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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:

BPL Global clients and partners are entitled to a 30% discount on delegate passes. Please contact

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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.

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Emma Ashworth joins as a company Director, having spent the past 29 years at Willis, with 16 of those years as an Executive Director in its Credit and Political Risks division.

London, 8th November 2016. Market-leading credit and political risk insurance (CPRI) broker, BPL Global, has hired Emma Ashworth as a Director. Ashworth has 29 years’ experience at Willis, most recently as Executive Director in its Credit and Political Risks division. She will work alongside the other directors to set BPL Global’s future strategy; with a focus on cementing the company’s leading position in its specialist market and exploring new business, especially with financial institutions.

As Executive Director at Willis, Ashworth was responsible for the CPRI department’s largest client, a major investment bank, as well as broking new business and managing the existing portfolio. She was previously Divisional Director in International Property Reinsurance and before that managed Willis Hungary, a newly established affiliate office.

Sian Aspinall, Managing Director at BPL Global, comments: “Historically, we have made very few external hires at senior level, yet we were delighted with the opportunity to hire someone of Emma’s calibre and market reputation. Emma is highly-regarded within the industry by clients, underwriters and peers alike, and her experience will be vital as we continue to seek to meet the growing demand for CPRI globally.”

Ashworth comments: “I am excited to be joining BPL Global. They are a highly respected company and I welcome this new challenge with such a distinguished team.”

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Writing for the Berne Union’s 2016 Yearbook, Charles Berry, Chairman of BPL Global, discusses the increasing competition between government export credit agencies (ECAs) and the specialist credit and political risk insurance (CPRI) market. In the article, Berry suggests that such competition is inevitable and appropriate given that both now often cover the same type of risks, and should be welcomed as it offers choice for exporters and financiers.

Berry writes that such competition must be fair, however, requiring ECAs to comply with the OECD Arrangement with its minimum premium rates, and a level playing field on premium taxes. There is also the issue of ECA beginning to compete with their clients. Indeed, when an ECA approaches the CPRI market for facultative reinsurance, simultaneously as its client approaches the same insurers for cover on the same transaction, the ECA and client find themselves in competition for the same private market capacity. This brings the need for safeguards to ensure that when pursuing reinsurance, ECAs do not restrict client choice.

Berry concludes that, by abiding by the OECD Arrangement and following sensible policies, the ECAs can provide a haven of consistency, stability and capacity around which the CPRI market can ebb and flow, guided by a normal market process of client choice.

Read the full article here

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BPL Global and EIA Global have made significant hires in response to increased demand for credit and political risk insurance (CPRI) from clients engaged in international trade, investment and lending.

US-based EIA Global has announced that John Lavelle will join as Senior Managing Director for Trade Credit, Structured Trade and Political Risk Insurance.

Al Giandomenico, President of EIA Global, praised Mr. Lavelle, noting that “John has over 30 years of experience in the trade credit, political risk and trade finance arenas and a level of expertise and professionalism that sets him apart from his peers. He is highly accomplished and well-regarded by clients and underwriters alike and adds significant breadth and depth to the expertise of EIA Global’s professional staff.”

The hire of Mr. Lavelle by EIA Global comes on the heels of an impressive year of expansion for BPL Global, which has increased its workforce by over 10% in the past 12 months, taking the total to over 80 members of staff. The hires have ranged from senior appointments – including James Reynolds and Jonny Carruthers, both Assistant Directors in the London office – to trainee brokers and IT/business analysts in London, Singapore and Hong Kong.

James Esdaile, Managing Director of BPL Global, comments: “Globally we are witnessing a jump in demand for CPRI; indeed, last year we transacted approximately USD350M of premium. In response, we are tooling up in London, Asia and the Middle East – while our partner does the same in the US. We are the largest single team in the market with significant capacity to adequately service the increased interest from multinational corporations, banks and financial institutions.”