Credit insurance company Coface UK has launched a new financial contingency underwriting team, staffed by ex-Independent Insurance employees.

The new team comprises Iain Bird, Devia Bijkerk and Rachel Goulding, with Phil Amlot as the team's risk manager.

The team will focus on developing new credit products and services, such as specific account cover. This will let clients protect themselves against specific risks, including contracts beyond the normal level of trade with particular customers.

Another product being developed is duty deferment, which is aimed at helping UK importers manage their cash flow by giving them 45 days' grace before duty is payable to Customs and Excise.

Amlot, who has spent 12 years in credit insurance, said he was delighted to head a strong team.