Credit Insurance News Digest 21 January 10.20

Welcome to issue 33 of Credit Insurance News Digest, 21 January 2014. This issue is kindly sponsored by AIG.

Index

Credit Insurance News
Credit Insurance Reports
Industry Events and Offers
Business Info: Recommended Reports and UK Retailers: Who's UP/Who's DOWN
Career Opportunities and New Appointments
About this issue's sponsor

Credit Insurance News
CIFS set to expand Single Situation Capability. CIFS has advised that it is developing its presence in the market for structured trade finance business with a discrete unit within CIFS, operating exclusively in the Lloyd’s market. CIFS advises that demand for this cover will emanate in the main from large-scale trade finance projects and the purchasers will typically be investment banks, exporters and commodity traders. Initial parameters for the business are: line sizes up to $10 million on any single transaction, maximum aggregation on any one obligor group $40 million, tenors – up to 5 years. The unit will be led by new appointment James Steele Perkins (see 'New Appointments' - below). To view CIFS' news release go to http://creditindemnity.com/cifs-set-to-expand-single-situation-capability/.

ABI data reveals that between 2007 and 2012 the average claim paid on a trade credit policy increased by nearly 100%. The ABI has issued its latest trade credit insurance statistics for 2012 which show that between 2007 and 2012 the average claim paid on a trade credit policy increased by nearly 100%, whereas the average premium for a trade credit policy increased by 30%. In addition, the latest data shows that in 2012 policyholders with an insured turnover of less than £10 million accounted for 20% of Gross Written Premium (compared to 28% in 2007), while policyholders with an insured turnover of more than £100 million accounted for 42% of Gross Written Premiums (compared to 36% in 2007). For more details go to https://www.abi.org.uk/News/Industry-data-updates/2013/06/Trade-credit-stats.

Coface launches new website in the UK and Ireland. Coface in the UK and Ireland has redesigned its website with new functionality, design, and navigation. Coface advises that the new website features an improved homepage design, cleaner layout of page content, and an intuitive and consistent Coface-wide navigation system. The most significant changes include an update of the Country Risk Information, which can be displayed in an interactive map or in a dynamic country profile, and a search and category function on the Coface news and publications pages. To view the changes go to http://www.cofaceuk.com/.

Tinubu Square's Michael Feldwick explores how businesses can become more appealing to trade credit insurers. Global Business & Finance Review has published an article, 'Increasing trade credit insurance appeal and improving financial governance', in which Michael Feldwick of Tinubu Square advises that research suggests that credit insurance terms have hardened for firms with poor loss histories since the fourth quarter of 2012, and there is more reluctance to offer insurance if a business appears to be an unattractive risk. To counter this, Michael explores how businesses can become more appealing to trade credit insurers, including using credit risk management software solutions, and concludes: "The aim should be to reduce days-sales-outstanding by 25%, lower the cost of risk management and claims by 50%, make financial governance more effective, and ultimately make the business a more attractive insurance prospect." To view the article go to http://www.globalbankingandfinance.com/increasing-trade-credit-insurance-appeal-and-improving-financial-governance/.

Euler Hermes expands its Asia Pacific services with a Single Risk & Political Risk insurance team based in Singapore. Euler Hermes has announced that it is expanding its services in Asia Pacific with the addition of a specialised Single Risk & Political Risk insurance team based in Singapore. Fabrice Desnos, head of Euler Hermes Asia Pacific, commented: “We’ve extended the reach of our transactional cover policies to Asia Pacific to help large clients in the region take advantage of attractive opportunities in both mature and emerging markets . . . Asia is a strategic growth region for Euler Hermes." Thomas Laporte-Many will lead Euler Hermes' Asia Pacific transactional cover services team. To view Euler Hermes' news release go to http://www.eulerhermes.com/mediacenter/news/Pages/Euler-Hermes-broadens-Asia-Pacific-credit-insurance-services-with-specialized-Political-Trade-Risk-insurance-team.aspx.

The City of London - a centre of gravity for credit insurance. Insurance Day has published an article, 'Trade credit increasingly popular as London line of business', which reports that trade credit has become an increasingly popular line of business among London market insurers in recent years, with a number of companies strengthening their positions. Mike Holley, chief executive of Equinox Global, commented: "In the classical world, credit insurers tended to work in isolation. I think the strength of the non-classical trade credit insurer is growing over time.” To view the full article go to https://www.insuranceday.com/people_and_community/trade-credit-increasingly-popular-as-london-line-of-business.htm?origin=internalSearch. (Subscription to Insurance Day required).

Solunion set to become the leading credit insurance provider in both Colombia and Mexico, and one of the top three in Chile. Solunion, the joint venture of Euler Hermes an MAPFRE, has announced plans to consolidate the former Chile, Colombia and Mexico activities of its joint venture. This will mean that Solunion will become the leading credit insurance provider in both Colombia and Mexico, and one of the top three in Chile. “Latin America is very important to Solunion,” said Fernando Pérez-Serrabona, Solunion CEO: “Its economic dynamism, and strong domestic and export growth potential, make it a strategic element in our international presence." To view Euler Hermes' news release go to http://www.eulerhermes.com/mediacenter/news/Pages/Solunion-joint-venture-by-Euler-Hermes-and-MAPFRE-expands-operations.aspx.

