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Trade Credit Insurance
Trade Credit Insurance Peter M. Jones PRIMER SERIES ON INSURANCE ISSUE 15, FEBRUARY 2010 NON-BANK FINANCIAL INSTITUTIONS GROUP GLOBAL CAPITAL MARKETS DEVELOPMENT DEPARTMENT FINANCIAL AND PRIVATE SECTOR DEVELOPMENT VICE PRESIDENCY www.worldbank.org/nbfi Trade Credit Insurance Peter M. Jones primer series on insurance issue 15, february 2010 non-bank financial institutions group global capital markets development department financial and private sector development vice presidency www.worldbank.org/nbfi ii Risk Based Supervision THIS ISSUE Author Peter M. Jones was the Chief Executive Officer of the African Trade Insurance Agency (ATI) from 1 February, 2006 up until 31 July, 2009 when he retired. During his time as CEO of ATI, Peter successfully implemented a legal and capital restructuring, including the expansion of the Agency’s product offering to ensure that it meets the full needs of the private and public sector in Africa. Prior to joining ATI, Peter held various positions at the Multilateral Investment Guarantee Agency (MIGA). He was also a Vice-President at Export Development Canada (EDC), where he was responsible for all of EDC’s business operations in the Transportation sector, as well as for the establishment, development and management of its equity investment program. This experience, together with his senior positions at the Canadian Imperial Bank of Commerce (CIBC) and ANZ/Grindlays Bank, has provided him with wide ranging skills and experience in identification of viable equity opportunities, including successful exits. Peter is a Fellow of the Institute of Chartered Secretaries and Administrators. Series editor Rodolfo Wehrhahn is a senior insurance specialist at the World Bank. -
Part VII Transfers Pursuant to the UK Financial Services and Markets Act 2000
PART VII TRANSFERS EFFECTED PURSUANT TO THE UK FINANCIAL SERVICES AND MARKETS ACT 2000 www.sidley.com/partvii Sidley Austin LLP, London is able to provide legal advice in relation to insurance business transfer schemes under Part VII of the UK Financial Services and Markets Act 2000 (“FSMA”). This service extends to advising upon the applicability of FSMA to particular transfers (including transfers involving insurance business domiciled outside the UK), advising parties to transfers as well as those affected by them including reinsurers, liaising with the FSA and policyholders, and obtaining sanction of the transfer in the English High Court. For more information on Part VII transfers, please contact: Martin Membery at [email protected] or telephone + 44 (0) 20 7360 3614. If you would like details of a Part VII transfer added to this website, please email Martin Membery at the address above. Disclaimer for Part VII Transfers Web Page The information contained in the following tables contained in this webpage (the “Information”) has been collated by Sidley Austin LLP, London (together with Sidley Austin LLP, the “Firm”) using publicly-available sources. The Information is not intended to be, and does not constitute, legal advice. The posting of the Information onto the Firm's website is not intended by the Firm as an offer to provide legal advice or any other services to any person accessing the Firm's website; nor does it constitute an offer by the Firm to enter into any contractual relationship. The accessing of the Information by any person will not give rise to any lawyer-client relationship, or any contractual relationship, between that person and the Firm. -
Report International Conference on Inclusive Insurance 2020 Digital Edition
