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Trade Credit & Political Risk

  • September

    EFIC inks art projects 02 September 2010

    Australia’s export credit agency Export Finance and Insurance Corporation has signed a capital guarantee to support Urban Art Projects’ expanding international operations.

  • August

    MIGA extends reach with Asia hub 30 August 2010

    MIGA has launched its Asia hub to expand its reach beyond the Washington DC headquarters, naming its CFO as regional director.

  • Atradius appoints London special products head 20 August 2010

    Trade credit insurer Atradius has appointed a new head to expand its London special products team.

  • Ducroire Luxembourg supports export insurance 20 August 2010

    Luxembourg export credit agency Ducroire Luxembourg is to provide export-credit insurance to complement insurance policies taken out with private insurance companies.

  • Best Trade Insurer In South America 03 August 2010

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  • Best Trade Insurer In North America 03 August 2010

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  • July

    CA CIB and Sinosure enhance ties 29 July 2010

    Credit Agricole CIB and Sinosure have signed a comprehensive business cooperation agreement to further develop support for their clients.

  • Euler Hermes opens in Chile 27 July 2010

    Trade credit insurer Euler Hermes has opened its fifth Latin America office in Santiago.

  • Atradius expands trade credit cover 26 July 2010

    Trade credit insurer Atradius has increased additional cover in the retail sector across the UK.

  • ATI names new CEO 20 July 2010

    The African Trade Insurance Agency has appointed its new chief executive officer.

  • India Exim and ECGC structure new product 19 July 2010

    India Exim Bank is collaborating with India’s Export Credit Guarantee Corporation to structure a new credit product where government or multilateral lines of credit are not available.

  • Basel III could impact global trade warns Berne Union 13 July 2010

    The Berne Union has welcomed the recovery for trade and export credit insurance but warns Basell III changes could impact trade volumes.

  • Euler Hermes launches major exporter credit dept 09 July 2010

    Credit insurer Euler Hermes is to launch a new service through a new credit insurance solutions department dedicated exclusively to major exporters.

  • Ariel Re to open Brazil office 09 July 2010

    Bermuda-based Ariel Reinsurance Company is to open a representative office in Rio de Janeiro, Brazil, after securing approval by Brazilian insurance regulator SUSEP.

  • EC approves Hungarian export credit scheme 07 July 2010

    The European Commission has authorised a Hungarian export credit insurance scheme to support local exporting firms.

  • Atradius supports UK SMEs 06 July 2010

    Trade credit insurer Atradius is to release extra credit to small and medium-sized enterprises in the UK.

  • June

    ACE Global Markets names VP for new LA office 25 June 2010

    International insurer ACE Global Markets has named its vice president, trade credit, to run its new US political risk and credit office based in Los Angeles.

  • US Ex-Im insures Chilean infrastructure exports 16 June 2010

    The Export Import Bank of the United States has approved five medium-term insurance policies for exports which focus on infrastructure development in Chile.

  • Coface receives Russian credit insurance licence 15 June 2010

    Coface has become the first international credit insurer to get its licence in Russia.

  • ICISA elects new president 15 June 2010

    The International Credit Insurance and Surety Association has elected a new president.

  • Coface obtains Russian insurance licence 10 June 2010

    Coface has become the first international credit insurer to receive a Russian insurance licence.

  • Marsh and FGI Risk team for trade credit services 09 June 2010

    Marsh has signed a multi-year agreement with FGI Risk Services to deliver enhanced trade credit services to Marsh clients.

  • ICBC strong contender for UAE rail 01 June 2010

    Industrial and Commercial Bank of China may provide financing, export credit and advisory services for Union Railway, a United Arab Emirates railway project.

  • ICIEC opens Dubai office 01 June 2010

    The Islamic Corporation for the Insurance of Investment and Export Credit has opened an office in the Dubai International Financial Centre to expand its business in the Middle East and North Africa.

  • May

    Smyth names risk mitigation vice president 28 May 2010

    Credit protection brokerage Smyth Trade Credit, an affiliate of Smyyth LLC, has appointed a new vice president, risk mitigation products.

  • FTRANS founder retires 28 May 2010

    FTRANS, a provider of accounts receivable and credit management solutions, has announced the retirement of its founder and chairman, John Hayes, effective immediately.

  • Chubb exits trade credit and PRI 27 May 2010

    A strategic review of operations sees Chubb exiting the political risk and structured trade credit insurance markets.

