Refugee routes Bike Project
Make an Enquiry

This summer, BPL Global is supporting The Bike Project, an innovative UK-based charity helping refugees and asylum seekers, many of whom are fleeing the war in Ukraine.

The Bike Project supplies refurbished bicycles to refugees looking to build a new life here in the UK. It might sound like a simple act, but a bike is a much-needed mode of transport for those experiencing significant financial and cultural hurdles. It means better access to services such as food banks, education, healthcare, and advice, as well as a form of exercise and the associate wellbeing benefits.

So far, the organisation has provided more than 9,500 bicycles to refugees arriving in the UK from places like Syria, Iran, Afghanistan, and recently Ukraine. Many of those helped by The Bike Project include vulnerable people and unaccompanied minors, with the youngest recipient aged just two years old.

As a charity, it relies solely on donations to cover professional refurbishment and delivery as well as support services, with each gifted bike costing around £100.

To support The Bike Project, BPL Global will be sponsoring staff as they participate in virtual cycling challenges over the summer, donating £3 for every mile cycled.

Each Refugee Route challenge represents a common journey made by refugees, ranging from Calais to Dover (51 miles), Damascus to Izmir (918 miles), and even Mariupol to London (1996 miles).

Five teams have already signed up: three from BPL’s London office, one in Singapore and one in New York. In total, they have committed to cycling over 5,000 miles by the end of September, with at least one team vowing to take on the 1996-mile Mariupol to London route.

 

“The Bike Project is incredibly grateful for BPL Global’s generous commitment of donating £3/mile cycled in their Refugee Routes challenge. With a goal of 5,000 miles, BPL’s contribution has the potential to help us refurbish and donate 180 bikes to asylum seekers and refugees. A bike is more than just transport, it supports wellbeing, improves access to support services and helps integration in the UK. Thank you!” – The Bike Project

 

We will be posting regular updates to the BPL Global LinkedIn page on the progress of our teams and our fundraising targets, so stay tuned.

To find out more about The Bike Project, visit thebikeproject.co.uk

Make an Enquiry

In light of recent geopolitical events, Anna Morgan, Legal Director at BPL Global, addresses some of the questions that have arisen around sanctions clauses in non-payment policies, specifically the market standard ‘LSW 1865’, and sets out some key points to consider.

Is non-payment due to sanctions covered under a standard non-payment policy wording?

The short answer is yes. That is the beauty of a properly drafted comprehensive non-payment policy. It covers non-payment, regardless of cause. The precise cause of loss does not have to be specified in the policy.  Further, the BPL policy wording does not, and any policy wording eligible for treatment as an unfunded guarantee under the EU Capital Requirements Regulation (“CRR”) would not, include an exclusion for non-payment caused by sanctions.

How will the operation of the sanctions clause contained in my non-payment policy affect payment of a claim?

It will depend on the drafting of the clause. The BPL policy wording and the vast majority of non-payment policies that we see contain a sanctions clause in the form of the London standard wording ‘LSW1865’ or substantially similar.  Taking LSW1865 as a basis, it establishes that neither Insured nor Insurers are obliged to do anything under the policy that would cause them to breach sanctions to which they are subject.  The key points are that i) the clause covers the relationship between the Insured and Insurers and their respective obligations under the policy. The clause is not triggered simply by sanctions being imposed on an Obligor; the sanctions must apply to the insurance relationship between Insurer and Insured and each party’s obligations in that context. And ii) the clause deals specifically with sanctions that apply to the Insurer and Insured named on the policy, not sanctions at large.

Under what circumstances will this sanctions clause come into play?

They are not as wide as they first appear. Indeed, taking into account the objective of sanctions and the fact that a claim payment does not aid the Obligor nor discharge its debt obligation but rather supports the Insured in complying with sanctions, there is a sound logic for sanctions not to prohibit payment of a claim or continued cover under an existing policy.  Of course, whether sanctions do prohibit the performance of policy obligations depends on the detail and scope of the sanctions set by the relevant authorities.  The position continues to evolve and each organisation needs to make its own determination regarding the application of sanctions.  It is worth noting that if either Insurer or Insured wanted to rely on the sanctions clause in the policy to avoid performing an obligation, including payment of a claim, then it would have the onus of proving that the circumstances described in the clause have arisen.