Intra-regional trade in Asia to increase by up to 80% in the next 10 years. The Hong Kong Development Council has published a video clip from the Asian Financial Forum in which Fabrice Desnos, Regional CEO of Euler Hermes, advises that he expects intra-regional trade in Asia to increase by up to 80% in the next 10 years. And as companies move from traditional letters of credit to open account credit terms, he expects the market for credit insurance products to grow. Fabrice also advises that while 2014 will see a global economic recovery, this will be uneven and will not be strong enough to make a notable impact in Europe. In contrast, the US and Asia are economic "bright spots". To view the clip go to http://youtu.be/hBm0CRvDcSs.

W Denis Credit Risks acquires Coastal Credit Insurance Brokers. W Denis Credit Risks Ltd has announced the conclusion of a deal with Coastal Credit Insurance Brokers Ltd, a well-established specialist broker based in the South of England. As part of the agreement, W Denis' London team will be joined by Derek Barnett as a Director, while Alan Sarling, the founder and majority shareholder of Coastal, will continue to work for the combined business in a consultancy role. John Cockshutt and Patrick Rice, from W. Denis, commented: "The combining of our businesses puts us very firmly in the top tier of specialist brokers in the UK."

CIFS warns: "Beware the march of the zombies". CIFS has issued a warning that the current mood of optimism amongst many UK businesses should perhaps not go altogether untempered. "One reason is the overhang of so-called “zombie” companies – businesses that are able to struggle on by paying the interest on their outstanding debt, but not the debt itself." CIFS warns that a rise in interest rates or a move by banks to call in loans where they see little prospect of repayment, would threaten the survival of such businesses (R3 estimates suggests that more than 100,000 businesses are under threat). "Statistically many, if not most of us, could encounter the zombie phenomenon." To view CIFS' article go to http://creditindemnity.com/beware-the-march-of-the-zombies/.

New international credit rating agency ARC Ratings launches in London. Five credit rating agencies (CRAs) from Europe, Asia, Africa and Latin America have jointly created ARC Ratings S.A., a new European and network-based CRA. ARC’s advises that it will rate sovereign debt, financial institutions, non-financial corporations as well as structured products, and will use a modified ranking scale that distinguishes between different levels of risk without dividing credits between investment and non-investment-grade. For more information see ARC Ratings' press release [link will be given here].

Trade credit insurance: "regarded as indispensable by some and useless by others". TFR (Trade and Forfaiting Review) has published an article, 'More of the same - or new era?' in which Ruslan Kharlamov and Christian Gabriel examine what accounts for such a polarity of opinion between those who consider trade credit insurance indispensable and those who do not? To view, go to http://www.tfreview.com/opinion/risk/more-same-or-new-era.(Subscription to TFR required).
Note: Credit Insurance News Digest readers are invited to subscribe to TFR qualify for the special introductory price of £335.75 plus postage of £13.75. Click here for details. Alternatively, register and read TFR for free for two weeks).

Congratulations
Global Brands magazine Awards - congratulations to Atradius and Euler Hermes. At the recent Global Brands Magazine insurance awards for 2013, Atradius won the award for 'Best Credit Insurance Brand in Europe' and Euler Hermes won the award for 'Best Trade Credit Insurance Brand in Middle East'. To view the full list of winners go to http://www.globalbrandsmagazine.com/award-winners-2013/.

Credit Insurance Reports
Upmarket positioning and innovation: key to the success for the French and European Textile Industry. Coface has published its latest 'Panorama' report, 'Textiles - Upmarket positioning and innovation: key to the success for the French and European Textile Industry', which advises that the textile industry is growing strongly both in volume and employment by shifting firmly towards high tech segmentation and by becoming a leading supplier to the automotive and medical industries. The report also examines the main issues the sector faces in the years ahead. To view the Panorama go to http://www.coface.com/News-Publications/Publications/Textiles-Upmarket-positioning-and-innovation-Key-to-the-success-for-the-French-and-European-textile-industry.

Euler Hermes advises of a renewed rise in insolvencies in 2013, with a wide disparity between regions. Euler Hermes has published its latest research on global business insolvencies and has predicted that in 2013 global insolvencies will have risen by 2%. However there are significant disparities between regions, with increased insolvencies in Latin America (+10%), Central and Eastern Europe (+6%) and Western Europe (+9% (with insolvencies on the rise in all countries except Germany and the U.K)), and decreases in the North American region (-11%) and in the Asia Pacific region (-4%). Looking ahead, Euler Hermes forecasts a slight improvement in insolvency numbers in 2014 (-1%), with the exception of Europe, where the recovery is too slow to have much impact. To view Euler Hermes' full news release go to http://www.eulerhermes.com/mediacenter/news/Pages/Euler-Hermes-Increased-2013-global-business-insolvencies.aspx.

Taiwan: Stable growth but with some risks. Atradius' latest Country Report on Taiwan advises that, after a subdued economic performance in the third quarter of 2013, economic growth in Taiwan will increase by 2.9% in 2014 as exports (especially to China and emerging Asian countries) pick up again - growing by more than 5%. However, Atradius also warns that as the electronics sector is its mainstay, Taiwan remains very vulnerable to any global market distortions in this sector. A potential downturn of the Chinese economy, for example, would severely hurt Taiwan's economy. To view the full report go to http://global.atradius.com/creditmanagementknowledge/taiwan/taiwan-overview.html.

