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LONDON, UK. Leading CPRI broker BPL Global has appointed seasoned banking professional Riz Sheikh to expand its Portfolio Solutions team. With over 20 years of experience in securitisation and structured finance, Sheikh will lend his expertise to the development of BPL Global’s Significant Risk Transfer (SRT) offering, to complement its existing portfolio solutions capabilities for banking and financial institution clients.

Sheikh was previously at NatWest as Director of Capital Management and Portfolio Risk Mitigation, overseeing the SRT and credit risk insurance platforms for the bank’s commercial division. He previously held origination, structuring and distribution-related roles at Royal Bank of Scotland, Barclays, KPMG and Deutsche Bank.

Sheikh will report to Charlie Radcliffe, Deputy CEO and will work alongside Gregory King-Underwood in an expanded Portfolio Solutions team.

BPL Global has also announced that  Steve Gandy will also join the broker on a consultancy basis. Formerly Santander’s Head of Private Debt Mobilisation at the corporate and investment banking arm, Gandy is an industry veteran who brings almost three decades of experience in securitisations and other structured finance solutions.

“With the insurance market set to become more active in capital relief trades, we knew it was essential to boost our SRT capabilities and ensure we are approaching these types of transactions with the right expertise and knowledge,” comments BPL Global Group CEO Sian Aspinall.

Charlie Radcliffe, Deputy CEO adds: “As a broker, our role is to connect originating banks with insurance partners and facilitate the development of this market. By expanding our capabilities in this space, we will give underwriters even greater confidence in participating in these transactions. These new appointments allow us to build long-term partnerships while effectively representing the needs of our banking and institutional clients. I look forward to working with Riz and Steve to expand our offering and build our portfolio in line with our growth strategy.”

Riz Sheikh comments: “I am excited to be joining BPL Global – a world-leading specialist broker – and to bring my experience in securitisation and structured finance to help leverage the existing platform into growing this part of the business. I look forward to expanding on BPL Global’s offering here to help our insurer and reinsurer partners develop SRT product expertise and continue to deliver best-in-class solutions for our policyholders.”

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BPL Global is proud to announce its support of Insulate Ukraine.

The project seeks to temporarily restore bullet- and bomb-damaged buildings in towns and villages across war-torn Ukraine with specially designed plastic windows, allowing for uninhabitable homes to become liveable again.

BPL Global’s partnership with Insulate Ukraine has so far improved the lives of over 150 people in the past month, having insulated more than 100 homes – or over 500 windows – in the city of Izyum and two settlements in eastern Ukraine. This included making bombed-out homes in Karovii lar habitable and the restoration of a local administration building in Drobyshevo.

Insulate Ukraine’s windows were designed by PhD student Harry Blakiston Houston, from the University of Cambridge, who has since paused his studies to focus on the project.

In recent weeks, Insulate Ukraine has received national media attention including segments on the BBC and ITV news channels.

(Credit: Insulate Ukraine)

Harry stresses the importance of teaching local people to construct and install the windows. He adds: “We’re giving Ukrainians the power to solve this problem for themselves. All we need to do is show them how to make the windows and help them obtain the materials.” He adds: “The corporate support from BPL Global has been invaluable, allowing us to provide the necessary materials and man-power to improve the lives of hundreds who are suffering through the harsh realities of war.”

“We are proud to support the Insulate Ukraine project and promote the incredible work being done by Harry and the team.,” says Matthew Graham, Compliance Director and Chairman of BPL Global’s Charity Committee. “It is great to see that as the project’s first corporate sponsor, in only a matter of weeks, we have been able to make a real difference to those impacted by the conflict. We look forward to continuing to support Insulate Ukraine over the months ahead, as it looks to expand its work into further towns and cities in eastern Ukraine.”

(Credit: Insulate Ukraine)

Insulate Ukraine’s window design, which can be built in just 15 minutes, uses four layers of insulation comprising polyethylene, PVC piping, pipe insulation and duct tape. The cost is approximately £12 per square metre of window.

(Licenced under CERN Open Hardware Licence Version 2 – Permissive)

To find out more about Insulate Ukraine and how you can support the project, visit the website; or follow them on Instagram.

Further information on the organisations BPL Global has supported can be found here.

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BPL Global has committed to support charities WeSeeHope and Justice and Care for another three years

BPL Global has been a proud supporter of WeSeeHope and Justice and Care for many years, and has renewed its investment in both organisations until at least 2025 in recognition of their vital work and the successful partnerships to date.

WeSeeHope is an international development organisation dedicated to creating long-term change for vulnerable children in Southern and Eastern Africa. It creates community-led programmes to support children and their parents or guardians, with a focus on education, child rights and economic empowerment. Its goal is for children who are isolated, exploited, or that have little in the way of opportunities, to develop the skills to change their own futures – and for their families and communities to support them along the way.

“We are honoured that BPL Global recognises the value of WeSeeHope and has chosen to continue supporting the important work that we do,” says Mark Glen, CEO, WeSeeHope. “Corporate partnerships like this one make such a difference to charities like ours. Last year, they made up 33% of our income, helping us to create sustainable change for thousands of vulnerable children.”

