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Berne Union 2016 CONTACTS Contacts Published by TXF Ltd on behalf of the Berne Union. TXF ©TXF Ltd 2016 & 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 News and features editor transmitted in any form or by any medium without the Oliver Gordon permission of the publisher and the Berne Union. Specialist publications editor The content herein, including advertisements, does not Oliver O’Connell represent the view or opinions of TXF Ltd or the Berne Union and must neither be regarded as constituting advice Production editor John Smith on any matter whatsoever, nor be interpreted as such. Managing director About TXF Dan Sheriff TXF: Trade and Export Finance is a media and technology Co-founder and director group set up to service the corporates, traders, financiers Dominik Kloiber and deal-makers that encompass the trade, commodity, Commercial director export and project finance communities. TXF has a Max Carter contemporary and innovative approach to delivering Chief technology officer these markets with specialist news, high profile James Petras networking events, online and offline training and data Head of communications intelligence services. TXF News now offers two Katy Rose subscription packages: Free-to-View and the all new TXF Business development executive Premium. Winner of the Best Trade Finance Journal 2016, To m G owe r TXF Premium provides a leading news service for trade Data analyst and export finance and includes daily news and feature Ana Jovanovic articles analysing the key issues impacting the market. FInd out more at 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 2016 Contents 1 Introduction Berne Union elected officials, A strengthened Prague Club 18 committees and secretariat 6 Chris Chapman, manager, NZECO Foreword 11 Topi Vesteri, president, Berne Union A new Berne Union 15 Kai Preugschat, secretary general, Berne Union & Paul Heaney, communications, Berne Union 2 Data and Statistics Berne Union totals 22 State of the industry 28 Committee chairs and vice-chairs offer their Short-term export credit insurance insights Medium- and long-term export credit insurance Investment insurance 3 Expert Analysis MEDIUM- AND LONG-TERM EXPORT CREDIT INVESTMENT INSURANCE INSURANCE The economist’s view: A world caught in The OECD Regulatory Framework and tradelock 65 the benefits of international cooperation Mahamoud Islam, senior economist for Asia; between ECAs 35 Daniela Ordoñez, senior economist for Latin Paola Valerio, head of international relations, America; and Ludovic Subran, chief SACE economist, Euler Hermes Compliance: A priority for ECAs 39 The oil price hardly matters for Russian Lucy Wylde, general counsel and head of country risk 71 compliance, UK Export Finance John Lorié, chief economist; Theo Schmid, economist; and Peter Sayer, quantitative The cost of emerging from the perfect storm 41 economic intern, Atradius Credit Insurance Daniel Schmand, chairman, ICC Banking Commission Advisory Board Political risk and trade credit policy wordings, and harmonisation in the context Reinsurance: An ECA point of view 43 of the Insurance Act 2015 77 Adi Gross, chief underwriting office, ASHRA Joe Blenkinsopp, senior vice president, global head of market distribution and development, Competition, the ECAs and the private market 45 XL Catlin Political Risk & Trade Credit Charles Berry, chairman, BPL Global Insurance CIRR: Analysing its contemporary importance 49 UK Insurance Act 2015: Disclosure Henri d’Ambrieres, HDA Conseil requirements and implications 80 Carol Searle, general counsel, Texel Finance The era of regulation – part two 53 Limited Ralph Lerch, chairman, export credit working group, European Banking Federation OPIC: Political risk insurance claims and coverage for political violence 83 Funding products and guarantees: Tracey Webb, vice president, structure finance The Credendo experience 59 and insurance, OPIC Paul Becue, technical communications specialist, Delcredere Ducroire The ICC and export finance: An update on key developments 61 Eric de Jonge, manage director, global head of structured export finance, ING Bank, and 2 David Bischoff, policy manager, Banking Commission, ICC Berne Union 2016 CONTENTS 3 Expert Analysis continued A GLOBAL GUIDE TO POLITICAL RISK AND BUSINESS OPPORTUNITIES, CHALLENGES AND POLITICAL VIOLENCE CHANGES Political risk and political violence in The