Euler Hermes advises of a "half-baked" global economic recovery and advises that Asia Pacific is on the verge of a new cycle. Ludovic Subran, chief economist of Euler Hermes, has warned that, so far, the global economic recovery has only been “half-baked”: political issues and on-going labour market weakness in the US are still hampering growth, downside risks – such as refinancing of external debt in Europe – still persist, and growth rates in India and China are expected to be only moderate. Mr Subran also advised that Asia Pacific is on the verge of a new cycle, which can be summarised as the 3S-Cycle: Solid, Sustainable, but Slower. However, Asia Pacific will continue to contribute strongly to the world’s GDP growth (50-60%) with 5 clusters of growth: The OECDs (Japan, South Korea), Greater China, the 'ASEAN-5', South Asia (India and its neighbours) and Oceania." To view Euler Hermes' press release go to http://www.eulerhermes.com/mediacenter/news/Pages/Euler-Hermes-Asia-Pacific-on-the-verge-of-a-new-cycle.aspx.

Belgium: A weak rebound in 2014. Atradius' latest Country report on Belgium predicts a weak rebound, with 1.4% growth anticipated in 2014. After 7 consecutive years of increase, the number of Belgian business insolvencies should also begin to level off - although remaining at historically very high levels. Sector-wise, the performance of construction, metals and consumer durables will remain subdued., with only the Chemicals/Pharma sector enjoying an 'Excellent' outlook. To view the full report go to http://global.atradius.com/images/stories/CountryReports/Belgium_December_2013_ENG.pdf.

Euler Hermes, Coface and Atradius: Peer Comparison. Moodys Investor Service has published an 11 page report, 'Euler Hermes, Coface and Atradius: Peer Comparison', which advises that Moodys expects that the main global credit insurers' key credit fundamentals will remain resilient in the subdued global economic environment, despite a persistently difficult claims environment in their main European markets. Nevertheless, the report advises that credit insurers remain vulnerable to the downside risks in the European economy. The full report costs $300 and is available at http://moodys.alacra.com/research/moodys-global-credit-research---PBC_159277.

Industry Events and Offers
Libya Trade & Infrastructure Finance Conference, 6 February 2014.
As the new Libya continues to overhaul its public institutions and private sector in preparation for full participation in the global economy, the international business community is increasingly taking note of the extensive opportunity offered by this key North African market, related to both its potential as a hub for regional trade and the huge investment needed to renew the country’s ailing infrastructure. The Libya Trade & Infrastructure Finance Conference will present a crystallised perspective of the opportunities on offer, providing delegates with a contemporary assessment of the rewards and risks posed by this newly liberalised economy. Bringing high-level networking opportunities, cutting edge content and a host of expert speakers together under one roof, the Libya Trade & Infrastructure Finance Conference constitutes an essential gathering for all those from the international trade and investment sectors seeking to gain the inside track on the high growth potential of this exciting business destination. For more information click here. A 15% discount is available for Credit Insurance News Digest readers, please quote CIN15.

10th Annual India Trade & Export Finance Conference, 12 February 2014.
Now in its 10th year and recognised as the conference of choice for the region’s trade finance community, this much anticipated annual gathering looks set to welcome over 250 high-level business leaders keen to discuss the most pertinent issues affecting both domestic and international players. Enjoying participation from companies of all sizes from all manner of sectors, the conference is a must attend event for anyone looking to do business with one of the world’s most burgeoning economies. For more information click here. A 15% discount is available for Credit Insurance News Digest readers, please quote CIN15.

The ICM British Credit Awards 2014, 12 February at The Brewery. London.
ICM British Credit Awards, the recognised standard in the credit and collections industry, take place on 12 February 2014 at the Brewery in London. The Awards bring a focus to the credit industry with awards covering the different aspects of credit from consumer and commercial lending to credit insurance, use of technology and business information. To book your place at this most prestigious event or to find out more, visit www.ICMBritishCreditAwards.com.

7th Annual Russia & CIS Trade & Export Finance Conference, 11 February 2014. Moscow.
GTR returns to Moscow for the 7th Annual Russia & CIS Trade & Export Finance Conference. Now established as the only place for key business leaders to meet to discuss the ever-changing trade landscape in Russia and the wider region, the event will draw on record attendance in 2013 to further highlight the huge opportunities within this lucrative market. As with all GTR conferences, networking is a central theme through the day. The conference delegation will consist of decision makers from corporate, banking and financial services organisations, making this an opportunity not to be missed for anyone looking to make new business contacts within the Russian market. For more information click here. A 15% discount is available for Credit Insurance News Digest readers, please quote CIN15.

5th Annual Global Export and Agency Finance 2014 Asia Pacific, 19-20 February 2014. Grand Hyatt Jakarta.
Now in its 5th annual event, we will once again gather over 300 senior representatives from the world’s most active and influential ECAs, multilaterals, financiers, legal firms and corporates to share their insights into the hottest topics surrounding the global, regional and local export and agency finance industries. For further information, please go to our website at www.euromoneyseminars.com/ECAAsia2014 or email to ashley.li@euromoneyasia.com.

