March 5, 2021
The debacle that led to the unraveling of Lex Greensill’s trade-finance empire began with the firing of a manager at a Sydney unit of insurance giant Tokio Marine Holdings Inc. last year. After the July 8 dismissal by Bond & …
March 4, 2021
LONDON – A funding crisis at Greensill Capital could spill over to some of its high-risk borrowers and lead to losses for insurers and banks that have done business with the UK-based supply chain finance firm if its clients default, …
March 3, 2021
The seeds for the rapid disintegration of Lex Greensill’s empire were sown eight months ago, when a little-known Australian insurer called Bond and Credit Company decided not to renew insurance policies covering $4.6 billion in corporate loans backed by the …
February 10, 2021
Specialist Risk Group (SRG), a London-based specialist insurance broker, has announced the acquisition of a UK trade credit specialist, The Channel Partnership. Financial details of the deal were not disclosed. The Channel Partnership, founded in 1992, provides clients with expert …
January 12, 2021
While the mile-long lines of trucks have dissipated at ports, UK businesses are waking up to less visible forms of friction at the border with the European Union that may cause more enduring damage. From health certificates to new taxes …
December 4, 2020
Germany agreed to extend a backstop for commercial credit insurers by six months to keep trade flowing and prevent bankruptcies as the economy is hit by a second wave of the coronavirus pandemic. Under the deal, which still requires a …
September 8, 2020
Gold Medal International is sitting on millions of dollars worth of socks at its North Carolina warehouse that it can’t ship to stores. The reason? The 66-year-old family-owned sock maker can’t get enough credit insurance to cover potential losses if …
June 8, 2020
U.S. trade credit insurers have approached the U.S. Treasury Department and Federal Reserve seeking financial backing for claims payments to support business supply chains hit by the novel coronavirus pandemic, three people familiar with the matter said. Trade credit insurance, …
June 4, 2020
The UK government has created a £10 billion (US$12.5 billion) reinsurance scheme designed to help businesses during the COVID-19 pandemic by guaranteeing transactions insured by trade credit insurers. The Trade Credit Reinsurance scheme is designed to support UK business-to-business transactions …
May 13, 2020
The UK Treasury announced it is creating a government-backed temporary reinsurance scheme so businesses can continue to access trade credit insurance during the COVID-19 crisis. The scheme will be delivered through a reinsurance agreement with trade credit insurers currently operating …