Justice and Care work in South Asia, mainland Europe and the UK to identify, rescue, and provide specialist support to survivors of modern slavery. The anti-slavery charity partners with police and law enforcement agencies to dismantle criminal networks and bring abusers to justice. They protect communities at risk from traffickers and work collaboratively with governments to tackle the issue at national scale, and pioneer new ideas to achieve systemic change.

“There are an estimated 50 million people enslaved today. Our research, based on police data, estimates there are more than 100,000 victims here in the UK. These are individuals and families exploited in car washes, nail bars, restaurants, and on construction sites, or working as domestic servants hidden behind closed doors,” says Jamie Fyleman, Director of Global Development and Communications, Justice and Care.

“Human trafficking will only end if we work together – we are so grateful for BPL Global’s ongoing support and encouragement. It makes our work possible and has brought freedom to many.”

“We have a longstanding commitment to working with charities like WeSeeHope and Justice and Care that help create long-term, positive social change,” says Matthew Graham, Compliance Director and Chairman of BPL Global’s Charity Committee. “It brings great pride to everyone at BPL that we are proponents of these remarkable charities, both of which are highly deserving of our ongoing support.”

Find out more about WeSeeHope: website; LinkedIn.

Find out more about Justice and Care: website; LinkedIn.

Further information on the organisations BPL Global has supported can be found here.

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Leading specialist credit and political risk insurance (CPRI) broker BPL Global unlocks Lloyd’s market capacity for credit risk cover for Japanese operations.

BPL Global has led the way by establishing a binding authority with Lloyd’s Japan Inc. (LJI) dedicated solely to covering credit risks from Japan, using capacity from global insurer MS Amlin as the lead syndicate on the binder which any Lloyd’s syndicate is also able to join. Under this arrangement, BPL Global is now able to facilitate credit insurance cover with Lloyd’s for the Japanese subsidiary companies of its global clients from London via LJI. As a wholly-owned subsidiary of Lloyd’s, LJI acts as a local coverholder for managing agents in London and is able to issue local policies to Japanese insureds on behalf of Lloyd’s syndicates.

The development comes in response to an uptick in demand from clients for a seamless global insurance solution that can cover their Japanese subsidiaries with Lloyd’s-rated security on a direct basis.

A major European bank with shipping operations in Japan has now become the very first BPL Global client to benefit from a policy issued under the binding authority, receiving credit insurance cover for a seven-year policy term. Importantly, the policy wording follows the client’s usual template and is subject to English law in line with all their other insurance business placed through BPL Global. BPL Global did not have any direct contact with the Japanese insured or conduct any activities in Japan as the policy condition was procured by the bank’s European headquarters.

Ordinarily, Japanese insurance regulation requires a local policy to be issued for all direct insurance. Lloyd’s is unique amongst London market insurers in being able to issue local policies for Japanese insureds via LJI, which is licensed as a General Agent in Japan and acts under binding authorities established with Lloyd’s syndicates. This arrangement gives Japanese insureds immediate access to Lloyd’s security and removes the need for a fronting arrangement to be established by an insurer locally licensed in Japan in order to access London market capacity, which can bring additional complexity and cost.

The binding authority established with LJI and led by MS Amlin can cover cross-border credit insurance transactions within the Credit (CR) and Contract Frustration (CF) risk codes. The binding authority’s terms and conditions can be freely amended to cater for the coverage needs of other Japanese insureds, and any Lloyd’s syndicate can be added to the binder via endorsement.

“We are delighted to secure this market leading opportunity and cater to the rising demand among our clients for seamless, straightforward insurance cover across their global operations – irrespective of territory,” said Sian Aspinall, Managing Director at BPL Global. “Lloyd’s is uniquely placed in being able to underwrite Japanese business from London via LJI, and so this is a huge step forward in terms of unlocking Lloyd’s market capacity for insureds operating in the country.”

Mineyuki Yokota, Underwriting Service Director at LJI, added, “This solution opens up new routes for Lloyd’s underwriters to provide credit insurance in Japan and provides myriad benefits for internationally operating companies. We hope that this latest credit insurance policy will be the first of many so we can continue to build capacity for Japanese risks.”

Jack Keatings, Underwriter at MS Amlin, said, “As a binding authority specifically set up for credit insurance, this represents a significant step forward for the CPRI market, and for client servicing more generally. Increased competition promotes healthy market dynamics – something that should be welcome by both insureds and insurers alike.”

 

Claims seminar in New York
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Leading specialist credit and political risk insurance (CPRI) broker brings technical expertise to New York with claims seminar.

New York Claims Seminar

BPL Global marked the opening of its New York office on 26th March with an event bringing together some of the region’s leading experts in the CPRI industry. The event, titled “The Shop Window”, consisted of three sessions where key market players provided their personal insights into the CPRI market claims process from the perspective of clients, loss adjusters, and insurers.