Middle East Trade Finance Week 2014, 25-27 February 2014. Dubai.
Middle East Trade Finance Week 2014, incorporating the 11th Annual Middle East Trade & Export Finance Conference alongside various stream sessions, roundtables, workshops and networking events, will be taking place at the Jumeirah Emirates Towers, Dubai on February 25-27, 2014. As one of the longest-running and most established events on the MENA calendar, the event has built an unsurpassed reputation for bringing together all leading trade and export finance professionals under one roof. With over 350 delegates expected in attendance, including companies of all sizes and from all manner of sectors, the event is well placed to tackle the region’s trade and export priorities, with specific focus on various countries, projects and financing trends. For more information click here. A 15% discount is available for Credit Insurance News Digest readers, please quote CIN15.

Insuring Export Credit & Political Risk, 26–27 February 2014. Hilton Tower Bridge, London.
Now in its 24th successive year, this is the leading industry event with over 300 senior attendees from 37 countries, supported by the Berne Union and ICISA. The conference will provide a unique opportunity to meet top executives from around the world and hear the very latest news and views. Our international speaker line-up features some of the most eminent names from the industry, including leading ECAs, Multilateral Organisations, Underwriters, Brokers, Banks, Exporters, Investors and Buyers. Registrations are now open. Simply call +44 (0) 20 7017 7790, email: kmregistration@informa.com, or book online here. Quote VIP code: FKW52676CRN for a 10% discount.

Africa Trade Finance Week 2014, 17-19 March 2014. Cape Town.
Incorporating the 8th Annual Africa Trade & Export Finance Conference, Supply Chain Masterclass, Association of Corporate Treasurers South Africa Breakfast Briefing, GTR Africa Roundtable alongside numerous networking events, Africa Trade Finance Week will take place in Cape Town on March 17-19. Now recognised as the world’s leading pan-African trade gathering, having established the reputation for bringing only the most senior corporate, bankers and global policy makers together under one roof, the event will highlight the latest developments and examine both the regional and international trade flows impacting on one of the world’s most lucrative markets. Click here for more information about this event. A 15% discount is available for Credit Insurance News Digest readers, please quote CIN15.

8th Annual Turkey Trade & Export Finance Conference, 25-26 March. Istanbul.
After a record breaking meeting in 2013 saw over 370 delegates gather under one roof for two days of high-level discussion and networking, the 8th Annual Turkey Trade & Export Finance Conference will return to Istanbul on March 25-26. Enjoying full recognition as the premier annual event for Turkey’s leading businesses and those trade, export and commodity financiers and associated sectors tasked with supporting their international trade, the conference will again provide deep insight on the trends and challenges being experienced by those operating in this exciting market alongside extensive networking across an international audience that remains unrivalled throughout Turkey and the wider region. Click here for more information. A 15% discount is available for Credit Insurance News Digest readers, please quote CIN15.

Credit Summit 2014, 3 April 2014. QE11 Conference Centre, London.
The UK’s largest credit show is growing. Creditors can look forward to even more cutting edge free content including the Trade Credit Conference, Insolvency Conference and training workshops. Including more than 40 exhibitors showcasing their latest innovations across the entire credit and collections market with over 500 delegates to share ideas and gain crucial market knowledge. Plus, back by popular demand, ex-chief economist of HSBC and renowned speaker Dennis Turner gives his latest insight into the UK economy and what the future has to hold for the UK credit industry. The FCA will be providing a timely comment on the transfer of consumer credit and how they will be supervising the consumer credit industry. All this is FREE to access for all credit professionals, just visit www.creditsummit.co.uk to find out more and to register for your place.

4th Annual Latin America Trade & Commodity Finance Conference, 9-10 April. São Paulo, Brazil.
Once again providing the definitive meeting point for those high level decision makers operating in or looking to do business in Latin America, this is the most comprehensive gathering of leading trade finance practitioners in the region, and is well placed to address the abundance of opportunities and challenges this exciting region holds. Simultaneous English/Portuguese translation at the conference will allow all delegates to fully immerse themselves in proceedings. Click here for more information. A 15% discount is available for Credit Insurance News Digest readers, please quote CIN15.

STECIS Trade Credit Insurance and Surety (BASIC & ADVANCED) Training Seminars, 10-11 April 2014 and 19-29 June 2014. The Hague, The Netherlands.
The STECIS training seminars are two-day events and are highly interactive. They cover technical and practical knowledge on Trade Credit Insurance and Surety Bonds, the theory of underwriting, in-depth analysis of industry developments, the terminology and the current market. In addition, participants are asked to review case studies. The BASIC training seminars are on 10-11 April 2014 and are open to participants with up to 3 years of work experience. The ADVANCED training seminars are set for 19-20 June 2014 and are suited to participants who have attended the basic training seminars and/or have at least 4 years of work experience. As the International Credit Insurance & Surety Association (ICISA) strongly endorses the STECIS training seminar programme, ICISA member companies receive a 5% discount on the total seminar fee. Companies (ICISA members and non-ICISA members) registering three or more participants to one training seminar, receive a 10% discount on the total seminar fee. For more information, please visit the website www.stecis.org or contact STECIS by sending an e-mail to info@stecis.org or call +31 20 528 5170.

Business Information: Recommended Reports and Business Shorts
R3 research shows a record 166,000 businesses report having to negotiate payment terms with creditors. Liz Bingham, president of R3, commented that thousands of businesses are "moving beyond ‘struggling but surviving’ into potentially dangerous territory.” A record 166,000 businesses say they are having to negotiate payment terms with creditors, and 96,000 businesses say they would be unable to repay debts if there was a small increase in interest rates – the highest number of businesses in this position for over a year. Liz Bingham continued: “Whether or not there is an insolvency ‘spike’ still to come depends on the fortunes of those companies that are negotiating with their creditors or who would be unable to pay their debts if interest rates were to rise.” The number of ‘zombie businesses’ – 103,000 – is equivalent to 6% of UK businesses with a turnover of over £50,000. To view R3's news release go to http://www.r3.org.uk/index.cfm?page=1114&element=19620&refpage=1008.

