Industry Insurance | Headquarters London, United Kingdom | |
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Type International Trade Association Founded 1934, Berne, Switzerland Key people Topi Vesteri, President; Mandisi Nkuhlu, Vice-President; Vinco David, Secretary General Website | ||
The Berne Union, also known as The International Union of Credit & Investment Insurers, is an international non-profit association and community for the global export credit and investment insurance industry.
Contents
The association provides a forum for professional exchange among members, as well as promoting constructive engagement in collaborative projects with external stakeholders from across the wider trade finance industry, including banks and financiers, regulators and policy setters, traders, academics and other associations. Its mission is to actively facilitate cross-border trade by supporting international acceptance of sound principles in export credit and foreign investment.
Membership
As of January 2017, the Berne Union represents 84 member companies from 73 countries worldwide. These include government-backed official export credit agencies, private credit and political risk insurers and multilateral institutions. In 2015, Berne Union members collectively provided payment risk protection to banks, exporters and investors amounting to US$1.84 trillion. This total business volume represents cover of approximately 11% of total world cross border trade for goods and services, as recorded by WTO figures.
Since the beginning of the global financial crisis in 2008, Berne Union members have paid claims of approximately US$35 billion.
History
The Berne union was founded in 1934 by private and state export credit insurers from France, Italy, Spain and the UK. The first meeting was held in Berne, Switzerland – which is where the name Berne Union comes from. While Berne is still the legal domicile of the Union, it has not met there since 1939.
Notable milestones include:
As of 2017, the modern Berne Union is structured around four committees, representing these two export credit groups (short term and medium/long term) along with an investment insurance committee and the so-called Prague Club Committee (PC), which was formally integrated in May 2016, having been a legally separate, but closely associated entity prior to this.
Governance
The Berne Union is led by the President, Vice President and a Management Committee, with each elected position held for a term of two years. The Management Committee are supported by a permanent Secretariat, led by the Secretary General and based in London, in the United Kingdom.
The Current President is Mr Topi Vesteri, Deputy CEO and Chief Credit Officer at Finnvera - the official Finnish Export Credit Agency. He was first elected in November 2015, at the association's Annual General Meeting in Shanghai, and reconfirmed for a further term of two years at the 2016 Berne Union Annual General Meeting, in Lisbon.
Current Vice President, Mr Mandisi Nkuhlu - COO, of ECIC SA, the South African Export Credit Agency - was elected to serve for two years, also at the Lisbon AGM .
Mr Vinco David was appointed Secretary General of the Berne Union in November 2016, with effect from March 2017.
Activities
Members of the Berne Union meet twice per year for the Spring General Meeting (in April/May) and the Annual General Meeting (in October / November). Throughout the year a further 5-6 meetings take place on specialist topics such as: claims and recoveries, country risk, project finance, reinsurance, data reporting etc.