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Berne Union 2014.Pdf 2014 The is supporting trade and investment since 1934 Berne Union 2014 CONTACTS Contacts Published by TXF Ltd on behalf of the Berne Union. TXF ©TXF Ltd 2014 & the Berne Union. All rights reserved. Editor-in-chief The contents of this publication are protected by copyright. Jonathan Bell No part of this publication may be reproduced, stored, or Managing director transmitted in any form or by any medium without the Dan Sheriff permission of the publisher and the Berne Union. Commercial director The content herein, including advertisements, does not Dominik Kloiber represent the view or opinions of TXF Ltd or the Berne Union and must neither be regarded as constituting advice Product development director Max Carter on any matter whatsoever, nor be interpreted as such. Chief technology officer About TXF James Petras TXF: Trade and Export Finance is a media and technology Head of communications group set up to service the corporates, traders, financiers Katy Rose and deal-makers that encompass the trade, commodity, Content manager export and project finance communities. TXF has a Hesham Zakai contemporary and innovative approach to delivering these markets with specialist news, high profile networking events, online and offline training and data intelligence services. TXF News is subscription-free, reliable and interactive: www.txfnews.com About tagmydeals TXF has pioneered an online platform that connects individuals, teams and companies to financial deals. tagmydeals collates accurate, up-to-date public deal information. It’s credible, transparent, unbiased, and totally free of charge: www.tagmydeals.com Published by International Union of Credit & TXF: Trade & Export Finance Investment Insurers Canterbury Court Including Berne Union Prague Club Kennington Park 1st Floor 1-3 Brixton Road 27-29 Cursitor Street London SW9 6DE London United Kingdom EC4A 1LT United Kingdom Tel: +44 (0) 20 3735 5180 Email: [email protected] Tel: +44 (0)20 7841 1110 Fax: +44 (0)20 7430 0375 www.txfnews.com 1 www.tagmydeals.com www.berneunion.org Berne Union 2014 Contents 1 Introduction Foreword 9 Jonathan Bell, editor-in-chief, TXF Interview with Berne Union president Dan Riordan 10 2 Data and Statistics Berne Union totals 16 Short-term export credit insurance Medium- and long-term export credit insurance Investment insurance Analysing Berne Union data trends 22 Fabrice Morel, deputy secretary general, Berne Union 3 Expert Analysis OVERVIEW A history of the Berne Union 28 Dr Hans Janus, member of the board of management, Euler Hermes AG Economic overview 32 Peter Hall, VP and chief economist, EDC Global risk overview 36 Alyson Warhurst, CEO, Maplecroft Short-term export credit capacity 42 Ralph Lai, commissioner, HKEC Medium- and long-term export credit capacity 46 Karin Apelman, director general, EKN COLLABORATION AND LIQUIDITY Easing the regulatory challenges 50 Henri D'Ambrieres, ICC advisory board member Standardisation across export finance 52 Andreas Klasen, partner at PwC, and VP of the Berne Union Export finance and capital markets 56 Jim Cruse, senior VP, policy and planning, US Ex-Im Collaboration between ECAs and development banks 60 Arun Kumar Sharma, chief investment officer, global financial markets, IFC NATURAL RESOURCES Using ECAs to secure energy supplies 64 Kazuhiko Bando, chairman and CEO, Nexi The role of export credit in project financing 66 David Godfrey, chief executive, UKEF Political risk in the mining sector 69 2 Jim Thomas, senior VP and interim MD, Zurich Credit & Political Risk Berne Union 2014 CONTENTS 3 Expert Analysis continued SUSTAINABILITY Sustainable export finance 72 Edna Schöne-Alaluf, head of Berlin liaison office, Euler Hermes AG ECAs and the renewables industry 75 Anette Eberhard, CEO, EKF REGION AND SECTOR FOCUS Providing support for SMEs 78 Dan Mancuso, EDC, and Vinco David, Atradius The resurgence of shipping 81 Kim Young-hak, president, K-sure Satellite finance and ECAs 83 Régine Schapiro, head of energy, telecoms and space, Coface ECAs and the challenge of Islamic finance 85 Topi Vesteri, executive VP, Finnvera, and chairman FEC ICIEC at 20 87 The Islamic Corporation for the Insurance of Investment and Export Credit Export credit insurance in the Middle East 90 Karim Nasrallah, managing director, LCI Lebanon On the ground activity in Africa 92 George Otieno, CEO, ATI The benefits of providing export credit insurance for banks 95 Geetha Muralidhar, executive director, ECGC Export credit for OECD-based borrowers 98 Simon Sayer, head of STEF, EMEA, Deutsche Bank 4 Members Directory Berne Union members 103 Prague Club members 128 5 80th Anniversary Timeline 80th anniversary timeline and photographs 142 3 Berne Union 2014 Berne Union 2014 1 Introduction Berne Union 2014 Berne Union 2014 Berne