The UK is the seventh most optimistic country about its prospects for business growth. Grant Thornton’s latest International Business Report (IBR) has revealed that UK business optimism has surged 74% over the past year – up from -3% in Q4 2012 to 71% in Q4 2013. Underpinned by a broad-based recovery, the UK is now the seventh most optimistic country about its prospects for business growth globally – ahead of both the US and China where optimism has slowed sharply in the last quarter. The latest IBR data also shows that 69% of UK businesses are expecting increased revenues over the next 12 months – a 20% year-on-year and 14% quarterly uptick. This is mirrored by a 13% rise in profitability expectations (to 63%) and a 7% drop in those anticipating reduced demand (to 24%) compared to Q4 2012. To view Grant Thornton's news release go to http://www.grant-thornton.co.uk/en/Media-Centre/News/2014/UK-business-optimism-outstrips-rivals-with-broad-based-recovery/.

151 UK retailers are now facing 'critical' financial problems. New research from Begbies Traynor has revealed that 151 UK retailers are now facing 'critical' financial problems, up 8% from Q4 2012, while the number of retail businesses with 'significant' financial issues has risen by 15% to 15,792. These problems are particularly acute for retailers that either don’t have a convincing online offering, or don’t benefit from high levels of customer retention and satisfaction. However, the research also shows that traditional, store-based retailers were not alone in their struggles this Christmas; while online sales in the UK rose to a monthly record of £10.1 billion in November, Begbies Traynor’s research reveals that 1,816 non-store firms are currently in 'significant' financial distress, a rise of 28% from the equivalent period last year. To view the news release go to http://www.begbies-traynorgroup.com/begbies-traynor/news/13-12-23/little_festive_cheer_for_retailers_despite_improving_economy.aspx.

BRC-KPMG Retail Sales Monitor December 2013 - overall Christmas trading was "respectable". According to the latest BRC-KPMG Retail Sales Monitor, UK retail sales were up 0.4% on a like-for-like basis from December 2012, when they had increased 0.3% on the preceding year. On a total basis, sales were up 1.8%, against a 1.5% increase in December 2012, the lowest growth of 2013. Helen Dickinson, Director General, British Retail Consortium, commented: “This is a respectable result overall, in line with our prediction that Christmas trading in 2013 would reflect that while confidence levels were higher than the previous year, this wasn’t always matched by more money in pockets." To view KPMG's news release go to http://www.kpmg.com/UK/en/IssuesAndInsights/ArticlesPublications/NewsReleases/Pages/brc-kpmg-retail-sales-monitor-2014.aspx.

BCC Survey indicates that the UK economy is growing at a solid pace, and could even strengthen in the short term. The latest British Chambers of Commerce’s Quarterly Economic Survey (QES) for Q4 shows improvements in most areas for both the manufacturing and service sectors, and that all key balances are stronger than their long-term historical averages. In the manufacturing sector, five key balances are at all time highs, and exports in the services sector continue to break new ground. David Kern, Chief Economist at the BCC, commented: “With most key balances in this quarter higher than their pre-recession levels in 2007, it is clear that the UK recovery is likely to continue to strengthen in the short term. On the basis of these results, GDP growth in Q4 could well be around 0.9%, and higher full-year growth in 2013 and 2014 could follow." To view the BCC's news release and link to the full QES go to http://www.britishchambers.org.uk/press-office/press-releases/bcc-quarterly-economic-survey-businesses-ready-to-push-on-but-more-finance-needed.html.

Positive news for the Irish retail sector as insolvencies fall and start-ups rise. Vision-net.ie has advised that its latest review of over 14,000 companies operating in the Irish Wholesale and Retail sector indicated that a degree of stabilisation took place within the industry in 2013, and that insolvencies affecting the sector dropped by 11% last year (to 202 companies) when compared to 2012. In addition, Vision-net's data also highlighted an increase in the number of start-ups choosing to operate within the sector, with 1,776 new companies setup in the wholesale and retail sector last year - up 6.6% on 2012. To view Vision net's latest data go to http://www.vision-net.ie/barometer.jsp.

A record 68% of UK businesses are showing at least one key indicator of growth. The latest Business Distress Index from R3 which tracked five key indicators of UK business growth since March 2012 (investment in equipment, increased sales volume, business expansion, increased profits, growing market share), has found that all indicators have hit record highs, while four out of five indicators have grown by double-digits since R3’s Summer survey – an unprecedented level of growth. Liz Bingham, R3’s president, commented: "The latest results are a welcome sign that the recovery is bedding in and gaining ground. This is very encouraging. We’ve never seen such a rapid improvement from one survey to the next." The latest survey also found that signs of business distress remain low: 37% of businesses are showing at least one sign of distress, compared to 64% in March 2012. To view R3's news release go to http://www.r3.org.uk/index.cfm?page=1114&element=19621&refpage=1008.

