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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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6th Aman Union Technical Training on Reinsurance, Istanbul – Turkey

A two-day intensive training on Reinsurance, by the Aman Union, took place in Istanbul, and was attended by LCI’s Underwriting Manager – Claude Noujeim. This is the sixth edition of such a training by Aman Union and this year, it was hosted by Turk EximBank, the 100% state owned-bank, at their premises in Turkey.

Reinsurance has grown in importance over the years and become a top priority for insurance firms, as a tool to mitigate and spread risks.

This Reinsurance training program was conceptualized and delivered by Munich RE, one of the world’s leading reinsurers, based in Munich, Germany. The course provided participants with in-depth coverage of proportional and non-proportional reinsurance treaties. It also focused on pricing techniques, the key issues associated with reinsurance and the trust cost of reinsurance. Participants of the training learned how reinsurance products work and how they are used, applied in different examples.

The Munich Re Team was represented by Maria Fischer, Senior Underwriter, Property Treaty; Silke Hock, Underwriter, Property Treaty; and Franz Karmann, Senior Portfolio Manager.

This training program is part of a series of events hosted by the Aman Union to expand and enhance its members’ knowledge in the field of Trade Credit Insurance and its supporting activities. LCI has been a member of the Aman Union since 2011.

For more information on the Training, please click here.

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LCI’s 5th Annual Partners’ and Reinsurers’ Meeting held in Beirut

On March 19 and 20, 2015, LCI’s 5th Annual Partners’ and Reinsurers’ Meeting was held in Beirut, to a growing number of guests. LCI’s partners and reinsurers from various countries came together to discuss the trade credit insurance industry in general, along with challenges and opportunities being faced.

The Meeting included two full days of presentations, shedding light on strategic topics, along with business development plans in the pipeline.

Karim Nasrallah, General Manager of LCI, kicked off the meeting, sharing insights on LCI’s business, along with the strategic approach of the firm. In addition, Nasrallah focused on the growing role of LCI Services and the new structure of the company, along with its growing offerings.

The diverse lineup of presenters included: Kai Preugschat, Secretary General, Berne Union Secretariat; Richard Lange, Head Credit & Surety, Arch Re; Ahmed Madkour, Middle East Claims & Recovery Director, Recovery Advisers; Hassan Loutfy, General Manager, Integrated Business Solutions; Kyriakos Kyriakou, Managing Director, TFI Brokers; Edvard Ribaric, Chairman of the Managing Board, HKO, and Bassam Azab, Regional Head of Business Development, Menafactors Limited, along with presentations from the LCI team and clients (Vicken Sarkissian, CFO, Obegi Chemicals).

In addition, LCI signed an MOU with the Bulgarian Export Insurance Agency (BAEZ) at the Meeting, as part of its commitment to expand its strategic partnerships and reach internationally.

The LCI Partners’ and Reinsurers’ Meetings began in 2010, with only a few attendees. Since, the meeting has become an annual event, with a growing number of partners and reinsurers, reflecting on LCI’s steady growth in the past few years.

Click here to see photos of the 2 day event.

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adminLCI’s 5th Annual Partners’ and Reinsurers’ Meeting held in Beirut
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President of the Berne Union visits LCI

Berne Union President, Daniel Riordan and Abbey Sturrock, Berne Union Secretariat, visited the LCI offices on March 13th, 2015. They spent an entire day at LCI and met with the entire team as well as got acquainted with LCI’s profile and strategy.

The main focus of the meeting was the upcoming Berne Union Prague Club joint meeting which will be held in May in Italy. They discussed the above with Karim Nasrallah, General Manager of LCI, who is also the Chairman of the Prague Club.

About the Berne Union

The Berne Union, founded in 1934, is the leading international association for export credit and investment insurance worldwide.

The membership organisation works for cooperation and stability in cross-border trade by supporting the international acceptance of sound principles in export credits and foreign investments and by providing a forum for professional exchange among its members.

