Trade Credit Insurance. Availability and Practice Within the Region

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1 Trade Credit Insurance Availability and Practice Within the Region

2 Presented by Alan J Wallace Joint Managing Director IRC Europe

3 Agenda A Brief History of Trade Credit Insurance Current Global Underwriting Markets Key Players Availability and Practice within the Region Policy Structures, Prevailing Conditions time to buy? Summary The Role of the Broker IRC Europe..IRC Emirates! Questions

4 A Brief History First credit insurance policy issued early 19 th century British Commercial Insurance Company First specialist credit insurer.1850 First World War.Export Credits Department, becoming ECGD First private insurer.trade Indemnity, formed in 1918 First Chairman.Cuthbert Heath The Father of Lloyds Cuthbert Heath s 8 Principles for Trade Credit Insurance

5 Cuthbert Heath s s 8 Principles Credit risks for goods sold and delivered on credit terms Losses due to insolvency Does not guarantee payment of a debt at due date, nor disputed items Insured debts self liquidating The terms of payment should be short Coverage of no more than 75% of risk No cover for existing commitments No insurance for loans or advances by banks

6 1923 The Harrison Affair The consequence of which was that Lloyds could not write trade credit insurance for several decades.

7 Current Global Underwriting Markets COFACE Present in 59 countries Owned by Natexis Banque Populalres AA- rating from S & P EULER HERMES Present in 45 countries Part of Allianz Group AA- rating from S & P 34% Global Market Share ATRADIUS Present in 42 countries Ownership 49.99% Credito Y Caucion 34.95% Swiss Re A rating from S & P Was Gerling & NCM until 2004

8 ATRADIUS Located in Dubai In partnership with local Al Mulla business group Al Mulla Atradius Insurance Brokerage and Consultancy LLC Policies issued in UAE by AOIC, presently rated B+ (A M Best) Seeing incremental growth of circa 30% Regional underwriting appetite is strong Some country exclusions

9 EULER HERMES EH Group (via Singapore hub entity) commenced operations in Dubai in January In 2007 will open fully functioning risk office Principal office in Dubai Successfully using fronting insurance companies, principally Al Buhaira National Insurance Co, based in Dubai Additional offices and partners Egypt, Morocco, Tunisia

10 Additional Markets Coface AIG ACE Others Dubai/UAE presence Currently written by UK Has regional offices but not specialising in trade credit QBE Exporters Lloyds of London Zurich HCC

11 Policy Structure and Coverage Whole turnover Bonds Domestic Niche Market Export Specialist Underwriters Commercial Special Risks Political Anything else Trade Specific Supplier default Specific Account Captives Single Customer Selection of Customers

12 Typical Policy Structure Multi buyer/obligor or single and specific risk First loss/risk share/co-insurance Endorsed buyers by credit limit Tenor flexibility (i.e. terms) Formula maximum liabilities, although negotiable Comprehensive cover (TCI and PRI) in some instances Currency flexibility within most policies Point of Issue?

13 Political Risks (PRI) What is covered? Contract Frustration Confiscation Expropriation Nationalisation Deprivation Strikes Civil Commotion Rebellion Terrorism War Political Violence

14 Current Conditions Market is cyclical (6/7 years) and reactive Underwriters are more robust than at any time in recent history e.g. Euler Hermes 2001 combined ratio 101% 2005 combined ratio - 67% Loss ratio reduced by 20% Cost ratio reduced by 14% Most key underwriters are in a similar position As a result.

15 Prevailing Conditions Reinsurance capacity available and well priced Wide choice of underwriters available for most risks Underwriters are providing flexible and innovative products Competitive pricing Supportive risk underwriting Expansive international/global outlook

16 Regional Country Coverage Countries the underwriters see most frequently KSA Egypt Qatar Syria Yemen Jordan Libya UAE/Dubai Kuwait Oman Lebanon Bahrain Turkey Algeria

17 Iran and Iraq Principal trade credit insurers are off risk for these markets Certain difficult exceptions? Restricted PRI interest/availability from Lloyds of London Obligor specific underwriting

18 Summary Middle East and Africa are strategically important to principal insurers Three principal underwriters already have presence in region Extensive risk and buyer underwriting within and outwith region Dramatic increase in risks to and from the region between 30 and 60% reported Current policy issued via fronting companies for the most part

19 Summary In-country policy issuance developing Healthy political risk (PRI) appetite for risks within region, written for the most part from London Key banks involved in trade finance already have substantial presence in the region This helps evolve trade credit insurance (TCI) from pure risk mitigation to enhancement vehicle Principal insurance brokers already within region, specialist TCI and PRI brokers within 2007/08

20 Work for the client Negotiate Policy Structure The Role of the Broker Pricing new business and renewal Overdues and Claims Problem Limits Manage relationship between client and underwriter Training, Policy Compliance & Reviews

21 IRC Europe IRC Emirates Formed in Glasgow in 1993 Organic growth until acquired TDF Credit Insurance Services Currently employ 54 people in Glasgow, Leeds, Birmingham and London Strong associations in North and South America, Asia and Europe Largest independent specialist in the UK 2007 establishment of IRC Emirates as first specialist in region!

22 Our Philosophy Bespoke client service team approach Experienced and dedicated broker support Traditional Broking Exceptional relationships across the underwriting market Significant investment in technology Multi-national client portfolio

23 QUESTIONS?

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