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P00 Blank Ad Berne Union 2015 CONTACTS Contacts Published by TXF Ltd on behalf of the Berne Union. TXF ©TXF Ltd 2015 & 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. Production editor The content herein, including advertisements, does not John Smith represent the view or opinions of TXF Ltd or the Berne Union and must neither be regarded as constituting advice Managing director Dan Sheriff on any matter whatsoever, nor be interpreted as such. Commercial director About TXF Dominik Kloiber TXF: Trade and Export Finance is a media and technology Product development director group set up to service the corporates, traders, financiers Max Carter and deal-makers that encompass the trade, commodity, Chief technology officer export and project finance communities. TXF has a James Petras contemporary and innovative approach to delivering Head of communications these markets with specialist news, high profile Katy Rose networking events, online and offline training and data Business development executive intelligence services. TXF News is subscription-free, Abby Smith reliable and interactive: www.txfnews.com Data analyst Ana Jovanovic 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 2015 Contents 1 Introduction Berne Union committees and personnel 6 Foreword 8 Berne Union president Dan Riordan 2 Data and Statistics Berne Union totals 14 Short-term export credit insurance Medium- and long-term export credit insurance Investment insurance Analysing Berne Union data trends 20 Kai Preugschat, secretary-general, Berne Union, & Laszlo Varnai, assistant director, Berne Union 3 Expert Analysis OVERVIEW The stabilising role of ECAs 28 Edna Schöne, board member, Euler Hermes Aktiengesellschaft AG Cooperation in export finance 30 Michal Ron, managing director, head of international business, SACE The era of trade regulation 35 Ralph Lerch, chair of the EBF’s export credit working group, and global head of export finance at Commerzbank Borrowers and ECA financing 42 Helen Castell, senior reporter, TXF Media The future role and scale of ECAs 46 Laszlo Varnai, assistant director, Berne Union SME FOCUS SMEs and Denmark’s EKF 50 Maria Steffensen, senior communications consultant, EKF SMEs and the Berne Union 52 Abbey Sturrock, director, Berne Union Supporting SME transactions 55 Matthias Wietbrock, managing director, Northstar Europe REGIONAL FOCUS ECA innovations – the Finnvera example 58 Topi Vesteri, deputy CEO, group chief credit officer, Finnvera, & Satu Savelainen, senior advisor, Finnvera Sinosure’s rapid growth 61 Wang Yi, chairman, Sinosure Renminbi support 64 Paul Walsh, aerospace underwriting manager, UK Export Finance, & Hannah Steadman, aerospace underwriter, UK Export Finance Asian trade flows 66 Geetha Muralidhar, chairman and managing director, ECGC MENA perspective 69 Karim Nasrallah, general manager, Lebanese Credit Insurer ECAs and African banks 72 2 Rebecka Lundgren, country analyst, Africa, EKN, & Karl-Oskar Olming, Africa representative, EKN Berne Union 2015 CONTENTS 3 Expert Analysis continued Sub-Saharan Africa and the role of ECIC 74 Kutoane Kutoane, chief executive officer, Export Credit Insurance Corporation of South Africa (ECIC) Angola – MIGA case study 78 Noureddin Ennaboulssi, senior underwriter, Multilateral Investment Guarantee Agency (MIGA) Electricity transmission - Zambia case study 80 Karl-Oskar Olming, Africa representative, EKN NAFTA and Bancomext 83 Luis Humberto Villalpando Venegas, vice president of economic analysis, Bancomext RISK MANAGEMENT & INSURANCE Commodity volatility and political risk 88 Katherine Zylinski, portfolio analyst, credit and political risk product underwriting, Zurich, North America Political risk on the rise 92 Valerio Ranciaro, director general, SACE Local currency risk 96 Chris Vermont, managing director, GuarantCo, Frontier Markets Fund Managers Risk claims analysis 98 Maxence Mormède, chief investment officer (CIO), advanced fixed income, Allianz Global Investors Claims process for single transaction risk 101 Olivier David, head of special products – trade credit and political risks, Atradius Claims 2015 – the Hiscox perspective 104 Victoria Padfield, political risk underwriter, Hiscox Conflicts and global political risks 106 Dr Antoinette Valsamakis, director, Global Risk Consulting, IHS Economics and Country Risk