The UK Christmas High Street: Who's UP/Who's DOWN
UP: Dixons. Dixons Retail, the electrical goods retailer that owns Currys and PC World, reported that it '"turned in a good performance" over the Christmas period. Initially, the retailer experienced a worryingly quiet couple of weeks in the run up to Christmas, before business suddenly "took off like a rocket" on Boxing Day. Like-for-like sales rose 5% in the three months to January, with internet sales up 23%.
UP: ARGOS: Home Retail Group, the owners of Argos and Homebase, reported strong growth in like-for-like sales over the Christmas period. Total sales at Argos grew by 3.6% to £1,808 million, driven by demand by demand for tablet computers, video games, televisions and white goods. Like-for-like sales increased by 3.8% in the period. Internet sales now represent 46% of total Argos sales, up from 42% for the same period last year.
UP: NEXT. Next reported an overall 11.9% increase in sales between 1 November and 24 December compared with the same period last year - results which were "significantly" beyond its own expectations. As a result the retailer has raised its profit forecast range, which is now £684 million to £700 million. In its trading update, Next said: "We are now faced with a question as to what to do with the accumulated surplus cash" and announced a one-off dividend of 50p.
UP: THORNTONS. Thorntons announced that it is making "good progress" on its turnaround plan. In its second-quarter update for the 14 weeks to 11 January, the company said group sales rose 6.3% to 93.1 million, with customer response to new seasonal lines - in particular Advent calendars and Snowman licensed range - exceeding expectations. Looking ahead the retailer advised that it is confident in its plans for the key spring seasons, especially Easter, and its current outlook for the financial year remains in line with market expectations.
UP: PRIMARK. Primark's owners, Associated British Foods, announced that Christmas trading at the low-cost clothing retailer had been excellent. Driven by an 8% increase in selling space, strong like-for-like growth and higher sales densities from new stores, for the 16 weeks to 4 January, sales at Primark were 12% ahead of the same period last year. Associated British Foods now anticipate that Primark’s full-year profits for 2014 will be "well ahead of last year with a higher margin than expected."
UP: HALFORDS. For the 15 weeks to 10 January, Halfords' Chief executive, Matt Davies, advised that cycling (notably accessories and children's bikes) was the retailer's ‘standout’ success', with a 19.5% increase in like-for-like revenue. As a result, Halfords, which only returned to profit in November, posted an overall 5.9% increase in like-for-like overall retail revenues, with all but its Car Enhancement division showing some degree of growth.
DISAPPOINTING: MARKS & SPENCER. Despite the introduction of new senior managers, Marks & Spencer admitted that its performance in the three months to end December was "below our expectations". Although its food sector performed well in the run up to Christmas, this was not sufficient to counter a 2.1% decrease in like-for-like sales of clothing and other general goods - the 10th quarterly consecutive drop of this kind. As a result, there has been a raft of articles in the press comparing M&S unfavourably to Next, its smaller rival - now forecast to overtake M&S' profits for the first time.
DISAPPOINTING: TESCO. Tesco, the world's third biggest retailer, advised that further weakness in the UK grocery market contributed to a 2.4% decline over the six weeks to 4 January in its UK like-for-like sales performance compared to a year ago. The company is 21 months into a turnaround plan for its main UK business. As the market had expected sales to decline by around 1.5%, this result was worse than expected.
DISAPPOINTING: MORRISONS. Morrisons experienced a 5.6% decline in like-for-like sales during the six weeks to 5 January, a performance which was significantly worse that most analysts had predicted. In a statement, the supermarket advised that it had been adversely impacted by the presence of online sales, and has since started the process of rolling out an online offer which, it hopes, should cover 50% of the UK by the beginning of 2015.

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Latest Opportunities
Credit Account Executive, London. £25,000 - £35,000 (Negotiable DOE).
Our client is an established Credit Insurance specialist who is currently seeking Credit Insurance Professionals to join their expanding team. As an Account Executive you will be responsible for working closely with a range of corporate clients, to build a profitable pipeline and develop them into new business. This is a fantastic, exciting and challenging opportunity for a driven sales person to assist in the growth of a developing Insurance brokerage. The Ideal candidate will have a proven track record in new business or account growth and proven experience within the Insurance industry, preferably a credit background. For more information and/or apply call 0845 375 1747 or email contact_us@heatrecruitment.co.uk. (Please mention Credit Insurance News Digest when applying).

Credit Insurance Consultant, Glasgow. £30,000 - £40,000 + commission + excellent benefits package.
Our client is one of the UK's leading Credit Insurance Providers, and through continued growth, is now seeking Credit Insurance Consultants to join their team. This role will be heavily new business focused to grow an account from scratch with Corporate businesses throughout the Midlands. If you are looking for a fresh challenge with a business that can support you then this could be the right opportunity for you! The ideal candidate will have a proven track record in business to business field sales and account management, an exceptional level of business acumen and commercial awareness and strong relationship building experience, with both potential clients and business introducers. Additional skills required include the ability to read and perform basic analysis of a set of accounts. experience of consultative selling at board level and the ability to present technical information effectively. For more information and/or apply call 0845 375 1747 or email contact_us@heatrecruitment.co.uk. (Please mention Credit Insurance News Digest when applying).