If sanctions prevent payment of a claim, what does the clause require of the Insurer?

If it is the case that the relevant sanctions prevent an Insurer from paying a claim under the policy, then the clause requires the Insurer and Insured to co-operate in good faith, and for the Insurer to use best endeavours (which is a pretty high bar) to enable claim payment, for example, by obtaining a formal license or exemption from the regulating authority.

Is an Insurer still liable under the policy if an exemption is not obtained? 

If an exemption is not obtained despite best endeavours, an Insurer is not automatically relieved of liability under the policy.  The effect is rather that an Insurer cannot be forced to make a payment that would be in breach of sanctions.  Sanctions would have to require the winding-up of the insurance policy for that to happen.  In summary, the existence of sanctions does not give insurers an easy ‘out’ under an existing non-payment policy.

Does this apply to all sanctions clauses?

The above considers LSW1865. More bespoke sanctions clauses and different LMA clauses for different types of cover should be considered separately. Do get in touch if you would like to discuss any of these issues further with us.

 

The above article is intended for general information purposes only and should not be relied upon as a substitute for external advice should you have specific questions or concerns.

Make an Enquiry

BPL Global has joined a City-wide effort to support the East End Community Foundation (EECF) in the charity’s Covid relief fund – the Life Chances campaign – as a founding campaign partner.

The EECF has launched the Life Chances campaign to support vulnerable and underrepresented communities in the East End of London that have been hardest hit by the Covid-19 pandemic.

The campaign aims to generate £5 million to invest in grassroots organisations operating within Hackney, Tower Hamlets and Newham to tackle issues such as youth unemployment, digital exclusion, elderly isolation, mental wellbeing, and poverty head on.

The Life Chances campaign is calling on businesses in the City of London to create a better future for those affected by the pandemic in the East End. BPL Global has announced its support as a founding campaign partner.

Bronek Masojada, Chair of the East End Community Foundation, said “I am delighted that BPL Global is supporting our Life Chances campaign. Their generosity will help ensure that fewer elderly people will go without seeing or speaking to anyone, that more families will have internet provision and the opportunities this opens up, and that more young people will be supported into work.  BPL Global’s support of the EECF Life Chances campaign is helping the East End to thrive as we know it can.”

The EECF is part of the UK Community Foundations network that channels support and donations from philanthropists, corporates, government and other organisations local to the East End to help the area’s most disadvantaged. To date, the foundation has raised and distributed £27 million to support projects in Hackney, Tower Hamlets, Newham and the City.

In 2020, the non-profit organisation invested £1.6 million in charitable programmes, helping to support 90,000 vulnerable and underprivileged people.

“We are proud that we are able to provide Partner level support to the East End Community Foundation’s Life Chances campaign,” says Matthew Graham, Compliance Director and Chairman of BPL Global’s Charity Committee. “Hackney, Tower Hamlets and Newham are very close to our offices here in the City of London and so we feel a real connection to the communities that will be impacted by this initiative. By joining with other institutions in the City and beyond, together we can ensure grassroots organisations get the funding they desperately need and help vulnerable people in the local area recover from the crisis caused by the Covid-19 pandemic.”

BPL Global has pledged to support the Life Chances Campaign for the next three years.

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

Find out more about the East End Community fund here.

Make an Enquiry

We are proud to announce that Geraldine Gan and James Lord have been recognised in the Political Risk and Credit category at the prestigious 2021 Lloyd’s Asia Broker Awards.

Broker Geraldine Gan and Assistant Director James Lord have made a notable impact on Lloyd’s platform in Singapore this year, with the award reaffirming the professionalism, expertise and innovation they have deployed in their business conduct, as well as their success in advancing standards in the Asia-Pacific insurance market.

With the award ultimately presented to Geraldine Gan, Lloyd’s recognition reaffirms some of the great work both brokers have undertaken over this past year.

