Expanding the range of services available to its trade credit clients Marsh, the world’s leading insurance broker and risk adviser, has created a Trade Credit Practice for Europe, the Middle East and Africa (EMEA).

The team will be led by Tim Smith, who was previously Head of the UK Trade Credit Practice. He will be succeeded in that role by Iain Maitland, who was previously head of trade credit at HSBC Insurance Brokers Limited, which was acquired by Marsh on 1 April this year.

Commenting on the announcement, David Batchelor, CEO of Marsh for EMEA, said: “Our clients have been severely impaired by the lack of availability of trade credit during the last year or so. Trade credit insurance remains critical to their cash flow with bank credit still tight. We have created this region-wide practice to deliver global insurance market access and the highest standards of benchmarking information and industry insight, wherever our clients are located.”

Mr Smith, who has worked in trade credit at Marsh for the past 23 years, said: “Following the global economic difficulties, Marsh clients are now using trade credit insurance as a tool to support growth in new geographies by collateralising debts. Marsh is providing vital information for clients around best practice debt collection protocols that can give them a real competitive advantage.

"After a difficult year for trade credit insurance, the market is becoming more positive and we are increasing our capabilities so that clients can make the fullest use of this key corporate risk management solution.”