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Catalogue of Credit Insurance Terminology
The new English edition of the catalogue is available. It can be downloaded from the ICISA website (www.icisa.org). To order a hard copy, please send an email to secretariat@icisa.org
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CATALOGUE OF CREDIT INSURANCE TERMINOLOGY
2942_ICISA_Dictionary_UK_V6.indd 1 English edition
02-02-17 12:53
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Appointment of Seoul Guarantee Insurance’s President & CEO
On December 1, 2017, Seoul Guarantee Insurance Company (SGIC) announced that it appointed Kim Sang-taek as its President & CEO for a term of three years.
He joined SGIC in 1988 after graduating from Kyung Hee University. The work experience he had during the period of last three decades is extensive including claims, recovery, legal affairs and corporate planning.
In 2014, he became a board member as a director responsible for the Strategic Planning Division. In the same year, he was appointed as a senior managing director in charge of the Management Support Group. In December 2017, he became the firstever internally appointed CEO after having represented SGIC as Acting CEO for seven months.
Mr. Kim Sang-taek
Seoul Guarantee Insurance Company (SGIC)
Seoul Guarantee Insurance Company (SGIC) was originally established in 1969 under the name of Korea Fidelity and Surety Company. As a comprehensive guarantee services provider, SGIC is currently a leader in the domestic surety and credit insurance industry and also enjoying an unsurpassed reputation in the global market for its financial strength. SGIC’s stature has been validated by its credit ratings of “A+” and “AA-” given by Standard & Poor’s and Fitch Ratings, respectively.
Looking to the future, SGIC will strive to reach its vision of becoming the “World’s Top Financial Institution” leading the global industry. With more than 49 years of experience and expertise, SGIC has brought about a better and brighter future for individuals and corporations through credit provision, facilitating Korea’s economic development.
Further information: www.sgic.co.kr
Changes in the Board of Management at SID First
The Supervisory Board of SID First has appointed two new members to its Board of Management. The Board of Management took office as from 1st January 2018 and now consists of three members, i.e. Mr. Sergej Simoniti, Chairman of the Board and CEO, Mr. Denis Stroligo, Board Member, and Mr. Igor Pirnat, M.sc, Board Member.
Mr. Simoniti, L.L.B., has more than 20 years of experience in the insurance field, and was a Director of Insurance Supervision Agency prior to being named Chairman of the Board and CEO of PKZ First. Among his other former functions he has been a member of the Board of Supervisors and member of the Management Board of EIOPA and chaired the Financial Inclusion Working Group of the International Association of Insurance Supervisors.
Mr. Stroligo, L.L.B., has vast experience in (life and property) insurance industry as the longest as President of Board of Directors prior to being named a Board Member of SID First.
New Management Board of SID First, Mr. Pirnat, Member, Mr. Simoniti, Chairman and CEO, and Mr. Stroligo, Member, respectively.
Mr. Pirnat, M. sc. of Economics, has been Board Member since 2014 after holding the position of Director of Policy & Buyer Underwriting of SID First for nine years. With more than 22 years of experience in credit insurance, he has been given a second mandate as a Board Member. He has also been a Member of the Supervisory Board of DARS d.d.
New key departments in SID First
Two major changes in organizational structure of SID First took place: firstly, the split of the Sales and Marketing department into two separate Departments and secondly, the newly established Compliance Department.
Damir Lovenjak, Director of Sales, joined SID First in October 2017 and has taken a role in re-defining the sales process. He has several years of experience in the fields of credit insurance and debt collection.
Yearbook ICISA Yearbook 2017 - 2018
The Yearbook 2017-2018 is available.
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Tryg Garanti expands into the German market
From beginning of 2018, Tryg Garanti expands its underwriting mandate to include local German clients and at the same time, Tryg Garanti establishes local offices in Germany.
The establishment of activities in Germany is a natural extension of the successful development of local presence in the Nordic market outside of Denmark, which started out in 2006.
”Germany is the largest surety and trade credit market in Europe. Underwriting of local German business supports our ambition of creating profitable growth”, says Mads Løgstrup, Director of Tryg Garanti. ”We are already co-operating with a number of German clients, which we support in the Nordic market as well as in the German market. Through our existing business relationships, we have a gained strong and positive experience for the new activities”.
