Patrice Luscan, marketing and innovation director of Coface, has been elected 41st president of the International Credit Insurance & Surety Association (ICISA).
Kay Scholz, divisional chief underwriter officer credit, political risks and surety bonds at R+V Versicherung is the new vice-president for the same period.
Marking its 90th anniversary this year, ICISA represents the leading providers of credit insurance and surety bonds around the world. Its outgoing president is Jos Kroon, CEO of Nationale Borg-Maatschappij, who was elected in June 2016. Stepping down as vice-president is Richard Wulff, former general manager for credit and surety at QBE Insurance Group.
Luscan has over 14 years’ experience in senior roles at international credit agencies. He first joined Coface in 2011 as deputy to group organisation director. Prior to this he worked for seven years in management and marketing roles at Euler Hermes before serving as its regional director account management, South Europe between 2008 and 2011.
“I’ll proudly be serving the industry as president of ICISA after the election of June 1, together with a renewed management committee, the executive director and the secretariat,” Luscan says of his new role.
Scholz has worked in the financial industry for more than 20 years, with 11 of those in trade credit, political risks and surety bonds at R+V Versicherung.
Argo Surety, Credendo and Liberty Mutual have been elected as members of the association’s management committee, joining Atradius, Chubb, Coface, Euler Hermes and R+V Versicherung. Leaving the management committee this year are: Lombard, Munich Re, Nationale Borg, QBE, and the Guarantee Company of North America.
Elections took place in Stockholm, where ICISA members met for their 76th AGM to discuss market and industry developments including fintech, insurtech and blockchain, Basel III/IV and its potential effects on the co-operation with banks, and threats imposed by looming trade restrictions and regulatory concerns.
“Increased exposure and increased premium data point to a lower average premium rate, which is a result of the soft [trade credit] market, but does not reflect the worsening risk outlook,” Luscan says in a press release.
“We expect higher growth in the coming year, thanks to this awareness of higher risk, and are prepared to continue to support our policyholders,” he adds.
Surety members of ICISA report a healthy growth in premiums and insured exposure despite soft conditions in developed markets. In light of this, Scholz says: “The state of the surety market has developed favourably, following the economic trends and a recovering construction industry. This is reflected in strong underwriting results and modest claims ratios for most members.”
Amsterdam-headquartered ICISA today insures almost US$3tn in trade receivables and guarantees billions of dollars-worth of construction, services and infrastructure. It covers markets across five continents and is now partnering with Offenburg University on a new industry global data project, aimed at giving an annual estimate of the size of the trade credit insurance and surety markets.