Legal tussles between commodity traders and their insurers are nothing new. But when the validity of a policy is in dispute, where does that leave the broker that arranged cover in the first place? As brokers increasingly find themselves on the receiving end of lawsuits, John Basquill examines two rapidly evolving cases and their wider ...| Global Trade Review (GTR)
Insurance intermediary Specialist Risk Group (SRG) has made two senior appointments within its newly launched credit and political risk division, naming Ed Nicholson and Matt Solley as managing partners. Based in London, the hires will work alongside industry veteran John Lentaigne to establish SRG’s position in the market. SRG made its entry into the sector ...| Global Trade Review (GTR)
Leroy Almeida has moved to broker Marsh to head up its political risk and structured credit department in the Middle East and North Africa.| Global Trade Review (GTR)
QBE says it believes commodity trades at the heart of an ongoing legal dispute with Marketlend were fictitious or fraudulent, allegations rejected by the Australian trade finance platform. On January 19, QBE’s Malaysian arm was ordered to pay out insurance claims totalling US$9.38mn brought by Marketlend, which stem from the default of several commodity traders ...| Global Trade Review (GTR)
A court has ordered Tokio Marine’s Australian subsidiary, the Bond & Credit Company (BCC), to pay an insurance claim of A$7.2mn to a trade financier which fell victim to a fraud carried out by Phoenix Commodities. Phoenix Commodities, a group of companies in the United Arab Emirates, Singapore and British Virgin Islands, collapsed in April ...| Global Trade Review (GTR)
Australian trade finance platform Marketlend has reached a settlement with Bond & Credit Company (BCC) in a landmark case over cover for commodity trades, GTR can reveal. Court records show Marketlend has discontinued proceedings against BCC and its parent company Tokio Marine, and sources familiar with the case have confirmed an agreement was reached in ...| Global Trade Review (GTR)
Indian financial institutions are seeking better capital treatment of trade credit insurance as part of the country’s review of trade finance. The country’s domestic banks are discouraged from offering financing products such as domestic and cross-border factoring because they do not benefit from reduced capital requirements when they use credit insurance, unlike lenders in ...| Global Trade Review (GTR)
The GTR Leaders in Trade awards highlight excellence in the trade, commodity, supply chain, export finance and fintech markets. The winners in each category are based on submissions sent to GTR. Where relevant, Best Deals signed in 2024 were referenced as further substantiation for GTR’s decisions. GTR revealed the shortlist for the Leaders in Trade…| Global Trade Review (GTR)
Singapore-headquartered trader Triumph Global is suing embattled insurer Bond & Credit Company (BCC) in Australia over unpaid claims arising from the collapses of Rhodium Resources and Longview Resources. Triumph’s Hong Kong subsidiary entered into four commodity trades with Rhodium and another with Longview in early 2020, with a total value of just under €21.5mn, court…| Global Trade Review (GTR)
