Category: On the Move

Validus head of credit and political risk makes move

From Global Trade Review (GTR) | By Sanne Wass

Jared Kotler has joined The Hartford as its new head of credit and political risk insurance (CPRI). He moves from Validus Group, where he was head of political risk and credit, Americas, in New York. Prior to that, he held credit and political risk underwriting and analyst roles at Chubb and Zurich. In his new role, which is based in Washington DC, he will be in charge of the direction, strategy and results of The Hartford’s CPRI unit. The unit provides country and credit risk solutions for financial institutions, multinational corporations, exporters, private equity firms and regional development banks, as well as risk-sharing solutions for export credit agencies. The post Validus head of credit and political risk makes move appeared first on Global Trade Review (GTR).

Markel expands Americas trade credit team

From Global Trade Review (GTR) | By Sanne Wass

Markel Markel Corporation has hired Jennifer Chang as underwriter and senior risk analyst in its trade credit and political risk operation in New York. Chang has nine years of experience in trade credit insurance, within both commercial and risk underwriting. She joins from Zurich in New York, where she spent four years as a senior underwriter, supporting the establishment of the firm’s excess of loss capabilities. Prior to that she held senior positions at AIG and QBE. Chang will report to Phil Amlot, Markel’s head of trade credit and political risk, Americas, and will work closely with underwriters Howard Lee and Christen Mizell. She will also support Arjan van de Wall, development director for the trade credit and political risk team globally. “Jennifer brings broad broker and client contacts to our operation and will play an important role in developing our US trade credit and political risk business,” says Amlot. Ewa Rose, managing director of Markel’s trade credit, political risk and surety operations, adds that the Americas region “remains rich in opportunities” for the firm’s trade credit and political risk business. “We look to capitalise on the cross-selling opportunities that exist within Markel’s broader portfolio. Jennifer’s broad underwriting experience will be a huge asset to our organisation,” Rose says. The post Markel expands Americas trade credit team appeared first on Global Trade Review (GTR).

Seasoned alternative financier becomes CEO of fintech firm

From Global Trade Review (GTR) | By Sanne Wass

Investly, a UK-based invoice finance fintech firm, has appointed Wayne Hughes as its new CEO. A seasoned working capital executive, Hughes brings over 25 years of experience working in the UK’s financial services industry, including senior roles with leading alternative financiers such as Demica and Bibby Financial Services. He joined Investly in May as consultant chief commercial officer. Now appointed the firm’s CEO, Hughes has been charged with “making Investly the leading receivables finance platform across the UK and rest of Europe”, the company writes in a statement. Investly launched its invoice finance platform for working capital and e-invoice providers last month. The platform, which allows businesses to sell their invoices, employs emerging technology to improve the speed and drive down the cost of financing, while expanding the reach of businesses that can be served sustainably. For example, the platform utilises open banking APIs to allow businesses to onboard seamlessly by connecting it to their bank accounts. The APIs also help the fintech firm to perform up-to-date monitoring for changes in credit risk to prevent fraud and overextension of limits. In a statement, Hughes says that while market and media commentary tend to focus on fintech’s disruption of incumbent players, he will rather seek to establish “mutually beneficial partnerships across the industry”. “I believe the true value exists in cooperative B2B relationships between fintech partners and existing market participants,” he says. And so instead of going after banks’ businesses directly, Investly is focusing on making its technology available for large origination partners which can then extend invoice discounting to their customers without having to build it in-house. Siim Maivel, founder and the previous CEO of Investly, now assumes the role of chief data officer. He says: “Working with the significantly larger pools of customers of our partners opens up further tools for data-driven credit decisioning, fraud prevention and automation. I will be carrying our long-held vision towards machine assisted credit decisioning engine in our next phase of growth as chief data officer. Credit intelligence will be key in becoming a market leader and sustaining healthy credit model.” The post Seasoned alternative financier becomes CEO of fintech firm appeared first on Global Trade Review (GTR).

