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Euler Hermes, HSBC forge global trade credit insurance agreement |
| – With the rate of corporate failures increasing amid challenging economic conditions, Euler Hermes announced today that it has become the exclusive supplier of trade credit insurance solutions to HSBC Commercial Banking customers. |
| Under the terms of the global distribution agreement, HSBC customers trading on ‘open account’ will enjoy favorable access to Euler Hermes’ industry-leading protection against non-payment of receivables debt. Whether trading with established customers or seeking counterparties in new markets, insured companies will know their cash flow is secure even as insolvencies rise by a forecast 8%1 this year. |
| "This pioneering partnership between Euler Hermes and HSBC is the first of its kind, on such a global scale, in the trade credit insurance market,” said Wilfried Verstraete, chairman of the Euler Hermes board of management. “There is a clear business synergy between Euler Hermes and HSBC. Demand for trade-related insurance is being driven by increased sector and geographic risks, and because today more than 80%2 of trade is conducted on an open account basis. Together, we can offer HSBC customers the combined benefit of our global leadership and strong local expertise.” |
| Euler Hermes helps insured companies to establish and maintain a trading relationship – from initial counterparty vetting using its database of more than 40 million businesses, to prompt claims payment in the event an approved counterparty defaults. Counterparty risk in both developed and emerging markets is monitored throughout the life of each policy.
“Trade credit insurance is important to our customers because it enables commerce by boosting confidence and because it protects balance sheets against unexpected shocks,” said Mark Hussein, HSBC’s global head of commercial insurance and investments. “It’s complementary to HSBC’s range of Trade and Receivables Finance solutions, so we’re delighted to be expanding our relationship with Euler Hermes at a time when businesses particularly need financial security.” |
| HSBC and Euler Hermes, a subsidiary of Allianz SE, have been strategic partners in Brazil, Mexico, the United Arab Emirates and the United States since 2008. The partnership has also recently been launched in Hong Kong and the United Kingdom. |
| “Today, HSBC has chosen Euler Hermes as a global partner for our market leadership, century-long standing, global capabilities and excellent client service as well as our outstanding financial strength3 backed by Allianz,” explained Wilfried Verstraete. |
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| 21.05.13 |
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Launch of TopLiner: Supplementary cover beyond standard credit insurance |
| As part of a worldwide product roll-out, Coface in the UK & Ireland announces the launch of TopLiner, supplementary credit insurance cover, belonging within the framework of its ‘Globalliance’ standard contract where initial guarantees provided are lower than the requested amount or declined.
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| TopLiner offers a flexible, transparent, quick solution for covering customer risk whilst honouring the single main contract in place. Separate from traditional underwriting and based on a price adapted to the risk, the TopLiner concept allows companies to make an objective risk-taking decision.
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| Jean-Marc Pillu, Chief Executive Officer of the Coface Group, says: “Created as a result of our experience with the crisis, TopLiner is part of our mission to support the commercial development of companies seeking stronger protection against the risk of overdue payments from vulnerable buyers, whether they are strategic or occasional. The benefits that it offers to our customers around the world fully justify its slogan: ‘When more is your strategy’“.
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| 14.05.13 |
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Euler Hermes increases shareholding in Israeli credit insurer ICIC to 50 percent |
| Euler Hermes, the world leader in trade credit insurance, will increase its participation in Israel’s leading credit insurer ICIC from the original 33% acquired in 2007 to 50%, pending certain regulatory approvals expected before the summer |
| The remaining 50% of shares will be held by Euler Hermes’ local partner Harel Insurance Investment & Financial Services Ltd.
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| “Euler Hermes’ collaboration with ICIC since 2007 has been excellent, and is also reflected in ICIC’s strong business results,” said Wilfried Verstraete, chairman of the Euler Hermes management board. “Increasing our investment to a 50% shareholding is consistent with our Mediterranean basin growth strategy. We look forward to continuing to best support our Israeli clients – highly focused on export trade – with global market knowledge that helps them make confident business decisions.”