Report International Conference on Inclusive Insurance 2020 Digital Edition Edited by Zahid Qureshi and Dirk Reinhard Report International Conference on Inclusive Insurance 2020 — Digital Edition Conference documents and This report is the summary of the Inter- presentations are available online: national Conference on Inclusive Insur- ance — Digital Edition, which took place from 2 to 6 November 2020. Individual summaries, in various styles, were contributed by a team of international www.inclusiveinsurance.org rapporteurs. Readers, authors and organisers might not share all opinions expressed or agree with the recommen- dations given. These, however, reflect the rich diversity of the discussions. Over 70 speakers participated in the conference. Report International Conference on Inclusive Insurance 2020 — Digital Edition 1 Contents 1 Contents 31 Agenda 61 Agenda 2 Foreword Day 3—4 November 2020 Day 5—6 November 2020 3 Acknowledgements How to reach scale and develop Lessons learnt and next steps 4 Participant overview inclusive insurance markets 62 Session 16 5 Agenda 32 Session 8 Technology driving Day 1—2 November 2020 Integrated risk inclusive insurance Inclusive insurance management solutions amidst a pandemic 65 Session 17 36 Session 9 The ups and downs of 6 Session 1 How digitisation can inclusive insurance: Opening of the conference — spur market growth Learning from experience The landscape of inclusive insurance 2020 39 Session 10 68 Session 18 Lessons learnt from Outlook: What will be the next 9 Keynote national strategies milestones -
Insurance Market Report 2019 Foreword
Insurance market report 2019 Foreword 2 This report provides an overview of the Swiss sets as well as amounts due from derivative financial insurance market in 2019. The first part contains instruments no longer form part of the investments, information about the market as a whole. Parts 2, 3 some of the key figures published in the insurance Foreword Foreword and 4 provide detailed information on the life, non- market report 2018 such as the total assets, the in- life and reinsurance sectors. vestments, the underwriting liabilities, the gains on investments, the return on investments and the in- The figures presented in the report have been pre- formation on asset allocation differ from the previous pared on a statutory basis; any changes in the values year’s figures provided in this report. of assets and liabilities generally do not correspond FINMA | Insurance market report 2019 FINMA | Insurance market report to market value adjustments. For example, bonds are As announced in last year’s report, since the 2019 shown at amortised cost, which means the carrying annual survey, this report includes information on the values are not sensitive to interest rates. On the li- group life reporting for occupational pension schemes abilities side, technical provisions for life insurers are of life insurance companies for the first time and discounted with technical interest rates and not with replaces the transparency report on occupational the prevailing market yield curve. Technical provisions pensions. The information on the group life reporting for non-life insurers are generally undiscounted, while for occupational pension schemes of life insurance accident insurance benefits (UVG) have been companies can be found in ”Life insurance com- specifically excluded. -
Swiss Life Investment Foundation
Swiss Life Investment Foundation Benefit from the experience and up-to-date investment principles of large pension funds. • Top 5 investment foundation with assets of 14 billion • More than one in three Swiss employee benefits institutions as investors Cornerstones of Swiss Life Investment Foundation Tax-exempt foundation for the collective investment of Employee benefits foundations for Swiss Life personnel pension assets (established in 2001) as important key investors Gross assets of with around CHF 14 billion, and thus Majority of Board of Trustees members are investor among the top 5 of the 35 Swiss investment foundations representatives Strongest growing investment foundation in the past Supervisory authority: OAK BV (Federal Occupational ten years Pensions Regulatory Commission) Over 680 pension funds and collective foundations Member of KGAST (Conference of Managers of Swiss and thus every third Swiss employee benefits institution Investment Foundations), complying with its quality as an investor guidelines Comprehensive modular product range BVG-Mix 15 BVG-Mix 25 BVG-Mix 35 BVG-Mix 45 BVG-Mix 75 5% 2% 5% 2% 2% 2% 3% 2% 2% 5% 2%5% 5% 2% 13% 12% 5% 13% 16% 14% 9% 13% 11% 15% 5% 7% 13% 9% 7% 12% 17% 22% 20% 37% 6% 8% 24% 38% 13% 28% 18% 28% 23% Liquid Assets Bonds CHF Domestic Equities Switzerland Real Estate Alternative investments Mortgages Switzerland Bonds CHF Foreign Equities Foreign Switzerland (CHF hedged) Bonds Foreign Currencies Real Estate Foreign (CHF hedged) (CHF hedged) State-of-the-art investment philosophy Objective selection of asset managers The best qualified asset managers are selected on the basis of objective criteria and taking into account the specific requirements of the various investment groups. -
