UK EXTENDS COVID-19 TRADE CREDIT REINSURANCE SCHEME

The UK government has extended its trade credit reinsurance scheme until the summer of 2021. The scheme, established in July of last year in response to the pandemic, initially provided a £10bn state guarantee for trade credit insurance in exchange for 100% of premium up until the end of 2020. On December 29, the UK’s Department for Business, Energy & Industrial Strategy said it will now extend the Trade Credit Reinsurance Scheme by six months to June 30, 2021. Participating insurers in the scheme include AIG, Atradius, Coface, Euler Hermes, Markel, Nexus Trade Credit, QBE and Zurich Insurance.