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| 29.04.13 |
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The gap between Europe and the rest of the world is widening |
| - with regard to sector risk - Coface |
| • Globally, credit risk has increased in the metal industry and remains satisfactory in the energy and pharmaceutical sectors
• No sector in Europe has escaped the credit risk, while several sectors have seen their risk improve or be maintained at a contained level in Asia and in North America. |
| • Focus: traditional retail channels face the boom in e-commerce, a source of risk and opportunities for Companies.
Credit risks still high in Europe but the outlook is favourable in Emerging Asia and in North America.
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| The unique indicator(1), developed by Coface economists and based on the payment experience of companies recorded by its underwriters, confirms a significant gap between sector risks in Emerging Asia and North America on one side and the European Union of 15 countries on the other.
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| 23.04.13 |
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| Foto: adm. direktør John Justad i Euler Hermes Norge. |
John Justad og Euler Hermes kan skru ned din risiko |
| - Forsikring mot tap på utestående kundefordringer |
| Credit News tok nylig en prat med en av nestorene i norsk kredittforsikringsbransje, adm. direktør John Justad i Euler Hermes Norge. Første del av intervjuet ble publisert i uke 5; vår se fag/temaside «Kredittforsikring». Her er del 2. |
| John, kan dere følge markedsutviklingen rundt om i verden, slik at kundene kan få viktig informasjon før de ellers ville ha gjort det ? Ja, dette er en av de største forskjellene på et kredittopplysningsselskap og et kredittforsikringsselskap. Opplysningsselskapet henter inn offentlig informasjon, mens forsikringsselskapet henter inn informasjon kontinuerlig. Euler Hermes har i dag operativ virksomhet i over 55 land, noe som innebærer at vi kan følge næringslivet og enkeltselskaper på nært hold i alle disse landene. Tilsvarende gjelder for markedene og markedssegmentene. Vil avtalen gjelde hele porteføljen eller finnes det ordninger for enkeltordrer eller enkelte forbindelser ? Euler Hermes kan tilby alt fra dekning av enkeltrisiko, dekning av totalt salg og salg som medfører produksjonsrisiko. Dette innebærer det meste fra standardiserte løsninger til ren skreddersøm. |
| Hvor mye vekt legges på analyse av land kontra analyse av bestemte næringsgrener i enkeltselskap ? Alt blir analysert. Euler Hermes har en egen analyseavdeling i Paris som ser på nasjonale og globale trender og markeder. Her gjør vi også analyser av landrisiko. I det nasjonale bildet skal de lokale Euler Hermes –selskapene foreta tilsvarende analyser på nasjonalt nivå og mot enkeltselskaper og lokale markeder. |
| Hva koster kredittforsikringen ? Vi i Euler Hermes kan skru ned din risiko, mot en kostnad på promiller av kjøpesummen. De mange mulighetene for ulike kredittforsikringsløsninger gjør det imidlertid vanskelig å si noe generelt om priser. Pris på risiko er markedsrelatert og både kredittforsikringsselskapets rating og evne til å tåle risiko og reassuranseselskapenes risikolyst er styrende her. Økt risiko gir alltid økt pris.
Reassuranseselskapene ser en negativ utvikling i alt for mange land og næringsområder. Skal du lokke meg ut på glattisen, vil jeg si at en rimelig standardisert kredittforsikringsløsning i dag koster mellom 0,15 og 0, 25 prosent av forsikret omsetning, og med en økende tendens i premien. Men her kommer kundeporteføljens risikoprofil, risikospredning og volumer inn i bildet. Den risikovurderingen vi tar og overvåkingen vi gjør kontinuerlig, blir oftest småpenger sammenlignet med dekningen(overtagelsen av risiko)
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| Hvilke uforutsette hendelser i et land utgjør størst risiko for betalingen fra en utenlandsk kjøper ? Politisk uro som lammer bankene er alltid farlig. Videre kan det være nasjonale valutarestriksjoner som iverksettes over natten.
