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Berne Union Prague Club 1St Floor, 27-29 Cursitor Street, London, EC4A 1LT, United Kingdom T: +44 (0) 20 7841 1110 F: +44 (0) 20 7430 0375 Supporting trade and investment since 1934 since and investment Supporting trade 2012 2012 Supporting trade and investment since 1934 International Union of Credit & Investment Insurers Including Berne Union Prague Club 1st Floor, 27-29 Cursitor Street, London, EC4A 1LT, United Kingdom t: +44 (0) 20 7841 1110 f: +44 (0) 20 7430 0375 www.berneunion.net Berne Union 2012: Contacts Contents Contacts Published by Exporta Publishing & Events Ltd on behalf of the EXPORTA Berne Union. © Exporta Publishing & Events Ltd 2012 & the Supplements Editor Shannon Manders Berne Union. All rights reserved. The contents of this publication GTR Editor Rebecca Spong are protected by copyright. No part of this publication may be Editorial Director Rupert Sayer reproduced, stored, or transmitted in any form or by any medium without the permission of the publisher and the Berne Union. Senior Design Manager Kirsten Seymour Davies The content herein, including advertisements, does not imply Senior Designer Kris Ellis that they represent the view or opinions of Exporta Publishing & Sales & Marketing Director Peter Gubbins Events Ltd or the Berne Union and must neither be regarded as Sales & Advertising Sam Cheung constituting advice on any matter whatsoever, nor be interpreted as such. BERNE UNION Exporta Publshing & Events Ltd provides a complete infomation service for the global trade, commodity and export Project Manager Andy Hall finance community – through its bi-monthly journal Global Trade Review (GTR), via weekly news email service (GTR eNews), its annual GTR Directory, and with many focused and specialised conferences and workshops around the world each year. 4 Hillgate Place International Union of Credit & Investment Insurers London SW12 9ER Including Berne Union Prague Club United Kingdom 1st Floor 27-29 Cursitor Street t: +44 (0) 20 8673 9666 London EC4A 1LT f: +44 (0) 20 8673 8662 United Kingdom e: [email protected] t: +44 (0) 20 7841 1110 www.exportagroup.com f: +44 (0) 20 7430 0375 www.gtreview.com www.berneunion.net 1 CoNTENTS Berne Union 2012: Contents Contents SECTION 1: Introduction to 2012 Foreword 07 Johan Schrijver President of the Berne Union Berne Union committee 08 A new direction 11 Lennart Skarp Acting Secretary General SECTION 2: Expert Views A matter of time 15 Mapping out claims and recoveries Stepping up to the plate 21 ECAs bridge project finance gap Equality reigns 25 Creating a level playing field The perfect partnership 29 Public private cooperation Changing risks 33 Transforming business and trading environments Gearing up for change 39 The future of the industry 2 Berne Union 2012: Contents Contents SECTION 3: IFI Overview IFI overview Discussing the outlook for the industry 47 SECTION 4: Berne Union Statistics Totals 63 Short Term Export Credit Insurance 64 Medium-Long Term Export Credit 66 Insurance Investment Insurance 68 SECTION 5: Directory Members of the Berne Union 73 Members of the Prague Club 98 Value Statement and Guiding Principles 112 Supporting trade & investment since 1934 3 Introduction to 2012 1 Berne Union 2012: Introduction to 2012 SECTION 1 Foreword by Johan Schrijver, President of the Berne Union Berne Union members support 10% of global cross-border trade. In 2011, Berne Union members supported US$1.8tn will have less capital available for financing cross- of global trade and investment, facilitating around border trade. This would then slow global economic 10% of the world’s cross-border trade. Last year, recovery, as trade is the best medicine for growth, with exports continuing to grow and large parts but at the same time it needs financing to transpire. of the world recovering from the credit crisis, the The Berne Union raised this issue with the members of the Berne Union were able to once Basel Committee in 2010, and the initiative has again increase their business levels to the benefit been followed up by several members in 2011. To of world trade. This increase was combined with demonstrate to the Basel Committee that trade and low levels of claims for short, medium and long- export finance, especially when insured, generally term business and for investment insurance. It is leads to very few losses for banks, and that the quite remarkable to see how quickly Berne Union capital ratios proposed by the Basel Committee are members have recovered from the problems, and too high for trade finance resulting in an impediment subsequent claims, that arose during the 2008-10 to sound trade transactions, the Berne Union is now credit crisis. working together with the banking sector to collect But world economic recovery has been the necessary financial data and evidence. unevenly spread. While regions such as East