”We plan to establish 3 offices in Germany: In Hamburg, Düsseldorf, and Munich. We expect the first office to open Hamburg during the first half of 2018. Offices in Düsseldorf and Munich will follow when staffing is complete”, says Mads Løgstrup.
Henrik Stigkær appointed Country Manager for Tryg Garanti in Germany
Henrik Stigkær comes from a position as Senior Sales Executive with EG A/S. Henrik Stigkær has extensive management experience, including 10 years from Mr. Henrik Stigkær
management positions in Germany. Furthermore, Henrik Stigkær has extensive experience from the surety insurance business, where underwriting and client processes have been in focus.
Henrik Stigkær will build up the new Tryg Garanti organization in Germany.
Nationale Borg merged with AmTrust
On December 29, Nationale BorgMaatschappij has merged with AmTrust International Underwriters, DAC, an Irish insurance company which, like Nationale Borg, is part of the AmTrust Financial Services group.
The Dutch and Belgian operations of Nationale Borg now operate as branches of AIU under the trade name Nationale Borg. The reinsurance activity of Nationale Borg, which was set apart in Nationale Borg Reinsurance NV in 2011, continues as a separate legal entity within the AmTrust group. Nationale Borg-Maatschappij, established in Amsterdam in 1893, was to celebrate its 125th anniversary this year. Since the actual activities of Nationale Borg will continue virtually unchanged, the company feels there is plenty of reason to celebrate, despite the disappearance of the legal entity: for the past 125 years Nationale Borg has made an essential contribution to the development of Dutch and Belgian businesses and to the economies of the two countries. The membership of AmTrust provides an opportunity to take the business beyond its current geographic limits and to get it ready for another long period of profitable growth.
B.S.S.CH the Israeli Credit Insurance Company Ltd. received a rating of A3 IFS by Moody’
Moody’s has assigned an A3 Insurance Financial Strength (IFS) rating to B.S.S.CH the Israeli Credit Insurance Company Ltd. (ICIC). The outlook for ICIC is stable.
Moody’s stated that ICIC’s A3 IFS rating reflects its standalone credit profile, strong capitalization supported by good asset quality and significant reinsurance protection, very good profitability through-the-cycle, leading position in the Israeli credit insurance market and significant global diversification of its credit insurance exposures. Moody’s added one notch of support due to implicit and explicit support from ICIC jointparent companies, Euler Hermes, the largest global trade credit insurer, and Harel Insurance After 41 years at Nationale Borg, Paul 2018. Paul started working for Nationale Borg back in 1977 when the company only had about 25 employees. He witnessed Nationale Borg grow to around 75 employees today. He joined Nationale Borg as member of the reinsurance team. After 9 years he made the switch to become an underwriter in the direct surety team, which did not last very long, because he was asked to head up the reinsurance team in 1988. In 2008 he moved back to direct underwriting. From 2010 onward Paul held the position of Manager Operations. “There is only one colleague with a longer track record than Paul has. None of the others in Nationale Borg can imagine what the company will be like without Paul’s presence. We are sad to see such him leave, but we appreciate the and Financial Services Ltd. (Harel) the largest multi-line insurance group in Israel.
Mrs. Hagit Chitayat Levin, ICIC’s CEO, stated that: “This is a huge achievement of ICIC- it is the highest stand-alone rating achieved by a financial company in Israel. ICIC has been in the Israeli market for many years and proved itself to be a top tier company with a stable financial backing along the cycles. Our rating will benefit our clients- and will allow us to expand our products with banks which will lead to a decrease in clients financial costs allowing us to deepen our cooperation with other insurers in
Mrs. Hagit Chitayat Levin
Paul Daas retires from his position as Manager Operations at Nationale Borg
Daas has decided to retire, as per 1st April,
transactions contribution he has made to Nationale Borg over the years and we wish him and his partner Yollanda all the best”, says Jos Kroon, CEO at Nationale Borg.
Besides serving Nationale Borg in various capacities over the last forty years, Paul has also been an active member of ICISA for thirty years of which he served three years as Chairman of the Surety Committee from 2013 to 2015. “Paul’s contributions to the association over the past 3 decades are numerous. In his many roles, as Committee Chair, project leader, technical advisor and as an overall knowledgeable and positive contributor to countless meetings, Paul played a binding role among surety members of ICISA. Our very best wishes go out to him for a very well deserved and relaxed new future” comments Rob Nijhout, Executive Director of ICISA.
Mr. Paul Daas