Swift recruits Barclays executive to grow gpi in North America

From Global Trade Review (GTR) | By Sanne Wass

Swift has hired Dave Scola as its new head of North America, based in New York. He joins from Barclays, where he worked for almost seven years, most recently as global head of financial institutions. Prior to that, he spent seven years at Deutsche Bank, and previously worked at BNY Mellon. In his new position, which he will take up on October 1, Scola will be in charge of Swift’s innovation and growth strategy in the US and Canada. He will have a particular focus on driving growth in Swift’s global payments innovation (gpi) service and financial crime compliance portfolio. Swift’s gpi was launched last year to speed up settlement time and improve transparency for international payments. The service has so far been adopted by more than 200 financial institutions globally, but Swift recently announced it will move towards universal adoption of the gpi, meaning that all 10,000 banks on its global network will use the service by 2020. Commenting on the appointment, Javier Pérez-Tasso, Swift’s chief executive, Americas and UK, says: “With a proven track record of leadership in the Americas and Europe, Dave is ideally positioned to deliver innovation and growth in North America. We are delighted to welcome him on board as we accelerate our strategy in the region.” The post Swift recruits Barclays executive to grow gpi in North America appeared first on Global Trade Review (GTR).

Bank of America Merrill Lynch gets global trade head

From Global Trade Review (GTR) | By Shannon Manders

BAML_logo_on-the-move Geoffrey Brady has been named Bank of America Merrill Lynch’s head of global trade and supply chain. He moves from JP Morgan, where he was managing director and Americas region executive in its global trade and loan products division. At BofAML, where he started yesterday, Brady reports to Hubert JP Jolly, global head of financing and channels, who joined from Citi in June last year. Brady has more than 20 years of experience in banking and has held management roles in a variety of businesses, including portfolio management and payments, as well as trade finance. He is BofAML’s first formal global head of trade in almost a year. Percy Batliwalla – who took over from Bruce Proctor when he retired in 2015 – held the position until September last year and then moved to become managing director, strategic initiatives within global transaction services. Jolly has been leading the team in the interim. At the end of last year the bank announced the expansion of roles for two executives who now report to Brady. Fiona Deroo took over leading trade product sales specialists (PSS) for North America global commercial banking in addition to her current role leading PSS for North America large corporate. Her title became head of North America trade and supply chain finance product sales. Lesley McNamara, head of strategy, took on an expanded responsibility as head of global product management, assuming the title of head of global product management and strategy for trade and supply chain finance   The post Bank of America Merrill Lynch gets global trade head appeared first on Global Trade Review (GTR).

Canopius’ credit and political risk hiring spree continues

From Global Trade Review (GTR) | By Shannon Manders

Canopius has appointed Sean Redden as underwriting counsel for its specialty division, with a specific focus on credit and political risk. This is a new London-based role, which reports to Bernie de Haldevang, head of specialty. Redden, a qualified lawyer, joins from Chubb Insurance, where he was the global political risk and credit claims manager. He previously held positions at Signature Litigation, Aspen Insurance, Clyde & Co, Allens and Minter Ellison. At Canopius, he will support the credit and political risk underwriting team, to “help reduce operational risk, increase efficiency and enhance client support in loss mitigation and potential claims scenarios”, according to the insurance firm. He will also assist in managing the legal aspects of debt restructuring and refinancing. “I am delighted to welcome a legal mind of Sean’s calibre to our growing speciality team,” says de Haldevang. Canopius has been steadily growing its London trade credit team since de Haldevang was brought in to lead the specialty division in mid-2016. Underwriters Scott Morrison and William Clark both joined from AIG at the start of last year. Clark leads the trade credit team, reporting to de Haldevang. Mid-2017 then saw the arrival of underwriters Claire Davenport, Daina Muceniece, Stephen Pike and Tim Phillips, senior underwriter Yvonne McCormack and credit and political risk analyst Bruce Shepherd. More recently, Rebecca Marsden left her position as credit and political risk underwriter at AXA Africa’s specialty risks department to take on the same role at Canopius. The post Canopius’ credit and political risk hiring spree continues appeared first on Global Trade Review (GTR).

