The ICISA Insider - November 2023

The ICISA INSIDER

The ICISA INSIDER | November 2023

Newsletter of the International Credit Insurance & Surety Association (ICISA) Volume 18 | November 2023

CONTENT FOREWORD COLUMN

4 | The seventh C?

Column by Renate Kerpen

ICISA UPDATES

10 | Women in Credit Insurance group joins ICISA Interview with Sarah Murrow INSIGHTS

6 | Regional Focus: Economic impact of war in Middle East Insight by Robert Besseling

12 | Direct surety bonds are coming of age Insight by Jeffrey York INTERVIEW

14 | Active Re Joins ICISA

Interview with Erik Feigelson Johansson

ANNOUNCEMENTS

The ICISA INSIDER | How to get a free Subscription?

If you would like to be added to the distribution list of The ICISA Insider, please send a message to secretariat@icisa.org

Editorial Information | For suggestions and announcements, please contact: Raluca Ezaru (editor) Raluca.Ezaru@icisa.org

+31 (0)20 625 4115 1 |

November 2023 | The ICISA INSIDER |

Foreword

Disclaimer All articles in the ICISA Insider represent solely the opinions of the individual authors, not ICISA, unless otherwise stated. Original articles appearing in the Insider may not be reprinted without the express permission of the author and ICISA. When citing articles, please refer to the title of the article, the author, and the relevant edition of the Insider, including a full url to the article page. | 2

Foreword

| The ICISA INSIDER | November 2023

Foreword Dear Reader, Welcome to this edition of the ICISA Insider magazine.

I’m pleased to update you on the latest news of ICISA and the Trade Credit Insurance (TCI) and surety industries.

For the Secretariat, the summer months were pretty busy with the preparation of the second edition of the TCI week following the AGM Week in Brussels in June. TCI Week took place at the start of October and was again a great success. Insurance and reinsurance underwriters, officials and regulators, the press, academia, clients, financiers, and servicers of our industry, all among our audience. We are pleased to be leading the charge in making TCI better known to the world because, as Michael Vrontamitis of the World Trade Board put it, “Trade credit insurance plays a vital role in the availability of financing”.

In the Column of this edition, Renate Kerpen (DEVK RE) wrote a very interesting article about cyber risk as another point in risk analysis in credit / bond insurance. She defined it as “The 7th C”, added to capital, capacity, character, conditions, collateral and confidence (Page 4). Also in this edition, the economic implications of the latest news from the Levant region, the Israel – Gaza war, were detailed in an article by Robert Besseling of Pangea Risk on Page 6.

As an organisation, ICISA is committed to promoting diversity, inclusion, and collaboration within the credit insurance and surety sectors. The addition of the newest working group of ICISA, the Women in Credit Insurance (WICI) aligns perfectly with these values. On Page 10, you’ll be able to read an interview with Sarah Murrow, the Chairperson of WICI. As a heads up: for great inspiring events, I recommend that you attend one of their upcoming events organised in the UK. Lastly, we recently welcomed Active Re as a new member of ICISA, so we’ve included in this Insider an article with Erik Feigelson Johansson to explain more about their business and what they hope to achieve through ICISA membership. For this, go to page 14.

There’s more still in this Insider, I hope you’ll enjoy reading it.

Richard Wulff

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November 2023 | The ICISA INSIDER

| Column

The seventh C? Column by Renate Kerpen, DEVK RE & Echo Re

Over the years I have been looking into many astonished faces when people take in my business card: credit/bond and cyber seem to be worlds apart, and the number of underwriters with this combination is negligible in the overall picture. While credit/bond takes us around the world, cyber has made its way into every line of business, so here’s to credit/bond!

Risk analysis is the key element of success, and the important factors to consider conveniently all start with a C. The classic 3 Cs: when I started learning the ropes of credit/ bond 25 years ago, analysis of risks focused on Capital (stability and liquidity), Capacity (both size and experience) and the Character of the key people involved.

