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In a “60 second interview” with Trade & Forfaiting Review, Sian Aspinall, Managing Director, says that the CPRI market is growing in strength, with significant demand from banks using the product as a credit mitigation tool under the Basel framework.

Meanwhile, Aspinall suggests that the private market has established itself as a credible and respected alternative, complementary to the ECAs’ offering. Aspinall also discusses the progress of the company’s succession plans, and what the future has in store for BPL Global.

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The leading credit and political risk insurance broker has obtained a brokerage license to allow it to undertake insurance intermediation in the Dubai International Financial Centre (DIFC).

London/Dubai. 4th September 2017. BPL Global, the leading specialist credit and political risk insurance (CPRI) broker, has been granted a brokerage license by the Dubai Financial Services Authority to conduct insurance intermediation business in Dubai from the DIFC.

To date, the broker’s activities in the DIFC have been limited to general marketing and business development since opening a Representative Office, run by Harriet Smith, in July 2015. Harriet will continue to head up the broker’s operations in the DIFC as Senior Executive Officer of the branch office.

Sian Aspinall, Managing Director of BPL Global, says: “It goes without saying that Dubai is an important market for our multinational client base and, while we have had a local point-of-contact for them since 2015, this constitutes a significant step forward in terms of what we can do in the DIFC. So far our activities have focused on education. Now it’s time for action, focused on clients old and new. ”

Harriet Smith, Senior Executive Officer, adds: “Having spent a couple of years speaking to potential clients of the market and developing relationships, it’s clear that there is a growing demand for CPRI in the DIFC– from the commodity traders, from the banks, and from the corporates. Interestingly, they are not all current users of the CPRI product which speaks to the opportunity. Being able to service these clients’ needs locally – working with both local insurers and those in the London Market – means not only a more personalised offering, but ultimately faster and better-priced coverage.”

The announcement expands BPL Global’s network of offices conducting insurance business to five – including those in London, Paris, Singapore, and Hong Kong.

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BPL Global reiterated its commitment to serving the French market as it celebrated the fifteenth anniversary of its French subsidiary at the British Ambassador’s Residence in Paris.

“Our industry is, of course, faced with major political uncertainty in the form of the upcoming UK referendum on whether to remain in the European Union,” said Charles Berry, Chairman of BPL Global. “Yet, even if the UK opts out, BPL Global will stay in. I can say that with certainty because our Paris office is an extremely well-established business and a significant part of the market. We will do whatever is necessary to service our clients, not only in France, but also in Germany, Italy and Spain.”

The event was covered in depth by leading trade magazine Trade & Forfaiting Review.

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BPL Global’s deputy chairman, Anthony Palmer, moderated two panels at a political risk insurance seminar organised by The Foreign Economic Relations Board of Turkey (DEiK) in Istanbul on 30th June 2011. The other panel was moderated by BPL Global’s Turkish correspondent, Arzu Geerding of Brokers’ House.

The seminar was attended by over a hundred of Turkey’s leading exporters and contractors, and resulted from a recent DEiK survey indicating that there was a lack of awareness of political risk insurance among its membership.

The panellists included Louis Bedoucha of MIGA, George Bolton of ACE, Khosro Rashid of ICIEC, Emre Serifoglu of Zurich, Alev Arkan of Türk Eximbank, Sylvia Greisman of Unistrat Coface, and Nick Robinson of Marketform.

DEiK was formed in 1988 and its president is also president of the Union of Chambers and Commodity Exchanges of Turkey.

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In this article, published by the Insurance Insider, Charles Berry suggests that the impact of the estimated USD2.5bn of claims in the political risk insurance market may not be as severe as many think.

The effects of recoveries and rescheduling – where reported claims might never crystallise because insured debts are re-scheduled – could over time reduce the final cost to half that figure.

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