Crowell & Moring appoints trade partner, establishes California presence

From Global Trade Review (GTR) | By Shannon Manders

Crowell & Moring has hired David Stepp as a partner in the firm’s international trade group in Los Angeles. He joins the firm from Bryan Cave Leighton Paisner. Stepp, a global customs and trade compliance lawyer, has more than 30 years of experience. His arrival expands the presence of the firm’s international trade group into California, further broadening its reach to serve clients across the Pacific Rim. “David’s global customs experience represents a wonderful addition to our international trade group,” says Philip Inglima, chair of Crowell & Moring. “Further building our highly-regarded trade practice is a firm priority, and David’s presence in California presents new opportunities for us. He has a well-earned reputation as a trusted advisor, and his experience will be a tremendous benefit to many of the firm’s clients.” Stepp’s remit is focused on customs compliance and counselling, including tariff classification, valuation, country of origin marking, free trade agreements and other international trade regulatory requirements. He also advises companies on their e-commerce strategies globally, conducts global customs and international trade audits, and counsels clients on improving compliance programmes across borders. He also has experience in advising on trade remedies and co-ordinating government investigations. With a particular focus on Asian trade, his clients span a range of industries, including retail, e-commerce, aerospace and a broad range of consumer goods. According to John Brew, chair of the firm’s international trade group, the hire now allows Crowell & Moring to expand its capabilities to provide counsel on “emerging trade issues worldwide”. “Given the current trade wars and uncertainties of the global trade environment, clients are hungry for deft guidance to minimise tariffs, resolve supply chain disruptions and secure market access. David has a strong trade practice and skill set that meets all of these client needs,” he says. Stepp has practiced in California, Singapore and Washington. He joined Bryan Cave as a partner in 2005, and later served as managing partner of Bryan Cave’s Singapore office. His previous experience includes working with a major US customhouse broker, where he advised the company’s importing clients on US customs practices and procedures. The post Crowell & Moring appoints trade partner, establishes California presence appeared first on Global Trade Review (GTR).

Citi creates banking role for Belt and Road Initiative

From Global Trade Review (GTR) | By Finbarr Bermingham

citi Beibei Li is to become Citi’s head of banking and origination for China’s Belt and Road Initiative (BRI), an initiative geared towards constructing infrastructure along the old Silk Road route. She will be based in Hong Kong, reporting to Gerry Keefe, head of corporate banking for Asia Pacific. Li relocates from New York where she is currently managing the Chinese institutional client portfolio in North America. Li has worked at Citi since 1999, initially as a management associate. She has subsequently worked in a number of consumer and corporate banking roles. She begins her new role at the start of September. This will be viewed as an attempt by Citi to capitalise on the expected growth in trade spurred by the BRI. The bank is present in 60 of 70 BRI markets. To date, most of the financing has been done centrally by Chinese policy banks and government lenders. However, Keefe says that Li’s appointment will help position the bank as a funding partner for BRI projects. “The BRI is a strategic imperative for all of our major corporate, public sector, financial institution and global subsidiary clients operating along the Belt and Road – both global and local names. As such we have created a new leadership position to help align the firm’s strategic priorities, connect product and coverage partners, and drive further business opportunities across the BRI economic corridors,” he says in a bank statement. The post Citi creates banking role for Belt and Road Initiative appeared first on Global Trade Review (GTR).

