Cover Story | Private Insurance Roundtable
GTR assembled a group of leading brokers and insurers
in London to discuss the impact of the crisis on the
level of claims in the private trade credit and political
risk market, and whether this has limited their capacity.
46 | Global Trade Review www.gtreview.com
Private Insurance Roundtable | Cover Story
emerge resolute from c
Flint: This has been a torrid period, catastrophe of the nature that they tend to Ross: I think that for the reinsurers, the
for insurers and those whom they deal with in most years. So I don’t think we test of their appetite for this class of
insure alike. Are there going to be are or should be expecting to see a series business will come when their treaties
casualties? of insurers heading into insolvency, but come up for renewal. You may well see
possibly reducing participation, or being some casualties there.
Robson: On the question of insurers forced to reduce because reinsurance is
folding, I think it is highly unlikely at being reduced, or choosing to exit. Berry: But withdrawing or reducing
the moment that any of our insurers capacity is a completely different issue to
will collapse into insolvency as a Berry: Whatever the claims number is, an insurer folding.
consequence of their credit and political it’s a big number for the PRI market, but
risk losses. That they may exit our it’s not a big number for the insurance Sanders: I think we can be pretty satisfied
marketplace, or reduce what they do, is industry. at how the trade and investment insurance
quite possible. You need to look at what community has come through this period.
we’ve experienced so far in the context of Brownlees: Most insurers are multi-line Crucially, this market has stayed open.
the insurance market at large. insurers anyway, that cover themselves While lots of other markets have closed
Depending on whose estimate you listen with a portfolio of different business altogether, we have continued to service
to, and in which week you talk to them, classes. our clients, and our products have been
and whether it’s the two or four or five seen to respond.
billion dollar number for structured credit De Haldevang: That’s true, but I don’t
and political risk losses, or something necessarily think that multi-line insurers Robson: Staying open when the
lesser, that, to our insurance market, don’t review their position in that part of syndications part of the market has
still represents a modest-sized natural the market. disappeared, when the enormous liquidity
of the CDS market in recent years has just
evaporated, it was a hugely valuable thing
to do. To do that, and to pay the claims,
Roundtable participants these things are fantastic though they are
also what we expect.
Chairman: Peter Flint, head of international arbitration, Barlow Lyde & Just yesterday I was talking to a client,
Gilbert finalising a claim negotiation, who intends,
Kit Brownlees, managing director, political, project and credit risks, AJ Gallagher as a direct consequence of the good
Charles Berry, chairman, BPL Global performance of the insurance market, to
Olivier David, head of special products, Atradius step up their use of insurance, and will buy
Mark Cooper, managing director, TFC Brokerage considerably more going forward where
Claire Simpson, political risk underwriter, Hiscox they can.
David Neckar, product development director, political and credit risks, Willis
Peter Sprent, deputy head, political risk and credit, Ace Global Markets Lennard: I think it has been a milestone
Paul Sanders, AVP, Zurich EMS in London year for the market. The day of reckoning
Nick Robson, head of credit and political risk, JLT Solutions came this year, and the insurance market
Neil Ross, senior vice-president trade credit, AIG (Chartis) has responded precisely as we had hoped.
Andy Lennard, director and founder, Texel Finance I do feel though that there are one or two
Bernard de Haldevang, head of financial and political risks, Aspen Insurance UK stories out there, whether it be bad broker
placement, or insureds not behaving
www.gtreview.com November/December 2009 | 47
Cover Story | Private Insurance Roundtable
properly and understanding what they Neckar: We will be comparing premium adjusting side of things were not initially
actually signed up to. payments against claims payments as well. geared up, so it has taken some time, and I
You are going to get that in any market, We are also making sure that we make it would expect to see improvements.
