Thursday, 18 December 2014


*GSA is Opening a Toronto Location*

Building on 20 years of success in Quebec, GSA is opening in Toronto. We are proud to introduce Ron Magee, our new Toronto broker.
Ron has over twenty years of experience in the financial and insurance industries and is poised to offer you his expertise and exceptional customer service across Ontario.

Gerald Shtull & Associates
Ontario Office - Ron Magee, Broker
Phone: 905-235-5523
Mobile: 416-884-0254
Fax: 1-866-731-3099

What is Trade Credit/ Receivables Insurance?
  •  C.C.A.A. (Canada)
  • Chapter 7, Chapter 11 (USA)
  • Non-payment (past-due)
  • Refusal to accept goods
If you are a manufacturer, importer/exporter, service provider, or distributor, ask about receivables insurance today. 

It's protection that could save your business.


Wednesday, 24 September 2014

Happy Holidays

 L'Shanah Tovah

Wishes for a sweet and joyous new year

From our family to yours
-Gerald Shtull & Associates-

Tuesday, 23 September 2014

Le Journal De L'Assurance interviews GSA brokers

Le Journal De L'Assurance recently interviewed two brokers from Gerald Shtull & Associates. Commercial-lines damage insurance brokers Tiziana Pitino and Christine Richard answered questions about trade credit insurance, market conditions, and the benefits of protecting your receivables.

Wednesday, 23 July 2014

New Chairman Assesses RIAC's First Year

Receivables Insurance Association of Canada’s new Chairman points to membership growth, expanding brand recognition, fall economics conference as evidence of progress

Toronto, ON – Brad Hébert, the newly appointed Chairman of the Receivables Insurance Association of Canada, believes the association’s first year of operations laid a successful foundation. Now the association intends to expand membership, increase brand recognition, continue liaison with the Office of the Superintendent of Financial Institutions, and introduce more value-added member networking and professional development opportunities.
The Receivables Insurance Association of Canada promotes the business opportunity for receivables insurance – also known as trade credit insurance – to Canadian insurance brokers, the banking industry and businesses engaged in domestic trade and exporting.

Hébert, who is also Vice President – Trade Credit, of AIG Insurance Company of Canada, said the receivables insurance industry has single-digit market penetration among Canadian businesses and premiums across the country experienced a modest year-over-year increase of 2.7% in the first quarter of 2014, according to data from the Office of the Superintendent of Financial Institutions.

Yet the International Chamber of Commerce (ICC) Trade Register Report 2014 provides empirical evidence that, in all forms, trade and export finance is a low risk bank financing technique. Based on data contributed by the major global commercial banks and reflecting more than 4.5 million transactions totaling an exposure in excess of US$2.4 trillion, the ICC Trade Register Report 2014 (“the Trade Register”) empirically demonstrates that trade finance is lower risk than many other types of financing and assets. It records that short-term trade finance customer default rates range from a low of 0.033% to a high of 0.241%, which is a fraction of the 1.38% default rate reported by Moody’s for all corporate products (according to 2012 figures).

“These important findings from ICC motivate our association work with brokers, bankers and businesses to transform the vastly under-insured state of corporate receivables in Canada. The lack of receivables insurance introduces undue risk on working capital loans, inhibits the amount that can be loaned, and also forces higher interest rates on business clients that artificially restrict sales growth,” said Hébert.

In much the same way mortgage insurance is designed to protect the bank in the event of a foreclosure, receivables insurance protects businesses from buyers — in Canada or abroad — that are unable to fulfill their invoice payment obligations.
Such unforeseen trade disruptions can include buyer insolvency, protracted default – a failure to meet obligations on time due to inadequate cash flow, or political disruptions that lead to a loss on current receivables.

“Last year we launched the Receivables Insurance Association of Canada with most of Canada’s major receivables insurance underwriters, several brokers, as well as a major bank,” said Mark Attley, the association’s President. “Our stated goal was and is to grow a $200 million market to a goal of $350 million within five years. All our founding members remain with us into our second year, and I’m pleased to say we also welcomed new members from right across Canada including Gerald Shtull & Associates, Dan Lawrie Insurance Brokers Ltd. and several individuals from trade credit and political risk companies.” Attley pointed out that individual association memberships now start at an affordable $200 per person.

