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Allianz Trade has launched its next generation Trade Credit Insurance product in the UK & Ireland.

Trade Credit Insurance is a crucial part of Allianz Trade’s offering, a B2B insurance product designed to cover the non-payment risks of trade receivables. This activates in the event a customer cannot pay under the terms of an agreed contract.

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In addition, the Allianz Trade Credit Insurance product offers a number of features:

  • Better cover with enhancements including retrospective cover, CEND, and enhanced delayed effect cover.
  • Improved experience with simpler policy documentation and a quick access online portal, and
  • Further opportunities for international growth.

All new business will be underwritten per the terms of the new policy wording, while existing policies will transition at natural renewal points throughout the year.

Sarah Murrow, CEO for the UK & Ireland, Allianz Trade said: “Since the inception of the UK & Ireland business, over 100 years ago, we have been committed to innovating and providing a service that keeps pace with the needs of our brokers and insureds. International trade today faces significant pressure from multiple directions, and it’s becoming more complex. Our research suggests global insolvencies will rise again this year by 9%, so covering non-payment risks will be a matter of survival for many businesses.

“Our updated policy wording is designed to give our insureds the security and confidence to trade and grow, despite prevailing economic uncertainty, while providing brokers with a solution that is simple to use and makes their job easier.”

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Peter Evola, commercial director for the UK & Ireland, Allianz Trade, added: “Today is a key milestone not just for Allianz Trade in the UK & Ireland, but represents a shift for the entire trade credit market. The message is loud and clear: we are prioritising innovation to ensure our core product is what our clients and partners need today, to give them confidence to trade tomorrow, and to give us a base to innovate even further in the future.

“Early feedback from our brokers is encouraging. I’m immensely proud of our team for creating such a comprehensive product suite that is easy to use, and cements our position as the leading trade credit insurer.”

Earlier this year, Arch Insurance North America (Arch Insurance), a division of Arch Capital Group (Arch Capital), signed a master transaction agreement to acquire the US assets of AGCS.

The deal involves the sale of AGCS’ US MidCorp and entertainment insurance businesses, along with select specialty insurance programmes, for $450m in cash. 

Arch will take on around $2bn in loss reserves linked to the acquired operations.  

The total transaction value is $1.4bn, which includes the cash consideration and $1bn in capital support for the acquired assets.