Welcome to September's issue of Credit Insurance News Digest, the industry newsletter devoted to the global trade credit insurance industry. This issue is sponsored by AIG.

Index
 
Credit Insurance News
Trade credit insurers are reducing exposure and raising rates over no-deal Brexit fears. Commercial Risk has reported that the heightened risk of a no-deal Brexit is fuelling demand for trade credit insurance, but insurers are taking action to reduce their exposure to UK corporates and raising rates. Brexit is a big motivator for interest in credit insurance, according to Ian Watts, trade credit practice leader for Marsh JLT Specialty in the UK and Ireland. “Predictions of a large jump in bankruptcies – both in the UK and in markets contaminated by Brexit, such as Ireland, Netherlands and Belgium – mean that more firms are exploring risk transfer,” he said. QBE's Trevor Williams, Atradius' Richard Reynolds are also quoted. To read Commercial Risk's article go to  https://www.commercialriskonline.com/trade-credit-insurers-reducing-exposure-raising-rates-no-deal-brexit-fears/. (Registration - which is free - may be required).
'A possible alternative to the trade credit insurance model. Construction News has published an article which reports that in the wake of Carillion’s collapse – as well as others that have gone under since – more companies are protecting themselves using trade credit insurance. The Financial Director of one such company, steel contractor Billington, told Construction News that ensuring a minimum of 90% of work streams are credit-insured is one of the ways the firm has survived. However, other businesses (Forrest, Kier, Laing O'Rourke are named) are critical and stress the negative impact that the withdrawal of credit insurance can have. Although Construction News notes that it is difficult to suggest a viable alternative to credit insurance, it proposes that an Insurance Backed Alliancing (IBA) model (currently being piloted), which enables all firms on a project to have risk assurance, may offer a solution. To read Construction News' article go to https://www.constructionnews.co.uk/agenda/opinion/cn-briefing/happens-safety-net-gets-pulled-23-09-2019/.
Is trade credit insurance "worth the expense?" OPI has reported that European wholesaler ADVEO is perhaps the best recent example to highlight the level of fear which removal of trade credit insurance sends through the supply chain. That said, although the article notes that many companies rely on their insurer to determine the creditworthiness of customers and the amount of credit they are eligible to, it also describes the example of one company which followed "its instincts" and, contrary to the advice of credit insurers, continued to trade with ADEVO - securing millions of euros worth of business whilst mitigating risks with careful credit management.
The article also suggests that companies in the Office Products sector are currently experiencing difficulties in obtaining credit insurance regardless of whether they are generating cash and honouring payments on time, and suggests that this "one-size-fits-all approach" is unfair. To read OPI's article go to https://www.opi.net/magazines/archive/2019/october-2019/top-picks-october-2019/hot-topic-to-insure-or-not-to-insure/.
Moss Bros denies trade credit insurance rumours. Drapers has reported that UK menswear retailer Moss Bros has vehemently denied having any issues with its trade credit insurance, pointing out that it has £18 million on its balance sheet. Industry sources had told Drapers that Euler Hermes was due to cut its cover on the retailer from 9 October, but a Moss Bros spokesman said the claims were unfounded and there are no issues with any credit insurers. He added: “Moss Bros has substantial cash resources with £18 million on the balance sheet and has spoken with Euler Hermes today. Moss Bros can confirm that Euler Hermes has also denied the rumour.” To read Drapers' article go to https://www.drapersonline.com/news/latest-news/some-moss-bros-credit-insurance-to-be-cut/7037712.article.
New unsecured creditor figures illustrate the value of trade credit insurance. New research by InfolinkGazette has shown that four of the most significant, recent UK failures (fashion retailer Jack Willis, concept store Boutique 1, property investment Harewood Associates Limited and Wiggins Teape Pension Scheme), have between them left 1,454 unsecured creditors owed over £98.1 million. Greg Connell, Managing Director of InfolinkGazette, commented: “Even the most scientifically proven scorecards will only predict 80% of business failures, and in the current climate of uncertainty, even the largest businesses can suffer rapid reversals in financial health, making credit insurance a vital part of any risk management strategy.” To read InfolinkGazette's analysis go to https://www.infolinkgazette.co.uk/?pid=6.
New survey indicates an increasing use of trade credit insurance or buyer checks in North America. Atradius' Payment Practices Barometer recently found that 33% of suppliers in the US, 34% in Canada and 40% in Mexico currently expect an increase in the number of customers who stretch payment to more than 90 days. David Huey, Regional Director for the US, Canada and Mexico, told SupplyChainBrain that this is “a clear reversal from last year", driven by uncertainties arising from changing government policies on trade, trade wars and Brexit. As a result, the credit insurance business “is going gangbusters,” Huey says, while between 30% and 35% of suppliers now plan to undertake more frequent checks on their buyers’ creditworthiness before offering credit terms. To read SupplyChainBrain's article go to https://www.supplychainbrain.com/blogs/1-think-tank/post/30242-slow-paying-businesses-are-playing-a-dangerous-game-with-suppliers.
