Category: On the Move

BPL Global sets up new team to tap into growing XoL market

From Global Trade Review (GTR) | By Shannon Manders

Credit and political risk insurance broker BPL Global is targeting the excess of loss (XoL) market with the creation of a specialised division that will have a specific focus on the trade finance sector.

The London-based team will be headed up by Jonny Carruthers, who joined BPL Global in 2015 and has over 13 years of experience as a credit insurance broker. Mike Lagrue, Jemma McGrady and James Cook make up the rest of the new team and are all internal moves.

XoL is a trade credit insurance policy designed to protect larger businesses with strong internal credit management practices against exceptional losses, over and above the risk that they are prepared to carry in-house.

According to BPL Global, recent product and technological developments, coupled with new underwriter entrants, now mean that XoL insurers can provide up to 100% cover for financial institutions purchasing pools of receivables, also enabling them to achieve regulatory capital relief under Basel III.

James Esdaile, managing director of BPL Global, says that while portfolio credit insurance has already been successfully used over many years by some of the major commodity trades, the broker is now also seeing increased demand from its banking and corporate clients.

“Having a specialist and focused team will allow us to broaden use of the product within the market, tailoring the XoL structure to bolster our individual clients’ credit risk management, while developing the programme to deliver further efficiencies to enhance portfolio growth for both new and existing clients,” he says.

Carruthers adds: “We see this as a strong alternative for banks to relying on their clients’ own insurance and a less secure loss-payee position. By having their own insurance policy, banks can obtain regulatory capital relief, eliminate operational risks and improve their advance rate.”

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Curtin leaves Marsh to lead Miller’s energy construction team

From Global Trade Review (GTR) | By Shannon Manders

Ian Curtin has joined insurance firm Miller to head up its energy construction team.

He makes the move from Marsh, where he had been a managing director and global head of offshore construction and head of energy construction in London.

In his new role at Miller, Curtin will be working with the team in London to develop business for both offshore and onshore projects, as well as upstream and downstream operational business.

“Ian is an excellent addition to Miller’s energy team. Having been involved in some of the most pioneering megaprojects to date, his experience and knowledge of the sector will be of great value to our clients across the globe,” says Alex Vincent, Miller’s head of energy.

Curtin has decades of experience across a broad spectrum of the energy world, with a specialism in construction. He has worked on major projects in the UK, Norway and Australia, and designed and placed insurance programmes for two of the world’s first three floating liquefied natural gas projects.

He previously worked for Sedgwick, CE Heath and Alexander Forbes/Lockton.

The post Curtin leaves Marsh to lead Miller’s energy construction team appeared first on Global Trade Review (GTR).

MUFG appoints head of corporate banking in Malaysia

From Global Trade Review (GTR) | By Finbarr Bermingham

Goh Kiat Seng

Goh Kiat Seng has been named co-head of global corporate banking in Malaysia at MUFG Bank.

Based in Kuala Lumpur, he joins the bank from Standard Chartered Malaysia, where he was most recently managing director for international corporates. He spent almost 20 years with Standard Chartered, including stints in Dubai and Singapore.

Prior to this he worked with Dun and Bradstreet, a commercial data company, as well as the previous iteration of MUFG Bank, the Bank of Tokyo-Mitsubishi UFJ.

Goh reports to CEO and president for MUFG in Malaysia, Yuta Uchiyama, and Sanjiv Vohra, head of global corporate banking, Asia and Oceania.

“One of MUFG’s key priorities going forward is to establish a group-oriented approach that would allow us to harness our global network and resources to provide a comprehensive suite of integrated financial solutions for our clients. With Kiat Seng’s experience and expertise, I am confident that he will take our corporate banking business in Malaysia to greater heights,” says Vohra.

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Accuity expands compliance offering with acquisition

From Global Trade Review (GTR) | By Sanne Wass

Accuity is enhancing its compliance software offering with the acquisition of Safe Banking Systems (SBS), a specialist provider of know your customer due diligence and anti-money laundering solutions.

Accuity is a provider of data and software to manage risk and compliance, as well as tools that optimise payments pathways through its Fircosoft, Bankers Almanac and NRS brands. The acquisition of SBS, the firm says in a statement, will provide Accuity with an enhanced account screening solution and complement its transaction and trade screening offerings.

SBS’s solutions perform advanced false positive reduction and risk assessment in the account screening process across a number of sectors, including high-volume banks and non-bank financial institutions.

SBS is already a long-standing partner of Accuity, leveraging the Fircosoft filter in its solutions. According to Accuity, the two firms “share many mutual customers, which benefit from their complementary offerings”. The acquisition, it adds, will allow Accuity to “strengthen these benefits to clients as they face an evolving, complex and costly regulatory environment”.

Also commenting on the acquisition, SBS’s CEO David Schiffer calls Accuity “the natural home for SBS”, explaining that the move affords the firm “the opportunity to build on our existing partnership and success to date, grow our investments in our business, and expand globally”.

“Bringing our expertise and teams together will enable us to accelerate the development of innovative approaches to managing risk through advanced entity resolution and reducing false positives,” he adds.

SBS has approximately 50 employees and is based in Mineola, New York.

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