and In addition, banks are also faced with funding South Asia and Latin America show healthy growth issues, and it has become particularly expensive again, growth in North America and large parts of for them to attract long-term funding. Long-term Europe has been lacklustre, with a limited number funding is needed to provide long-term export of countries revealing negative figures. Clearly the finance. We have established a working group in the credit crisis, which started in 2008, has not yet fully Berne Union to see what solutions can be proposed run its course. to help banks attract this type of funding. In the euro zone, the situation has been further Moreover, in 2011, the Berne Union and the complicated by the euro crisis, especially in World Bank set up two joint working groups to peripheral Europe. Large state debts, sometimes in improve information exchange and to investigate combination with sizeable budget deficits and low how the World Bank Group and credit insurers can growth potential, have caused financial markets pool resources in order to increase the necessary to withdraw from the most affected countries. As financing capacity for export transactions. also expressed in a Berne Union press release at The volatility in the markets and the worldwide the end of 2011, a gradual recovery is only possible combination of growth and crisis has created a if politicians take the right policy measures without challenging environment – especially for credit hesitation. insurers. It is comforting to see, however, that Berne In addition, new financial regulations, especially Union members, both in years of prosperity and in Johan Schrijver Basel III, threaten to impact the availability of trade more volatile times, continue doing what they are President of and export finance. It is foreseeable that banks good at: supporting trade by insuring trade credit. the Berne Union 7 SECTION 1 Berne Union 2012: Introduction to 2012 Berne Union 2012 Berne Union 2012 short term committee President chair Mr Johan schrijver Ms Beatriz reguero ATRADIUS CESCE Managing Director Dutch State Business Chief Operating Officer, State Account Business Mr Johan Schrijver joined Atradius in 1976. After a career Ms Beatriz Reguero joined CESCE in 1999 and was appointed in various management positions within the company (in Director of Country Risk and Debt Management in 2005. claims and recoveries, underwriting and project finance) he Since January 2012 she has held the position of Chief Johan Schrijver was appointed Managing Director of Atradius Dutch State Operating Officer, State Account Business. Before joining Business in 2002. Before joining Atradius he was a lawyer. He CESCE she carried out her professional career in the public holds a master’s degree in law from Groningen University. sector in the economic and trade fields. She has been an active participant in the Berne Union since 2000. Vice-President Mrs Geetha Muralidhar Vice-chair ECGC Mr Pil-Joon Kim Executive Director KSURE Mrs Geetha Muralidhar is the sole executive director of Director ECGC, the export credit agency of India. Before this, she Geetha Muralidhar was the General Manager in charge of the banking division Medium/Long term committee of ECGC which offers export credit insurance for banks. She chair has participated in various meetings on trade finance, risk Mr Kenneth tinsley management, credit insurance and other allied subjects US EXIMBANK relating to exports, both at national and international levels. Senior Vice-President She has been a member of the jury which selects the winners Mr Kenneth Tinsley joined US EXIMBANK in 1979 as a loan for international trade awards hosted by CNBC TV, India. officer following five years as a commercial banker. As Senior She is a graduate in physics with a post graduate diploma Vice-President of the Credit Management Group, Tinsley in international business operations and in human resource is responsible for overseeing risk management including Beatriz Reguero management. credit policy, credit review and compliance, country risk and economic analysis, and engineering and environmental analysis. Tinsley holds bachelors and masters degrees in business. Vice-chair Mr hans-Joachim Pflocksch EH GERMANY Head of Division International Relations PJ Kim Kenneth Tinsley 8 Berne Union 2012: Introduction to 2012 SECTION 1 investment insurance committee secretariat chair Mr Lennart skarp Ms Joanne Palmer Acting Secretary General EDC Director of Political Risk Insurance Mr Fabrice Morel Ms Joanne Palmer joined Export Development Canada Deputy Secretary General (EDC) in 1980. Since that time, she has worked in a variety of positions in financing, political risk insurance and Ms helen Povall business strategy. As Director of Political Risk Insurance Events manager HJ Pflocksch (PRI) since June 2002, she
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