In its second year, the Receivables Insurance Association of Canada is undertaking the following initiatives to bring even more value and networking opportunity to its members:
    • Grow membership along four industry and individual tiers and seek member knowledge contributions in the form of white papers, webinars and professional education/upgrading programs.
    • Introduce an annual learning conference in Canada’s financial centre of Toronto that invites top economists to discuss issues affecting trade credit, political risk, exporting and the role of receivables insurance.
    • Encourage working committees in banking and finance, marketing, governance and membership to be proactive within the broader Canadian economy.
    • Continue working with the Office of the Superintendent of Financial Institutions (OSFI) that now allows banks to introduce the concept of receivables insurance to clients and direct business borrowers to for more information.
    • Build on public relations and public speaking initiatives that last year resulted in 47 media stories in insurance industry and general business publications and blogs both across Canada and around the world.
Hébert also stated that he is pleased to be working with a stellar association executive team including Mark Attley in his second year in the role of President; Christopher Short, in the role of Vice President; Mike O’Brien in the role of Secretary Treasurer and Ian Miller as Chair of Governance. Short, O’Brien and Miller are also respectively senior receivables insurance executives with Coface, Euler Hermes Canada, and Atradius Credit Insurance N.V.

About the Receivables Insurance Association of Canada
The Receivables Insurance Association of Canada promotes the business opportunity for receivables insurance – also known as trade credit insurance – to Canadian insurance brokers, the banking industry and businesses engaged in domestic trade and exporting.  The association also works to advance industry innovation and product integrity, solve any business problems related to government legislation, and represent the interests of its members by facilitating an open exchange of information and ideas.  Founding members of the Receivables Insurance Association of Canada include AIG Insurance Company of Canada, AON, Atradius Credit Insurance N.V., Coface, Euler Hermes Canada, Export Development Canada, Guarantee Company of North America, Marsh Canada Ltd., Millennium CreditRisk Management Ltd., and Red Rock Insurance Services Ltd. New members within the last year include Gerald Shtull & Associates, Dan Lawrie Insurance Brokers Ltd. and several individuals from brokerages and professional services firms across Canada.

Receivables Insurance Association of Canada Contacts

Phone: +1 416-596-3013
Brad Hébert, Chairman

Mark Attley, President
Phone: +1 613-794-6683
Paul Brent, Senior Communications Strategist, market2world communications inc.
Phone: +1 613-256-3939

Friday, 27 June 2014

Tuesday, 3 June 2014

Top Broker Magazine profiles Gerald Shtull & Associates

The excellent publication, Canadian Insurance Top Broker, has profiled Gerald Shtull & Associates in their Companies to Watch section for their May 2014 issue. An online version will be available soon at

Wednesday, 14 May 2014

Major Movement in the Sears Saga

As we have been expecting, Sears Canada and Sears Holdings Corp. (its U.S. parent company), are in the news again. Here is a roundup of some of the most interesting takes on the situation, (CLICK TO READ ARTICLES):

Sears Holdings says could sell its majority stake in Sears Canada 
Financial Post:
Sears Holdings considers selling majority stake or whole of Sears Canada
CTV News:
Sears Holdings considering selling its Canadian operations 
Canadian Newswire:
Sears Canada Acknowledges Sears Holdings Release Announcing Possible Divestiture
Huffington Post Canada:
Sears Canada May Be Sold Off
Global News: 
Sears Canada parent puts retailer up for sale
Wall Street Journal:
Sears Canada on the Block as Lampert Pursues Asset Sales

Wednesday, 7 May 2014

Canadian Women's Retailer Jacob Files For Bankruptcy

Montreal-based women's retailer Jacob is closing all of its stores across Canada. After 35 years of ups and downs, the company has declared bankruptcy and will liquidate its inventory throughout the spring. Media outlets all over the country are covering the story:
Click on links to read stories:
Canadian Newswire: 
Boutique Jacob Inc. files a Notice of intention to make a proposal to its creditors under the Bankruptcy and Insolvency Act
Jacob women's boutique to close stores across canada
Huffington Post: 
Fashion Retailer Jacob To Close All 92 Canadian Stores
The Globe And Mail: 
Canadian retailer Jacob files for bankruptcy, to close all 92 stores
Financial Post: 
Canadian fashion chain Boutique Jacob closing its doors across Canada
Reuters Canada: 
Canadian fashion retailer Jacob to liquidate and close stores 
Bankrupt women's fashion retailer Jacob will close all of its 92 stores in Canada

Wednesday, 16 April 2014

Astreos Credit Network Profiles Gerald Shtull

Astreos Credit Network kicks off its country profiles blog series with a profile on Canada and an interview with Mr. Gerald Shtull, founder of Gerald Shtull & Associates, CLICK HERE TO READ.