When about 10 years ago credit/bond was revisited, the list of Cs was extended by another 3, bringing the total up to six: the Conditions of the original contract gained importance, as well as the use of Collaterals, and the underwriter’s Confidence in his underwriting decision.

Switching to the cyber perspective, the Y2K (non-)event marked the notable entry point of awareness regarding the risks inherent to digitalisation which has since changed the risk landscape profoundly. Companies are increasingly dependent on their IT and their internet connection, with multiple potential scenarios endangering their survival.

For underwriters in a line of business focussing on default probability, it is of interest to take a closer look at a risk’s main vulnerabilities, potential threats and the main damage inflicted.

A company’s weak points can vary widely. Personal data from clients or other third parties need to be held safely, and their publication or loss can trigger fines according to the European Data Protection Regulation, up to 4% of annual turnover. The client database may be a competitive advantage and is generally obligatory for servicing and billing the clientele. Clients may also act affronted if their data are sensitive or they prefer to keep their clientship secret. Both theft by criminals and the company’s negligence come to mind. | 4

Other companies may have virtual property such as trade secrets which secure their unique selling position. Or they can be involved in time critical procedures so that business interruption can trigger both loss of profit but also thirdparty lawsuits.

An increasing number of companies is producing or trading intelligent products which bring new cyber exposures with them, potentially triggering crashing sales numbers or lawsuits due to losses triggered in cooperation with other intelligent products and/or environment. Depending on the business sector in which companies are operating, cyber incidents could trigger losses in the real world, leading to physical damage or personal injuries.

Often cyber incidents are triggered from the outside. It is thus of interest to look at interconnectedness of companies, security setup, but also their attractiveness to attackers, be it being close to the money, or their profile. Cloud use and outsourced services come to mind, but increasingly business partners come into focus, considering their cyber security, their geographic location and their clientele.

Recently companies seem to trigger their cyber incidents more frequently themselves, be it by using open-source software bits and programmes, delaying patching due to their complex IT setup, failing at introducing new software or suffering other IT setup hick-ups. Notices regarding insolvencies frequently quote software/IT problems as an imminent factor.

These are many points to consider: the effects on companies range from fines due to personal data issues over own losses (loss of virtual property, loss of data, business interruption, loss of profit, loss of turnover due to loss of clientele) to third party losses due to contractual obligations or lawsuits.

To cut extensive research short, requesting companies to share their cyber risk management report would be a smart approach as this should cover many if not all of the aspects above. Another very smart step would be to inquire into the existence of a cyber insurance policy.

Column INS|

The ICISA INSIDER | November 2023

A cyber insurance policy helps vetting a risk from a cyber perspective: an insurer has found the company reasonably set up to offer them protection. Cyber insurance usually contains various elements of prevention which may help to nick cyber incidents in the bud. And the insurance cover itself will help to contain any cyber incident, secure liquidity, take care of legal and reputational issues and make sure the company is back on track fast.

The existence of cyber insurance is also proving to be a competitive advantage: participation in public bidding may require cyber insurance, and business partners increasingly require proof of a cyber insurance policy in place.

Beyond that, all companies are likely subject to potential systemic risk as outlined in many studies, triggered by malware, software oligopoly, outsourced service providers with a multitude of users, cloud usage, faulty open-source software, common security gaps, not to mention solar flares, brown- or blackout, other failure of infrastructure or cyber war/terrorism. This could also trigger a systemic credit/bond event, more so as some of the mentioned scenarios are not covered by cyber insurance, driving a discussion about schemes for governments’ backup.

Cyber is definitively a point to consider in risk analysis, a cyber risk management report and/or the existence of a cyber insurance policy can profoundly help to deal with it. The Cyber C is rather gaining further importance with future developments emerging, just to mention artificial intelligence.

To conclude, it has been a great honour to contribute to the ICISA Insider, but even more so a pleasure to combine my two passions in one piece. They are so much closer than anybody would have thought, aren’t they?