Slowdown in Australian food services and construction has led to record numbers of trade credit insurance claims. Insurance Business Australia has reported that although Illion’s most recent analysis indicated that late payments across Australia have improved by 8% on average year-on-year, this is not the experience of Mark Hoppe, Managing Director of Atradius Oceana. “The overall improvement in certain sectors was surprising,” he told Insurance Business. “Atradius’s data, which is based on our clients’ reporting, indicates a slowdown in sectors such as food services and construction. This has led to a record number of claims and overdue accounts.” Mr Hoppe also added that there are currently a number of sectors which under utilise trade credit insurance – including the services sector and SMEs – but could significantly benefit from coverage." To read Insurance Business' article go to https://www.insurancebusinessmag.com/au/news/breaking-news/late-payments-still-a-problem-for-smes-179584.aspx.
Secretary-General of the Berne Union discusses the latest updates in trade credit insurance and political risk. Trade Finance Global has published a webcast and transcript in which Vinco David, Secretary-General of the Berne Union, discusses the current trade credit insurance and political risk environment. Looking at the private market, Mr David notes that there is abundant capacity with around 60 players in the market. This is due, in part, to low-interest rates but is also caused by institutional investors looking for alternative investments with higher margins than state bonds. "One of these areas is within insurance, including credit insurance, which still offers "quite nice margins" with loss ratios between 20 – 35%, "which is quite benign given the current economic times." To read the transcript and watch the video go to https://www.tradefinanceglobal.com/posts/video-vinco-david-berne-union-export-credit-and-investment-insurance-today-and-tomorrow/.
Trade credit insurance head warns companies to be diligent with Irish clients ahead of Brexit plans. The Managing Director of The Channel Partnership, Tom Rolfe, has warned that the 'wrong’ Brexit deal would have an impact on the Irish economy, which in turn would affect Irish companies that are financially weaker or that operate in markets highly dependent on exports to the UK. He commented: “Some credit insurance experts have suggested all Irish companies will be affected by Brexit, but we think this is overly negative. However, certain companies will be more vulnerable depending on a range of factors, such as their reliance on trade with the UK market and their financial resilience. Insurers keep a close eye on gearing, financial performance and balance sheet strength." To read The Channel Partnership's news release go to https://www.the-channel-partnership.co.uk/brexit-ireland.
Eastern Europe: expected upswing in business failures. A new report from Atradius has described how many Eastern European economies are currently under severe strain due to global trade tensions, uncertainties around the US-China trade conflict and the risk of a potential no-deal Brexit. As a result, overall GDP growth in the region is predicted to decline to 2.6% in 2019 (from 3.4% last year), which, Atradius notes, will trigger a sharp increase in the insolvency trend in the region - from a 5% decrease last year to a 2% increase in 2019. Higher bankruptcy levels are expected in Turkey (+10%), Poland (+4%) and Romania (+3%), with the manufacturing sector the most exposed due to its high integration in the global value supply chain. To read Atradius' news release go to https://group.atradius.com/press-releases/payment-practices-barometer-eastern-europe-september-2019.html.
A marginal uptick in the use of private credit insurance by the export finance community. TXF's Export Finance Industry Survey 2019 (an annual survey of 259 senior export finance practitioners at banks, ECAs, importers, exporters, insurers and lawyers), has found that 46% of respondents report that they have increased their use of private trade credit insurance in the last 12 months, with 42% also noting that private insurers' pricing structures are easy to understand and transparent. 45% of those surveyed said their usage had remained unchanged, and 9% said they were using private credit insurance products less than the year before. TXF subscribers can download the report for free. For more information go to https://www.txfnews.com/News/Article/6814/TXF-Export-Finance-Industry-Survey-2019.     
Projections for the US economy in 2020 look bleak. During Euler Hermes' recent webinar, 'Take Control of Tomorrow', Euler Hermes' Chief Economist, Dan North, spoke on the current and future state of the US economy. He explained that although the US economy may look healthy at the moment, the main indicators for an economic downturn (such as a reduction in new home sales and an Inverted Yield Curve) are "flashing their red warning lights". As such, the projections for the US economy next year look bleak. “There are a number of indicators we see which we really think could lead into a recession in the first half of 2020.” For more information and a link to the webinar go to https://www.eulerhermes.com/en_US/resources-and-insights/economic-insights/take-control-of-tomorrow-q-a.html.
