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Credit risk insurance has always had a special place in the history of Lloyd’s of London (“Lloyd’s”) since Harrison, an unscrupulous Lloyd’s underwriting agent, wrote credit risk insurance in his 1916/17 motor account.1 The discovery in 1923 of the enormous losses sustained by Harrison’s syndicate led directly to a prohibition on the underwriting of credit risks at Lloyd’s.2 Almost exactly a century later, in 2016, in ABN Amro Bank NV