ISSUE 52: Credit Insurance News Digest
About this issue's sponsor:
A HOUSE OF SPECIALISMS:
Uncertainties can be transformed into opportunities through effective credit insurance. This common principle federates all business units in Credendo Group. Each has its specialist strengths, but all are committed to providing European exporters with the risk protection and service support they need to grow their trade activities around the world.
The parent company Delcredere | Ducroire was founded as a Belgian autonomous body in 1939, with roots back to 1921. But over the past decade Delcredere | Ducroire has developed into a group present in 14 European countries.
Medium- and long-term trade credit insurance cover is the metier of Delcredere | Ducroire, the official Belgian export credit agency. With its cover capacity of EUR 30 billion and its AA rating from Standard & Poor’s, it underwrites major projects worldwide and capital goods sales, to a wide range of markets, largely outside OECD.
Besides trade credit and foreign direct investment insurance, Delcredere | Ducroire also offers direct financing for limited amounts and financial guarantees.
Short-term trade credit insurance, underwritten on a commercial market basis, is provided by Credimundi, KUPEG and INGO-ONDD. Their on-the-spot presence in key exporting markets ensures that they are close to their clients and able to tailor solutions to their local needs.
Credimundi, headquartered in Brussels, has branches in the United Kingdom, Germany, France and Italy and underwrites trade activities worldwide. This business is noted for its expertise in emerging and developing market risk. Credimundi has a strong capacity for political as well as commercial exposures. It also issues surety contracts for bonds and guarantees.
KUPEG is based in Prague, with a presence in Slovakia and Poland. Its expert focus is on the increasingly important Central and East European economies.
INGO-ONDD, in Moscow, is the specialist underwriter in the Russian and CIS markets, a fast evolving region where credit insurance plays a growing role.
Bespoke single-risk cover is required for some individual transactions; the specialist underwriter Garant, located in Vienna and Geneva, structures insurance to meet the specific circumstances of an individual deal. Its experience in this specialist field is reflected in the independent A- ratings from Fitch and AM Best.
Certain exporters develop strong risk management structures of their own. However, they still require excess-of-loss insurance or top-up cover to ensure an adequately high level of protection against unexpected risks. This is provided by Trade Credit. Trade Credit has its head office in Brussels and subsidiaries in eight countries: France, Germany, Italy, Luxemburg, the Netherlands, Spain, Poland and the United Kingdom.
All businesses across Credendo Group are committed to customer focus and risk appetite. Credendo Group tailors solutions to the needs of each client and the challenges they face.
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