Standard Chartered trade finance banker joins AIG

From Global Trade Review (GTR) | By Sanne Wass

Olga Berlinskaya has left Standard Chartered to join AIG’s supply chain and trade finance team. At Standard Chartered she was an associate director within the capital structuring and distribution group. There she worked with the distribution of financial institution and corporate trade assets into the secondary market, and risk participation in supply chain and receivables finance programmes, covering a European and Sub-Saharan African portfolio of financial institutions and alternative investors. She previously worked at Bank of America Merrill Lynch, HSBC and Olam International. At AIG, Berlinskaya has taken on the role of senior business development and relationship manager. Heading up AIG’s supply chain and trade finance team is Marilyn Blattner-Hoyle, who was promoted to the role last year after Scott Morris moved to Sompo Canopius. With her move, Berlinskaya joins a growing number of trade finance bankers who have left banks and taken the leap into insurance. A relatively recent example is Chris Hall, who moved from Lloyds Banking Group to become a senior underwriter at Liberty Specialty Markets earlier in the year. In 2015, Silja Calac took on an underwriting role in Swiss Re’s credit and surety team, and spoke to GTR recently about changing track almost two decades into her banking career. The post Standard Chartered trade finance banker joins AIG appeared first on Global Trade Review (GTR).

Mizuho Americas takes on new transaction banking head

From Global Trade Review (GTR) | By Shannon Manders

Jan-Erik Andersen has joined Mizuho as managing director and head of global transaction banking department Americas (GTBDA). He makes the move from Exvere, a Seattle-based mergers and acquisitions advisory firm, where he served as managing partner and COO. He previously held positions at Fifth Third Bank and Standard Chartered. Andersen is based in New York and reports to Takeshi Ohashi, general manager of the global transaction banking department in Singapore. Within GTBDA, Andersen is tasked with leading the group’s expansion of trade and cash management product capabilities. He will also lead the Mizuho Americas’ working capital solutions initiative, to create more multi-product, cross-regional opportunities for clients, a spokesperson for the bank tells GTR. The post Mizuho Americas takes on new transaction banking head appeared first on Global Trade Review (GTR).

PIB TradeRisk Solutions expands team

From Global Trade Review (GTR) | By Shannon Manders

PIB Insurance Brokers has made another appointment to expand its TradeRisk Solutions team, hiring Maria Antonia De Carli as an account executive. The move follows the appointment of Nicola Salmon as an account executive last year. De Carli previously worked within the political risk and structured credit team at Aon and is based in London. Like Salmon, De Carli will have an international remit to provide political risk and structured credit insurance solutions to clients in the SME, corporate, commodity trade, banking and financial institution sectors. Her current focus, De Carli says, is on LatAm markets. “This region has a great potential, and due to its more stable geopolitical and economic scenario, it presents great opportunities for our clients.” Richard Miller, head of TradeRisk Solutions, comments on the hire: “Maria’s geopolitical and economic research and analysis will help our clients trade and compete on the global stage. Maria is well respected by underwriters and her focus on client service and delivery expands our offering and further deepens the expertise of our team.” The team’s main strategy is focusing on development as well as PIB Insurance Brokers’ presence and expansion, says De Carli. “We aim to grow nationally and worldwide and become an international reference for new clients and underwriters.”   The post PIB TradeRisk Solutions expands team appeared first on Global Trade Review (GTR).