and, obviously, time will tell how many clear that it is the due date adjusted for
insureds do finally get their claims paid the cash transfer process, but we don’t Neckar: I don’t think that we, as a
and what impact that has on various want to get into that kind of detail. The community, have totally cottoned onto the
brokers’ E & O [errors & omissions] fact is, we are tracking it, and we will be fact that our banking clients regard time as
insurance. But, by and large, it has proved sharing that data with underwriters and money. And there is no excuse. Imagine that
to be the landmark year that those of us with clients, as it is very instructive. you have concluded a forward exchange
who have been around for a few years contract, and you expect delivery of dollars
have probably waited for. Sanders: I think that’s quite a harsh at a certain date, and then your bank says
approach to take, because, first and ‘unfortunately, I’m, terribly sorry, but Mavis
Robson: That points back to the product. foremost, there were doubts among is ill this week, and we haven’t really got
Everyone here, I’m sure would probably financial institutions over whether this the backlog sorted out’. Well that message
agree that this is a product which did not product would perform well under stress really doesn’t work.
need to revalidate itself. testing, as it has been.
There have been landmark years before, From what we are hearing, it has on most Brownlees: That’s a very valid point. Some
and claims paid, but what was critical occasions. There has been a large volume insurers – but not all – just don’t have the
this year was that over the last five years of claims in the market. I think it tends to back offices to cope with claims in a timely
banks had become the majority buyers happen once in every 10 years, and I think manner, and that’s been amply proved in
of the product, which had developed and that the back-office procedures and loss the last year or so.
became clearer for the purposes of Basel
II, and this was the first test of the product
in the Basel II context. The re-validation “There has been a large volume of claims in the
of the product in the current context has
been particularly valuable.
market. I think that the back-office procedures
were not initially geared up.”
Neckar: These are still early days yet.
Paul Sanders, Zurich
But you’re right – it is great that we have
got through what we have. But what
we shouldn’t be doing is congratulating
ourselves that this product is performing.
You say to a bank that this is great news
that claims have been paid. Well, that’s
what is supposed to happen, isn’t it?
I think the issue that’s coming up, taking on
the Basel II point, is timeliness. What we’ve
noticed as the year has gone by, from our
perspective, and what we’re tracking, is
the time from settlement date to payment
date. We now have a table, which is
tracked for quantum against time, which
we are intending to share with clients and
underwriters. As we go through the year,
we can see that some insurers have been
performing promptly, and others have
been performing less promptly.
Flint: Talking about the timeliness
of paying claims, how do you define
‘promptly’ in a claim situation?
Neckar: It is very straightforward. There’s
a claims settlement due date in the
policy. We are tracking it from that date,
whether it be from the waiting period or
the agreement of the proof of loss. So from
that, it is very, very clear. We can say that
from the date at which payment is due,
under the policy, we now have a clear
table of performance.
David: Are you comparing the settlement
against the time that the insured actually
paid the premium?
48 | Global Trade Review
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Cover Story | Private Insurance Roundtable
interests to be paying losses late unless
they believe that there is a genuine reason
not to be paying a claim in the first place.
David: From your experience, when are
the claims being paid?
Neckar: We have a wide range of people
who pay within four days, and within 70
days, on our initial calculation.
Flint: What are the effects of these
losses on the reinsurance market?
Robson: Returning to the reinsurance
ramifications. We have surveyed quite a
few insurers, and a number of reinsurers
recently, to put some kind of sense on the
impact of losses.
The rough number that came back was
that, in aggregate, there would be a
reduction in what we’d call structured
credit and political risk insurance capacity
of 20% in 2010.