Union 2014 Short Term Committee PRESIDENT CHAIR Daniel Riordan Ralph Lai CEO, Zurich Global Corporate in North Commissioner, HKEC Hong Kong America Ralph Lai has been the Commissioner of Dan Riordan joined Zurich North America in Hong Kong Export Credit Insurance 1997 to establish and manage the global Corporation (HKEC) since July 2009. Prior to Dan Riordan Political Risk and Trade Credit business. this, he held various senior regional positions Before his current post, Dan also led a with multinational financial institutions in combined international Surety, Credit, and trade finance and credit insurance. He was Political Risk group and served as President the Managing Director, Greater China Trade of Zurich’s Specialty Products unit. Prior to Finance for GE Capital before becoming the joining Zurich, Dan was a senior executive first head of HKEC from the private sector. managing Overseas Private Investment Under his management, the Corporation had Corporation’s (OPIC) portfolio of long-term record business growth with commitment investments in developing countries. Dan has and net assets at historic highs. Mr Lai holds been active in the Berne Union over the an MBA from Bath University, UK and is a course of his career, serving as Vice Chairman graduate of Chinese University of Hong Kong. Andreas Klasen and Chairman of the Investment Insurance Committee and as Vice President in 2011. Dan VICE CHAIR is a graduate of the State University of New Khemais El-Gazzah York at Oswego, and earned a masters’ ICIEC degree in international development from the School of International Service at American Medium/Long Term Committee University, Washington, D.C. CHAIR VICE PRESIDENT Karin Apelman Andreas Klasen Director General, EKN Sweden Partner, PwC Germany Ralph Lai Karin Apelman joined EKN, the Swedish Dr Andreas Klasen leads PwC’s Economics & Government’s ECA, in 2002, as a member of Policy practice. He is also Managing Director the Board of Directors, and later served as of the official German export credit and second Vice Chairman 2006-2007. She was investment insurance programmes, the appointed Director General in 2007. Karin is a EH/PwC consortium responsible for member of the Swedish Radiation Safety management of the German ECA on behalf Authority’s financing delegation (SSM) since of the Federal Government. Before joining 2009, a member of the Board of Directors of PwC in 2008, Andreas was Head of Swedavia since 2010, and a member of the Guarantees and Export Finance with Airbus’ Advisory Council at The Legal, Financial and parent company EADS and advisor to the Administrative Services Agency European Commission and the German Karin Apelman (Kammarkollegiet) since January 2011. Karin Government on trade and industry policy. He was the Chief Financial Officer at LFV read law and finance at universities in Swedish Airports and Air Navigation Services Germany and the United Kingdom and holds 2001-2007. Before that she served in various a doctoral degree in finance from the executive capacities at SAAB Aircraft Leasing University of Northumbria at Newcastle. and Scandinavian Airlines (SAS). Karin received her MBA from Stockholm School of Economics in 1986. VICE CHAIR 6 Jing Fenglei John Hegeman SINOSURE Berne Union 2014 INTRODUCTION Investment Committee Management ranging from Credit Insurance and Factoring to Credit Information and Debt CHAIR Collection, in the Levant and the Middle-East Khemais El-Gazzah John Hegeman regions. Since December 2013, Mr. Nasrallah Senior Vice President AIG Trade & Political has been the Chairman of Prague Club, part Risk, AIG United States of America of the Berne Union. The Prague Club is an association of new and maturing insurers of John Hegeman is the global head of AIG export credit and investment which supports Political Risk Insurance business. John has its members in developing their activities. been with AIG since 1985 and has many years experience in Credit and Political Risk Insurance. Before joining AIG John worked for Secretariat FCIA for 10 years where he was Senior Vice Jing Fenglei President and the chief underwriter. John Fabrice Morel worked in London from 1987-1994 managing Deputy Secretary General AIG’s Credit and Political Risk business in Europe. He is a graduate of Colgate Abbey Sturrock University where he studied Marine Biology Assistant Director and has a Masters Degree in Finance from Boston College. Songhee Cho Secondee, K-SURE VICE CHAIR Vinco David Vinco David ATRADIUS Management Committee Members Prague Club ASHRA ATRADIUS CHAIRMAN COFACE COSEC Karim Nasrallah Managing Director, LCI, Lebanon EH GERMANY EGAP Karim Nasrallah is the Founder and the MIGA NEXI Managing Director of The Lebanese SINOSURE SLECIC Karim Nasrallah Credit Insurer (LCI), Partner with Atradius. LCI is the
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