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Column November 2023 || The TheICISA ICISAINSIDER INSIDER| | Insights

Regional Focus: Economic impact of war in the middle east

By Robert Besseling, Pangea-Risk PANGEA-RISK shares forecasts on the economic impact of the war between Israel and militant group Hamas in Israel and neighbouring Egypt. An ongoing Israeli counteroffensive into Gaza will cause disruption to marine and airports, while throttling private consumption and the tourism sector in coming months. The cost of the mass mobilisation and economic disruption, as well as property damage is projected at USD 6.8 billion. Meanwhile, Egypt’s economy is highly vulnerable to the direct and indirect impact of the ongoing war in the neighbouring Gaza Strip between Israel and Hamas.

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Insights | November 2023INSIDER | The ICISA INSIDER2023 Insights | The ICISA | November

Following the massive surprise attack on Israel launched from Gaza by Islamist group Hamas on 7 October, Israel has begun a campaign aimed at securing its borders with Gaza, ending incursions of Hamas fighters into its territory, destroying the group's capabilities, and rescuing Israeli hostages being held in Gaza. However, the feasibility of achieving the operation's objectives is uncertain, with potentially significant losses and complexities introduced by the hostage situation.

Concurrently, there have also been sporadic incursions into northern Israel from southern Lebanon since the conflict began, as well as attempted strikes from Houthi-held Yemen across the Red Sea. The conflict carries substantial economic ramifications, with projections estimating costs to be at least USD 6.8 billion.

Various sectors, including private consumption and tourism, are impacted, reflecting the broader economic strain resulting from the conflict. Commercial disruptions, particularly in port operations, further underscore the economic vulnerabilities, with potential implications for imports and exports.

Additionally, the conflict’s trajectory holds implications for the global oil economy. While Israel is not a pivotal oil producer, the conflict’s evolution could influence global oil prices and

supply dynamics, particularly if the conflict’s scope broadens to involve significant oil-producing regions or impacts strategic locations such as the Strait of Hormuz.

Impact on Israel’s economy The ongoing conflict between Israel and Hamas has precipitated substantial economic ramifications, with initial projections estimating the cost to be at least USD 6.8 billion.

A significant mobilisation of reserve soldiers, numbering around 300,000, marks the largest call-up since the 1973 Yom Kippur War and the projected duration of the conflict is expected to inflict direct economic damages, surpassing those witnessed in previous military operations. The expenses of the Second Lebanon War in 2006, which lasted 34 days, were estimated at USD 2.4 billion, or 1.3 percent of GDP, according to the Institute for National Security Studies (INSS).

The cost of Operation Cast Lead from December 2008 to January 2009 was estimated at USD 835 million.

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November 2023 | The ICISA INSIDER

| Insights

The conflict’s repercussions extend to various economic sectors, including private consumption and tourism. Sectorspecific impacts are also evident, with certain industries demonstrating resilience, while others face significant disruptions. The financial markets reflect the prevailing uncertainties, with notable fluctuations observed in stocks.

In the key Israeli exports of potash, several fertiliser stocks saw significant jumps, including Mosaic and CF Industries.

Furthermore, the shekel has experienced a depreciation.

Despite the central bank’s announcement that it will sell foreign exchange to prop up the shekel and prevent its collapse, the local currency has weakened relative to the US dollar.

As such, the economic strain from the current conflict is anticipated to account for at least 1.5 percent of GDP, subsequently elevating the budget deficit by a similar margin in the ensuing year. The conflict necessitates augmented governmental spending, particularly in the military sector, potentially leading to increased borrowing at elevated interest rates and potential tax hikes, exerting additional pressure on the economy.

Commercial disruption With continuous rocket barrages expected from Gaza, alongside the potential for a protracted conflict the damage to Israel’s port operations has become increasingly probable.