Commenting on the awards, Hayley Ek, CEO of BPL Singapore, said: “It is fantastic to see our diligent brokers, Geraldine and James, celebrated in this way. We strive to provide a market-leading service for our clients across all regions, but to have received this recognition from Lloyd’s itself is testament to the high standards and hard work of our Singapore team. We look forward to continuing to bring our award-winning services to clients in 2022 and beyond.”

As part of the awards, Lloyd’s will be supporting both the PeopleStories Charity Foundation – which is committed to providing greater access to education for Cambodia’s rural communities – and Beyond Social Services – a voluntary organisation in Singapore that helps children and young people feel a sense of belonging.

Congratulations to Geraldine and James.

Find the full list of award winners here:

Make an Enquiry

Sian Aspinall, Joint Managing Director at BPL Global, sits down with Markel’s Trade Credit Head of Business Development, Simon Philpin for the latest instalment of the ‘Class Conversation’ podcast, discussing key issues and developments in the credit and political risk insurance market

Sian and Simon take an in-depth look at the latest trends in credit and political risk, including the impact of Covid-19 on the industry, the changing demographics of enquiries, and digital innovations such as BPL Sphere.

Sian discusses the CPRI landscape in the wake of the pandemic and how the industry managed to adapt quickly – allowing clients to exercise their business continuity planning. In addition, BPL Global reported an uptick in corporate unsecured lending enquiries as well as project finance deals in the renewable space. Finally, they look at how the pandemic pushed ‘technophobes’ to get to grips with technology.

Listen to the full podcast here:

Make an Enquiry

BPL Global has been appointed as insurance broker for the Green Guarantee Company to provide risk transfer solutions for green financing innovation in emerging markets

BPL Global, in partnership with the Development Guarantee Group, is pleased to announce its support of the Green Guarantee Company (GGC), the very-first specialist guarantor backing climate bonds issued in developed markets by issuers from the developing world.

The GGC will give emerging market debt issuers access to new investor pools by increasing the creditworthiness of an issuance by its guarantee; thereby improving capital flows between developed and developing markets in support of climate objectives. It was launched at the UN Climate Change Conference of the Parties (COP26) on November 2nd 2021 and becomes operational in 2022.

Mobilising private sector support for the venture is critical to the GGC’s success. As such, BPL Global has been driving interest among the private insurance market to provide capacity for relevant political risks linked to the GGC’s guarantees.

Together with Sovereign Risk Insurance and Liberty Specialty Markets as lead insurance partners, and with support from the Ascot Group as insurance partner, BPL Global developed a Political Risk Insurance Framework for the initiative which will provide a basis upon which insurers can support the GGC.

The partnership represents an important step in the development of new risk transfer solutions to provide critical support for green investments in the emerging markets.

Gregory King-Underwood, Director, Global Portfolio Solutions and Reinsurance at BPL Global comments: “We’re proud to be part of this initiative with the Green Guarantee Company to enable sustainable projects from emerging markets to access a much wider pool of investors. To date, BPL Global has been engaging with the credit and political risk insurance market to support this exciting new development. Moving forward, we will be working alongside the Green Guarantee Company to navigate and overcome the complex insurance challenges of the partner projects. As the leading specialist broker in credit and political risk insurance, we hope our collaboration with the Green Guarantee Company will demonstrate how insurance can provide long-term, tailored support to the financing of sustainable projects, where such coverage is seamlessly matched to the projects’ underlying risk profiles.”

Boo Hock Khoo, Co-Founder at The Development Guarantee Group adds: “The ambition of the Green Guarantee Company is to become a champion for mobilising and crowding-in global capital market investors into providing the climate finance urgently needed to help developing countries address the climate change challenge. The insurance industry represents a global capital pool of more than USD 30 trillion and therefore will be a key strategic partner to the Green Guarantee Company, both as an investor in the climate bonds that it will guarantee and as a risk-sharing partner through the private credit insurance (CPRI) market. We are grateful for the support of BPL Global in helping the Green Guarantee Company to establish a relationship with the CPRI market at such an early stage of its development.”

Make an Enquiry

Bedford and District Cerebral Palsy Society (BDCPS) has been chosen by BPL Global to be its Charity of the Year for 2021/22, following a popular staff vote.

BPL Global has also pledged to support the Bedfordshire-based charity for the next three years.

