Insuring the balance sheet

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Presentation transcript:

Insuring the balance sheet Handouts General Presentation Template Aon Nederland Insuring the balance sheet DACT Treasury Beurs Noordwijk November 5th, 2009 Aon Trade Credit 18-11-2018

Handouts General Presentation Template Aon Nederland Who is Aon Handouts General Presentation Template Aon Nederland Worldwide leader in Risk Management Employee Benefits (Re-) Insurance Aon Corporation Revenue USD 7,4 Billion (2008) Based in 120 countries with 500 offices 36.000 employees worldwide, 1500 in The Netherlands Aon Trade Credit 18-11-2018

Aon Trade Credit Aon is risk consultant & insurance broker to Randstad Aon Trade Credit was requested to advise Randstad on credit insurance in relation to the pursued off-balance sheet financing of the receivable portfolio The objective of Randstad was the off-balance structure In some structures a credit insurance was a condition sine qua non This has an impact on the discount rate of the purchase price Randstad Bank Premium A/R Credit Insurer Insurance EUR Aon Trade Credit

Insurance Issues Credit management impact for Randstad Standby facility: when to start insuring Amount covered and therefore fundable unclear over time Insured is the financial institution (ABS policy) at the moment it becomes owner of the assets Cost / Benefit Aon Trade Credit

Randstad Solution The receivables portfolio of Randstad is diversified in terms of debtors and industry segments Therefore comparable to the portfolio of a financial institution willing to finance the portfolio (predictability and no concentration concerns) The credit insurance market is open for solutions and has shown flexibility The discount proposed by a financial institution and amount eligible for sale should be compared with the cost for risk transfer premium of a credit insurance Aon Trade Credit

Aon Trade Credit Aon Trade Credit