The ports of Ashkelon and Ashdod, due to their proximity to the Gaza Strip, are particularly vulnerable. While militants in Gaza possess limited precision targeting capabilities, past attempts, such as the one in May 2021 against the Tamar offshore gas rig, and previous attacks involving the ports of Ashkelon and Ashdod underline the risks. Prolonged disturbances at Israel's three largest ports – Haifa, Ashdod, and Eilat – could severely hamper imports and exports, encompassing vital sectors like agriculture, electronics, and machinery.

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Impact on Egypt’s economy The ongoing war between Israel and Hamas presents potential risks to the Egyptian economy. The regional instability could result in elevated global oil and gas prices, further fuelling inflation. In the context of Egypt’s existing economic conditions, such fluctuations could exacerbate the country’s economic fragility. Since mid-October, several credit rating agencies have downgraded Egypt’s sovereign debt outlook, citing persistent economic challenges such as sustained inflation, currency depreciation, and foreign currency shortages as the primary reasons behind this decision. The agencies have highlighted the government’s delay in implementing essential structural reforms and expressed concerns regarding Egypt’s foreign currency deficits, predicting that they would hinder gross domestic product (GDP) growth in 2024.

However, there is a prospective alleviation of Egypt’s foreign currency shortages, with reports indicating that the central bank is nearing an agreement to secure USD 5 billion in deposits from Saudi Arabia and the United Arab Emirates (UAE). These funds are expected to be channelled into investments in the Egyptian economy over five years.

Despite this potential financial inflow, the absence of fundamental economic reforms, such as the adoption of a flexible exchange rate and the privatisation of state-owned assets, may hinder Egypt’s ability to overcome its long-term economic challenges. External factors, such as a potential escalation in the Israel-Hamas conflict and substantial proPalestine sentiment, could also impact Egypt domestically, possibly leading to increased civil unrest or an influx of refugees into Sinai, thereby exerting additional pressure on the Egyptian economy.

The ICISA INSIDER The ICISA INSIDER| November | November2023 2023

A Guide to Trade Credit Insurance By the International Credit Insurance & Surety Association A practical and accessible industry-wide reference on Trade Credit Insurance, written by a team of industry experts.

This compact volume is a practical guide for anyone interested in Trade Credit Insurance.

The International Credit Insurance & Surety Association (ICISA) presents an approachable but detailed guide written collaboratively by carefully selected industry experts. The guide describes the lifecycle of the credit insurance product, from the initial application stage to the expiration phase of the policy, including practical use aspects for credit managers. The volume offers compact information on the history of trade, the need for protection against trade credit risks, and solutions offered by credit insurance providers. The focus is on short term credit, including whole turnover policies and single risk policies.

Readership Suitable for anyone interested in Trade Credit Insurance, from credit managers to policymakers.

Importance • • • •

Collaboration of a diverse group of experts from top organisations around the world Written in an approachable style, accessible to the non-specialist Includes extended glossary of key terminology Includes a list of relevant resources for further reading

Content Foreword; Introduction; Disclaimer; 1.What is trade?; 2. What is trade credit insurance?; 3. Product types; 4. Risk types; 5. Typical set-up of a trade credit insurance contract; 6. Premium, the price for cover; 7. Day-to-day policy management; 8. Buyer risk underwriting in trade credit insurance; 9. Debt collection; 10. Imminent loss and indemnification; 11.

Renewal, expiry, termination of a policy; 12. Single risk business; 13. The single risk insurance market: Private and public players; 14. Reinsurance of Trade Credit Insurance; Trade Credit Insurance resources; Glossary of trade credit terminology

About the Author(s) / Editor(s) The International Credit Insurance & Surety Association (ICISA) brings together the world’s leading companies providing trade credit insurance and surety bonds and their reinsurers. ICISA promotes technical excellence, industry innovation and product integrity, as well as addressing business challenges generated by new legislation.

Where to order my copy?

The book can be ordered from Barnes&Noble and Bol.com.

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November 2023 || The TheICISA ICISAINSIDER INSIDER | Interview

ICISA welcomes WICI as its newest working group An interview with Sarah Murrow, Chair of Women in Credit Insurance working group

Earlier this year, a group of enthusiastic women working for several insurance brokers and companies gathered with a common goal of discussing ways to increase representation of women working in the trade credit insurance sector. Their conclusion? A working group focused on this particular goal.