Korrupsjon er også en trussel, avslutter adm. direktør John Justad i Euler Hermes Norge.
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| 09.04.13 |
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Increased non-payments among Italian businesses in 2012 - Euler Hermes Report |
| Data to year-end 2012 shows an Italian domestic business market rise in the frequency of non-payments (+ 15%), i.e. the number of non-payments, however a slowing or slight reversal (-3%) of the trend in severity, i.e., the average amount outstanding |
| The export market frequency was stable in 2012 vs. 2011, but deteriorated (+16%) in terms of the average amounts outstanding. |
| •Slowing national economic growth (GDP - 2.2% in 2012, - 0.8 in 2013) mirrored by the non-payment trend among Italian businesses
•In 2012 the frequency of non-payments in the domestic market rose by 15% compared to 2011; higher for payments to exporters: + 16%.
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| Business sectors: Food sector suffering from strong price volatility; transport heavily affected by the cost of fuel; automotive still suffering from decreased demand. Slightly better news for household appliances, boosted by new high-tech products now entering homes. |
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| 04.03.13 |
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In 2012 Coface improved its results despite the crisis
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| * Good commercial performance: premiums up +3.1%, buoyed by emerging markets# +18%
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| * Sharp rise in operating profit of +62% (+10% excluding 2011 restructuring costs)
* Significant increase in net profit of +80% (+6.6% excluding 2011 restructuring costs)
* Combined ratio at 82.2%, continuously improving
* Robust financial profile: shareholders' equity up +8.7%
# Asia and Pacific, Latin America, Central Europe. |
| In 2012, Coface achieved good results: we succeeded in combining profitability and growth in the difficult context of a Europe still in crisis. Our claims and costs are under control. The support offered to our customers has been the driver of our commercial activity. We continue to make their exchanges safer through innovative solutions," commented Jean-Marc Pillu, Chief Executive Officer of Coface.
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| 2013 outlook
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| 04.03.13 |
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Euler Hermes launches Simplicity – cashflow protection for small businesses made simple |
| Euler Hermes has launched Simplicity, an easy to use, ‘off the shelf’ trade credit insurance policy that protects very small businesses from the risk of not getting paid by their customers |
| ‘Simplicity’ is designed to bring peace of mind within minutes to small firms struggling with poor paying customers. It offers simple pricing, simple administration and a simple and fast claims process on all debts over £200 so that if a payment remains outstanding, the potential impact on a company’s cashflow is minimised. |
| Launched by Euler Hermes in the UK and Ireland after extensive market research and a successful roll-out of a similar product in Belgium and The Netherlands, Simplicity is the first product of its kind to specifically address the needs of small businesses by removing the need for credit limits.
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| 18.02.13 |
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Euler Hermes appoints Jules Kappeler CEO Nordic countries and Stefan Ruf CEO Switzerland |
| - Euler Hermes has appointed Jules Kappeler chief executive officer in the Nordic countries, effective January 1, 2013, and Stefan Ruf chief executive officer of Euler Hermes Switzerland effective April 1, 2013. |
| Prior to joining Euler Hermes Switzerland, Ruf spent 15 years at Credit Suisse, most recently as head of Special Products Leasing and as a member of the board of directors of Credit Suisse Fleet Management. He has also served as president of the Swiss Leasing Association since 2011. Ruf is a native of Switzerland and graduated in Economics and Business Administration from the University of Berne. |
| In the Nordic countries Euler Hermes employs about 180 people in Copenhagen (Denmark), Helsinki (Finland), Oslo (Norway) and Stockholm (Sweden). These four entities offer trade credit insurance, bonding, guarantees and debt collection, and are branches of Brussels-based Euler Hermes Europe SA. |
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| 13.02.13 |
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| Foto: adm. direktør John Justad i Euler Hermes Norge. |
Forsikring mot tap på utestående kundefordringer |
| - Euler Hermes har nylig introdusert et nytt produkt i markedet som gjør at våre kunder kan få ytterligere dekning og beskyttelse utover det de har i sine avtaler i dag, forteller Justad. |
| Credit News tok nylig en prat med en av nestorene i norsk kredittforsikringsbransje, adm. direktør John Justad i Euler Hermes Norge. Første del gjengis her. Del 2 kommer senere.