Lessons from the Thomas Cook collapse. Dynamic Business has published an article in which Mark Hoppe, Managing Director of Atradius Oceania, comments on the demise of Thomas Cook and the primary warning sign of a business in trouble suggested by unserviceable debt levels. He notes: "Debt-laden businesses are more vulnerable to unexpected bumpy conditions and sudden business shocks. It’s very important for businesses to keep a close eye on their debt-to-income ratio, which is a measure of the amount of business income being spent on debt each month." The article notes that Thomas Cook had debts of £1.7 billion and was waiting on approval of a recapitalisation request for a seasonal standby facility of £200 million, on top of the previously-announced £900 million injection of new capital. To read Dynamic Businesses' news release go to https://dynamicbusiness.com.au/topics/finance/lessons-from-the-thomas-cook-collapse-how-to-tell-if-a-company-is-in-trouble.html.
Three indicators reveal insolvency risk up to four years in advance. Euler Hermes has found that most insolvencies of European SMEs & MidCaps are the consequence of ongoing corporate distress over several years and identified three indicators point to risk three or four years prior to insolvency. The first and most important indicator is profitability. Four years prior to the insolvency, the average Return on Capital Employed is relatively weak. Then, as corporate distress unfolds, the companies‘ profitability further decreases significantly and falls deep into negative territory one year before insolvency. A second indicator is capitalisation, which, Euler Hermes notes, tends to decline along with earnings. Thirdly, interest coverage becomes very weak three years before insolvency (i.e operating profits are already or close to being unable to cover interest expenses). To read Euler Hermes' news release go to https://www.ehrg.de/three-indicators-can-reveal-sme-insolvency-risk-up-to-four-years-in-advance/.
Insolvencies set to rise Central and Eastern Europe. Coface's latest Panorama has reported that although the Central and Eastern European (CEE) region saw GDP grow by 4.3% in 2018, with a 4.2% decrease in insolvencies, the outlook in 2019/2020 is less positive. The impact of the slowdown in the eurozone, the escalation of the trade war between the US and China, and Brexit leads Coface to anticipate that growth in the CEE will slow to 3.6% in 2019 and to 3.2% in 2020. Furthermore, weaker foreign demand will also result in worsening insolvency statistics, with the sectors most strongly exposed to foreign markets (such as automotive) being the worst affected. To read Coface's news release with a link to the full report go to https://www.coface.com/News-Publications/News/Insolvencies-in-Central-and-Eastern-Europe-despite-an-increasingly-difficult-global-economic-context-the-situation-remains-positive.
Insolvencies rise for first time in 10 years, with the largest uptick seen in the UK. The latest Insolvency Outlook report by Atradius forecasts business failure rates in developed markets will increase by 2.8% this year – the first rise since the global financial crisis. Across Western Europe, business failures are to increase by 2.7% this year and 0.7% in 2020, with the UK facing the highest insolvency increase (+10%) of all advanced markets - even if article 50 is extended this month with a smooth transition. Elsewhere in Europe, a 4% increase in insolvencies is forecast for Switzerland, Italy and Belgium, while the US is predicted to see a 3% increase this year and 2% in 2020. Finally, insolvencies in the Asia-Pacific region also face the first annual increase since 2009. Click here (PDF requested) to read Atradius' news release. 
Marsh pilots blockchain-powered insurance placement. Marsh has announced that it is piloting 'Risk Exchange',  a new interactive, digital placement platform powered by blockchain technology, where clients, carriers, and Marsh brokers can provide real-time information and feedback on the placement and binding process. During the pilot, Marsh clients Dow Inc. and SharkNinja will bind US trade credit policies with carriers AIG and Euler Hermes. Nick Robson, Global Credit Specialties Leader at Marsh JLT Specialty, commented: “Digital platforms powered by blockchain are ideally suited for organisations that either generate or finance large amounts of account receivables. By digitising the invoices, payments, and other trade and insurance documents of the parties involved, we can streamline the trade credit insurance placement process, drive efficiencies, and improve the overall buying experience.” To read Marsh's news release go to https://www.marsh.com/us/media/new-blockchain-powered-insurance-placement.html.
Despite all the clouds on the horizon, the Dutch economy remains surprisingly bright. Coface's latest Panorama describes how the Dutch economy remains surprisingly bright, with GDP growth of 1.7% and 1.5% likely in 2019 and 2020 respectively. Despite the tightening global trade environment, Dutch exports are continuing to develop well - with relatively high year-on-year growth rates compared to other countries. In 2018, the Netherlands was the sixth-largest merchandise exporter in the world. To read Coface's news release with a link to the full report go to https://www.coface.com/News-Publications/News/Netherlands-What-is-the-secret-of-Dutch-trade.