BNP Paribas reshuffles Asia transaction banking team

From Global Trade Review (GTR) | By Finbarr Bermingham

French bank BNP Paribas has made a series of senior appointments to its transaction banking team in Asia Pacific. Mahesh Kini (pictured) joins as head of cash management for the region. He moves from Deutsche Bank, where he was most recently head of global transaction banking for China. During his time with the German bank he also held the roles of head of corporate cash management for Greater China and head of cash management for corporates, Asia. Kini joined Deutsche Bank from HSBC in 2007 and has also worked for ABN Amro, Bank of America and HDFC Bank in India. He is based in Singapore and reports to Chye Kin Wee, head of transaction banking for Asia Pacific. Zoran Lozevski is now BNP Paribas’ head of global trade solutions, Asia Pacific, also based in Singapore. He was most recently head of transaction banking for Australia and New Zealand for the bank. He joined BNP Paribas in 2007 from George Weston Foods Group. He is replaced in Australia by Michael Reid, who joins the bank from Citi and is based in Sydney. Louise Zhang has been named head of transaction banking for China, based in Shanghai. She joins from Deutsche Bank, where she spent 11 years, most recently as deputy general manager for the Shanghai branch, and head of cash products for the Greater China region. Zhang previously worked for HSBC in Hong Kong and Shanghai. She reports to Timothy Lee, who is the new head of transaction banking for Greater China. This role is based in Hong Kong. Lee will be responsible for connecting the bank’s China business with the rest of the Asia Pacific region. He has worked for BNP Paribas for five years, and joined from JP Morgan. Lee has also worked for HSBC, Citi and Deutsche Bank. “We are pleased to welcome so many senior hires to our existing, deep pool of talent. Their extensive experience will strengthen our position as a leading transaction banking business in the Asia Pacific region,” says Chye Kin Wee. The post BNP Paribas reshuffles Asia transaction banking team appeared first on Global Trade Review (GTR).

Standard Chartered creates metals and mining head role

From Global Trade Review (GTR) | By Shannon Manders

Standard-Chartered_logo_on-the-move Richard Horrocks-Taylor has been named global head of metals and mining at Standard Chartered – a new role for the bank. He is based in London and reports to Ananth Venkat, global head of global industries group. An experienced industry banker with over 20 years covering the mining sector, Horrocks-Taylor has a record of working with mining clients across the emerging markets. He was most recently with the Royal Bank of Canada (RBC), where he headed the bank’s European, African and former Soviet Union metals and mining business from 2008. Prior to RBC, he worked for other banks, including JP Morgan and Flemings in London, Johannesburg and Hong Kong. Commenting on the hire, Venkat says: “The appointment of Richard into this role will ensure that we continue to keep a granular focus on this [metals and mining] sector and build further depth to support the future growth aspirations of our clients.” The post Standard Chartered creates metals and mining head role appeared first on Global Trade Review (GTR).

Deutsche Bank appoints new Vietnam country head

From Global Trade Review (GTR) | By Finbarr Bermingham

deutsche bank Hans-Dieter Holtzmann has been named chief country officer and head of global transaction banking for Deutsche Bank, Vietnam. Holtzmann has been with Deutsche Bank for more than 20 years, most recently as head of public sector for Germany. In this role he covered federal, state and municipal-level clients. Before this, he was an economic advisor to former German chancellor Helmut Kohl. He now reports to Werner Steinemueller, Asia Pacific head of Deutsche and Kaushik Shaparia, head of global subsidiary coverage for foreign exchange and corporate cash management in Asia. The bank has been in Vietnam since 1992 and employs 70 staff. Holtzmann will be responsible for leading and growing Deutsche Bank’s business there, including “cash management, trade finance and securities services, servicing both global and local clients”, Shaparia says. Steinemueller adds that Vietnam is “one of our key markets in Southeast Asia” and that “last year we significantly increased our capital base in this market”. “Our Vietnam franchise has shown profitable growth and we are excited about the country’s outlook,” he says. The last few years have been a period of relative flux for Deutsche Bank’s Asia transaction banking business. In November 2017, the bank lost Lisa Robins as head of global transaction banking for Asia Pacific. Robins joined Standard Chartered in a similar role two months later. In July of that year, Shivkumar Seerapu left his role as regional head of transaction banking fro the region, to join Lloyds Bank. He was replaced by Atul Jain in a newly-created role, head of trade finance and trade flow, Asia Pacific, reporting to global head of trade finance, Daniel Schmand. The post Deutsche Bank appoints new Vietnam country head appeared first on Global Trade Review (GTR).

