News

IFG and FCI join forces

Factors Chain International (FCI) and the International Factors Group (IFG) have signed an Agreement to create a single organization to represent the interests of the receivables finance and factoring industry with over 400 members in 90 countries dedicated to open account trade finance. Effective January 1st, 2016, the combined organization will be under the legal auspices of FCI, a non-profit association under Dutch law headquartered in Amsterdam, Netherlands with a branch office in Brussels, Belgium. This means that all of IFG members will be transitioned to become active members in FCI. It is expected that the organization will adopt a new name and mission statement, to be considered during the FCI annual meeting in Cape Town, South Africa 23-28 October 2016.

The organization will be run by a single Secretariat, managed by Mr. Peter Mulroy, Secretary General and Mr. Erik Timmermans, Deputy Secretary General.

This decision will bring multiple benefits to its members as well as expand the influence and reach of the organization. Members will have increased country coverage in over 90 markets to generate increased cross border business as well as a larger trade network with over 400 members.

LCI has been an Associate Member of IFG since December 2014.

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Cooperation Agreement with Triglav in Serbia

In December 2015, Triglav Osiguranje A.D.O. and LCI Services finalized a cooperation agreement intended to jointly develop credit insurance activities within Serbia.

LCI Services will bring technical know-how and expertise in underwriting the risks in the region, as well as Re-insurance support through top tier Reinsurers; while Triglav will issue credit insurance policies within Serbia. Triglav,on the other hand will be able to provide their corporate customers with credit insurance services.

LCI Services will help Triglav set up its own adapted Microsoft Dynamics CRM dedicated to manage their policies as well as follow through the credit insurance cycle from Client Application, Risk Assessment, Policy Management to Debt collection and Recovery.

Both companies are very keen on increasing the penetration and awareness of Trade Credit Insurance in Serbia and helping companies benefit from the stability and expansion potential credit insurance provides.

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Aman Union’s 6th Annual General Meeting

LCI attended the 6th Annual Aman Union Meeting which took place in Muscat, Oman between the 7th and 9th of December 2015. The meeting was held at the InterContinental Hotel in Muscat. This year’s meeting was hosted by the ECGA of Oman.

The Meeting addressed topics of common interests amongst the members and served as a great opportunity to share member knowledge and expertise in the industry. It also marked significant milestone in the development of Aman Union with the establishment of a dedicated Secretariat. In addition to the Union members, experts from various industries such as credit and political risk insurance, reinsurance, banking and credit information, were in attendance.

LCI was represented by its General Manager, Karim Nasrallah; Advisor to the Board, Michael McPhilimey and Risk Assessment and Credit Information Manager, Bahaa Merhi.

The topics presented covered ideas relevant to the commercial and non-commercial risk insurance industry in member countries and the entire MENA region. The meeting was made up of multiple presentations as well as panels that tackled the following areas of discussion:

  • Awareness of insuring trade default risk in the market
  • The Role of Risk Management in ECAs
  • Managing Policyholder Engagement into the Recovery Process
  • Risk Appetite for MENA Region Markets: Credit & PRI Trends in 2015
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Prague Club & Berne Union AGM in Shanghai, China

triglav squareThe Berne Union and its affiliate the Prague Club, held their Annual General Meeting in Shanghai, China last week. The meeting was hosted the Berne Union’s Chinese Export Credit Agency SINOSURE and lasted a full week (November 2-7, 2015).

Over 220 international Senior Executives and Managers, representing 66 export credit and investment insurance companies from 57 countries worldwide gathered in the Chinese capital for their annual five-day working meetings.

LCI Services will help Triglav set up its own adapted Microsoft Dynamics CRM dedicated to manage their policies as well as follow through the credit insurance cycle from Client Application, Risk Assessment, Policy Management to Debt collection and Recovery.

Both companies are very keen on increasing the penetration and awareness of Trade Credit Insurance in Serbia and helping companies benefit from the stability and expansion potential credit insurance provides.

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LCI attends IFG’s 53rd annual meeting in Vienna, Austria

IFG’s 53rd annual meeting took place Vienna, Austria on 18-21 October 2015. The leading global conference for factoring, receivables financing and asset-based finance brought together various decision-makers in the factoring, receivables financing and asset-based finance industry. It was an opportunity for industry professionals to discuss, plan and create new business opportunities, network and develop business relationships.

LCI attended the IFG Conference, and was represented by Mr. Karim Nasrallah (General Manager) and Mr. Michael McPhilimey (Advisor to the Board).

The conference was a platform for discussing ideas and challenges such as:

  • Opportunities for Multilateral Banks in the Factoring Industry
  • Innovation and Product Development
  • Global Supply Chain Finance Standard Definition
  • The world of crowdsourcing: examples, success stories, application in the receivables finance industry

Multiple panels were held throughout the conference to explore the following topics:

  • IFG’s role in UNCITRAL and the harmonization of Trade Law and Secured transactions
  • Challenges and Opportunities for the Factoring Industry in East Europe and CIS countries
  • Business Opportunities for IFG members through Cooperation with Asset Based Lenders in cross-border deals

Breakout sessions also took place during the meeting as a form of moderated discussion of the following topics:

  • Impact of Digitization on the Factoring Industry
  • Compliance Issues (Basel, Conduct Risk, AML etc.) – what role IFG can play as well as how technology can support compliance
  • IFG’s new business proposals for members in areas such as SCF, Certification etc.

