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BPL Global, the leading credit and political risk insurance (CPRI) broker, today announced the appointment of Lucia Petry as Directeur of its French subsidiary, Berry Palmer & Lyle SA. Since joining BPL Paris in 2014, Petry has immersed herself in helping exporters and investors effectively use CPRI products to minimise risks abroad.

In her role as Directeur, Petry will continue to support BPL Paris’ French-based team while expanding her managerial and business development remits. While being focused on French-speaking corporate client business, Petry has played a key role in developing new covers for French investors, offering alternatives to traditional breach of contract policies and MIGA products. As a former lawyer, Petry’s experience in dealing with international contracts has underpinned her proficiency in placing policies for BPL Paris’ clients operating globally.

Petry comments: “This year has been a year of milestones for BPL Global and, now, a personal one for me. I look forward to taking on increased managerial duties alongside day-to-day broking, while assisting in more complex, specialised cases. As demand for longer-term financing in our market increases, I am keen to see how we can develop the CPRI product further in terms of policy tenors and capacity to service this need for our clients.”

Paul Torrington, Président Directeur Général, BPL SA, comments: “Lucia has made a significant contribution to our French operations since her arrival at BPL Global four years ago. Her enthusiastic approach to developing new business and designing new products has impressed many in the French market. I have no doubt she will continue to excel in her new role.”

James Esdaile, Managing Director, adds: “Lucia is an integral part of our BPL Paris team and is highly valued by our exporting clients for her close support and exhaustive knowledge of their sectors. Her appointment to Directeur tells both of this and our belief that she will excel in growing her team, building long-lasting relationships and fostering new client business.”

Petry holds two Master’s degrees; one in Industrial Property Law and the other in Public & Private European and International Law. She is fluent in both English and French and regularly carries out transactions in both languages.

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BPL Global, the leading credit and political risk insurance (CPRI) broker, has created a team dedicated to excess of loss (XOL) trade credit insurance with a specific focus on the trade finance sector.

XOL traditionally supports strong credit management within large multinational corporates. Recent product and technological developments, coupled with new underwriter entrants, now mean that XOL insurers can provide up to 100% cover for financial institutions purchasing pools of receivables, also enabling them to achieve regulatory capital relief under Basel III.

The team, comprising four experienced brokers, will be headed up by Jonny Carruthers, who has over 13 years of experience broking in the credit insurance industry.

James Esdaile, Managing Director of BPL Global, comments: “We are seeing increased demand from our banking and corporate clients for portfolio credit insurance, which is something that has been successfully used over many years by some of the major commodity traders. Having a specialist and focused team will allow us to broaden use of the product within the market, tailoring the XOL structure to bolster our individual clients’ credit risk management, while developing the programme to deliver further efficiencies to enhance portfolio growth for both new and existing clients.”

Carruthers adds: “We see this as a strong alternative for banks to relying on their clients’ own insurance and a less secure loss-payee position. By having their own insurance policy, banks can obtain regulatory capital relief, eliminate operational risks and improve their advance rate.”

The creation of the team represents the latest milestone for the broker as it celebrates its 35th year in the CPRI industry.

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On Wednesday 4th July, we were delighted to host a reception at the Natural History Museum to celebrate 35 years of BPL Global. From our beginnings in 1983 with four staff, we have grown to become the largest specialist broking team in the credit and political risk insurance market. We could not have done this without our market-leading clients and underwriters. It was a pleasure to celebrate our 35th anniversary with them.

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BPL Global has established, via its French subsidiary BPL S.A., a branch office in Geneva. The new Geneva branch will focus on developing new relationships with Swiss-based banks, traders, NGOs and other potential clients, as well as being a local point of contact for the broker’s existing clients. Philippine de Villèle joins from UBS to head the office.

Villèle previously spent two years from 2011 in BPL Global’s Paris office, working with commodity traders and key French banking clients on trade, structured, project and export finance. She rejoins from UBS, where she was head of its CPRI team within its Commodity Trade Finance department for five years. At UBS, she established the CPRI product, and was in charge of on-boarding and managing relationships with insurers, promoting CPRI insurance within UBS, and developing the bank’s insurance portfolio. She has previously worked for AIG and JLT.

James Esdaile, Managing Director of BPL Global, comments: “We provide tailored insurance solutions to some of the world’s largest commodity traders, across energy, metals and soft commodities, and support all aspects of their activity. Given that Geneva continues to be an incredibly important trading hub, it is only natural that we seized the opportunity to open an office to support our clients locally, and we are delighted to have Philippine, with all her experience of the market, back on board. Geneva is also one of the foremost world banking centres for trade finance – presenting a great opportunity for us to further grow our client base.”

Villèle adds: “We are entering a new cycle for commodities, across all sectors, characterised by either recovered prices or increased trading volumes. So, while the trading environment remains challenging, the outlook is more positive in comparison to the past few years, with increasing market opportunities. As such, this represents a suitable time to open in Geneva, which provides proximity to existing clients to better understand their changing needs, while also allowing us to explore the potential with other industry players and Swiss-based exporters and investors. BPL Global has grown significantly since I left five years ago but – supported by its systems, organisation and management – its excellent client-focused service and the quality of its team remain the same. I could not imagine returning to the insurance market anywhere else.”

