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September
Australia’s export credit agency Export Finance and Insurance Corporation has signed a capital guarantee to support Urban Art Projects’ expanding international operations.
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August
MIGA has launched its Asia hub to expand its reach beyond the Washington DC headquarters, naming its CFO as regional director.
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Trade credit insurer Atradius has appointed a new head to expand its London special products team.
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Luxembourg export credit agency Ducroire Luxembourg is to provide export-credit insurance to complement insurance policies taken out with private insurance companies.
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Close to customers
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Invaluable support for business
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July
Credit Agricole CIB and Sinosure have signed a comprehensive business cooperation agreement to further develop support for their clients.
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Trade credit insurer Euler Hermes has opened its fifth Latin America office in Santiago.
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Trade credit insurer Atradius has increased additional cover in the retail sector across the UK.
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The African Trade Insurance Agency has appointed its new chief executive officer.
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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.
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The Berne Union has welcomed the recovery for trade and export credit insurance but warns Basell III changes could impact trade volumes.
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Credit insurer Euler Hermes is to launch a new service through a new credit insurance solutions department dedicated exclusively to major exporters.
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Bermuda-based Ariel Reinsurance Company is to open a representative office in Rio de Janeiro, Brazil, after securing approval by Brazilian insurance regulator SUSEP.
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The European Commission has authorised a Hungarian export credit insurance scheme to support local exporting firms.
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Trade credit insurer Atradius is to release extra credit to small and medium-sized enterprises in the UK.
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June
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.
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The Export Import Bank of the United States has approved five medium-term insurance policies for exports which focus on infrastructure development in Chile.
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Coface has become the first international credit insurer to get its licence in Russia.
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The International Credit Insurance and Surety Association has elected a new president.
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Coface has become the first international credit insurer to receive a Russian insurance licence.
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Marsh has signed a multi-year agreement with FGI Risk Services to deliver enhanced trade credit services to Marsh clients.
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Industrial and Commercial Bank of China may provide financing, export credit and advisory services for Union Railway, a United Arab Emirates railway project.
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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.
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May
Credit protection brokerage Smyth Trade Credit, an affiliate of Smyyth LLC, has appointed a new vice president, risk mitigation products.
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FTRANS, a provider of accounts receivable and credit management solutions, has announced the retirement of its founder and chairman, John Hayes, effective immediately.
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A strategic review of operations sees Chubb exiting the political risk and structured trade credit insurance markets.
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International Lease Finance Corporation has mandated BNP Paribas to arrange an export credit financing for six Airbus A320 aircraft.
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Capital Business Credit has appointed its new vice president responsible for CBC’s business development in the lower Southeast US region.
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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.
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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.
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Commentary from Peter Hall, vice president and chief economist, Export Development Canada (EDC).
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The Reserve Bank of India has set interest rates for rupee export credit at or above the base rate.
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Credit insurer Euler Hermes Switzerland has appointed a new managing director with effect from 1 May.
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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.
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The New Zealand Export Credit Office has joined The Prague Club to develop its export credit and investment insurance schemes.
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Insurance broker Arthur J. Gallagher UK has acquired “a substantial amount” of UK’s FirstCity Partnership Limited including its insurance and reinsurance business.
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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.
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The Basel Committee has recognised MIGA as a highly rated-multilateral – a classification that will encourage FDI to developing countries by lowering loan costs.
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Sinosure has reported strong growth in export credit insurance for the first quarter of the year.
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April
Insurance broker Marsh has launched a trade credit practice for Europe, the Middle East and Africa.
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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.
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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.
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Independent trade credit broker RK Harrison Financial Risks has appointed a new regional premier client director.
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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.
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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.
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The Asian Development Bank and ASEAN nations, with China, Japan and Korea have approved the establishment of the Credit Guarantee and Investment Facility.
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The Association of British Insurers has released the trade credit insurance statistics for the UK for 2009.
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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.
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The Organisation for Economic Co-operation and Development has upgraded Indonesia on its country risk classification, the only upgrade out of 161 nations reviewed.
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Italian export credit agency Sace has increased the number of countries where it will operate.
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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.
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International insurer ACE Global Markets has today announced new appointments to its trade credit teams in London and New York.
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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.
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March
Zurich names new leadership for the Surety, Credit and Political Risk group, following the promotion of Dan Riordan.
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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.
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The German government has extended its export credit refinancing aid scheme for long-term export credit for a further six months.
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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.
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February
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.
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Pakistan’s engineering industry has called for a government backed export credit insurance scheme to cover the sector.
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World trade has experienced the largest single drop since the Second World War, according to the World Trade Organisation.
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Country Risk Solutions founder Daniel Wagner has joined PFC Global Risk.
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The Export Credit Guarantee Corporation of India is to maintain its credit risk rating for European countries in danger of sovereign defaults.
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Zurich has named Daniel Riordan president of its North America Commercial Specialties unit.
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Aon Risk Services has hired a new chief executive officer of Asia Aon Risk Services.
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January
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.
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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.
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Credit insurer Coface is set to receive a capital injection from its shareholder Natixis.
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Insurance broker Marsh has appointed Julian Macey-Dare as international leader of its political risk and structured credit practice.