This said, I think an aggregate 20%
reduction is something we can probably
cope with due to what’s happened
in terms of reduction in world trade,
commodity prices and so on. The
other side of it, which I’m slightly more
concerned about, is the possible negative
influence of reinsurers on the actual terms
and conditions of the product, without
necessarily understanding the nuance
and detail associated with some of the
“I think that distinction between trade, and non- advances we have made in the clarity and
value of our products in recent years.
trade, or synthetic trade is going to be a key.” We have experienced some negotiations in
recent weeks where insurers have advised
Peter Sprent, Ace Global Markets
that some aspects of wordings that have
been in place for the past few years need
to be revisited due to, among other issues,
Brownlees: Is there enough general the market, the assumption is still that you reinsurer concerns. My concern is that
infrastructure, not just amongst the have got to litigate, but that’s just a myth. we may put at risk the very high current
brokers and the insurers, but among the It didn’t need re-validating to people who level of goodwill among bank clients,
lawyers and loss adjusters? have looked at the claims performance in having had such a successful year with
the past. But, as you say, we have a new the product, by going backwards on the
David: You cannot have the structure to audience, and on the whole, with the few positive advances in conditionality that did
deal with a perfect storm on a regular exceptional cases that we all have, the not and wouldn’t have changed the claims
basis. We have never seen that many product is working, albeit not always quite situation. I don’t think it’s a huge problem
claims, for such an amount. We could not, as cleanly as we would like. but I do see some issues emerging, linked
as underwriters, have had enough back-up to Basel II.
people, or loss adjusters, ready to do that. Neckar: Basel II says it must be a timely
For the past 10 years, they would have payment of claims. And the difficulty is Flint: There are many young bankers
been paid for doing nothing. that if there are any delays – and we are who haven’t experienced a full-
all part of the chain, brokers as well as scale crisis before. Do you think it
Neckar: I don’t necessarily agree with underwriters – the damage done from one might have been difficult for them
that. We’ve had at least a year since poor performance has a disproportionate to persuade themselves and their
Lehmans went down. If you are under- effect throughout the entire community, customers to incur the cost of
resourced, there are other options. and that’s just something we have to insuring these transactions?
Berry: The message should still be that we Lennard: I think one has to make a
have come quite a long way, if the debate Sprent: Our market has been very open distinction between bankers that have
about claims is whether you’re getting it to addressing these issues such as funded trade, and bankers that have used
on the due date or 60 days later. late payment interest, claims payment trade as an instrument for investment.
Among many people who are not close to timetables and so on. It’s not in insurers’ Within that distinction, there are banks that
50 | Global Trade Review www.gtreview.com
Private Insurance Roundtable | Cover Story
have funded trade for the last hundreds of in Kazakhstan for the Alliance Bank accepting that as a concept. But we are
years, and those that go in and out. restructuring holds lessons for all of us. in a situation where we are putting that to
The latter, to my mind, have no place in From our perspective, going forward, the the test as a market, to see how it does
the arena that we all work in. Those that difference will be that we will be focusing actually work out.
are consistent, and have been in there in on the old-fashioned definition of trade.
the years that we have all been exposed Sanders: I think Zurich is relatively
to, are the ones that constantly buy the De Haldevang: I agree with you that relaxed about the reinsurance schemes as
product, or are learning that they have just because a transaction has got trade well. We expect to be offering the same
to buy the product, because it is the only in front of it, it doesn’t mean that it is capabilities next year with or without
stable, consistent, syndicating party. necessarily good, and because it doesn’t, reinsurance.
You can’t sell risk to 40 banks anymore it’s necessarily bad, but that’s another
on a trade transaction. So those bankers issue I think. Simpson: There are a number of players
know they have to reply on the other I wouldn’t necessarily subscribe to sticking of course who don’t buy any reinsurance.
syndicating channels, which now consist of to pure trade. I think it’s more a question We are going to be maintaining the same
a handful of hedge funds, and a multitude of knowing what you are getting into, and country and credit lines going forward, so
of insurers, but that’s it. working out what’s going to happen to it I think there is a positive story to tell there.
when it goes wrong. About the people whose management is
Sprent: I think that distinction between Kazakhstan is an interesting one, but it’s still incredibly supportive about this class
trade, and non-trade, or synthetic trade unclear how it’s going to be treated, and of business, and want to see it grow going
is going to be a key. But I don’t recognise how that’s going to affect the market. But forward, off the back of the problems that
those comments made in terms of the I also don’t recognise the comment about we have seen over the past year.
responses or discussion that we are having the reinsurers. We have been having a
with reinsurers. debate with our reinsurers on this very Flint: Let’s expand on this issue of
Where underwriters have to hold up their issue of whether or not having trade in capacity levels.
hands on lessons learned is that we didn’t front of it makes it bad. And they are
stick to what we really knew and what we
have always been good at, which is proper
trade, and not getting involved in loans “The structured credit area is going to be hit
to banks that are made to look like trade.