  • ILFC mandates BNPP for aircraft credit 26 May 2010

    International Lease Finance Corporation has mandated BNP Paribas to arrange an export credit financing for six Airbus A320 aircraft.

  • CBC boosts Florida presence 21 May 2010

    Capital Business Credit has appointed its new vice president responsible for CBC’s business development in the lower Southeast US region.

  • Market spotlight: Turkey reaches out 21 May 2010

    While the Turkish bank syndication market goes from strength to strength, the country is striving to increase its exports into the markets of Africa and the Middle East. Sam McManus speaks to the people on the ground.

  • Emcredit and ECIE sign credit insurance MoU 17 May 2010

    Dubai’s credit information agency Emcredit has signed a memorandum of understanding with Export Credit Insurance Company of the Emirates to support businesses in the credit insurance sector.

  • Industrialised sovereigns in trouble 13 May 2010

    Commentary from Peter Hall, vice president and chief economist, Export Development Canada (EDC).

  • RBI sets minimum export lending rate 10 May 2010

    The Reserve Bank of India has set interest rates for rupee export credit at or above the base rate.

  • Euler Hermes Switzerland appoints new MD 07 May 2010

    Credit insurer Euler Hermes Switzerland has appointed a new managing director with effect from 1 May.

  • Markel raids ACE for new trade credit division 06 May 2010

    Insurer Markel International has launched a new trade credit division, following the appointment of Ewa Rose in January, and a further three team members from ACE Group.

  • NZECO joins Prague Club 06 May 2010

    The New Zealand Export Credit Office has joined The Prague Club to develop its export credit and investment insurance schemes.

  • Arthur J. Gallagher UK acquires FirstCity 04 May 2010

    Insurance broker Arthur J. Gallagher UK has acquired “a substantial amount” of UK’s FirstCity Partnership Limited including its insurance and reinsurance business.

  • ECGA and ICIEC team for Omani exporters 04 May 2010

    The Export Credit Guarantee Agency of Oman has signed cooperation agreements with the Islamic Corporation of Investment and Export Credit to help Omani exporters access credit insurance.

  • MIGA Basel II decision promotes emerging market FDI 03 May 2010

    The Basel Committee has recognised MIGA as a highly rated-multilateral – a classification that will encourage FDI to developing countries by lowering loan costs.

  • Sinosure sees strong export credit growth 03 May 2010

    Sinosure has reported strong growth in export credit insurance for the first quarter of the year.

  • April

    Marsh opens EMEA trade credit practice 30 April 2010

    Insurance broker Marsh has launched a trade credit practice for Europe, the Middle East and Africa.

  • Coface aids firms to update credit rating 20 April 2010

    Credit insurer Coface UK & Ireland, in association with CreditPal and Graydon, has launched a new initiative to help businesses update and ultimately improve the accuracy of their credit rating.

  • IFC runs Central Asian credit bureau programme 19 April 2010

    International Finance Corporation and Morocco’s Central Bank have partnered to create a study tour to promote the creation of private credit bureaus to encourage banks to boost private sector lending.

  • RK Harrison appoints client director 16 April 2010

    Independent trade credit broker RK Harrison Financial Risks has appointed a new regional premier client director.

  • Dhaman agrees to cover FIMBank LCs 15 April 2010

    Kuwait’s Arab Investment and Export Credit Guarantee Corporation has signed a letters of credit confirmation insurance contract with Malta-based trade finance banking group FIMBank.

  • ECGE and ATI sign MoU for African trade 14 April 2010

    The Export Credit Guarantee Company of Egypt and the African Trade Insurance Agency have signed a memorandum of understanding to facilitate investment and exports into Africa.

  • ADB and ASEAN approve credit guarantee facility 14 April 2010

    The Asian Development Bank and ASEAN nations, with China, Japan and Korea have approved the establishment of the Credit Guarantee and Investment Facility.

  • ABI releases 2009 trade credit stats 13 April 2010

    The Association of British Insurers has released the trade credit insurance statistics for the UK for 2009.

  • ONDD increases capital in Russian joint venture 13 April 2010

    ONDD, the Belgian public export credit agency along with Russian insurer Ingosstrakh has agreed a capital increase in their joint venture Russian insurer INGO-ONDD.

  • OECD upgrades Indonesia’s risk classification 12 April 2010

    The Organisation for Economic Co-operation and Development has upgraded Indonesia on its country risk classification, the only upgrade out of 161 nations reviewed.

