QBE sees trade credit cover demand surge in the UK

Brexit uncertainty, mounting costs and increased competition are exposing British businesses to greater levels of trading risk which by turn is increasing demand for trade credit cover, according to QBE.

As the insurer seeks to take advantage of growth opportunities for its portfolio, QBE European Operations is adding three underwriters to its trade credit team.

Trade credit insurance claims in the UK have been at their highest level since 2009 as a result of tough trading times, according to recent ABI figures. High-level insolvencies are likely to have a ripple effect through supply chains, QBE noted.

QBE has appointed James Robertson as new business commercial underwriter, responsible for developing new opportunities in London and the South-East. He joins from QBE’s trade credit team in Sydney, having spent six years working for Coface in Australia as a commercial and risk underwriter.

John Lott has joined QBE as a risk underwriter, based in London.

Finally, Harry Bennion has joined the Birmingham office as a new business underwriter, responsible for looking after Midlands-based brokers and generating new business in the region. He joins from JLT where he was a credit and political risk broker.

“Lack of clarity on Brexit, greater levels of competition and escalating costs are affecting businesses from multiple sectors and the importance of trade credit insurance is more pronounced," said Trevor Williams, head of credit and surety, QBE European Operations. "Our new underwriters are bringing specialist experience to the team and will be integral to the further development of our portfolio and the delivery of enhanced levels of service to our customers at a time when they need it most.”

“QBE is Brexit ready and our industry experts are well placed to support our customers through these challenging times,” Williams added.

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