We are very pleased to start the New Year with an exciting announcement regarding our Credit Insurance division. After a targeted recruitment initiative, we are pleased to announce the appointment of Corran Barnes as Director of Trade Credit who will join the business on Monday 16th January 2023, with the aim of re-launching our Credit Insurance division. Our ambition is to grow this area as we have done with Healthcare, Private Clients and our Branch Network across the UK.
Corran joins us from Avenue Insurance Partners, where he was Sales Director.
With Corran’s excellent market relationships in the Credit Insurance sector and his proven record in the Industry, we’re confident we can develop the Credit division at C&C to be a market leader in the UK, as companies become increasingly challenged by the economic environment.
With economic uncertainty a prevalent concern, the biggest threat companies now face is taking a bad debt on the balance sheet. Inflation, labour shortages, government support withdrawn and rising interest rates putting a strain on working capital means even the strongest of companies are having to reforecast and make cuts.
Whilst a properly brokered Credit Insurance policy cannot prevent insolvency or default alone, it can mitigate the risk through the sophisticated risk assessment of debtors and seek to indemnify when a claim occurs. Having that network of information from fellow policyholders and underwriters can often provide you with enough notice of an adverse event so you can manage your exposure and expectations accordingly.
The latest figures show insolvencies are on the rise. In England and Wales, the number of registered company insolvencies in November 2022 was 21% higher than in the same month in the previous year, [Source: The Insolvency Service Monthly Report – Dec 2022.] In Scotland, this was 13% and in Northern Ireland it more than doubled.
Now, more than ever, companies must protect themselves from debtors potentially failing. Behind every statistic, there is a very real impact on people’s lives and with insolvencies on the rise, so is insomnia for many business owners.
So, whilst it’s undeniably true that we’re living in an uncertain world, business uncertainty doesn’t necessarily have to leave a business exposed.