The newly created group, Women in Credit Insurance (WICI), has already organised three events in London, with one hosted by the Bank of England with almost 70 participants.

The founders of WICI are located in the UK, so the group focused until now on the UK market. But women from Amsterdam, Paris and Dubai have reached out to WICI to hear more about the group.

WICI joined ICISA in October as its newest working group.

In the upcoming paragraphs, we talked with Sarah Murrow, Chair of WICI. We talked about the group, their ambitions and the reasons behind creating this group.

Find out more about WICI in the next paragraphs!

The Editor

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Sarah Murrow, Chair of WICI

Interview |

Discussing WICI’s missions, Sarah noted: “WICI strives to increase the representation of women in the trade credit insurance industry, and especially in leadership roles, through mentorship, networking events and trainings. Our future ambitions are to achieve an equal representation of women and in the Trade Credit Insurance industry, at all levels”.

Currently, the leadership group of WICI consists of ten ladies from several insurers and brokers. Their success will be measured by “the impact we have on the people participating in activities we sponsor and communications we make. We hope to be able to establish more quantitative KPIs after data collection- which would include measuring the representation of women across the industry- and especially in leadership roles.”

Upon creation of the group, people in the industry showed extraordinary support: “The reception from the UK Trade Credit Insurance community has been exceptional. Women and men have embraced the initiative, are eager to understand what we at WICI are doing and also how they can help support.”, highlights Sarah. Thanks to this support, WICI also achieved a lot in their first months of existence. For instance, we talked about the first event organized, a Webinar about rising through the ranks to the leadership roles, where over 150 people participated. Secondly, WICI’s Spotlight campaign was also mentioned, where a short interview with a successful woman working in credit insurance will be published every month.

Lastly, the support received from several companies to host events has been crucial to the early success of WICI.

The ICISA INSIDER | November 2023

Asked about those who took part in the previous events, Sarah thinks that, “…one trend that has been prominent in all of our events is an eagerness to participate! This is especially the case for in-person events where access is limited. To date, we’ve tried to ensure a good representation of women rising in their careers at our events as we believe this group has the potential, through continued support, to reach leadership roles across the industry. The events we’ve held are all London, but hope to arrange some events in Birmingham/Manchester in the months to come”.

While the support for the new group was clear, I asked Sarah about what, in her opinion, are the barriers women face. She says that, based on the answers received from participants, the two main reasons for which women have a relatively low representation at senior and executive roles were family commitments (being seen as the primary caregiver in a family) and lack of confidence. WICI hopes to help on the later: their mentorship and training programs, their highlights of successful women in leadership roles were all created to help women overcome this challenge. In the end, I asked Sarah what is her advice for young women in TCI, and her answer did not surprise at all: “February 2024 will mark 20 years for me in the TCI industry and I have had an incredibly fulfilling career.

Working in TCI has allowed me to work with businesses of all sizes and in all sectors- giving me the opportunity to learn about businesses challenges and opportunities in all phases of the economic cycle. Additionally, I have had the opportunity to work In three different countries - the USA, France and England- at the country, regional and global level. For women considering to join the TCI industry, I can say that it can afford immense opportunities for you to grow and learn!”.

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November 2023 | The ICISA INSIDER

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Insights

Direct surety bonds are coming of age

By Jeffrey York, Bond-Pro

For many years, Insurers have been reluctant to offer Surety products directly to consumers. Bonds and Guarantees are primarily sold via broker and agency channels. This is done intentionally to avoid competing against brokers who are driving the business. However, in recent years some are beginning to break this trend. New Sureties, Brokers, and Insurtechs which are publicly marketing have emerged, and in many cases solely focused on selling directly to consumers. And though existing Insurers are careful not to harm their relationships, an increasing number are delicately going direct through alternative brands or via brokerages they own under different names.