opportunities and challenges of Iran’s Southeast Asia 87 post-sanctions era 121 Mark Wong, managing director, credit, Michael Sobl, trade and export finance, political and security risks – Asia, DZ-Bank JLT Specialty The outlook for the Iranian market 123 Central Asia: Transition-in-process 91 Arash ShahrAeini, deputy CEO, EGFI Norm Kimber, Zurich Credit and Political Risk Trade and export finance in Brazil: Outlook and challenges 125 Latin America: The (incomplete) turn Marcelo Franco, CEO, ABGF, and Pedro to the right 95 Carriço, executive manager international Keith Martin, senior consultant to AOK credit assessment, ABGF Brazil and Veracity Worldwide BECI: Business opportunities, challenges Key political risks in the Middle East and change 127 and North Africa 99 Cowell Habana, general manager, BECI IHS Economics and Country Risk PICC: Our three measures to survive and The changing dynamics of risk in compete against a dominant player 128 sub-Saharan Africa 101 Zhongzhu Chen, general manager of credit Michael Creighton, head: export credit insurance and surety, PICC finance, Nedbank Corporate and Investment Banking MENA: Changing region, changing business 130 Demand for export credit and political Karim Nasrallah, general manager, LCI risk insurance 105 Professor Andreas Klasen, Offernburg Transfer of the state guarantees from University, and Dr Simone Krummaker, Coface to BPIfrance 132 University of Westminster Maëlia Dufour, sous-directeur, direction des garanties publiques, Coface SHORT-TERM BUSINESS NEXI’s transformation to a stock 2016: The tipping point 108 company, and its future 133 William Clark, head of UK trade credit, AIG Kazuhiko Bando, chairman and CEO, NEXI Digitalisation: One aspect of the future of Exploring new opportunities in the short-term credit insurance 111 energy sector: Key considerations to Olaf Lipinski regional director risk underwriting successful projects 135 management, Euler Hermes World Agency Benjamin Mugisha, senior underwriter, ATI SMALL AND MEDIUM-SIZED ENTERPRISES Walking a tightrope 137 Geetha Muralidhar, chairman and managing The challenge of the trade finance director, ECGC funding gap 113 Marc Auboin, counsellor for trade and finance, WTO Financing gaps, mobilisation and the importance of enhanced cooperation between development financiers and Small business is big business for Berne Union members 141 US Exim Bank 115 Paul Mudde, Sustainable Finance and Jim Burrows, senior vice president of small Insurance business, US Exim Bank Digital trade: Wish, vision or reality? Small business support: AOFI’s support The blockchain euphoria! 151 for the development of SMEs, Urs Kern, senior manager, corporate entrepreneurship and competitiveness business, EMEA, SWIFT in the Republic of Serbia 117 Dejan Vukotić, CEO, AOFI 4 Member Directory Berne Union members 157 3 Berne Union 2016 Berne Union 2016 1 Introduction Berne Union 2016 The Berne Union: Who’s Who 2016 Berne Union Elected Officials President, Topi Vesteri Vice President, Michal Ron FINNVERA Finland | Deputy CEO, Group SACE Italy | Managing Director, Head of Chief Credit Officer International Relations and Network Topi Vesteri joined Finnvera With extensive experience in in 1998 as executive vice the world of structured president responsible for finance and export credit, running Finland’s officially Michal Ron is currently supported export credit and managing director, head of guarantee system. Having international business in managed Finland’s state SACE, overseeing the group’s backed ECA business for almost 17 years, international relations, overseas network and Topi assumed the position of deputy CEO political credit recovery. and group chief credit officer responsible for Her responsibilities include all activities credit and analysis functions of both export related to the Paris Club and other political credit agency (ECA) as well as domestic recoveries, with a track history of €10 billion in SME financing business of Finnvera, in sovereign recoveries over the past years and October 2015. the achievement of successful results in post- Topi is chairman of the board of Finnish sanctions contexts such as Argentina, Cuba Export Credit Ltd, the subsidiary of Finnvera and Iran, paving the way for these countries responsible for providing funded export to regain access to international markets. credit solutions and chairs also the boards
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