bad debts, allowing our clients to trade and grow with confidence. 

What Makes AIG Different? 
Contract Certainty.  Unlike others in the Trade Credit market, our policies can be written on a non- cancellable basis. 
Responsive Underwriting. Our underwriters hold high levels of dual authority enabling them to write both the policy terms and structure the risk decisions, making it easy to do business with AIG. 
Multinational Solutions. Our specialist multinational team offers local and global solutions for multinational clients throughout the world. 

Please contact Sharon Giddings and the Trade Credit team at sharon.giddings@aig.com for AIG’s trade credit products.
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