AMSTERDAM, September 27, 2011 /PRNewswire/ --
Atradius, one of the leading global credit insurers, has extended its pan-Asian partnership with Tokio Marine Asia Pte Ltd (TM Asia), following a period of sustained growth in the region, which now enables policies to be issued locally in Indonesia, Malaysia, Vietnam and the Philippines by TM Asia affiliated insurance companies. Within Asia, Atradius now offers credit insurance, either directly or via a partner, in Hong Kong, Singapore, China, Japan, India, Thailand, Taiwan, Indonesia, Malaysia, Vietnam, and the Philippines.
Since 2007, Atradius has experienced average year on year growth in Asia of more than 25%. This co-operation agreement with TM Asia allows greater flexibility for trade credit insurance cover as these key markets continue developing their domestic and export business.
As a result of this extended agreement, businesses trading in these four Asian markets or where multinationals have subsidiaries located in any of these countries, can now be protected by locally issued policies, enabling Atradius and TM Asia to not only meet growing demand for protection of trade receivables, but also enhance their support for joint customers.
This new agreement is the latest development in Atradius' long standing presence in Asia, with the company underwriting risks in the region for more than50 years through its highly experienced risk services team.
Atradius Regional Director for Asia, Eric den Boogert, explained: "We have experience in the credit insurance business in Asia. With the extension of our co-operation agreement to include these four fast growing economies with a combined population of 450 million, we now have local capabilities in virtually every major market in the region."
This view was reinforced by Andreas Tesch, Senior Director for Atradius Global, who added: "This not only enables us to continue our upward growth, but more importantly, provides our customers and other businesses within the region with a compelling integrated solution to protect their cash flow and support their credit management processes, whether they trade domestically or internationally. We are fortunate to have such a strong partner as Tokio Marine in these 4 countries."
The Atradius Group provides trade credit insurance, surety and collections services worldwide, and has a presence through 160 offices in 42 countries. Atradius has access to credit information on 60 million companies worldwide and makes more than 20,000 trade credit limit decisions daily. Its products help to protect companies throughout the world from payment default risks associated with selling products and services on credit.
About Tokio Marine Asia Pte Ltd
Tokio Marine Group has significantly developed its presence in Asia over the past few years through TM Asia; and the Group is strongly committed to strengthen both non-life and life insurance business further to serve people in the region. Hence, TM Asia was introduced and established in Singapore as one of the Group's key strategies for TM Asia to act as the regional headquarters and the business development centre that will provide management and technical support to its group companies in the Asian region.
SOURCE Atradius N.V.