Berne Union members are both private companies, offering worldwide risk management solutions, and state backed export credit agencies, focusing on the support of national exports and outward investments.

About the Prague Club

The Berne Union Prague Club is an association dedicated to information exchange for new and maturing insurers of export credit and investment. Established in 1993 by the Berne Union with funding from the European Bank for Reconstruction and Development (EBRD), the group was named after the city where its inaugural meeting was held (Prague, Czech Republic), carrying on the tradition begun by the Berne Union (as the first Berne Union meeting was held in Berne, Switzerland).

Together all members, 77 in total, are committed to conducting their business in a manner that contributes to the sustainable stability and expansion of world trade. Members often act in cooperation with other financial institutions involved in the supporting the successful development of world trade. As of 2014 Berne Union members insured over USD 1.9 trillion in exports and investments covering approximately 11% of global cross-border trade.

For more on the Berne Union, visit www.berneunion.org.

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LCI, the first Trade Credit Insurer to join IFG

LCI is pleased to announce that it has been welcomed into the International Factors Group (IFG) as an Associate Partner. The IFG is the global trade association that fully represents and promotes the interests of the factoring, invoice financing and asset based lending industry on a global basis.

By joining IFG as an associated member, LCI hopes to expand its reach into the factoring world. This membership will allow LCI to benefit from the networking opportunities, information and education initiatives IFG offers.

LCI will also be able to bring its regional market insight and experience to the table for IFG members to benefit from. For LCI’s clients, this means greater business and networking opportunities.

For more information about IFG, please visit: www.ifgroup.com

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5th Annual Aman Union Meeting and EGFI MoU signing

The 5th Annual Meeting of Aman Union took place in Tehran, Iran from the 10th to the 12th of November at the Espinas Hotel. The event was hosted by Export Guarantee Fund of Iran (EGFI).

The event was a great opportunity to share knowledge, exchange experiences and information.

The meeting covered topics such as: ECAs & Development Finance, Investment opportunities in Iran, Impact of BASEL III implementation of the Trade Credit Insurance industry, Claims management and recovery strategies, amongst others. The General Assembly of the Aman Union also took place during the conference. New members, financial reports, budgets and the 2015 business plan were discussed.

LCI was represented by Mr. Karim Nasrallah (General Manager), Mr. Michael McPhilimey (Advisor to the Board) and Mr. Naser Abu Ghazaleh (Head of Business Development).

LCI and EGFI announced and signed a Memorandum of Understand (MoU) during the meeting. The MoU established a framework for cooperation in the fields of Marketing, Sales and Short Term Export Credit Insurance. The MoU wil help in supporting and encouraging trade and services between Iran and Lebanon and will strengthen LCI and EGFI’s co-operation.

About Export Guarantee Fund of Iran (EGFI)

EGFI was established in 1973, as the first Export Credit Agency (ECA) in the MENA region. It was re-established in 1994 as a legally and financially independent entity, 100% state-owned, and affiliated to the Ministry of Industry, Mine, and Trade, with the purpose of supporting, developing and poromoting Iran’s non-oil exports.

EGFI provides services in the two major fields of credit insurance as well as guarantee for pre & post-shipment finance of Iranian exporters.

EGFI, as one of the founding members of the AMAN UNION, has been elected as a member of the Executive Council for three consecutive rounds.

About Aman Union

Aman Union is a professional forum assembling Commercial & Non-commercial Risks Insurers & Reinsurers in Member Countries of the Organization of the Islamic Conference and of the Arab Investment & Export Credit Guarantee Corporation (DHAMAN).

Aman Union was launched on 28th October, 2009 following an agreement between the Arab Investment and Export Credit Guarantee Corporation (DHAMAN) and the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) to join their efforts for establishing a union for commercial and non-commercial risks Insurers and Reinsurers in their respective Member Countries.

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admin5th Annual Aman Union Meeting and EGFI MoU signing
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