The opening takes BPL Global’s network of offices conducting insurance business to six – including those in London, Paris, Singapore, Hong Kong and Dubai.

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BPL Global, the leading credit and political risk insurance (CPRI) broker, today announced the appointment of Sam Evans as Director. He joined BPL Global in 2004, and has extensive experience of helping European-based corporates, banks and commodity traders effectively use the CPRI product, with a strong focus on and extensive experience of the African market.

In his new role, Sam will continue to manage a London-based team of six people, which has traditionally focused on the French-speaking banking sector and includes one of the world’s largest commodity traders based in Geneva. The team also counts as a client one of South Africa’s largest financial institutions and Sam was instrumental in placing their first 15 year interest rate swap in the market.

Sam comments: “Last year was a successful one for our clients and we continue to widen the support the CPRI market can offer, bringing growth from within existing sectors and diversifying into new areas of business, such as real estate and aviation finance. Our market continues to be dynamic and has responded rapidly to meet our clients’ needs, successfully increasing capacity as well as policy tenors in areas such as Project Finance, to match the trend in longer-tail financing.

Fluent in French and Spanish, Sam studied Languages for Business at Oxford Brookes University, which included a 10 month work internship in Paris. He regularly places transactions in both languages.

Sian Aspinall, Managing Director, adds: “Sam’s extensive market knowledge and calibre as a broker means that he is highly regarded at both BPL Global and by clients alike. We are delighted to welcome Sam to the board in recognition of this, and it evidences our long-standing commitment to promoting talent from within and retaining our independence.”

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BPL Global has been crowned “Best Trade Credit and Political Risk Insurance Broker (CPRI)” at this year’s Global Trade Review (GTR) “Leaders in Trade” awards. The award takes BPL Global’s haul in this category over the years to an impressive eight.

James Esdaile, Managing Director, commented: “To be named once again as top of the pile in the CPRI industry speaks to the consistency and quality of our service, as well as our broader contribution to the progression of the market. This past year has brought many new milestones for us – from the release of our inaugural CPRI Market Insight report, to the announcement that we will soon be opening an office in New York – but our commitment to our core values has remained the same. We are, and always will be, a specialist, independent broker that represents and upholds the interests of our clients above all else. This award is yet further proof that this approach works.”

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BPL Global has become the first broker to have placed a credit and political risk insurance (CPRI) policy on PPL, the London insurance market’s electronic placing platform.

PPL is an electronic placing platform which enables brokers and insurers to quote, negotiate, bind and endorse business digitally. It was designed to allow participants in the London Market to place risks electronically in order to support face-to-face negotiations while removing paper from the process and thus creating a digital information flow and audit trail.

Sian Aspinall, Managing Director of BPL Global, comments: “We pride ourselves on being an innovator in our specialist line of business, so we’re pleased to be the first broker to have placed a CPRI risk via PPL. It’s an important step in the digitalisation of the London market and will help drive further efficiency, speed and accuracy, which will ultimately be of benefit to our clients.”

The policy was placed with XL Catlin.

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BPL Global is delighted to announce the publication of its inaugural Market Insight report, marking 35 years as the leading credit and political risk insurance (CPRI) broker.

Based on market statistics and BPL Global’s own portfolio, the report provides an analysis of the CPRI market’s capabilities, current worldwide risk exposures and a claims update, focusing in particular on claims activity since the global financial crisis. In addition to this, the report highlights how the market and the CPRI product has responded to key global events and changing client needs.

Sian Aspinall, Managing Director, BPL Global, comments: “Our report shines a spotlight on the fact that appetite for the CPRI class is on an upwards trajectory – both in terms of capacity and tenors. Furthermore, analysis of market data clearly shows that it is adapting its capabilities to match natural return on investment for areas such as project finance structures, providing coverage for up to 25 years. Also notable is the jump in capacity for non-trade related credit insurance to over US$1.5bn per risk – an area previously constrained by Lloyd’s regulatory requirements.”

To download a copy of the full report, please click here.

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In the most recent edition of GTR’s series about inspirational women in trade finance, Sanne Wass talks to Sian Aspinall, BPL Global’s Managing Director, about her career success and how the industry can best tackle any gender bias.

Having worked within credit and political risk insurance for almost 30 years – starting as a political risk broker at Investment Insurance International, before working for the likes of Zurich and AIG – she carved out an impressive reputation within an industry renowned for its macho culture.

As a mother of two, Aspinall decided to step back and concentrate on achieving a better work-life balance – which consultancy allowed her to do. However, in 2014, BPL Global asked her to join them. “They approached me knowing they would have to offer a job on a flexible basis, otherwise I wouldn’t be able to do it,” she says. “So I had an understanding employer. It made a massive difference, and for me it is worth so much company loyalty.”

In late 2015, Aspinall took on the of role managing director.

Read the full article here.

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Following the announcement last week that BPL Global is to open a joint venture with EIA Global in New York, James Esdaile, Managing Director, assesses what the CPRI product can offer US financial institutions and exporters in an article in ExCred New York’s supplement for its inaugural conference this week.

Esdaile breaks down the claims figures in this comprehensive look at CPRI to discuss the performance and global growth of the market. He also explains the application of the CPRI product to both crisis events and day-to-day operations, and how BPL Global can help unlock these benefits for their US clients.

Download a PDF of this article.