Or letters of credit, in respect of financing
pretty hard in terms of capacity, which is going to
goods that actually aren’t going to end up produce a pretty hard market for that product.”
in the country where the emerging market
Charles Berry, BPL Global
bank is anyway.
The definition of the trade debt used
www.gtreview.com November/December 2009 | 51
Cover Story | Private Insurance Roundtable
one can be quite brutal, as an insurer, and
as a broker, to ask which side of the fence
they sit on. Are you a lender, are you a
facilitator, are you a taker of risk? Because
the market will only support a defined role,
which has to be produced upfront in order
to get the capacity necessary, in order to
achieve the end result. I think the blurring
of various roles has caused damage,
although I don’t know how much.
Robson: During our survey of a number of
insurers, one of the consistent themes
was the absolute focus on who you
are insuring. For some years we have
increasingly focused on what risk has been
insured but at the expense at times of who
has been insured, which is particularly
important for an indemnity product.
Now there is a re-focus on your client
and how they operate and perform. A
widespread comment was that we are
absolutely there for the key clients, who
we really believe are there with the same
products, support and procedures and so
on. And that’s a very positive message,
but it does mean that there is perhaps
a more peripheral group of clients or
irregular users or entities that have had
strained dialogue with underwriters
through claims processes that will find
it to be a more challenging place to buy
protection next year.
Flint: In terms of insurers’ country
ceilings, where is capacity currently
“Our corporate clients are increasingly concerned Brownlees: On country ceilings, from
about credit and counterparty risk.” our point of view, as brokers, we just find
insurers being very selective, which is not
Kit Brownlees, AJ Gallagher
a bad thing, actually.
Sprent: It’s a matter of appetite, and the
Berry: There is some uncertainty about business that we support, it’s had a bad experience that the underwriter is having
what the capacity of the market is going to time, what are the opportunities going in certain countries. We are learning new
be next year. Our feeling is that the pure, forward, and what should we do in the things about the way that countries deal
traditional political risk lines are going to changing environment’. That is a very with crises and banking problems. So I
lose a little bit of capacity, but not anything healthy sign. think it’s more a case of underwriters
of any significance. The structured credit being very selective, and also looking at
area is going to be hit pretty hard in terms Berry: It comes back to the point that all of who they are insuring, going back to the
of capacity, which is going to produce what we do, and want to continue doing, previous point.
a pretty hard market for that product, does not fit neatly into this trade box. I
which is going to mean that it is extremely do think though, that, fundamentally, our De Haldevang: I think the other factor
profitable. class of business supports what people on the country scene, is that ceilings can
What is different today is that while this are now calling the utility side of the be affected by erosions through claims
is not the first time that the PRI market banking industry, and basically doesn’t payments, and they can be affected by
has had a large wave of claims coming go anywhere near the casino side of the events in those countries. However I don’t
through, there is actually a new maturity in banking industry. That distinction is now a think that for the right deal, in this market,
the market generally. This time around the well-understood distinction – we’re firmly there is any problem in any particular
PRI market is being viewed as just another in the business of supporting lending from country.
established class of business. We are not banks to real businesses.
having any of the ‘well, this is a class of Sanders: They are also affected by
business that we should never have been Lennard: It is not just the banks, but the demand, and demand has been right
doing in the first place’ reactions. providers of capital. These are the traders down across the board this year in these
It is more a case of ‘well, this is a class of and to a lesser extent the banks. I think that countries.
