Global broking company Brokerslink has launched a dedicated trade credit insurance practice in response to increasing demand from its network of independent brokers.

The new practice will provide all its partners and affiliates access to a collective pool of expertise in the trade credit sector, which it says will enable brokers to enhance their propositions to clients locally and for multinational business.

The launch follows a recent survey conducted within the network which revealed that 75% of brokers were interested in expanding their remit to trade credit insurance, and of those, half have identified existing accounts in their regions for which they need international support.

As well as sharing trade credit expertise across the global network, the new practice is also aimed at increasing access to credit and surety capacity, and at enabling new opportunities for international business and greater market access.

Phillip Krinker, executive director at CredRisk Seguros (part of the MDS Group), said: “The trade credit insurance market already sees global premiums in excess of US$11bn with an annual growth rate in the region of 10-30%. Whilst the sector is currently dominated by large corporates in Europe and Asia, the opportunities globally are substantial. We’ve recognised this opportunity and responded to the demand coming from the network.”

“The new TCI Practice has been designed to facilitate knowledge transfer between brokers, share best practices and help them bolster their propositions.”

José Manuel Fonseca, chairman of Brokerslink, added: “Our latest dedicated knowledge hub will share the immense wealth of specialist knowledge we have across our broking community. This, along with our employee benefits and risk management practices, allows us to pool this knowledge for the mutual benefit of our network.”