The US, Germany and Denmark top Euler Hermes' latest digitisation index. Euler Hermes has published its third annual Enabling Digitalization Index for 2019 which measures the ability – and agility – of countries to help digital companies thrive and for traditional businesses to harness the "digital dividend". Overall, out of the 115 countries ranked, the US, Germany and Denmark are named the top three "digitagile" ones, with the Netherlands and UK following in 4th and fifth position. The best improvements from last year’s ranking are seen in Denmark, which moved up nine ranks. China has also made a strong improvement, moving into 9th position up from 17th place in 2018. To read Euler Hermes' news release, with a link to the full report, go to https://www.eulerhermes.com/en_global/media-news/news-old/euler-hermes-2019-enabling-digitalization-index--the-chinese-bre.html.
Uncertainty is the new normal for Canadian Businesses. Receivables Insurance Association of Canada (RIAC) has published its latest Trade Securely podcast, 'Uncertainty is the New Normal', in which Chris Short, the Country Manager for Atradius Canada, shares his thoughts and observations on the challenges (notably, escalating trade troubles and recession talks, Brexit and approaching elections in the US and Canada) that he and his clients are seeing in the current economic climate and how this will impact Canadian businesses. To listen go to https://receivablesinsurancecanada.com/podcast/episode-12-uncertainty-is-the-new-normal/.
The Berne Union publishes its latest newsletter. The Berne Union has released the September issue of its BUlletin, 'Trade in Flux'.  In the year of the 100th anniversary of UKEF, this issue examines the evolution of export credit institutions and the industry at large. There are also articles on the changing dynamics of the geopolitical landscape as well as a new sector spotlight with contributions from GIEK (on shipping exports) and SERV (on pharma exports). To read the BUlletin go to https://www.berneunion.org/Articles/Details/477/September-BUlletin-Trade-in-Flux.
TXF survey finds that Euler Hermes and UKEF are the most commonly used ECAs. TXF's Export Finance Industry Survey 2019 (an annual survey of 259 senior export finance practitioners at banks, ECAs, importers, exporters, insurers and lawyers), has found that Euler Hermes (42%) and UK Export Finance (UKEF) (34%) are the two most commonly used ECAs, with Italy’s SACE in third position. TXF notes that as SACE is generally considered the most active traditional OECD ECA, the "surprising" findings may be linked to price. TXF subscribers can download the report for free. For more information go to https://www.txfnews.com/News/Article/6814/TXF-Export-Finance-Industry-Survey-2019.   
Congratulations to . .
Scott Matthews of Tokyo Chemical Industry UK Ltd for winning September's News Quiz. 
The next news quiz will be in the November 2019 issue.
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New Appointments
BPL Global has announced three appointments and promotions:
  1. Jonny Carruthers becomes BPL Global’s Director. Mr Carruthers joined BPL Global’s London office in 2015 and previously held the position of Assistant Director. His role focuses on managing a team dedicated to Excess of Loss (XoL) trade credit insurance, supporting a client base that spans the banking, commodity, agricultural and oil & gas sectors. 
  2. BPL Global has appointed Gregory King-Underwood as Director and Head of Global Reinsurance and Portfolio Solutions, based in BPL Global's London Office. Mr King-Underwood moves from Guy Carpenter where he headed up the reinsurance broker’s trade credit, political risk, and surety and bond practice. 
  3. BPL Global’s Chairman, Charles Berry, has been appointed as the President of the Insurance Institute of London. Mr Berry, who succeeds Nicolas Aubert, CEO, Willis Towers Watson GB, will serve in office for the 2019-20 term alongside new Deputy President Anthony Baldwin, CEO and Board Director, AIG UK.
Aon has announced that its credit solutions team in Australia has expanded with the addition of three new client managers. Ivelina Paneva - from Aon’s credit solutions team in London, and Barbara Cestaro - from GSA Insurance, join the company’s Sydney office as Credit Managers. In addition, Dafydd Owen is appointed to the joint role of client manager and credit analyst, based in the Brisbane office.
The Berne Union has announced that Christina Westholm-Schröder has been elected as its 57th Vice-President. Ms Westholm-Schröder is Vice President & Chief Underwriting Officer at Sovereign Risk Insurance, based in Bermuda. She has long been an active and engaged participant in the Berne Union, and previously held the position of Vice Chair, and Chair of the Investment Insurance Committee. S
Events & Offers
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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