Experienced Risk Underwriter, London. £40,000 - £55,000.
A leading credit insurer based in London is looking to recruit an experienced Risk Underwriter to join their talented team. You'll be taking on a senior role within the organisation which could lead to a management position over the next few years. The role will see you carrying out risk analysis on UK based buyers across a spectrum of industries for both portfolio and new business. You will be expected to be both client and buyer facing, provide support to more junior members of the team, consult on complex cases and act as a referral point for non UK branches' risk decisions. You will gain excellent exposure within this position, including having direct access to the Director of Risk who will mentor and develop you. To be considered you should be an experienced Risk Underwriter who is seeking a challenge and looking to further their career. Please apply to Kerren Leach on kerren.leach@reedglobal.com or 07940 403046. (Please mention Credit Insurance News Digest when applying).

Account Manager, flexible location. £30,000 - £40,000.
One of the worlds largest credit insurers is seeking an account manager to join their existing business team. You'll be responsible for managing a portfolio of policies provided through a designated panel of brokers as well as regular liaison with the client (understanding how their requirements develop, identifying new opportunities for the business) and your panel of brokers to establish additional business opportunities, cross-selling other products where appropriate, etc. Ideally you will be in Manchester or Birmingham, however London would also be considered as a base. To be considered you should have a good knowledge of credit insurance, gained from either a role within a broker or an insurer, either in account management or new business. Please apply to Kerren Leach on kerren.leach@reedglobal.com or 07940 403046. (Please mention Credit Insurance News Digest when applying).

Credit Insurance Consultant, West Midlands. £30,000 - £40,000 + commission + excellent benefits package.
Our client is one of the UK's leading Credit Insurance Providers, and through continued growth, is now seeking Credit Insurance Consultants to join their team. This role will be heavily new business focused to grow an account from scratch with Corporate businesses throughout the Midlands. If you are looking for a fresh challenge with a business that can support you then this could be the right opportunity for you! The ideal candidate will have a proven track record in business to business field sales and account management, an exceptional level of business acumen and commercial awareness and strong relationship building experience, with both potential clients and business introducers. Additional skills required include the ability to read and perform basic analysis of a set of accounts. experience of consultative selling at board level and the ability to present technical information effectively. For more information and/or apply call 0845 375 1747 or email contact_us@heatrecruitment.co.uk. (Please mention Credit Insurance News Digest when applying).

Credit Insurance Consultant, Location: Various. £30,000 - £35,000 (OTE £50,000) Plus generous benefits package.
A fantastic opportunity has arisen for a Credit Insurance Consultant to join one of the leading Trade Credit Insurance providers. The successful candidate will have a proven track record in new business or account growth and will be required to build internal relationships, gaining referrals and then develop these into prospective sales opportunities. The ideal candidate will have a proven track record in business to business field sales / account management with growth targets, an exceptional level of business acumen and commercial awareness, strong relationship building experience and will be corporate in both manner and appearance. Additional skills required include the ability to read and perform basic analysis of a set of accounts, experience of consultative selling, the ability to present technical information effectively and experience using Microsoft applications and SFDC CRM. For more information and/or apply call 0845 375 1747 or email contact_us@heatrecruitment.co.uk. (Please mention Credit Insurance News Digest when applying).

Coface: Four Career Opportunities in Asia Pacific
Coface is a world leader in Credit Insurance and a leading provider of credit insurance solutions in Asia Pacific and has an extensive on the ground presence and coverage in all major markets. Asia Pacific is set to be a major growth driver for Coface and we wish to expand our teams with high caliber candidates for senior regional commercial and sales management positions plus a regional risk underwriting position based in Hong Kong:

Senior Regional Commercial Manager, Asia Pacific: Working with and through the country based sales and account management teams the successful candidate will bring strong sales management skills to drive performance and help increase our business in all our countries of presence. The role is key to strengthening our sales and account management capabilities at all levels, whether through brokers, partners or direct. In addition the successful candidate will guide, support and advise on closing deals where necessary.
Regional Sales Manager, Global Solutions, Asia Pacific: Selling the full range of Coface credit insurance solutions to a target list of the top multinational companies in Asia Pacific, the successful candidate will bring in depth knowledge of and proven success in selling B2B solutions to complex organisations in a multicultural and multinational environment. He or she must be able to develop and execute strategic account sales plans, develop strong relationships at all levels within the target companies and be confident in discussing with and making presentations to senior management and boards of major corporations.
Regional Commercial Underwriter, Asia Pacific: Acting as the ‘Center of Excellence’ for all credit insurance products in Asia Pacific, the successful candidate must have comprehensive knowledge in the perspectives of documentation, standards and tariffications, as well as related markets of the credit insurance products in the Asia Pacific region. This role also requires strong capability to coordinate internally plus the excellent communication, negotiation and presentation skills.
Regional Risk Underwriting, Asia Pacific: Apart from underwriting of credit limits and review of exposures in Asia Pacific, the successful candidate is expected to proactively identify high or deteriorating risk as well as to identify resource gaps and requirements within the AP Underwriting team. To succeed in this role, the candidate should be well versed in rules and regulations related to financial institutions plus the excellent analytical, communication, and project management skills.

We are looking for candidates who are dynamic, adaptable and quick to learn. Successful candidates will be used to working in a multicultural environment where teamwork and individual contributions are both valued highly. Prior knowledge of the region is not a prerequisite, but will be an advantage. All positions have an attractive remuneration and benefits package. Please go to http://www.coface.com.hk/About-Coface/Coface-in-Hong-Kong-Mainland-China-Taiwan/Join-Coface to view the full job descriptions, the requirements and key skills for these posts. (Please mention Credit Insurance News Digest).