Eastwood leaves Gii, joins BACB

From Global Trade Review (GTR) | By Shannon Manders

Clint Eastwood has left Gii Capital Advisors after a year of service and joined BACB as head of trade distribution. He replaces Debbie Emmanuel, who is leaving the bank, and reports to James Cantamantu-Koomson, BACB’s managing director of client coverage. Eastwood will “work with and across all the country, regional and product teams to continue developing our asset distribution capacity to further enhance our solution delivery offering to our customers”, a spokesperson for the bank tells GTR. Eastwood started at Gii in September last year, having left a 22-year career at Standard Chartered in March. At the time, Eastwood said the move away from the bank was “so refreshing”. At Gii, he was director of trade distribution and asset sales. He was hired as part of the firm’s expansion strategy, with Gii announcing then that it would be growing its personnel – with more hires to come in the “not too distant future”. As part of its drive to expand its offerings, in December last year Gii launched a new fund to invest in trade receivables and structured assets collateralised by trade receivables globally. At Standard Chartered, Eastwood was most recently director of transaction banking, trade asset sales and syndications for Europe and Sub-Saharan Africa. He started his banking career there in 1999. He remains based in London. The post Eastwood leaves Gii, joins BACB appeared first on Global Trade Review (GTR).

Barclays gets new trade head after Baghdadi departure

From Global Trade Review (GTR) | By Shannon Manders

Barclays_logo_on-the-move

Barclays’ global head of trade and working capital Baihas Baghdadi has left the bank. Sources tell GTR that he will be replaced by Deutsche Bank’s James Binns, who currently holds the position of global head of cross product solutions, cash management. It is understood that he will join Barclays in September.

The reason behind Baghdadi’s departure, and his next move, remain unknown to GTR. He had been with Barclays for 10 years and was appointed trade head in 2015.

Binns has been with Deutsche Bank since 2014 and previously worked at HSBC in a variety of trade roles across a number of locations.

The post Barclays gets new trade head after Baghdadi departure appeared first on Global Trade Review (GTR).

Bozek joins Santander to lead working capital solutions

From Global Trade Review (GTR) | By Shannon Manders

Chris Bozek has joined Santander Bank North America as managing director, head of working capital solutions, based in Boston.

Bozek previously worked at Bank of America Merrill Lynch, where he had been since 2004, most recently as global head of trade product and North America trade head.

Earlier in his career he held positions within finance, global product and general management, sales and international business development with Fortune 100 companies and startup firms.

At Santander, Bozek leads a team that is focused on delivering globally integrated card, FX, trade and supply chain solutions that enable businesses of all sizes to streamline and digitise payment processing, manage currency and counterparty risk, and optimise working capital.

“Chris brings to Santander more than 25 years of invaluable experience in working capital solutions, global trade and supply chain finance, procure-to-pay, complex payments and card-based solutions,” says Ken Deveaux, Santander North America’s head of transaction banking. “He is a leader in our industry and we’re pleased to have him on board as we continue to expand our portfolio of core electronic banking capabilities.”

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DNB grows London trade team with second ANZ hire

From Global Trade Review (GTR) | By Shannon Manders

Norwegian bank DNB continues to expand its London-based trade team with the appointment of Sven Rynhoud as vice-president of trade and export solutions.

He joined the bank last week from ANZ, where he had been for the last 12 years, most recently as director of oil and gas for Europe transaction banking.

Rynhoud reports to Peter Sargent, first vice-president and head of trade Central Europe, Middle East and Africa (Cemea), who joined DNB in November last year and in turn reports to global head, Jan Martin Holst. Also from ANZ, Sargent served as the bank’s head of transaction banking, Europe from 2007 to 2016. He previously held positions at ABN Amro, Citi and Lloyds Bank, and co-founded an advisory business, International Trade Initiatives, in 2016.

Tasked with setting up and running DNB’s trade organisation in Cemea, Sargent has brought in Rynhoud on the trade side of the business.

Another new hire, Chantelle Stevens, will join in August to handle cash management. Further hires will be made later in the year.

“There’s a big opportunity here. If we can get this business started in a correct manner, this team can expand on a considered but regular basis,” Sargent tells GTR. The bank will eventually be looking to roll out new trade products, “especially around the working capital product area, ultimately using digital delivery”, he says.