The three day conference was followed by a networking day visiting Vienna’s highlights during the day and Farewell Viennese evening at the Heuriger.

LCI joined IFG in December 2014 and is the first Trade Credit Insurer to join as an Associate Member.

http://goo.gl/EyA5Cm

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LCI at Trade Credit & Risk Insurance Forum in Dubai, UAE

LCI, represented by Mr. Karim Nasrallah (General Manager) attended the Trade Credit & Risk Insurance Forum on October 11-13, 2015. The conference took place at the The Address Hotel, Dubai Mall, Dubai, UAE. The theme of the Conference was ‘Leveraging insurance and credit management to minimise risk, enhance trade and ensure sustainable business growth.” The forum was attended by various leader from leading ministries, regulators, corporates, SMEs and insurers.

The conference was made of 2 conference days and 1 workshop. The first two days brought together multiple speakers and panelists to discuss the economic and political risk landscape, Insurance product trends and innovation, commercial credit and risk management amongst other topics.

The workshop had a more focused and technical perspective and went into depth on topics such as “Understanding the legal aspects of claims, coverage, disputes and recoveries for Trade Credit and Political Risk insurance” and “Examining the regional political and economic risk landscape and framing strategies to effectively mitigate these risks and ensure business growth”.

Mr. Nasrallah was an active delegate at the conference. He gave a keynote presentation on the topic: “Assessing key criteria that influence insurers.” He discussed criteria such as debt loss history, and trade performance and policy variables such as cancelable and non-cancelable limits, discretionary limits and buyer limits.

He also took part in the Stakeholder panel on Obstacles for SMEs in the region. The other panelist was Sanjoe Mathew, Regional Associate Director, Trade, Export & Structured Finance, Huawei, UAE.

The panel tackled the following:
• Common concerns for SMEs in the region
• Challenges and solutions
• SMEs with relation to banks and financing

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LCI attends Berne Union Prague Club’s SME Specialist Meeting in Prague

The Berne Union Prague Club held an SME Specialist Meeting from on October 1-2, 2015 in Prague, Czech Republic. LCI was present, represented by its General Manager, Karim Nasrallah. Topics were diverse, covering issues such as trade credit insurance challenges specific to SMEs as well as current trends.

Nasrallah gave a presentation on LCI’s Information Technology and Online Solutions, showcasing how LCI is committed to providing its clients with streamlined, user-friendly systems while also benefiting from the efficiency and productivity this technology is providing for LCI’s internal processes and procedures.

The second day focused on Short Term and Medium Long term SME challenges and had a more technical focus.

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Berne Union & Prague Club Members generate USD 2 Trillion of New Business in 2014

The Berne Union and its affiliate the Prague Club held their respective Spring Meetings in Florence, Italy from May 11 – 15, 2015. They both took part in a Joint All Member Day on Wednesday, May 13th. This annual event was hosted by Italy’s export credit company SACE.

Over 200 international Senior Executives and Managers, representing 66 export credit and investment insurance companies from 57 countries worldwide gathered in the Tuscan Capital for their annual five-day working Meetings.

The Spring Meetings included several sessions throughout the five days, tackling a multitude of topics. The Berne Union and Prague Club are actively working with the aim to increase awareness of private and public export credit and investment insurers, in addition to the growing role played by this industry over the past years. The importance of trade credit insurance firms became particularly evident in the aftermath of global financial crisis.

As shared during the meeting, trends and figures showed that the volumes of new business generated by the Berne Union and Prague Club Members have grown steadily and progressively since 2009, reaching the value of 2 trillion of dollars in 2014 – a great boost to cross-border trade and investments.

In addition to the meetings and workshops, a Gallery Walk was set up, whereby a select number of Berne Union and Prague Club members were asked to exhibit information on their organizations, one of which was LCI.

LCI was represented by Karim Nasrallah (General Manager), Claude Noujeim (Underwriting Manager) and Diana Loutfy (Corporate Communications Deputy Manager).

To download the full Berne Union Prague Club Press Release, click here

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LCI attends Atradius Re Annual Credit & Bond Reinsurance Seminar in Dublin

The 28th edition of the Atradius Re seminar was held from Tuesday 12th of May to Thursday 14th of May in the Herbert Park Hotel, Ballsbridge, Dublin 4. The seminar is an Atradius Re annual event on Credit and Bond Insurance.

During this year’s three day event, both Atradius Re team members and Atradius Direct professionals shared their expertise and knowledge about topics such as Credit Insurance, Bonding, Risk Underwriting, Claims and Reinsurance Structures.

LCI Services attended this year’s seminar and was represented by Bayan Khalife, Senior Credit Analyst.

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LCI attends Recovery Adviser’s Claims & Recoveries Training in Dubai

A three-day training on Claims and Recoveries, by Recovery Advisers B.V., took place from April 21 to 23, 2015 in Dubai, UAE. It was attended by LCI Services’s Debt Collection Manager, Claude Madi.

The course provided participants with in-depth and hands-on training on topics covering credit insurance, short-term export transactions, legal aspects of claims recovery and claims recovery in general.

The training was delivered by Recovery Adviser’s Middle East Claims & Recovery Director, Ahmed Madkour.

This training program is part of a series of annual trainings given by Recovery Advisers to their partners and interested stakeholders. LCI and Recovery Advisers have worked closely since 2011.

To download the full Berne Union Prague Club Press Release, click here

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