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BPL Global has opened a UK Branch of its French subsidiary, Berry Palmer & Lyle SAS, to service its existing European Economic Area (EEA) business and be fully ready for Brexit, whatever final form it takes.

Based in Paris, Berry Palmer & Lyle SAS has been serving the needs of French banking, exporter and corporate clients since 2001. The newly-formed UK Branch will operate under its management and control.

Sian Aspinall, Managing Director, BPL Global comments: “Servicing European-based clients has always been a vital part of our business and Brexit has in no way diminished this. Following a year’s worth of careful preparation, the establishment of a new UK Branch of our French company will ensure continuity and minimal disruption for our European clients post-Brexit. Amid the delays and uncertainty, we have taken the decision to open the UK Branch now, so that we are ready for whatever form Brexit may ultimately take.”

While new and existing EEA business will be serviced by the new UK Branch from 1st November 2019, BPL Global’s UK entity, Berry Palmer & Lyle Ltd, will continue to handle all UK and non-EEA based business as usual.

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BPL Global’s Chairman, Charles Berry, has been appointed as the President of the Insurance Institute of London (IIL).  Berry, who succeeds Nicolas Aubert, CEO, Willis Towers Watson GB, will serve in office for the 2019-20 term alongside new Deputy President Anthony Baldwin, CEO and Board Director, AIG UK.

Delivering his first presidential address at the IIL’s AGM on 30th September, Berry said: “It is a great honour to serve the Institute as President, but somewhat daunting as I have big shoes to fill. I will do my very best to represent all sectors of the market and build upon the increasing momentum and hard work that has been the hallmark of Nicolas’s leadership in the past 12 months.”

He continued: “My theme for the year – ‘Who do you act for?’ – stems from my belief that trust in financial markets depends on market professionals being transparent as to who they act for: buyer or seller; client or capital provider. I look forward to developing this theme during a year full of challenges, but also one promising opportunity for all.”

A Fellow of the Chartered Insurance Institute, Berry has long been acknowledged as a leading industry expert, speaker and lecturer, educating on a range of topics including the use of credit insurance for banks, broader political violence cover post-9/11 and, more recently, a proper market for “war risks on land”.

On 1st October, Berry gave his first lecture in his capacity as IIL President at Lloyd’s, where he outlined the capabilities and activities of today’s credit and political risk insurance market, and the importance of London market professionals being clear about the interests they seek to serve.

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BPL Global, the leading credit and political risk insurance (CPRI) broker, has today announced the appointment of Gregory King-Underwood as Director and Head of Global Reinsurance and Portfolio Solutions.

A former barrister, King-Underwood moved to Guy Carpenter in 2012 where he latterly headed up the reinsurance broker’s trade credit, political risk, and surety and bond practice. Now based out of BPL Global’s London office, King-Underwood is charged with helping the broker capitalise on the growing synergies between the CPRI and reinsurance markets, as well as to provide portfolio-based cover for efficient risk transfer and better use of capital for both financial institution and corporate clients.

King-Underwood comments: “BPL Global has long stood out to me as the leading broker in the CPRI space. Therefore, I am delighted to not only be given the chance to build an equally strong reinsurance and portfolio solutions platform to add to BPL Global’s current offering, but to also explore the many growth opportunities afforded by the current period of market volatility and the demand for capital relief transactions.”

James Esdaile, Managing Director, BPL Global says: “We are very excited to welcome Gregory to BPL Global. His reinsurance experience will be invaluable in informing our strategy at a time of rising synthetic securitisation in the market, and as we receive an increasing number of enquiries related to the potential use of captives, our client base will also benefit directly from his insights.”

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In an exclusive interview with INTO AFRICA, BPL Global Directors, George Bellord and Sam Evans, discuss the impact that the current global political and economic climate is having on the demand for trade credit insurance.

The credit and political risk insurance (CPRI) market is well known for its adaptability and being quick off the mark in order to seize new opportunities. In response to recent demand, insurers are now able to offer cover for non-trade financing, project financing, aviation and real estate. That said, Africa is still seen as an area where the obligors are located – indeed, the continent accounts for over US$9.5billion of exposure in BPL Global’s portfolio.

“The high growth rates of many countries across Africa, such as Ethiopia and the Cote D’Ivoire,” comments Evans, “have meant increased levels of trade, as well as infrastructure projects, ranging from energy to roadway construction.”

As a result, financiers are using credit insurance to leverage their positions in such projects and to mitigate the commercial and political risks that can accompany undertaking business in emerging markets.

“We are living in increasingly uncertain times…businesses are seeking further ways to mitigate increased levels of risk with their trading partners as uncertainty grows,” adds Bellord.

Read the full article here (please turn to page 49).

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BPL Global has been awarded the title “Best Trade Credit and Political Risk Insurance Broker” at Global Trade Review’s (GTR) Leaders in Trade awards, and “Best Insurance Broker” in Trade Finance Analytics’ Awards.