The three sessions comprised:

  • BPL Global’s Managing Director, James Esdaile, and Anne Marie Thurber, Group Head of Export and Agency Finance Americas at SMBC, outlining how banks’ expectations are met through the claims process;
  • James Reynolds, Director at BPL Global, and Tim Bradford, CEO of Leadenhall, the only dedicated CPRI-adjusting firm in the world, discussing the loss adjustor’s role;
  • John Lavelle, President of BPL Global New York, and Jim Thomas, Head of Credit and Political Risk at Everest, wrapping up by providing insight into the insurer perspective.

James Esdaile, Managing Director, BPL Global, commented: “Our opening in New York not only cements our global presence – ensuring a seamless, cross-border service – but also allows us to extend our wealth of regional expertise to clients throughout the Americas. This seminar encapsulated exactly what makes us unique: specialist technical knowledge, extensive expertise with unparalleled market access, and a dedication to finding tailored solutions to our clients’ needs.”

Since its establishment in 1983, BPL Global has settled over 470 CPRI claims for clients worth in excess of US$2.5bn and arising from losses occurring in over 90 countries. The New York entity is the latest addition to our office count, joining London, Paris, Singapore, Hong Kong, Dubai and Geneva.

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In an opinion article for Trade & Forfaiting Review, James Esdaile, BPL Global’s joint Managing Director, explains that heightened political instability and banking capital regulations have driven exponential growth in the specialist Credit and Political Risk Insurance (CPRI) over the past few decades.

However, to take the next step, Esdaile writes, the market needs to become better organised to promote both its own and its clients’ best interests. Through collective action, insurers can maintain the confidentiality of their policies and safeguard their franchise, yet still bring light to issues they all face such as regulation and other threats to the business. Other areas that could benefit from market cooperation are technological integration and product development.

By giving the CPRI market a coordinated voice, insurers can develop their own influence and help obligors become aware of the size and impact the market has.

The full article can be read here.

Download a PDF of the article

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After 27 successful years in London, ExCred will also take place in New York this year for the first time, providing a forum for brokers, corporates, banks, insurers, ECAs and MDBs to discuss how credit and political risk insurance (CPRI) can best support international trade and investment. BPL Global has been announced as the gold sponsor of the event, which takes place on 17-18 October.

The landmark event will include speeches from James Esdaile and Sian Aspinall, Managing Directors, respectively discussing how the CPRI market has developed in the Americas over the last decade and demystifying the claims process, and James Reynolds, Director, who will be exploring recent developments in Structured Finance.

The full agenda is available at: http://bit.ly/ExCredNYC.

BPL Global clients and partners are entitled to a 30% discount on delegate passes. Please contact enquiries@bpl-global.com.

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Re-brand marks the specialist credit and political risk insurance (CPRI) broker’s progression and reiterates its determination to build on its market-leading position.

London, UK. 5th June 2017. BPL Global, the leading specialist credit and political risk insurance (CPRI) broker, has unveiled a new logo and website.

James Esdaile, Joint Managing Director, says: “At BPL Global, we pride ourselves on providing continuity to our clients through our independence, our employee-ownership, and our specialisation. Our re-branding represents no change to these core values, but marks the progress we have made in recent years and reiterates our determination to build on our position as the leading broker in the specialist CPRI market.”

Sian Aspinall, Joint Managing Director, adds: “Our aim remains the same: to provide the highest quality service and advice by placing clients at the centre of our approach. We do this by always acting exclusively and unambiguously in the client’s interest, through innovation of product and process within the CPRI market, and by delivering our services direct to clients around the world through our own offices and through a closer partnership in the US with EIA Global.”

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In the week before he becomes a non-executive director, Anthony Palmer speaks to GTR magazine about his 41 years in the credit and political risk insurance (CPRI) industry, exploring the market’s evolution in terms of the number of players, the products and the types of clients.

Looking to the future, Anthony describes the likely continuation of a healthy balance of supply and demand in the CPRI market; with 50 active insurers and an ongoing need from banks for the product, as well as from multinationals, commodity traders, contractors and exporters. He also discusses the opportunities for the market’s further expansion in the Middle East, as well as Asia Pacific.

“For the CPRI market in general, and for BPL Global in particular, the future is therefore bright,” Anthony concludes. “We have had succession plans in place for some time and the company is in excellent hands to steer us through the next few decades.”

Read the full interview here.

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Anthony Palmer, Deputy Chairman of BPL Global, joined the credit and political risk insurance (CPRI) market in 1975 a time when, in most countries, it often comprised of just one export credit agency (ECA) and one domestic insurer. The Lloyd’s market offered limited pure political risk cover, while export cover against pre-shipment risks was in its infancy.

Things have come a long way. In a feature-length interview with TXF magazine, Anthony discusses establishing BPL Global in 1983, and the key events that have shaped the CPRI market’s development: Lloyd’s regulatory changes, insurance market cycles and geo-political events, from the fall of the Soviet Union to the Asian crisis.

While the interview covers change, it also looks to the future, with Anthony describing BPL Global’s commitment to remaining an independent, employee-owned, specialist broker.

Read the full interview here.