An unpleasant fact of life is that fraud can happen. Whilst we all do our best to put measures in place to avoid fraud, it can still happen. Unfortunately, we recently came across a case of fraud, which resulted in a large loss for the company, our client. Effectively the buyer imitated a large company and placed and received an order, all without the knowledge of the legitimate company. This type of fraud is called Buyer Impersonation. How did it happen? It started with an email from a large buyer to our client enquiring about buying some goods. Our client naturally thought this was fantast ..read more

The UK Government has formally launched the Trade Credit Insurance Support Scheme (the Scheme) that the industry has been pressing for and working towards since April. This is very good news for Trade Credit Insurance, for business and for the economy and CMR along with all leading UK credit insurers, and the ABI unequivocally welcomes the announcement. The key focus is to enable businesses to trade with confidence and the backing of the Treasury will provide much needed support for business and allow supply chains to open up as economic activity expands following the gradual easing of lockd ..read more

Following the launch of the Government’s Trade Credit Insurance Support Scheme (Scheme), there are naturally a number of questions. Atradius, the insurer we work with have released some FAQs to help understand the Scheme a bit more. Please see below what they have shared with us. The Scheme is designed to aid economic recovery and will provide a £10bn Government backed guarantee, covering up to 90% of B2B trade credit insurance transactions. It runs from 1 April 2020 until the end of the year. The Scheme covers domestic and export trade for UK domiciled businesses. The reinsurance structure ..read more

The UK Government has formally launched the Trade Credit Insurance Support Scheme (the Scheme) that the industry has been pressing for and working towards since April. This is very good news for Trade Credit Insurance, for business and for the economy and CMR along with all leading UK credit insurers, and the ABI unequivocally welcomes the announcement. The key focus is to enable businesses to trade with confidence and the backing of the Treasury will provide much needed support for business and allow supply chains to open up as economic activity expands following the gradual easing of lockd ..read more

CMR, which is part of PIB Group, is pleased to see today’s Government announcement that it intends to develop a Government-backed temporary reinsurance scheme to help businesses recover from the impacts of COVID-19. Our input with BIBA (British Insurance Brokers’ Association), the ABI (Association of British Insurers), the CBI (Confederation of Business Industry) and BEIS (Department for Business, Energy & Industrial Strategy) has been invaluable in supporting the scheme that could help speed up the economic recovery, ensuring the continued availability of trade credit insurance. This su ..read more

Happy Anniversary to us! CMR has been trading and supporting business growth for 30 years and we’re looking forward to continuing that as part of PIB Group. “We are all very proud to have reached this incredible milestone. Our success has been built on the outstanding people at CMR and now, working within the vibrant PIB Group, our business will go from strength to strength. We have worked with the same Trade Credit Insurer, Atradius, throughout the past three decades and the strength of that relationship is the cornerstone of a great future for us.” – Chris Hoy (Managing Director) Get a Fr ..read more

What is the most frequent type of claim? The most frequent claim type is an insolvency claim, which can be processed as soon as the buyer enters any form of insolvency proceedings. Are bad debts affecting SMEs? Over 90% of registered UK businesses are SMEs so bad debt are affecting them. Bad debt quite often destabilises and causes a supplier to collapse if they do not have a trade credit insurance policy. A huge benefit of trade credit insurance is that it stops the domino effect. The domino effect relates to businesses further down the supply chain that could be affected by a bad debt. An ..read more

COVID-19 (Coronavirus) In the light of the COVID-19 (coronavirus) threat, we want to give our clients and business partners some reassurance with the steps that PIB Group (‘PIB’), and all our businesses are taking. Our priority is to maintain service to our clients as far as we can, whilst ensuring the safety and wellbeing of all our employees, clients and business partners. With this in mind, we are applying recommended health and hygiene practices to all our activities, as well as adhering to government advice in terms of: Avoiding ‘non-essential’ travel and contact with others Introducing ..read more

During these unprecedented, uncertain and quite frankly unnerving times, how will we as humans cope? Obviously the most pressing matter is every single person’s well-being and safety, but what will everyone be going back to if we are put into lockdown? Will there be a lot of company failures or will the technology advancements we’ve made mean we will be able to function well? Technology There is no denying that the technological advancements that have been made have made it much easier for businesses to have employees working from home. I am writing this blog post from home and will uploa ..read more

We’re delighted to announce that CMR Insurance Services Ltd (‘CMR’) has been acquired by PIB Group. Launched in 2015, PIB Group is a dynamic insurance intermediary group aiming to create a leading position in the provision of specialist insurance solutions across the UK market and beyond. Christian Hoy, co-founder of CMR, commented: “Our team strives to provide the highest standard of service to our clients and we have achieved strong growth performance in recent years. We are excited to join PIB in the next stage of our evolution and contribute to the Group’s long-term ambitions.” Brendan M ..read more