This year marks the ninth in a row that BPL Global has been recognised as the leading CPRI broker in GTR’s annual awards, which recognise excellence in the trade, commodity, supply chain and export finance and fintech markets. Meanwhile, it is the first year the Trade Finance Analytics accolade, which assesses a variety of brokers across different classes, has been awarded to BPL Global.

“These two well-respected awards are a fantastic affirmation of the consistency and quality of our service as we help our multinational banking, trading, exporting and corporate clients manage their risk in today’s ever-changing marketplace,” says Sian Aspinall, Managing Director at BPL Global. “We look forward to continue pushing the envelope on what we can offer to our clients and the wider market.”

A full writeup of GTR’s awards can be found here, and the list of winners of Trade Finance Analytics’ awards can be found here.

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In Insurance Day’s “Big Interview”, our Managing Directors, Sian Aspinall and James Esdaile, discuss how BPL Global is thriving as an independent, monoline broker despite increasing industry consolidation.

“We think the market has the potential to grow exponentially,” says Sian Aspinall. “We are in a very strong position…by having the right people present in the right hubs.”

Download the full article or read online here.

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In the latest issue of Reactions, our Managing Director, Sian Aspinall, discusses how the political risk insurance market performed in 2018 and the current state of play across the wider credit and political risk insurance (CPRI) industry.

“Maximum per-risk capacity available for political risk rose to $3.2bn, representing a $200m increase from 2018 and indicating healthy appetite within the market to write political risk insurance business,” she explained, while also highlighting the attractiveness of CPRI to global insurers looking to maintain a diversified book of business.

Download the full article or read online here.

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BPL Global has today announced the appointment of Donnie DiCarlo as Executive Vice President. DiCarlo, who joins after 10 years as Senior Vice President of Marsh’s Credit Specialties Group, will be based in New York and is charged with expanding BPL Global’s client base in the US and the wider Americas region.

Known primarily for his work developing capital relief-driven solutions, DiCarlo’s industry credentials include helping to spearhead bank use of non-payment insurance after the change in the US Federal Reserve guidelines in 2013. Having previously led Marsh’s Political Risk and Structured Credit Team in Latin America followed by the broker’s Lender’s Solutions Group in the Americas, DiCarlo is a seasoned expert in supply chain financing, handling a significant number of policy placements in the region. He has also worked to cover various loan structures including project finance, revolving credit facilities, multilateral debt and aviation finance.

Sian Aspinall, Managing Director, BPL Global says: “We are delighted to add Donnie to our growing team in New York. His reputation in our market as a leading expert in political risk emanating from Latin America and his exhaustive knowledge of bank-related business means he will undoubtedly be an asset to our operations in the Americas.”

DiCarlo comments: “BPL Global’s market standing and specialist focus were compelling draws for me as a technically-minded CPRI broker and I’m looking forward to lending my expertise to help further and grow our book of business in the region.”

DiCarlo’s appointment is the latest addition to the broker’s operational presence in the Americas, having recently opened an office in New York and having made the executive appointment of CPRI professional, Evan Freely, last month.

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Freely joins Executive Board to help shape the insurance broker’s global strategy, having previously been Global Head of Marsh’s Credit Specialties Group.

BPL Global, the leading credit and political risk insurance (CPRI) broker, is delighted to announce the appointment of Evan Freely to its Executive Board. Bringing over 25 years of market experience, Freely will work alongside BPL Global’s management team to help shape the strategic direction of the company, while also contributing to product development and providing CPRI expertise to global financial institution and corporate clients. Based out of New York, Freely adds to the company’s growing on-the-ground operational presence in the Americas region.

Freely joins BPL Global following 11 years as Managing Director and Global Practice Leader for Marsh’s Credit Specialties Group, prior to which he spent seven years running Willis’ Financial Solutions division for the Americas, and seven years at FCIA Management Company, a leading US CPRI insurer. Highly experienced and extensively qualified in advising on the full range of products in the CPRI industry, Freely has helped clients manage risk through the 1993 turndown in Venezuela, the 2002 crisis in Argentina and the 2008 global financial crisis.
Charles Berry, Chairman of BPL Global, comments: “Evan’s appointment, together with our new presence in New York, confirms our ambition and ability to provide a seamless global service to our clients across the Americas, EMEA and Asia.”

Freely comments: “BPL Global’s reputation for specialist knowledge, technical expertise and client-centric approach is second-to-none, making it the natural next move for me. Joining an independent broker and having the opportunity to work with many of the most experienced practitioners in the CPRI market is hugely exciting, and I look forward to helping contribute to the company’s continued global growth.”

Freely further enhances BPL Global presence in the US, with the broker having recently opened its office in New York, complementing existing offices in London, Paris, Hong Kong, Singapore, Dubai and Geneva. The opening was marked by an event in March, which brought together some of the region’s leading experts to provide their personal insights into the CPRI market claims process from the perspective of clients, loss adjusters, and insurers.