BDCPS provides essential support for children and young people with disabilities, as well as for their families. While the charity specialises in services tailored for young people with Cerebral Palsy, it caters to a wide variety of physical disabilities and complex health needs.

Cerebral Palsy is the name for a group of conditions that impacts mobility and co-ordination. It is the most common form of motor disability in childhood, with an estimated 150 children diagnosed in the UK each month.

BDCPS holds school holiday playschemes, monthly social clubs and adventure trips, designed to give children and young people with life limiting conditions fulfilling and enjoyable experiences. Activities have included sailing, rock climbing, skiing, canal boat trips and theatre productions. The charity also holds special sibling days and provides wellbeing support for parents and carers. Its work continued throughout the pandemic, with a rich programme of virtual and online activities.

“We are absolutely delighted that BPL Global’s employees have chosen BDCPS to be its Charity of the Year,” comments Rose McHugh, Child Services Manager at BDCPS. “We are a small team making a real difference to very vulnerable families within our community. The level of support from BPL Global and its staff is fantastic and will definitely enhance our ability to do this, especially in these uncertain times.”

BDCPS was shortlisted by BPL Global’s staff-led Charity Committee which oversees and channels the company’s corporate charitable donations. Employee engagement is central to BPL Global’s corporate social responsibility efforts and the selection process for its Charity of the Year 2021/2022 involved a call for nominations and a staff-wide vote.

“By getting our colleagues involved in the selection process, it means we can reach the communities and causes that matter the most to our people,” explains Matthew Graham, Compliance Director and Chair of BPL Global’s Charity Committee. “We couldn’t be more thrilled to get behind BDCPS and support the fantastic work they do to give young people with disabilities and their families meaningful opportunities and experiences.”

The Charity Committee aims to support small and medium-sized organisations that are focused on promoting human welfare where BPL Global’s donations can make the most impact. Further information on the organisations BPL Global has supported can be found here.

For the first time this year, employees were asked to vote for BPL Global’s main charity partner, with a commitment to continue supporting the winning charity over a three year period. Alongside the Charity of the Year initiative, BPL Global’s Charity Committee will continue to support causes that are personally important to its employees through the matching of donations and staff fundraising efforts, as well as donations to other long-standing partners and specific international humanitarian appeals.

Find out more about the Bedford and District Cerebral Palsy Society here.

Make an Enquiry

BPL Global has partnered with trade credit underwriter Euler Hermes to develop the first ever API-based digital broker-underwriter integration in Credit and Political Risk Insurance (CPRI) – a ground-breaking development for the market.

The move facilitates the digital transfer of enquiry level data between BPL Global’s internal broking system and Euler Hermes’ underwriting system using an API (application programming interface) supplied by digital insurance platform Whitespace.

This collaborative, interoperable approach simplifies the process for brokers placing requests for cover and enables the underwriter to receive such data directly into their own systems, thereby removing the need for a third-party application.

The BPL Global and Euler Hermes integration builds upon other recent CPRI market digitisation initiatives across electronic placement platforms, which do not currently allow for seamless systems-based digital integration between brokers and insurers.

Sian Aspinall, Managing Director at BPL Global, said it was an “important milestone” for CPRI market-wide digital efficiency, adding: “Crucially, it will enhance data accuracy, operational efficiency and client service.”

“It is exciting to share a vision with BPL, to decide to make together a pioneering move in the CPRI market and to see this joint vision become a reality,” commented Thomas Laporte-Many, Head of Development & Innovation for Euler Hermes Transactional Cover.

“The idea that market firms could build their own proprietary systems and trade through Whitespace was always a key part of our strategy,” added Jonathan Clarke, founder and Chief Software Developer, Whitespace.

Looking ahead, this exciting development serves to illustrate the potential for greater collaboration, system integration and interoperability between insurers and brokers, and the benefits of API-based integration. These include enhanced data accuracy, reliability and analytics, faster response times and simplification – all of which are ultimately beneficial for clients.

The full news release can be read here.

Make an Enquiry

BPL Global, specialist Credit and Political Risk Insurance (CPRI) broker, has continued in promoting innovation by helping Andritz – international industrial group – access Euler Hermes’ Green2Green Single Risk solution to create a virtuous green cycle.