Still Recruiting . . .
Trade Credit Account Executive (Ref; 23582378). London. £35,000-£70,000 per annum, negotiable.
An opportunity which now exists within the growing Trade Credit team of a major UK broker. You will have specialised in the field of Trade Credit insurance and have a broker based client facing/servicing background. You might also have experience/knowledge of Political Risks business although this is by no means essential. Our client's accounts are corporate although they will also consider individuals with SME Trade Credit account experience. Salary will be dependent upon experience and what you have to "bring to the party". For more information go to http://www.reed.co.uk/jobs/trade-credit-account-executive-london/23582378#/jobs/leslie-james-associates/p3230?keywords=credit%20insurance. If your background/experience genuinely matches this vacancy requirement, you should call Leslie James Recruitment directly on 0207 8732271 to highlight your application. (Please mention Credit Insurance News Digest).

Structured Credit and Political Risks Account Handler (Ref: 23387236), London. £30,000 - £45,000 per annum, negotiable.
This is an opportunity which is available now with a leading London Market broker. The role will entail all aspects of the account handling of Structured Credit and Political Risks business. You will need to have had specific experience in the field of Structured Credit and Political Risks, be technically proficient and have good knowledge and relationships with insurers in the sector. Excellent training and prospects are available for the right candidate along with superb career prospects. For more information go to http://www.reed.co.uk/jobs/structured-credit-political-risks-account-handler-london/23387236#/jobs/leslie-james-associates/p3230?keywords=credit%20insurance. If your background/experience genuinely matches this vacancy requirement, you should call Leslie James Recruitment directly on 0207 8732271 to highlight your application. (Please mention Credit Insurance News Digest).

Risk Underwriter (2 vacancies), Euler Hermes, Manchester. Salary: Depending on experience plus excellent benefits.
This is a superb opportunity for two credit insurance professionals to work within our Euler Hermes Manchester team as Risk Underwriters. We are looking for candidates who are flexible, adaptable and excited by the challenge of working in a fast paced environment for the Market Leader in Credit Insurance. Requirements and key skills; for this role include a good understanding and knowledge of UK Risk Underwriting and/or credit management, experience of analysis of financial, economic and other information to assess credit risk. A demonstrable understanding and knowledge of the credit insurance market, EHUK's products and export underwriting, export risk assessment, export finance, political risk, export practice and export credit management would be advantageous. Candidates should be educated to degree standard (preferably in a business discipline). To view the full job description and apply go to http://www.eulerhermes.com/careers/Pages/job-search.aspx. (Please mention Credit Insurance News Digest).

Risk Underwriter - City - c£50,000 plus benefits/bonus - Ref: KL/211.
Ideally you will have 3-5 years risk underwriting experienced gained in the London Credit Insurance market. This is an exciting time for this first class underwriting agency and an opportunity for you to be going places with them. They have a strong customer centric approach to business which reflects in the high level of customer satisfaction and repeat business that they enjoy. Their setup affords an innovative approach, a quick and efficient service and value for money. You will be personable, a team player, ambitious but tempered with an acknowledgement that you must grow in experience and knowledge, and this is the perfect platform from which to do it. This is a super opportunity for the right candidate. For more information email Kristina@novasearch.co.uk or call 07931-371990 or 0208-3937413. (Please mention Credit Insurance News Digest).

New Appointments
CIFS has announced that James Steele-Perkins will be joining them next month. CIFS advises that James has an impressive track record at such companies as Willis, Chubb, Ace Group and latterly Starr Underwriting and is charged with developing CIFS' presence in the market for structured trade finance business. To view CIFS' news release go to http://creditindemnity.com/cifs-set-to-expand-single-situation-capability/.

Equinox Global has announced the appointment of Genevieve Ahinful as Senior Underwriter. Genevieve joins Equinox Global from AJG UK Ltd, where she was an associate director of credit and political risks..

Markel International has appointed Maren Modena as senior risk analyst in its trade credit division. Based in London, Maren will assist the team with the development and servicing of Markel’s trade credit and contract frustration portfolios. As a native German speaker, she will also be working closely with Frank Burghardt, who was appointed last year to spearhead the growth of Markel’s trade credit operation across Germany, Austria and Switzerland. Maren joins Markel from Euler Hermes UK, where she worked for nine years as a senior risk underwriter. To view Markel International's press release go to http://www.markelinternational.com/intl/news/2014/Markel-appoints-senior-risk-analyst-to-trade-credit-division/.

About this issue's sponsor: AIG
AIG has been writing Trade Credit insurance for over 40 years in the UK and is a market leader in Excess of Loss insurance. We are proud to have been voted GTR Best Credit Insurance Underwriter for the last five consecutive years. Our experienced dedicated international and corporate teams provide clients with a range of Trade Credit solutions backed with finance driven expertise and innovative technology. We provide non cancellable limits for certainty of cover with our policies structured around a client’s existing credit management controls and procedures giving them a higher level of autonomy to manage their own business.

American International Group, Inc. (AIG) is a leading international insurance organisation serving customers in more than 130 countries and jurisdictions.
For more information, visit our website or contact William.Clark@aig.com.

Credit Insurance News Digests: Sponsorship
Sponsoring an issue of Credit Insurance News Digest is a great way to promote your company or brand to a committed audience of trade credit insurance professionals.
If you are interested in sponsoring an issue see our sponsorship page for further information.