General Policy Conditions for Group Life Insurance
Swiss Life Ltd, General-Guisan-Quai 40, P.O. Box, 8022 Zurich Swiss Life Ltd, Zurich (Swiss Life) General Policy Conditions for Group Life Insurance Effective date: 1 January 2020 web0136 | 01.2020 Contents Art. 1 General 3 1 - Basis of the contract 2 - Specially agreed terms 3 - Entitlement to benefits 4 - Legal basis Art. 2 Insurance protection 3 1 - Insurance year 2 - Application 3 - Assumption of liability 4 - Underwriting 5 - Breach of the duty of disclosure 6 - Change in benefits Art. 3 Premiums 3 1 - Definition 2 - Due date 3 - Calculation 4 - Experience rating 5 - Settlement 6 - Consequences of default 7 - Refund of premiums Art. 4 Costs 3 Art. 5 Duty to inform; establishment of entitlement 3 1 - Duty to inform 2 - Certificate of life 3 - Disability 4 - Death 5 - Children in continuing education Art. 6 Subrogation 4 Art. 7 Bonus 4 1 - Bonus distribution 2 - Calculation of the bonus 3 - Bonus reserve 4 - Bonus allocation 5 - Entitlement to participation in surplus 6 - Information Art. 8 Premature withdrawal from the portfolio of insured persons 4 1 - Termination of the insurance 2 - Surrender value 3 - Extension Art. 9 Termination of insurance contract 5 1 - Termination of the insurance 2 - Partial termination 3 - Surrender value 4 - Deduction due to the interest rate situation Art. 10 Premium rate 5 1 - Guarantee of insurance tariffs 2 - Modification of the insurance tariffs 3 - Collective and individual insurance tariffs Art. 11 Further provisions 5 1 - Gross negligence 2 - Suicide 3 - Communications to Swiss Life 4 - Change of address 5 - Place of performance and jurisdiction Art. -
New Report Finds a Strong Economic Recovery Requires A
PRESS RELEASE Princeton, NJ July 13, 2020 NEW REPORT FINDS A STRONG ECONOMIC RECOVERY REQUIRES A HEALTHY TRADE CREDIT INSURANCE INDUSTRY Report commissioned by leading trade credit insurers proposes government reinsurance policy to support U.S. economy As economic uncertainty due to COVID-19 continues to impact businesses across the country, a new report commissioned by trade credit insurers Euler Hermes, Coface and Atradius found that a lack of support for the trade credit insurance (TCI) industry could disrupt the stability of millions of businesses across the U.S. The report, titled “A Strong Recovery Requires a Healthy Trade Credit Insurance Industry,” outlines the importance of trade credit insurance to the economy, the significant cutbacks in TCI coverage that the COVID pandemic has caused, and the reasons why government support for the TCI industry is vital to the continuity of economic activity. The report conservatively concludes that in the absence of a government response, the cutbacks in coverage will inhibit $46 billion in additional production and the creation of approximately 155,000 U.S. jobs at supplier firms, with additional effects on downstream buyers. Euler Hermes, Coface and Atradius are the world’s three largest trade credit insurers, representing about 60% of the market in the U.S. Last month, the three companies formed a working group to educate the public and the U.S. government on the essential role trade credit insurance plays in supporting U.S. businesses and the economy at large. Statement from James Daly, CEO of Euler Hermes North America, Oscar Villalonga, President and CEO at Coface North America, and Gordon Cessford, President and Regional Director for North America at Atradius: It is not often that you see the main players in a single industry, typically competitors, come together for a common purpose of public interest. -
