Mike Lagrue is a trade credit insurance specialist, having worked in the industry for over 30 years. He joined BPL Global in 1997 after 10 years at Sedgwick (now Marsh), becoming a Director in 2001.
Mike focuses on trade credit insurance business, covering single risk and multi-buyer portfolios, and is a specialist in the design of bespoke and flexible programmes which meet clients’ specific needs.
Indeed, in 1998, Mike established a bespoke facility for a client into which it can attach any trade risk from any part of its business around the world, subject to underwriter approval – an industry first at the time. The programme still exists today, providing the client with efficiency, rapid service and holistic coverage.
Advancing the insurance of trade finance
Mike is also responsible for the strategic development of BPL Global’s business with respect to the insurance of trade finance. As part of this, he is a strong advocate of Excess of Loss Insurance where banks use insurance programmes to underwrite their financing of large pools of receivables, rather than relying on corporates’ own insurance and a loss-payee position. By having their own policy, banks can obtain regulatory capital relief and, by insuring the underlying receivables, can improve their advance rate. While a burgeoning area, Mike’s work has already helped BPL Global break into new banking markets and widen its portfolio.
Having started his insurance career at international broker Stewart Wrightson (which was later bought by Willis), Mike then spent 10 years at Sedgwick (now Marsh), where he looked after a number of the company’s major clients. He joined BPL Global in 1997 and is an Associate of the Chartered Insurance Institute.
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