Corporate Restructuring and Working Capital Management
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The Credit Insurance Puzzle: Why is it 5x more popular in Europe?- webcast by Igor Zax for CFA

Thursday Oct 16, 2014

Igor Zax, Managing Director of Tenzor Ltd. will be presenting a webinar “The Credit Insurance Puzzle: Why is it 5x more popular in Europe”. The webcast, hosted by Commercial Finance Association (CFA), the international trade association dedicated to the asset-based lending and factoring industries and will take place on 4th  of November 11 am EST/4pm GMT.

Why is the percentage of secured transactions that are insured five times higher in Europe in the USA?  And what can we learn from the difference?
Credit Insurance can bring up strong opinions, and often we hear most about it from the insurance experts themselves, or from lenders who want to share a horror story.
Igor Zax will offer an unbiased overview of common misconceptions about credit insurance, and mistakes that are often made.  He will explore the reasons (right and wrong) why it more popular in some markets and less so in other, and the ways to structure programs for various purposes (both export and domestically). Zax will also map credit insurance among other available tools (from both corporate and financial institution prospective).

Free registration is available on CFA website via link https://www.cfa.com/eweb/DynamicPage.aspx?WebCode=EventInfo&RegPath=EventRegFees&Reg_evt_key=89CBC1A9-C350-4BCA-8CD7-E71C3ADD06A0

DISTRIBUTION FINANCE – A TIME FOR CHANGE? by Igor Zax and James C. Berry II in World Supply Chain Finance Yearbook 2013/2014

Tuesday Jan 14, 2014

Igor Zax, managing director of Tenzor Ltd, and James C. Berry, II, Executive Director, 5I Group LLC, published a new article, Distribution Finance – A time for change in World Supply Chain Finance Yearbook 2013/2014, a major publication by BCR/Factorscan.
The article addresses industry landscape and fundamentals, new products and approaches to make the industry more competitive and better serve client needs, and opportunities for new entrants (such as leasing companies and banks) in this market.

Credit Insurance-Lessons From The Crisis-by Igor Zax in Insurance Insight

Wednesday Mar 20, 2013

Igor Zax, managing director of Tenzor Ltd, published a new article, Credit Insurance Lessons From the Crisis in Insurance Insight, leading insurance publication.

The article looks into the value proposition of credit insurance, common misconceptions about it use, risks of relinquishing control of credit process and efficient use of credit insurance as part of financing solutions.

Reprinted with permission.

Operational Turnaround –Focus on Working Capital and Supply Chain-lecture by Igor Zax at LBS

Saturday Mar 24, 2012

Igor Zax CFA, founder of Tenzor Ltd, gave a new guest lecture Operational Turnaround –Focus on Working Capital and Supply Chain as part of a course “Mergers, MBOs and Other Corporate Reorganisations” by professor Paolo Volpin at London Business School 23 March 2012.

The lecture covers principles of distressed investments, corporate turnaround and operational due diligence. It also focuses on supply chain and working capital implications, use of asset backed lending, vertical integration and business model re-design.

Slides for the presentation can be seen by clicking the link below:
Operational Turnaround –Focus on Working Capital and Supply Chain

Designing a Corporate Credit Policy- by igor Zax in GT News

Friday Feb 24, 2012

Igor Zax, managing director of Tenzor Ltd, published a new article, Designing a Corporate Credit Policy in GT News (major treasury publication by AFP).

The article discussed effects of granting credit to customers, credit origination process,credit risk management, dilutions/late payments and their effects, concentrated A/R, effect of A/R policy on return on capital.

Reprinted with permission.

Trade Credit Insurance: Best Practice and Lessons from the Crisis

Tuesday Aug 17, 2010

Trade Credit Insurance- Best Practice and Lessons from the Crisis This new article by Igor Zax  covers reasons for use of credit insurance, it’s role in transferring risk, outsourcing credit process and building financing solutions, advantages and pitfalls of using credit insurance, and the effects of the financial crisis for corporate use of credit insurance.

Published in GT News – publication of AFP (Association of Financial Professionals). Reprinted with permission.

Effects of credit insurance withdraw on retail industry

Sunday May 17, 2009

Below is a discussion on Linkedin between Igor Zax (Tenzor Ltd.) and Tony Heywood (Gilcrest Services Ltd) on effect of credit insurance withdraw and latest government support initiatives on retail industry.

Withdrawal of credit insurance has a devastating effect on the fashion retail industry and is holding back recovery. Has anyone yet received or requested help under the Budget insurance scheme yet?

Just a small note- to the best of my knowledge the particular scheme is only covering reduction of cover through providing top up, not complete withdraw. My guess is most of the cases you refer to the cover is completely withdrawned, so the scheme would not help…

Hi Igor
You are correct – it only covers reduction after 1st April and then only tops up to a max of the existing cover. So if cover is reduced to 30% it will only bring it up to 60%.

My feeling is, that it is likely to be of little help to the industry and is another Government initiative which is big on headlines but of little actual help.

I was hoping that I may be wrong but the lack of replies from here and other requests re-enforces my belief.

A little more about it in my blog


Hi Tony,

I guess one shall question the relevancy of the scheme for your sector. Firstly, it is for sellers based in UK- so unless the retailer buys from UK company (manufacturer if these still exist or distributor) it is not relevant at all.
Secondly, it only applies to whole turnover policy. What it is likely to mean is that there may be an incentive for insurer to actually reduce the cover, as they are still being paid on all sales, get less exposure and plus might charge a commission for administrating government policy on top of the 2% cost. This may also substantially increase cost to supplier, that is likely to be passed to retailer.
Could not agree more with the point in your blog about importance of communication with insurers. This would focus on three areas- complete and timely information (obvious point), getting the right interpretation (often the underwriter do not understand enough about the industry or company specific factors) and getting to the right level (somebody who can make an exception to general mechanical approach based on additional facts). Two latter points require a lot of credibility that one needs to build.
Lastly, do not assume supplier cannot take uninsured risk. Unless the insurance is tight to their own financing (such as invoice discounting or factoring), there is no reason they cannot take uninsured risk. The credit controller may think they cannot- CEO might have a different view if you are a very important customer AND you can provide reasonable comfort that you will be able to pay.

Excellent points Igor


Presentation on Socialising Working Capital

Thursday Apr 9, 2009

Presentation by Igor Zax, currently MD of Tenzor Ltd.  Socialising Working Capital Trends and New Models at Midmarket Turnaround- joint event organised by  Chicago Booth, TMA and IIM, November 2008

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Interview with GARP Risk Review about Receivables Financing

Thursday Apr 9, 2009

Download Interview with GARP Risk Review

Interview by Igor Zax, currently MD of Tenzor Ltd. with GARP Global Risk review on the credit risk and operational risk challenges posed by trade receivables, the loss of trust in the asset-backed commercial paper market and the pros and cons of credit insurance