Prospectus Atradius Finance B.V. ISIN XS1028942354 September 2014
PROSPECTUS DATED 19 SEPTEMBER 2014 Atradius Finance B.V. €250,000,000 Fixed to Floating Rate Guaranteed Subordinated Notes due 2044 unconditionally and irrevocably guaranteed on a subordinated basis by Atradius N.V. The €250,000,000 Fixed to Floating Rate Guaranteed Subordinated Notes due 2044 (the Notes) are issued by Atradius Finance B.V. (the Issuer) and unconditionally and irrevocably guaranteed on a subordinated basis by Atradius N.V. (the Guarantor and together with its subsidiaries Atradius). The Notes rank pari passu without any preference among themselves and constitute direct, unsecured and subordinated obligations of the Issuer, as further described in Condition 2. From 23 September 2014 up to 23 September 2024 (the First Call Date), the Notes bear a fixed rate of interest of 5.250 per cent. per annum, payable annually in arrear on 23 September in each year (each a Fixed Interest Payment Date), commencing on 23 September 2015. If on the First Call Date the Notes have not been redeemed in full in accordance with the terms and conditions of the Notes (the Terms and Conditions), the Notes will bear a floating rate of interest of Euribor for three-month deposits in euro plus a margin of 5.031 per cent. per annum, payable quarterly in arrear on 23 March, 23 June, 23 September and 23 December in each year, for the first time on 23 December 2024. The Issuer may, in respect of any Optional Interest Payment Date, elect to defer payment of all (but not some only) of the interest accrued to that date and the Issuer shall not have any obligation to make such payment on that date. -
Important Notice This Offering Is
IMPORTANT NOTICE THIS OFFERING IS AVAILABLE ONLY TO INVESTORS WHO ARE NON-US PERSONS AND ADDRESSEES OUTSIDE OF THE US IMPORTANT: You must read the following before continuing. The following disclaimer applies to the attached Prospectus accessed via internet or otherwise received as a result of such access and you are therefore advised to read this disclaimer page carefully before reading, accessing or making any other use of the attached Prospectus. In accessing the attached Prospectus, you agree to be bound by the following terms and conditions, including any modifications to them from time to time, each time you receive any information from us as a result of such access. NOTHING IN THIS ELECTRONIC TRANSMISSION CONSTITUTES AN OFFER OF SECURITIES FOR SALE IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO DO SO. THE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE US SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT''), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND, SUBJECT TO CERTAIN EXCEPTIONS, THE SECURITIES MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, US PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT). THE FOLLOWING PROSPECTUS MAY NOT BE FORWARDED OR DISTRIBUTED TO ANY OTHER PERSON AND MAY NOT BE REPRODUCED IN ANY MANNER WHATSOEVER. ANY FORWARDING, DISTRIBUTION OR REPRODUCTION OF THIS DOCUMENT IN WHOLE OR IN PART IS UNAUTHORISED. FAILURE TO COMPLY WITH THIS DIRECTIVE MAY RESULT IN A VIOLATION OF THE SECURITIES ACT OR THE APPLICABLE LAWS OF OTHER JURISDICTIONS. -
Aegon N.V. Executive Board Remuneration Policy 2020
Aegon N.V. Executive Board Remuneration Policy 2020 The Hague, March 2020 Executive Board Remuneration Policy 2020 Version History Last Version March 24, 2011 Revised and updated March 11, 2020 Endorsed by the Supervisory Board of Aegon N.V. March 17, 2020 Adopted by Shareholders at the Annual General Meeting of Shareholders May 15, 2020 2 Executive Board Remuneration Policy 2020 1. Policy 1.1 Remuneration Policy This Executive Board Remuneration Policy (the 'Policy') outlines the terms and conditions for the board agreement with and remuneration of the members of the Executive Board of Aegon N.V. (the 'Executives'), to be submitted for approval by the shareholders of Aegon N.V. (the 'Shareholders') at the Annual General Meeting of Shareholders on May 15, 2020. This Policy replaces the Aegon N.V. Executive Board Remuneration Policy of 