High volume, low premium bonds, also known as Transactional bonds, are the most common types of bonds that many companies are now selling directly. There are also several companies who write smaller Contract Bonds and Guarantees direct to consumers. As a result, demand is increasing for technology products that quickly enable Direct to Consumer functionality and enables general insurance agencies, which have little-to-no Surety knowledge, to easily sell bonds in a similar fashion. Common functionality requirements for Direct Portals include: User Experience Consistent with Existing Corporate Look and Feel.

Customer Registration and Authentication.Real-Time Integration with Core Surety Management Systems.

Account/Facility Application.

Bond/Guarantee Transaction Application.

Real-Time Price Quotes.

Automated Decision Making.

Incorporation of Real-Time Credit Report Information.

Instant Generation of Documents.

Electronic Signing of New Bond Documents and Modifications.

Acceptance of Multiple Payment Methods; Credit Card, Check/ACH.

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Traditionally, Insurers have only offered Agency Billing, a method where Brokers and Agencies are invoiced for premiums after the transaction occurs. Direct Portals have proliferated the use of Direct Billing, where payment is collected prior to completing a transaction. This dramatically improves revenue recognition, cash flow, and reduces accounts receivable management burden.

Success in the direct-to-consumer space is predicated on the ability to drive traffic to the Direct Portal. This requires a coordinated effort of carefully identifying bond products and researching the words most likely entered by the consumers searching for them. It’s crucial that your products appear in the top search engine results. Accomplishing this requires a combination of techniques including: •

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Search Engine Optimization (SEO) to increase the likelihood that the direct-to-consumer web site will be noticed by search engine crawlers and ranked in the top organic results.

Paid Advertisements as a supplement to further guarantee desirable placement.

The ability to effectively measure the efficacy of the keywords, SEO, and Purchased Ad is paramount. This is accomplished by tools that marry web analytics data to bond transaction data resulting in profit and loss statements for targeted keywords. Consistent monitoring and timely adjustments are necessary to ensure that efforts produce desired outcomes.

Insights

ABOUT BOND-PRO Pro-Bond was founded in 1991 and headquartered in Tampa, Florida, Bond-Pro is the leading software automation tool for Surety professionals. Our focus is developing state-of-the-art technology solutions to help surety carriers and agencies grow premiums, while reducing risks and operating costs. With 10 major releases and over 450,000 development hours, we dedicate 76% of our operating costs to the further enhancement of our products.

Bond-Pro is the most widely used surety automation software deployed by hundreds of agencies and dozens of national surety carriers. Bond-Pro leverages its 20 years of customer feedback in developing surety software that provides the most feature rich functionality in the marketplace.

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| TheThe ICISA INSIDER 2023 ICISA INSIDER| November | November 2023

While many Surety websites provide bond application submission, most simply collect information, and forward it for manual processing. However, direct consumers expect immediate service. While price is a consideration, speed is ultimately what drives their Surety bond and guarantee purchase decisions. If the ability to instantly quote, purchase, and issue is unavailable, direct customers are likely to go elsewhere.

Quickly configuring bond products, rates, automated decision rules, and workflow is essential. Due to the dynamic, nonstandardized nature of Surety, this must be accomplished without modifying web application source code. Creating a “no-code” configurable web application enables non-technical business administrators who are knowledgeable in Surety, to add, update and remove bond products quickly and easily.

Without this capability selling Surety Bonds and Guarantees directly becomes untenable.

Lastly, the concept of Embedded Insurance is a distribution model that is achieving rapid adoption. The ability to embed the Direct Portal quickly and easily into a broker’s existing websites is crucial to gaining market share. It’s extremely important that the technology is properly architected to support both tailored experiences and white labeling and that embedded instances of the Direct Portal can be easily provisioned.

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November 2023 | The ICISA INSIDER |

The ICISA INSIDER | July 2023

Interview

Active Re joins ICISA An interview with Erik Feigelson Johansson, Head of Global Credit & Surety Underwriting

Key facts about Active Re •

Active Re is a reinsurance company domiciled in Barbados with a General Insurance & Reinsurance license granted by the Financial Services Commission of Barbados (FSC).