Monday, 10 March 2014

Wednesday, 5 March 2014

The Only Major Asset Left Uninsured - Accounts Receivable

Most companies insure against other unpredictable events with a high potential for loss. Surprisingly, accounts receivable is often the only critical asset left uninsured.

Property, liability, business interruption and more are covered with care, but lack of protection against excessive credit write-offs can cripple even a successful business.

Protect your major assets; have us customize a program to your specific needs.

Please feel free to contact us at any time with questions:
Gerald Shtull & Associates

Our Mission
Gerald Shtull & Associates is dedicated to providing expert service with unwavering professional care; prioritizing the protection of our clients' accounts receivables and the future growth and prosperity of their business.

Winter Takes its Toll on Sears and Dollarama, Business News Network Reports

Business News Network posted Sneha Banerjee's article for Reuters, Sears Canada blames severe weather for fall in sales . Sears, as well as retailer Dollarama, have both cited that extreme winter conditions are responsible for their low sales in late 2013. READ FULL ARTICLE HERE.

Target's Poor Performance in Canada

How Target missed its mark and lost $1-billion in Canada, from our favorite retailing reporter, Marina Strauss at the Globe and Mail: 
"Target reported a forth-quarter Canadian operating loss of $329-million - far short of its initial forecast that it would be profitable, while its gross profit margin was a measly 4.4 per cent."

Tuesday, 4 March 2014

Article from Canadian Business shows Hudson's Bay is neither here nor there

Darah Hansen, in her Canadian Business article, Why Hudson's Bay will lose Canada's retail war in 2014, reports the advent of US high-end luxury retailers like Nordstrom, and expansions by existing Canadian department stores like Hold-Renfrew will challenge the Bay in the coming year. Hudson's Bay does not meet the desire of the luxury level shopper, while at the same time, lowering the retail standard to that of Target would be a mistake. READ FULL ARTICLE HERE.

Interview with Mark Attley, President of Receivables Insurance Association of Canada (RIAC)

Trade Financing Matters has published a very informative interview by David Gustin, with Mark Attley, president of the Receivables Insurance Association of Canada (RIAC).
Gerald Shtull & Associates has recently joined RIAC as broker members. We are pleased to see the consistent media coverage on the association and the increased exposure of Receivables Insurance in Canada.




Toys "R" Us Layoffs

The New York Post reports Toys "R" Us to lay off about 200 employees from its New Jersey headquarters.
The decrease in sales is being blamed in part to the massive popularity of tablets, smart phones, and electronic devices, replacing the desire for more traditional toys and eclipsing their sales.

Monday, 3 March 2014

Global Finance publishes excellent article on Trade Credit Insurance

Global Finance has published an excellent articel by Paula L. Green entitled Risk Management: Insuring Trade Credit, A Conversation Starter

The article discusses  major companies like L'Oreal USA's success with trade credit insurance. Green also highlights the popularity of credit insurance in Europe versus its very new growth in North America. Euler Hermes, Coface and Atradius are cited as the main providers.

Friday, 28 February 2014

Get Some Rest, You're Covered

Tips for a Good Night's Sleep
  1. Contact Gerald Shtull & Associates and work with Canada's largest credit insurance specialist broker to create a customised credit insurance program
  2. Through your policy, secure your most important asset, your accounts receivables
  3. Watch your cash flow stabilise and your lenders offer you improved margining and conditions
  4. Institute more lenient payment terms and expand into new markets to grow your business with confidence
  5. Relax, knowing that you are guaranteed payment for products delivered or services rendered, and get some rest, you're covered
Please feel free to contact us at any time with your questions:
Gerald Shtull & Associates

Our Mission
Gerald Shtull & Associates is dedicated to providing expert service with unwavering professional care; prioritising the protection of our clients' accounts receivables and the future growth and prosperity of their business.

Credit Insurance is a Financial Tool - GSA and Improved Borrowing Conditions

Aside from protecting your assets and managing your risk, credit insurance also acts as a financial tool.

After protecting your business with AR insurance, you can improve your position with lenders, influencing lending agencies to provide added financing and improve margining and conditions.

On average, lending agencies will finance about 70% on your uninsured accounts receivables. With credit insurance, you can look forward to a possible rise up to 90%, allowing you to grow your business safely and with confidence.