As an international industrial group that manages natural resources, environmental protection is a central business priority of Andritz. Operating across more than 280 locations in over 40 countries, the firm strives to be a leader in sustainability and in responsible corporate governance.

In recognition of this, in November 2020, BPL Global introduced Andritz to Euler Hermes’ Green2Green Single Risk solution – an innovative solution that helps tackle climate change by insuring green transactions and investing the premium into certified green bonds, creating a ‘virtuous green cycle’. The solution also rewards companies for their ESG-related activities.

Torsten Boeck, Deputy Head Order and Project Financing at Andritz commented: “Sustained environmental protection and conservation of natural resources are two leading principles that guide Andritz’s activities on a daily basis. As our group is also involved in projects contributing to the ecological transition, with all plants and systems delivered to customers around the world complying with the highest environmental standard, it made sense for Andritz to bind one of the first Green2Green policies with Euler Hermes.”

Since binding under the trade credit insurance solution, Andritz has already had one policy certified green for a waste-to-energy plant project.

Oliver Wright, Director at BPL Global said “BPL Global is delighted to have intermediated this milestone placement for our client. We have an excellent partnership with Euler Hermes and consider the Green2Green Single Risk credit insurance initiative a leading offering in the growing ESG space. It certainly fits into our work as an innovative credit and political risk insurance broker.”

Andritz is the second client to utilize the pioneering solution, and BPL Global looks forward to helping other clients achieve their sustainability objectives via Green2Green, with a view to driving the transition towards a more sustainable future.

BPL Global’s drive to innovate goes beyond this green solution, too. More recently, the firm launched its pioneering new portfolio management tool, BPL Sphere, an innovative platform designed to give clients full and immediate visibility to their CPRI portfolios and exposures across their global operations. BPL Global continues to deploy solutions across its business and client base, and use its leading market position to help propel digitalisation and innovation forward within the industry.

Make an Enquiry

BPL Global, specialist Credit and Political Risk Insurance (CPRI) broker, has further consolidated its position as the resident expert in the CPRI market with the release of its latest innovation, BPL Sphere – a new platform designed to give clients full and immediate visibility to their CPRI portfolio and exposures across their global operations.

The platform, which BPL Global has developed and refined over the last twelve months, is believed to be the most sophisticated of its kind in the market, and comes in response to the growing demand among clients for sleeker, more holistic tools with which to analyse and utilise their insurance data.

The multi-faceted platform gives clients access to all their CPRI data through a single, user-friendly portal. Dashboards track and display all aspects of a client’s activities, ranging from non-binding quotations, through to bound policies, invoicing and claims, and their portfolio view can be filtered according to requirement – for instance, by country, obligor, cover type, policy status, currency or insurer security. The tool is designed to give complete oversight for risk management purposes, as well as allowing for in-depth analysis of premium spend, insurer relationships and exposures, to streamline internal reporting.

James Esdaile, Managing Director at BPL Global commented, “We are delighted to bring BPL Sphere to the market as the new cutting-edge of client servicing capabilities. From transactional flow to counterparty risk management, this tool provides real-time data that has a myriad of uses throughout our clients’ organisations.”

Indeed, through the platform, clients are able to “slice and dice” their data according to their individual needs, as well as extract it to use elsewhere within their management, systems, and operations. BPL Sphere permits unparalleled visibility across clients’ country and counterparty exposures, active policies and corresponding endorsements, invoices payments and claims. Statistical data, together with copies of bound policies and endorsements, can be exported from the platform for clients’ own internal needs, whether that be for their front, middle or back office functions.

“Our view has always been that we are custodians of our clients’ data – the data belongs to them and we are there to support them in managing their exposures”, added Sian Aspinall, Managing Director at BPL Global. “Through BPL Sphere, we are now able to empower our clients by furnishing them with their own data, at new levels of usability. They can leverage this both internally, but also with insurer markets, as a means of getting the most out of their insurance programmes.”

Several clients are already enjoying the benefits of BPL Sphere, and BPL Global continues to roll-out the platform across its client base, with its expert team of brokers on-hand to support new users navigate the tool.