  • Sace increases countries of operations 09 April 2010

    Italian export credit agency Sace has increased the number of countries where it will operate.

  • Nexi backs Telkom submarine cable project 08 April 2010

    Japan’s Nippon Export and Investment Insurance has agreed to provide buyer's credit insurance for PT. Telekomunikasi Indonesia’s submarine optic-fiber cable system export project.

  • ACE expands trade credit teams 08 April 2010

    International insurer ACE Global Markets has today announced new appointments to its trade credit teams in London and New York.

  • Coface holds Kuwait country risk conference 06 April 2010

    The Arab Investment & Export Credit Guarantee Corporation and French export credit agency Coface, will hold the first country risk conference organised in the State of Kuwait.

  • March

    Zurich Surety, Credit & Political Risk names new leadership 15 March 2010

    Zurich names new leadership for the Surety, Credit and Political Risk group, following the promotion of Dan Riordan.

  • APA Insurance reinsures ATI 12 March 2010

    APA Insurance has agreed to reinsure the African Trade Insurance Agency (ATI) allowing it to cover motor and property in Kenya and Uganda against damage.

  • Germany extends export credit refinancing 10 March 2010

    The German government has extended its export credit refinancing aid scheme for long-term export credit for a further six months.

  • APA Insurance reinsures ATI 03 March 2010

    APA Insurance has agreed to reinsure the African Trade Insurance Agency (ATI) allowing it to cover motor and property in Kenya and Uganda against damage.

  • February

    Zurich and KEIC sign MoU 26 February 2010

    Global insurer Zurich’s North America Surety, Credit & Political Risk group has signed a MoU with Korea Export Insurance Corporation (KEIC), Korea’ export insurance agency.

  • Pakistani engineers call for export insurance 26 February 2010

    Pakistan’s engineering industry has called for a government backed export credit insurance scheme to cover the sector.

  • World trade suffers 65-year record drop 25 February 2010

    World trade has experienced the largest single drop since the Second World War, according to the World Trade Organisation.

  • PFC Global Risk hires Wagner 24 February 2010

    Country Risk Solutions founder Daniel Wagner has joined PFC Global Risk.

  • ECGC maintains ratings for EU countries 18 February 2010

    The Export Credit Guarantee Corporation of India is to maintain its credit risk rating for European countries in danger of sovereign defaults.

  • Riordan takes on new role at Zurich 18 February 2010

    Zurich has named Daniel Riordan president of its North America Commercial Specialties unit.

  • Aon Risk Services hires new CEO of Asia 04 February 2010

    Aon Risk Services has hired a new chief executive officer of Asia Aon Risk Services.

  • January

    Crisis easing says Coface 25 January 2010

    Coface has announced 20 country upgrades at its 14th country risk conference, claiming that the global financial crisis is easing, but warns of continuing bubbles.

  • Export credit agencies to the rescue of trade finance 25 January 2010

    What saved trade from collapsing totally during the global crisis? This column argues that export credit agencies played a key role in stabilising the trade finance market, and thus helped reduce credit risks and allowed exporters to offer open account terms in competitive markets.

  • Coface receives capital boost 13 January 2010

    Credit insurer Coface is set to receive a capital injection from its shareholder Natixis.

  • Marsh welcomes back Macey-Dare 12 January 2010

    Insurance broker Marsh has appointed Julian Macey-Dare as international leader of its political risk and structured credit practice.

Poll

Will Russia’s recent ban on grain exports result in a significant rise in private risk insurance claims from grain traders unable to fulfil their contracts?

Yes – there will be more claims. The government’s actions allow traders, with PRI cover, to make claims through contract frustration.
8%
No - the majority of Russia’s wheat production, some 70%-80%, is used for domestic consumption so the contracts represent only a small portion of the total wheat market, limiting the amount of potential claims.
23%
No - traders had a week’s notice before the ban allowing them to secure alternative supplies to fulfil contracts stated as optional origin.
23%
Maybe - but claims are likely to be limited to traders dealing in soft wheat whose contracts demand they source wheat only from Russia.
46%

Quote

From a Brazilian perspective a lot of work still needs to be done in getting foreign lenders more comfortable to finance the second-tier players again.

Ian Henderson, Texel Capital - Brazil: Agri-sector bounces back - Trade Finance July/August 2010