John, hvordan er konkurransesituasjonen i kredittforsikringsbransjen i Norge for tiden ? Konkurransen er meget utfordrende, selv om det kun er tre reelle leverandører. Av disse er to globale og en nasjonal, og derfor vil nok produktene man kan tilby kunne variere. Noe som er viktig for en internasjonal aktør i Norge er å følge norske bedrifter uansett hvor de opererer, og da blir uttrykket «Think globally – act locally» en ren sannhet og nødvendighet i vår bransje. |
| Hva har så Euler Hermes å tilby ? Euler Hermes er verdens største kredittforsikringsselskap med over 6.000 ansatte i ca 55 land. Det sier seg nesten selv at et slikt apparat kan konkurrere med hvem som helst. Den støtte, de dekninger og den mulighet man har til å assistere og trygge handel over alt i verden, gir Euler Hermes en posisjon som de færreste kan utfordre. Men alle markeder har sine særegenheter, også i Norge. |
| Euler Hermes har nylig introdusert et nytt produkt i markedet som gjør at våre kunder kan få ytterligere dekning og beskyttelse utover det de har i sine avtaler i dag, forteller Justad.
Produktet ble introdusert i det norske markedet i høst og går, litt enkelt fortalt, ut på at man kan få tilleggsdekninger på forsikrede salg via en egen avtale/polise. Produktet er forbeholdt kunder av Euler Hermes.
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| Inkassonettverk - Er dette en tilleggstjeneste som det er naturlig å koble med kredittforsikring ? |
| Euler Hermes har i dag et av verdens største internasjonale inkassonettverk, som er en naturlig del av vår organisasjon. Dermed kan vi følge opp dårlige betalere lokalt, uansett hvor de befinner seg. Dermed øker sannsynligheten for at de norske kundene får sitt tilgodehavende betalt, noe som alltid er den beste løsningen for alle. Dessuten vil det være en fordel at samme selskapsgruppe både forsikrer og driver inn pengene, da utbetaling til kundene vil kunne gå mye raskere, sier John Justad. |
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| 29.01.13 |
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Tinubu Square helps leading invoice factoring company Bibby to manage trade credit limits offered to clients |
| Tinubu Square, the most trusted source of credit risk solutions for trade credit insurers, has today announced that the Tinubu RMC SaaS (Risk Management Center) platform has been deployed by Bibby Financial Services (BFS), the UK’s leading independent invoice finance specialist, to manage the limits on trade credit facilities that it is offering to customers |
| Tinubu RMC, which is a cloud-based, SaaS solution for B2B credit intelligence and operational reporting, has been integrated to provide support for the non-recourse program that Bibby Financial Services (Bibby) has been developing over the past two years. After growing quickly, the program reached a turnover in excess of £400 million, and became too large to manage through traditional manual processes, prompting the company to look for a specialist solution that could help. |
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| 26.01.13 |
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Coface offers top tips to UK businesses trading in Africa |
| 'Be prepared' is the message for UK businesses who want to profit from the excellent trading opportunities in Africa says Coface, the experts in analysing trade credit risk. As Coface announced it was strengthening its own presence on the continent, the company offered advice to businesses who want to expand into one of the fastest-growing regions in the world.
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| Grant Williams, Coface UK’s Risk Underwriting Director said: "Africa is rich in minerals and resources, has a growing base of middle-class consumers and there are great opportunities to contribute to the development of essential infrastructure, such as transport links and power supplies. While countries such as China have been quick to seize the initiative, the signs are that UK companies are increasingly ready to tap into the fast-expanding markets on the continent. South Africa, Nigeria, Senegal, Egypt and Morocco are in the top fifty destinations for UK exporters1.
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| 27.10.12 |
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