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The company grew from a monoline reinsurer operating in one region in 2007 to a truly global player offering multiple classes of products and lines of business all around the world. Currently, Active Re is comprised of more than 50 qualified representatives, strategically deployed globally, serving more than 120 countries in 10 different languages.

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Active Re's business lines include Affinity, Group Life, Property, Engineering, Energy (Oil and Gas), Power Generation, Credit & Surety, Financial Lines, Marine Hull, Cargo, Liability, Marine Yacht and Treaty either through in - house expertise or strategic MGA partners. Active Re provides actuarial analysis and risk management advisory services too.

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The Vision for Active Re is to be a global, specialised, and innovative professional reinsurer, which is achieved by delivering benefits for all.

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In August 2023, AM Best upgraded the financial strength rating to A (excellent) and the long-term issuer credit rating to 'a' (excellent), with a Stable outlook.

What was the motivation to join ICISA? Joining an international association specialised in Credit & Surety business was an important achievement for us. As a Barbados-based reinsurer, we joined ICISA to be able to exchange information and industry best practices with other (re)insurance companies. ICISA gives Active Re the opportunity to get to know potential business partners better, to increase our recognition among other participants in the industry, as well as to participate in the dialogue opened on topics relevant to the sectors we represent.

What are the expectations as a new ICISA Member?

We joined ICISA being open to share, to learn and to inform.

We hope in ICISA will be able to exchange information with our colleagues and partners. We believe we have a lot to learn from each other. Active Re is open to exchange about business in our Region (Caribbean and LatAm), as well as to learn about other regions in the world.

What are the topics you’d like to discuss within ICISA? For us, we are eager to discuss technical and legal issues, but also the impact of new technologies on our industry. | 14

ICISA has several committees (Credit Insurance Committee, Surety Committee, Committee of Underwriters, Single Risk Committee, Asia Committee) for which members can apply and join conversations on topics relevant for these committees. Will Active Re join any of these committees? If yes, which one(s) and why?

Definitively the Surety Committee. Simply, because surety is the most important business line in our region representing 90 % of our premium written by Active Re. We are really looking forward to participating in the discussions of this committee and hope to contribute with our expertise and knowledge.

How can ICISA members benefit from the membership of Active Re? How can Active Re benefit from our members?

Being a small reinsurer from a different region for most of ICISA members, we bring a different approach and different view on our business. We can help ICISA members to understand our region’s trends. Similarly, we will learn from ICISA members too. At the same time, we hope to develop strong business relationships with other members. ICISA is a great place for exchange and a platform for mutual benefits for its members.

Announcements | The ICISA INSIDER | November 2023 The ICISA INSIDER | November 2023

ANNOUNCEMENTS Several new appointments at Coface

Arthur Schellekens has been appointed as Country Manager of the Netherlands. Arthur joined Coface in 1999 and has held various positions since then as Risk & Commercial Underwriting Director in the Netherlands, and more recently Head of Risk Underwriting for the region, based in Germany.

Mark Qian has been appointed as Country Manager for China. Mark has more than 20 years of experience in trade credit risk management and supply chain finance. He joined Coface in 2019 as China Commercial Director and successfully delivered on China’s growth agenda over the past three years.

Arthur Schellekens Country Manager, Netherlands Company: Coface

Jacqui Jooste has been appointed as Country Manager of Canada. Jacqui brings 30 years of expertise in trade credit insurance with demonstrated ability to work collaboratively at all organisational levels and across executive functional areas. Jacqui joined the South African Coface team as Secretary to the Legal Advisor in 1993. She then stepped into new roles until becoming Country Manager in 2017.

Ayanda Nokuthula Ndlovu has been appointed as Country Manager for South Africa. Ayanda has over 15 years of experience in the insurance industry, having held various management and leadership positions in various insurance sales teams.