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Cover Story | Private Insurance Roundtable
Ross: We would certainly grade countries,
and our appetite and capacity is very much
“The issues that we will have to deal with
dictated by that. As we have seen, many increasingly will be business interruption, and
countries have been downgraded over
the last 12 months, and that has certainly
products like trade disruption. ”
affected our appetite. David Neckar, Willis
De Haldevang: And you’d expect that on
the trade credit side. On the medium-term Ukraine? There is no question in my mind woken up to the fact that pure political
secured side, that’s less of an issue. It’s the that the Chinese, and to a much lesser risk – I’m talking about the 20% of our
transaction itself and the security behind extent the Russians, are playing some market that deals with confiscation and
the transaction that gives us our internal games that will become quite apparent in political violence and so on – has moved
view of how that risk should be rated. the next 12 to 18 months, particularly if up the agenda in companies. We see
you expect China to continue growing at 7 opportunities in that area that were visible
David: I agree with that, and would like to or 8%. Is that resource nationalism, or just 18 months ago.
say that we have some countries where the re-alignment of global forces? Certainly
we see business going to develop, and Chavez and his friends in Beijing are going Sprent: At the start of this year, we built
for which appetite is there, like China and to get closer. And then you have the Cuba into our plans that there would be this
other Asian countries, for example. But at issue. At some point in time, the Cubans heightened perception of risk, and that we
some point, eventually, the portfolio might are going to have to turn around and talk would begin to make more use of our pure
become unbalanced and we might then to the US as the Castro family ages. political risk capacity. Perhaps because of
see certain issues there. the huge pressure on corporate budgets,
Berry: What you might call the western which is pushing people to keep their
Flint: Which regions are you seeing crisis – because this has been a crisis that expenses down, it still seems to be viewed
interesting developments or potential originated in the West, and has had its – except for a few extreme circumstances
problems? biggest impact in the West – has certainly – as a discretionary spend within an
produced a fundamental shift in the overall insurance budget. It’s not like
Lennard: The role of China over the next geopolitics. But back to this question of employers liability insurance that you have
few years is intriguing. I would say they whether there has been an effect upon the to buy. It’s a ‘nice to have’. Also, clients’
are certainly having a much harder time perception of clients about these risks – I expectations of pricing, compared to what
in Africa than they first envisaged. And actually think there has been. Starting last underwriters are prepared to give, are
what will the Russians do this winter in the September, people finally seem to have miles apart from each other.
54 | Global Trade Review www.gtreview.com
Private Insurance Roundtable | Cover Story
Brownlees: Yes, I think our corporate interruption losses, under a bilateral the extent that they had lost all of their
clients are increasingly concerned about investment treaty (BIT). rights of recourse.
credit and counterparty risk, which is
good, but they are not rushing to take out Sprent: Another factor that we have to Neckar: Those circumstances were there
confiscation-type risks. be very conscious of came up in a recent before the risk was written. Staying on
survey I was looking at. This indicated this theme, we were talking recently to
De Haldevang: The market has seen that the expectation of major western an export credit agency (ECA), which
a fall in income and a rise in claims on multinationals, looking forward to 2010- said they were dealing with a client that
the default side, and some parts of the 12, was that they are not looking to wanted to make a resource investment in
market are wanting to re-focus on what expand greatly in terms of foreign direct similar circumstances, where they wanted
they see as the traditional political risk investment. Where the FDI is coming to cover the actions of the local courts
markets area of CF (contract frustration) from is places like Brazil and China, and because they saw them as an extension
and CEN (confiscation, expropriation companies in those markets have a of the country’s government, and not an
and nationalisation), and so there is an very different attitude to risk and return, independent judiciary as we have in more
element of unrealistic competition going especially the Chinese. We are not yet developed countries.
