MISSISSAUGA, Ontario, Nov. 11 2005 — The Office of the Superintendent of Financial Institutions has issued Atradius Credit Insurance, NV, Canada Branch a license to sell trade credit insurance in Canada.
“We are very pleased to receive our license to start selling accounts receivable credit insurance in Canada,” says Neil Leary, president, Atradius Trade Credit Insurance, Inc. His company is the NAFTA arm of Atradius Group, one of the world’s leading credit insurers.
“We have invested in a superior team of personnel, and our financial solutions product approach is unique to the Canadian market,” says Leary. “Now that we are licensed to sell, I believe that Canadian businesses will find that Atradius provides an unparalleled solution for trade credit risk mitigation and balance sheet management.”
Atradius offers coverage on both domestic and export accounts receivable that ensures businesses get paid for what they sell. Atradius also provides collections services and other financial solutions.
In preparation for its Canadian licensing, Atradius spent 5 years establishing an underwriting and customer service infrastructure in Canada to better accommodate and understand the needs of Canadian businesses and the associated credit insurance risks in the Canadian marketplace.
Atradius is a leading credit insurer with total revenue of approximately $1.6 billion and a worldwide market share of 24 percent. It insures about $370 billion of worldwide trade annually against the risk of non-payment and provides a comprehensive range of risk transfer, financing and trade receivables management services.
With a staff of 3,400 and more than 90 offices in 40 countries, Atradius has access to credit information on 45 million companies worldwide and makes 10,000 credit limit decisions daily. Atradius is rated “A” by Standard & Poor’s (outlook stable) and “A2” by Moody’s (outlook stable). It is majority owned by Swiss Re and Deutsche Bank.