ECAs and short-term credit insurance 112 Seung Dal Baek, senior director, short-term business department, K-sure Academic research and export credit insurance 114 Professor Andreas Klasen, Offenburg University FINANCING & INVESTMENT Direct lending – UKEF 118 Margaret Eyres, head of direct lending, UK Export Finance Renewables finance 120 Jan Vassard, deputy CEO, EKF, & Ole Lindhardt, chief communications consultant, EKF Policy analysis of the Indian ECA 122 Geetha Muralidhar, chairman and managing director, ECGC BPO and short-term credit insurance 126 Markus Wohlgeschaffen, global head of trade products, UniCredit, & Andre Casterman, global head of corporate and trade markets, SWIFT and chair of the BPO project Trade finance as an asset class 128 Helen Castell, senior reporter, TXF Media 4 Members Directory Berne Union members 135 3 Prague Club members 161 Berne Union 2015 Berne Union 2015 1 Introduction Berne Union 2015 Berne Union 2015 Berne Union 2015 Short Term Committee PRESIDENT CHAIR Daniel Riordan Thomas Krings Chief Executive Officer of Zurich Global Regional Director Risk, Member of the Board Corporate in North America of Management Euler Hermes AG, Germany Dan Riordan joined Zurich North America in Thomas Krings was born 1968 in Hamburg. 1997 to establish and manage the global He studied at Business Academy Hamburg, Dan Riordan political risk and trade credit business. Before and graduated in business administration. In his current post, Dan also led a combined 1994 Thomas started working for Euler international surety, credit, and political risk Hermes Kreditversicherungs-AG as assistant group and served as president of Zurich’s to the board. After various positions, he has specialty products unit. Prior to joining now worked for more than 10 years in the Zurich, Dan was a senior executive managing export and project financing business line. He Overseas Private Investment Corporation’s headed the export risk underwriting unit until (OPIC) portfolio of long-term investments in 2008, followed by commercial controlling developing countries. Dan has been active in and product development. Since 2010 the Berne Union over the course of his career, Thomas has been regional director of risk for serving as vice-chairman and chairman of the the DACH region and member of the board Michal Ron Investment Insurance Committee and as vice- of Euler Hermes AG since 2014. president in 2011. VICE CHAIR VICE PRESIDENT Jan Vassard Michal Ron Deputy CEO, EKF, Denmark Head of International Relations and Network, SACE, Italy Medium/Long Term Committee With extensive experience in the world of structured project finance and export credit, CHAIR Michal is currently heading SACE’s Karin Apelman Thomas Krings international relations and network. Her Director General, EKN Sweden responsibilities include international relations, Karin Apelman joined EKN, the Swedish overseas network and political credit Government’s ECA, in 2002, as a member of recovery. She manages all activities related to the board of directors, and later served as the OECD, European commission and Paris second vice-chairman from 2006-2007. She Club with a track history of €9 billion ($10.1 was appointed director general in 2007. Karin billion) in sovereign recoveries over the last is a member of the Swedish Radiation Safety four years. More recently, she has steered the Authority’s financing delegation (SSM) since expansion of SACE’s international network 2009, a member of the board of directors of through SACE’s presence in nine overseas Swedavia since 2010, and a member of the locations (Hong Kong, Sao Paolo, Advisory Council at The Legal, Financial and Johannesburg, Nairobi, Moscow, Istanbul, Jan Vassard Administrative Services Agency Bucharest, Mumbai and Mexico City) and a (Kammarkollegiet) since January 2011. Karin MENA Office, currently scheduled to open in was the chief financial officer at LFV Swedish 2015. Before SACE, she spent 10 years at MCC Airports and Air Navigation Services from SpA (head of oil, gas and petrochemicals, 2001-2007. structured finance) and seven years with HSBC (London, Madrid, Milan). VICE CHAIR Jing Fenglei Chief Representative of London Representative office, Sinosure, China 6 Karin Apelman Berne Union 2015 Investment Insurance Berne Union Secretariat INTRODUCTION Committee Kai Preugschat
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