The new team has in part been driven by DNB’s desire to look beyond its traditional industry focus and the associated supply chains.

“The bank is focused by industry: Norway is a world leader in shipping, oil and gas and seafood, and those three industries are vital to the way we do our business. But supply chains around those industries are increasingly important,” says Sargent. He adds that the bank also wants to expand selectively into the financing of manufacturing, services and packaging – all of which are tied in some way to Nordic countries.

“There is a strong desire to develop this product set in the bank to add to existing borrowing facilities already extended to large corporates,” Rynhoud tells GTR. This will include onboarding new customers.

Rynhoud’s initial focus will be on rolling out more extensive trade propositions, such as supply chain programmes, for large non-Norwegian oil and gas corporations and services companies.

“I see a combination of receivables and payables opportunities,” Rynhoud explains. “The low-hanging fruit for me initially will be receivables financing – short-dated crude and petro invoice discounting between customers of the bank and other major counterparties.” He adds that DNB will also be looking to tap into and provide liquidity to its partner banks’ programmes.

The post DNB grows London trade team with second ANZ hire appeared first on Global Trade Review (GTR).

Gallagher recruits Marsh duo to bolster UK trade credit team

From Global Trade Review (GTR) | By Sanne Wass

Gallagher has expanded its Manchester-based trade credit and surety team with two new hires, who will help the firm build out its footprint in the north of England.

Colin Cunningham and Rachel Smailes both join from Marsh, a rival brokerage firm.

Cunningham (pictured) becomes Gallagher’s national sales leader for trade credit and surety, a UK-wide role. He brings 28 years of experience, having spent the past 17 at Marsh, where he most recently held a similar position. At Gallagher, he will support the wider national teams and look to maximise opportunities arising from customers across the firm’s network of regional branches.

Smailes has joined as account executive, bringing 27 years of experience in trade credit. She joined Marsh in 1998 and was most recently client advisor leader. In her new role, she will take responsibility for managing and building client portfolios and support the business development agenda for the north.

Gallagher writes in a statement that the decision to scale up the practice in Manchester “comes on the back of strong 20% organic revenue growth across the UK niche” and “a growing proportion of both clients and new business opportunities arising in the north”.

Commenting on the two hires, Tim Fisher, UK managing director of trade credit and surety, says: “Colin’s proven track record in sales planning, delivery and leadership will ensure not only our trade credit and surety team members, but also our wider Gallagher colleagues, are fully supported in helping clients manage their evolving risk exposures. Rachel is another great addition to our growing team bringing huge experience, market insight and customer service skills as we look to build out our footprint across the north.”

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Ascot launches new trade credit division

From Global Trade Review (GTR) | By Shannon Manders

Global specialty underwriter Ascot has created a new trade credit insurance division in the US, marking its first move into whole turnover credit business.

It has recruited Doug Collins as executive vice-president and head of trade credit, and Anthony Barrett as senior vice-president of trade credit, both of whom will be based in New York.

Collins, who will lead all aspects of Ascot’s US trade credit business, has been in the industry for over 23 years, having spent the last 14 years with Atradius – most recently serving as head of risk services for the Americas. Before that he held senior trade credit roles at AIG in North America and Asia, and started his trade credit career with Trade Indemnity Canada.

Barrett is a 33-year veteran of the trade credit insurance industry, most recently working at EvenFlow Consulting. He previously spent four years as senior vice-president and head of multi-buyer trade credit at Zurich North America, and before that he worked 10 years in senior roles at Atradius.

The new team adds to Ascot’s credit insurance capacity: its established London-based political risks team writes single situation credit business in Lloyd’s Syndicate 1414.

The New York team will write admitted insurance, whereas the London-based team can only write excess and surplus lines.

“We are delighted to have Doug and Anthony join our team,” says Greg Wolyniec, Ascot’s head of group strategy. “They bring decades of experience and client service to our business and will provide a market leading technology-enabled underwriting and servicing platform to our trade credit brokers and clients.”

 

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