Please feel free to contact us any time with your questions:
Gerald Shtull & Associates

Our Mission
Gerald Shtull & Associates is dedicated to providing expert service with unwavering professional care; prioritising the protection of our clients' accounts receivables and the future growth and prosperity of their business.

Tailored by Gerald Shtull & Associates

A Perfect Fit
Through negotiations with insurers, GSA creates made-to-measure credit insurance programs that eliminate unacceptable risk and suit your business. We are specialists in a highly specialized field, and our interests are your individual needs.

The Benefits of GSA Customized Expertise
  • We identify potentially threatening credit and political risk
  • We determine risk factors and probabilities & develop strategies for risk avoidance
  • We structure a program that transfers unacceptable risk to an insurer
  • We negotiate with the insurers for the arrangement of an appropriate coverage program
Our clients include companies from industries of all sizes. Whether you are a manufacturer or wholesaler, generating revenues of less than one million or more than one billion, your company will be fit with the personalized credit insurance policy offering you the most overall value.

Please feel free to contact us at any time with your questions:
Gerald Shtull & Associates

Our Mission
Gerald Shtull & Associates is dedicated to providing expert service with unwavering professional care; prioritizing the protection of our clients' accounts receivables and the future growth and prosperity of their business.

Thursday, 27 February 2014

Every Step of the Way

Have you been considering insuring your accounts receivable but aren't sure where to start? Sorting out your credit insurance needs can feel like an uphill climb. Our Customer Service Agent Brokers will act as your guide, leading you through the process form beginning to end. We have the right equipment for your journey.

  • INDUSTRY EXPERTISE - knowing your industry allows us to serve you best
  • PRODUCT KNOWLEDGE - we know what fits your business
  • REPUTATION - we are the largest specialist credit insurance brokerage firm in Canada
  • EXPERIENCE - decades of practise in insurance, accounting, and credit management
Your CSA will facilitate understanding of policy endorsements and coverage issues. Through all stages of claim filing and indemnification, GSA will be there for you.

Please feel free to contact us at any time with your questions:

Gerald Shtull & Associates

Our Mission
Gerald Shtull & Associates is dedicated to providing expert service with unwavering professional care; prioritising the protection of our clients' accounts receivables and the future growth and prosperity of their business.

CAPs off to Euler Hermes: A new product for their US and Canadian Customers

On October 1, 2013, Euler Hermes announced an exciting and innovative new product for their US and Canadian customers:
"CAP is a second layer of insurance protection – or “top-up coverage” – allowing businesses to purchase up to $1.5 million of coverage above their previously approved limits. The product is specifically designed for Euler Hermes’ U.S. and Canadian customers of all sizes and sectors, particularly those trading with more difficult risks and markets." Click here to read full article from Euler Hermes.

Around the Globe

Gerald Shtull & Associates is pleased to announce some exciting news - We are now able to service your credit insurance needs worldwide! We have joined forces with Astreos Credit, a European-based, international network of independent brokers specializing in Trade Credit Insurance.

With offices in 28 countries, Astreos network has all of your global business covered.

In The Americas:

In Asia:

In Eurpore, Middle East, Africa:
Czech Republic
South Africa
United Kingdom

If you have any questions regarding international credit insurance, or Astreos Credit Network, please do not hesitate to contact us:
Gerald Shtull & Associates

Wednesday, 26 February 2014

Welcome to Our New Website -

GSA is Launching our New Website

Dear Colleagues:
Gerald Shtull & Associates is pleased to announce the release of our new website; designed with a fresh look, user-friendly navigation, and the latest information about our company and services. We hope that you will enjoy browsing our new site and that it will be a useful tool for strengthening our business relations.

Also, you can check out our blog at, or visit by clicking on the News section of the website.

Best wishes,
Gerald Shtull & Associates

Please note that all Gerald Shtull & Associates email addresses have changed, please update your address books:
Gerald Shtull,
Michael Shtull,
Jeffrey Shtull,
Caroline Langlois,
Tiziana Pitino,
Christine Richard,
Emily Simon Bitting,

A.M. Best TV broadcasts new episode, "Needs create demand: Trade Credit Market Growing"

 Click here to watch episode

A.M. Best, the  international insurance-rating and information agency, broadcast a new episode on A.M. Best TV. Entitled, Needs create demand: Trade Credit Market Growing the piece highlights the North American growth of trade credit insurance. European businesses have embraced trade credit insurance for decades, and now North America is beginning to keep pace. Experts suggest that credit insurance will become a "standard tool" in North America. Watch the excellent and informative episode at A.M. BestTV (click here to follow the link).

