WTW eyes trade credit insurance growth in UK

Willis Towers Watson (WTW) has announced new plans to further grow in the trade credit and trade finance sector.

In a statement released today (22 January 2024), the broker said it wanted to continue investing in servicing such clients as part of its growth strategy in 2024.

To help achieve this, the firm has announced Michael Creighton as its new head of trade credit and trade finance.

Creighton will be responsible for implementing the broker’s growth strategy for trade credit and trade finance across Great Britain.

He will report to Paul Lacey, WTW’s head of financial solutions in the UK.

Lacey said he was looking forward to working with the appointee as “we realise our ambitions and executive our growth strategy in 2024”.

“Michael has been integral to the ongoing success of the financial solutions team and this new position reflects both his proven leadership skills and expertise, as well as WTW’s continued investment in servicing our trade credit and finance clients,” he added.

‘Best in class’

This came after experts previously highlighted that a trillion wide finance gap was causing a “challenging environment” for insurers and small and medium-sized enterprises (SMEs).

Firms that have taken action to mitigate trade credit challenges include Biba, which launched a guide around trade credit insurance in April 2022, and AllianzGI launching its second trade finance fund in November 2022.

B2B fintech Trade Finance Global (TFG) then partnered with a series of firms, including credit insurer Allianz Trade, to launch TFG Distribution Finance in July 2023.

WTW global head of trade credit Pieter Van Ede said that “providing unmatched solutions and valuable advice to our trade credit and finance clients requires best in class talent” and that Creighton was a “prime example of the calibre of expertise leading our offering”.

Creighton joined WTW in 2019 as an executive director within financial solutions and prior to joining the broker, he served as head of export credit finance at Nedbank.

He also served as director of the African Trade Insurance Agency (ATI) and, before spending eight years in senior positions at Italian export credit agency Sace, was head of trade credit at Generali’s Hong Kong branch.

He began his career in trade credit insurance at Coface South Africa.

“I am delighted to congratulate him on this new role,” Van Ede added.