2011. Remuneration of all employees of Aegon N.V. and its direct and indirect subsidiaries ('Aegon') and the Executives is governed by the Aegon Group Global Remuneration Framework (the 'Remuneration Framework'). This Policy is aligned with the current version of this Remuneration Framework, which was adopted by the Supervisory Board of Aegon N.V. (the 'Supervisory Board') on December 18, 2019. The Remuneration Committee of the Supervisory Board of Aegon N.V. (the 'Remuneration Committee' ) prepared the changes to this Policy, which were endorsed by the Supervisory Board on March 17, 2020. At the date of approval, the Policy complies with the applicable rules and regulations such as the Dutch Financial Supervision Act, the Dutch Civil Code, the Dutch Corporate Governance Code and the Solvency II Legal Framework. -
Calificaciones Crediticias AM Best
AM Best Mayo 2021* Calificaciones Crediticias AM Best SINCE 1899 Contiene publicadas Best’s (re) calificaciones de seguros en más de 90 países, excluyendo Estados Unidos. *Las calificaciones de crédito incluidas son efectivas a partir del 30 de abril de 2021. Calificaciones Crediticias AM Best Total de Compañias Calificadas por PaÍs Alemania . 22 Kenia . 3 Anguila . 2 Kuwait . 5 Antigua y Barbuda . 1 Líbano . 3 Argelia . 1 Liechtenstein . 3 Argentina . 4 Luxemburgo . 12 Australia . 8 Macao . 4 Azerbaiyán . 1 Malasia . 8 Bahamas . 8 Malta . 6 Barbados . 21 Marruecos . 1 Baréin . 9 Mauricio . 1 Bélgica . 7 México . 34 Belize . 1 Micronesia, Estados Federados de . 1 Bermuda . 122 Mongolia . 1 Bosnia Herzegovina . 1 Mozambique . 1 Brasil . 8 Nigeria . 4 Canadá . 144 Noruega . 1 Catar . 3 Nueva Zelanda . 33 Chile . 1 Omán . 1 China . 14 Países Bajos . 2 Corea del Sur . 13 Pakistán . 3 Costa Rica . 2 Panamá . 11 Curazao . 1 Perú . 3 Ecuador . 1 Polonia . 1 Egipto . 5 Portugal . 1 El Salvador . 1 Puerto Rico . 27 Emiratos Árabes Unidos . 16 Reino Unido . 49 Eslovenia . 3 República Checa . 1 España . 12 República Dominicana . 1 Fiji . 1 Rusia . 4 Filipinas . 5 Serbia, Republic Of . 1 Francia . 12 Sierra Leone . 1 Ghana . 1 Singapur . 16 Gibraltar . 4 Sn . Maarten . 1 Guam . 6 St . Kitts e Nevis . 1 Guatemala . 5 Sta . Lucia . 1 Guernsey . 8 Sudáfrica . 1 Honduras . 1 Suecia . 3 Hong Kong . 18 Suiza . 17 India . 2 Tailandia . 5 Indonesia . 4 Taiwán . 7 Irlanda . 26 Togo . 1 Isla de Man . 1 Trinidad y Tobago . 4 Islas Caimán . 23 Túnez . 1 Islas Vírgenes Británicas . 1 Turks and Caicos . -
Swiss Life Business Direct Full Insurance – the Uncomplicated Online Solution
Occupational benefits Swiss Life Business Direct full insurance – the uncomplicated online solution The employee benefits solution for startups who want to cover all risks. The product ɬ Different employee benefit plans: You can choose Swiss Life Business Direct is the first web-based em- between different benefit plans: from the minimum ployee benefits solution which is uncomplicated and BVG level to a comfortable benefit solution. Straight- straightforward to subscribe to. It just takes a few forward charts included in the offer help you to minutes. Swiss Life offers cover for all risks including determine the level of contributions and benefits. It’s longevity, disability and death. And Swiss Life offers a childishly simple process. With the information you a 100 % capital and interest rate guarantee. Swiss Life we provide you will be able to find the right solution bears 100 % of the insurance and investment risk. in a matter of minutes. ɬ Bonuses: You benefit from bonus distribution. Recommendation ɬ Payment method: monthly in arrears Swiss Life Business Direct is the right choice for a newly ɬ Contract documents: You can access the contract established company or a company in the process of documents online at any time. being established and which has yet to organise its em- ɬ Changes in salary and headcount can be easily ployee benefits. If you would like your employee benefits processed online at your convenience. You always to cover all risks and to have direct access to all relevant maintain an overview of the situation. information, Swiss Life Business Direct is ideal for you.