Rudolf Kypta joined Coface as Country Manager for Czech Republic and Slovakia. Before joining Coface, he held significant roles as CEO for the UBB Interlease EAD bank and finance expert for several years.

Jacqui Jooste Country Manager, Canada Company: Coface

Sabrina Communie has been promoted to the position of Group Investments, Treasury and Financing Director. She joined Coface in June 2022 in the Investments Department and prior to that she spent ten years at Groupama Asset Management as a Senior Analyst, and more than ten years at Crédit Agricole Assurances as Head of Financial Management and Financial Communication, and then Head of Investment Performance Management.

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November 2023 | The ICISA INSIDER

MS Amlin names Jamie Cleary Head of Crisis Management MS Amlin, has announced the promotion of Jamie Cleary to Head of Crisis Management, alongside his existing responsibilities as Lead Underwriter for Credit and Political Risk.

Effective immediately, Cleary will be based in London and will report to Neil Walker, Deputy Chief Underwriting Officer and Head of Speciality Insurance.

In his new position, he will be in charge of leading the growth and development of MS Amlin’s crisis management portfolio, which offers tailor made solutions to protect clients from major incidents that might disrupt their business or harm their reputation.

Jamie Cleary, Head of Crisis Management Company: MS Amlin

Cleary has more than 20 years of experience in the London Market, and joined MS Amlin’s crisis management team in 2010, following seven years at Talbot AIG.

New appointments at Allianz Trade

Allianz Trade has appointed Imran Khan as country manager for India. Imran joins Allianz Trade from Prudent Insurance Brokers Pvt Ltd, where he was Vice President, Trade Credit & Political Risk Insurance.

Imran Khan Country Manager - India Company: Allianz Trade

Dominique Dumas has been appointed as an Insurance Agent for Allianz Trade in North America. Dominque joins Allianz Trade from ClearEstate, where he was employed as an Account Executive. He is based in Montréal, Canada.

Allianz Trade has announced that Stephen Bramall has been promoted to Credit Director for the UK and Ireland, reporting to CEO Sarah Murrow. Stephen was most recently Group Head of Risk Underwriting, strategy and steering and replaces Andrew Dodson, who has been appointed Allianz Trade’s Global Credit Director for Excess of Loss.

Stephen Bramall Credit Director - UK & Ireland Company: Allianz Trade

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Allianz Trade in Asia Pacific has announced the appointment of Chris Markesteijn as Regional Head of Surety and Guarantees, replacing Christopher Shortell, who is assuming the role of Surety Services Director at Allianz Trade in the Americas. Chris will be based in Singapore and report directly to Paul Flanagan, the Regional CEO of Allianz Trade in Asia Pacific, and Sean McGroarty, Global Head of Surety.

The ICISA INSIDER | November 2023

Appointment of Dexter Wiseman as Underwriter for Chubb

Chubb has appointed Dexter Wiseman as Underwriting Apprentice, Political Risk & Trade Credit, based in London. Dexter joins via the Chubb Academy on a 24-month UK apprenticeship.

Dexter Wiseman, Underwriting Apprendice Company: Chubb

Appointment of Eoghan Burke as Underwriter for SCOR

SCOR has appointed Eoghan Burke as an Underwriter - Political and Credit Risk, based in London. Eoghan joins from Marsh, where he was Vice President – Political Risk & Structured Credit.

Eoghan Burke Underwriter - Political and Credit Risk Company: SCOR

John Owen appointed Chief Executive of AXIS Managing Agency

AXIS Capital has appointed John Owen as Chief Executive of AXIS Managing Agency Limited (AMA). In his new role, Owen will be responsible for AMA, the managing agent arm of AXIS Capital that oversees the group’s Lloyd’s of London operations including Syndicate 1686.

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The ICISA INSIDER | November 2023

ICISA Members

ICISA Evert van de Beekstraat 354 1118 CZ Schiphol The Netherlands +31 (0)20 625 4115 secretariat@icisa.org www.icisa.org

Registered Number: 64391736

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