on in the pricing, even though the CEN able to fully penetrate those markets in One point here is how the perception of
market is probably less lively in terms of terms of servicing them, and convincing risk is leading people to look at different
claims than it has been in the past few those companies that they need our coverages, which are not necessarily
years. There is a strange pattern going on products. available, and we know that the whole
there, which is not tenable. So you have a purpose of this market is to be flexible.
lot of different forces. De Haldevang: I think there is a general, Stepping on from that, why is it that the
fairly stable trend though in those ECAs sometimes get treated differently
Sprent: Also, the losses in the market emerging markets, which quite like FDI, to the private market, in that the buying
have seen a re-focusing among insurers on but don’t want to lose control of their of political risk from ECAs is often a much
their return on capital, and thus on pricing. assets, and so will often maintain a simpler proposition?
Even though the claims in the past have controlling host stake. This still allows new
been low, there has been more activity investments to come in. Flint: Regionally speaking, which
recently. The pricing has been so low, markets are proving interesting to
and I think there will be minimum pricing Berry: To bring us back to the insurance you?
thresholds, which insurers will be looking market, I do think it’s true that the
for going forward. At the moment, there is perception of risk is fundamentally Lennard: Brazil probably interests all of
this gap in expectations on both sides. different to what it was. I do agree that it’s us, as it has now got the Olympics, the
pretty difficult to translate that increased World Cup coming up, and huge quantities
Flint: There may be a distinction perception among our traditional client of oil have also been discovered. Out of all
between political risk insuring trade, base into insurance dollars in the bank. the South American countries, they seem
and selling political risk insurance for I continue to think that a significant part to have weathered the storm extremely
big projects, In terms of the size of of the reason for that is because the well. But, given the fact that there have
the claims which might be generated. traditional products that we offer them been some defaults in certain sectors,
Is that a factor, from a pure political aren’t quite right in this area. what is the underwriters’ view on medium-
risk perspective? term risk in Brazil, and their appetite to
Simpson: That’s exactly the point. underwrite the risk there?
Berry: What I think we are seeing is more Contract frustration and credit are very
people being much more aware of country saleable products. If you don’t get paid, or De Haldevang: It’s a sector-related
risk, and political risk, as well as credit risk. goods and equipment are not delivered, problem. People were underwriting short-
you are going to get your claim paid. term commodities on a long-term basis,
Neckar: It’s inescapable, these things Whereas investment insurance, for me, can and things went wrong. I think Brazil has
have cycles. Now that the benign cycle be a much more complicated area. Unless fantastic opportunities, particularly the
has finished, companies are looking much it’s a straight smash-and-grab, working out resource sector.
more closely at their budgets, and it’s not whether there has been an expropriatory
as easy to access the insurance budget to act can be problematic. So if you are a Lennard: There is certainly a move to
buy political risk cover. One of the reasons client, that’s a luxury item, isn’t it, because expand the licensing to allow more foreign
for the growth of the credit side of the there is less certainty? insurance companies in there. And there
political risk market is that the insurance is a desire by the Brazilian government
can make the transaction happen, so it’s a Flint: Quite an important point arises to expand the use of insurance away
cost which is paid for in the transaction. out of that. Expropriation of substantial from federal insurance companies. Is that
By contrast the payment for protection of investments isn’t subjective, because something that the insurance market here
an asset against expropriation is a drag on there is a huge body of jurisprudence as wishes to embrace?
the business’ operating costs. And I think to what constitutes expropriation, and
the issues that we will have to deal with what doesn’t. David: If Brazil allowed licences to western
increasingly will be business interruption, Examples range from a government insurers to write credit and political risk
and products like trade disruption. People setting a discriminatory tax, to an ICSID business for their exports, or credit for
are going to be less worried about their arbitration in which I was involved a few their domestic business, it would certainly
assets, than the impact on their earnings years ago where it was alleged that the make a huge difference for our business
and their stock price. The question to court system in India, being an organ of and would strongly support their local
come back to, perhaps, is whether it is government, had abused their position industry, creating a win-win situation. We
possible to claim for P&L-type, business towards investors in a power project, to feel the same about China or India.
