Toronto, ON (Apr. 14, 2014) – The Guarantee Company of North America and Millennium CreditRisk Management are pleased to announce their recent partnership to offer TransCred, a new product offered through Millennium that is available to Transportation clients of The Guarantee at preferred pricing and with preferential policy conditions – effective April 9, 2014.
If a trucking or logistics company needs cost-effective solutions for accounts receivable insurance including the ability to insure their top 10 buyers, specific named buyers or entire buyer portfolio – TransCred is the flexible product they need. TransCred protects trucking and logistics companies against a financial loss resulting from non-collection of accounts receivable.
“TransCred is a credit insurance product tailored to the logistics and trucking industry. This product has been developed to help companies grow their sales by targeting business opportunities with credit worthy customers,” explained John Middleton, President, Millennium CreditRisk Management. “Our transportation clients are able to obtain enhanced bank financing because lenders will make more credit available knowing their accounts receivable asset base is insured. This gives the insured company balance sheet and income statement protection since the bad debt expense and provision for bad debts can be reduced.”
Angelique Magi, Vice President, Transportation & Strategic Initiatives, The Guarantee, added “our partnership with Millennium reinforces the dedication to be focused on our customer’s business needs and their bottom line concerns while providing innovative insurance solutions, competitive advantages and unique growth opportunities for all stakeholders.”
Millennium is the newest strategic partner to The Guarantee’s Go-To Solution, which also includes 24/7 claims reporting, risk mitigation, spill reporting, legal assistance, identity and data risk management, online education, credit insurance, smart monitoring and tracking of assets and recognition of an affiliated membership with The Insurance Brokers Association of Canada.
See more information regarding TransCred.
About The Guarantee
The Guarantee Company of North America is a leader in specialty insurance within the North American marketplace. We offer in-depth knowledge and expertise in niche segments, including the transportation industry, construction industry, corporate programs and customized personal insurance. For more information visit www.theguarantee.com.
Millennium Credit Risk Management is a leading specialist broker focused on providing credit and political risk insurance and risk management assistance to clients across Canada by partnering with major credit insurers licensed in Canada; Export Development Canada and internationally as the Canadian member of the International Credit Brokers Alliance. For more information, visit www.mcm.ca.