New Book: Credit Insurance by Paul Becue in association with Euler Hermes

In association with Euler Hermes, Lannoo Campus has published a new book, Credit Insurance. Author Paul Becue is head of information at Euler Hermes Belgium and answers the questions What is it? Why do you need it? and What can it do for your business? in the 250 page volume. Available for pre-order on

EDC's Chief Economist Presents a Better Economic Outlook for 2014

There are six reasons why the economic outlook is more positive for 2014, opines Peter G. Hall, EDC's chief economist and vice president in his weekly report. Watch the video and read the article on the EDC site, CLICK HERE.

Tuesday, 25 February 2014

RIAC Launches Website in French: Association Canadienne de L’assurance Comptes Clients

The Receivables Insurance Association of Canada, RIAC, has launched their site in French! An accessible, identical translated page is available for French members and interested parties. CLICK HERE to visit the French site - Association canadienne de l’assurance comptes clients.

New MIGA Publication Provides Insight on Political Risk for International Business

The Multilateral Investment Guarantee Agency (MIGA), a World Bank Group, has published a valuable resource for anyone dealing in international business.
The 88 page report offers three main chapter sections:
  1. World Investment Trends and Corporate Perspectives
  2. The Political Risk Insurance Industry
  3. Breach of Contract
To view the press release and download the full report in English e-book format, click here.

National Bank of Canada and Business Clients "Capitalize" on Credit Insurance - New Article from RIAC

Receivables Insurance Canada (RIAC) association has published an article highlighting the National Bank of Canada's support for trade credit insurance:
 "The National Bank of Canada leverages receivables insurance for its clients for mutual success
The article upholds the view of trade credit insurance as a financial tool, not just protecting your assets, but increasing your financial flexibility. An excellent insight into trade credit insurance and its diverse benefits.

Monday, 24 February 2014

Trade Credit Insurance Guide Published by The World Bank

One of the most comprehensive guides to trade credit insurance is Trade Credit Insurance by Peter M. Jones. Published as part of The World Bank's Premier Series on Insurance in 2010, this 33-page report includes an in-depth exploration of credit insurance, its benefits and its functions. The document also includes a very helpful FAQ section, as well as a glossary of terms used in trade credit insurance.
A fellow of the  Institute of Chartered Secretaries and Administrators, Mr. Jones was a VP at Export Development Canada (EDC), as well as CEO of the African Trade Insurance Agency (ATI), he has also held prominent positions at CIBC and ANZ/ Grindlays Bank.

Another excellent film from Coface

In under three minutes, Coface brings us a film which is also a teaching tool. How Coface Credit Insurance Can Help You To Prevent Non-Payment of Invoices, is succinct and clearly put. The boiled-down information provides a universally comprehensible explanation of how to protect your receivables, and thus your cash flow, with credit insurance.

Considering Export to the US?

Are you considering expanding your business to include export to the United States? EDC (Export Development Canada) offers an authoritative guide, Doing Business in the United States. A meticulous report on the US marketplace for first time and seasoned exporters alike, the document offers valuable information  and expert advice.

Doing Business in the United States: A Guide for Canadian Exporters and Investors is broken down into eleven insightful chapters:
  1. Canada and the U.S. Market
  2. The U.S Economic Environment
  3. Key Opportunity Sectors in U.S. Regional Markets
  4. Preparing to Export to the United States
  5. Traveling to the United States
  6. Establishing Your U.S. Presence
  7. Investing in the United States
  8. Contracts, litigation and intellectual property
  9. Finances and Financing
  10. Trade Compliance
  11. Delivering to the United States

Friday, 21 February 2014

Don't Restrict Your Business' Growth!

Self-imposed credit limits can greatly hinder your company's growth.
  • Letters of Credit
  • Deposits
  • COD
  • Pre-payments
These measures can place you at a competitive disadvantage against companies who do not demand the same restrictions.

A specialist trade credit insurance broker can help you by providing expert industry knowledge and information on unknown buyers, and this can provide you with the confidence to institute more lenient payment terms or larger single order sizes.

A trade credit insurance policy protecting your accounts receivable guarantees you will be paid for the goods or services you provide. Allow your company to be competitive! Look into trade credit insurance today.

Contact us with your questions:
 Gerald Shtull & Associates
Tel: 514-939-6226