www.gtreview.com November/December 2009 | 55
Cover Story | Private Insurance Roundtable
Neckar: The problem with Brazil, if you Flint: Can we move on to pricing commodity finance results, and think –
go back, is that the IRB (Brazil’s federally issues? that’s the area we need to be in, given that
controlled reinsurer) occupied a dominant reinsurance support is generally available.
role that was both statutory and also had Lennard: I know that brokers have That would then push prices down again in
an underlying frictional cost. That market certainly benefited from the rise in premia, that area.
has to clean its act up, so that there but how do insurers see it over the next
is a clear ability to issue paper that a year. Do you see rates staying at these Sanders: We also need to be realistic, and
corporate will find acceptable. It will take levels for the structured trade product? acknowledge the fact, that, to a degree,
a while. banks are a major part of our business.
Sprent: Talking generally, a key focus has And to a degree we are somewhat capped
De Haldevang: This is where Lloyd’s has to be the results for certain sectors of our in terms of what we can charge by what
a huge advantage, as it already has a foot business like structured trade credit, and they can charge.
in there. It is quite attractive from that sectors within that area, such as letters of
perspective. credit, which have generated huge flows of Lennard: For the borrower, irrespective
business into our market. that margin has increased dramatically, this
Sprent: I think the potential in Brazil But if you talk to certain underwriters their is still, on a net present value basis, the
is huge. We have seen a significant loss ratios are several 100% for letters of cheapest time to borrow. I think that there
improvement there as a place to do credit. If we are going to continue to get will only be a certain few names that can
business over the past two to three years. support from our capital providers and go to their local bond market.
I think it is still very much a question of reinsurers in that line of business, then we The rest are going to have to use the
picking the right partners, as there is still will have to show better returns, meaning structured product, and whether it is
an inherent risk in doing business in Brazil. that we have got to have higher pricing two years, with six months grace, or
Also, there is so much liquidity in the local than before going into this crisis. three years with one year’s grace, we are
market already, as shown by Santander’s With regard to the contraction of capacity going to see names that you have been
recent IPO. They are throwing money at that we are going to see going forward in underwriting for the past five to seven
every sector, cutting down the need for the structured trade credit market, prices years, coming in and borrowing as much
cross-border lending into Brazil. So there will continue to rise. My fear is that people as they can. There are likely to be capacity
isn’t much demand for our products, and withdrawing from the structured trade issues, and I think the pricing will stay up.
when there is, pricing is very low. product will look at their political risk and
R RY This forum will have a practical approach to enable both
HU attendees and speakers to gather needed information,
network and build personal relations with business and
0 exporte political players to take advantage of business opportunities
The first 2 istered will
reg in Russia and Eurasia.
gain comp With a market of over 270 million inhabitants the region has
access to abundant trade potential extending far beyond the traditional
c onference opportunities provided by its natural resources.
Leading topics that will be discussed include:
• Assessing the business environment in the region: how
has the banking sector adapted to the economic crisis?
• Facilitating trade finance: addressing financing issues
within the global supply chain
• How likely are banks in the region to honour their trade
3rd Annual finance debts?
• Trade risk management: guarding against risk in difficult
Russia and Eurasia economic times
• Country focus and case studies: Azerbaijan, Belarus,
Kazakhstan and Ukraine
Trade and Investment Forum • Commodity financing and natural resources: coping with
fluctuating prices and reducing oil dependence
February 8-9, 2010 | Moscow, Russia • Infrastructure financing and development: opportunities
56 | Global Trade Review www.gtreview.com
Cover the world over
Unique trading situations demand specialised than 52 million companies internationally, and
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Our credit and political risk insurance combines over With a presence in ﬁve continents, our strength lies
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investment risks. Contact Pete Amos at Atradius Special Products
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www.gtreview.com November/December 2009 | 57