Atradius selected Best Credit Insurance Provider 2008 by World Finance Magazine

Amsterdam, 25 April 2008 - Atradius Credit Insurance was selected as the 'Best Credit Insurance Provider for 2008' by World Finance Magazine. According to the judges, Atradius is instrumental in offering reliable and efficient service that is useful for a wide range of  different markets. Atradius offers credit insurance and other related credit management products and services including collections. The Company is active in more that 40 countries.

The panel of judges, which included the editor of World Finance, the BBC journalist Hywel Jones and other respected financial professionals based their decision on a range of criteria including innovation and originality, project management abilities, staying ahead of the competition, market leadership and geographic spread, proof of development and continued progression, positive media coverage, and level of  transparency and good governance.

Isidoro Unda, CEO of Atradius commented; "We are extremely proud to have received this international award recognising the effort our Atradius team extends to ensure our products and service are best in class. We understand the importance of our customers. Listening to their needs and finding ways to meet those needs has driven our product and geographic development. We are absolutely confident that continued focus on this approach will be a key driver to our future success."

 

About World Finance

WORLD FINANCE is a leading financial magazine, produced every two months by World News Media.

The article announcing the Best Credit Insurance Provider can be found on page 188 of the April/May issue of World Finance magazine and the on-line magazine at: http://cde.cerosmedia.com/1B48047b42244d3012.cde

For more information: http://www.worldfinance.com

 

About Atradius

The Atradius Group provides trade credit insurance, surety and collections services worldwide, and has a presence in 40 countries. Its products and services aim to reduce its customers' exposure to buyers who fail to pay for the products and services customers purchase. With total revenues of approximately EUR 1.8 billion and a 31% share of the global trade credit insurance market, its products contribute to the growth of companies throughout the world by protecting them from payment risks associated with selling products and services on credit. With 160 offices, it has access to credit information on 52 million companies worldwide and makes more than 22,000 trade credit limit  decisions daily.

 

Further information:

Atradius Corporate Communications
Christine Gerryn
Tel.: +31 20 553 2260
Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

 

Atradius reports results for 2007

Amsterdam, 10 April, 2008 - Total income nears EUR 1.4 billion, 56% rise in net profit.

Atradius, a global leader in trade credit insurance and collections, today reported a 56% increase in net profit to EUR 164.2 million in 2007 from EUR 105.3 million in 2006. The improvement was driven by a 6.7% increase in gross earned premium to EUR 1,148.6 million from EUR 1,076.5 million in 2006. Atradius significantly improved its net insurance result and net profit from continuing operations for the fifth consecutive year.

2007 results do not include the results of Crédito y Caución, which became part of Atradius in early 2008.

 

Financial highlights

• Net profit increased 56% to EUR 164.2 million (2006: EUR 105.3 million)
• Gross earned premium grew 6.7% to EUR 1,148.6 million (2006: EUR 1076.5 million)
• Service and other income increased 9.2% to EUR 166.9 million (2006: EUR 152.9 million)
• Net investment result increased 48.1% to EUR 79.7 million (2006: EUR 53.8 million)
• Net claims ratio of 41.3%, improved from 45.8%
• Gross expense ratio of 38.5%, improved from 39.0%
• Net combined ratio of 79.2%, improved from 86.8%
• Return on equity was 21.3% compared to 16.3% in 2006

 

Insurance segment

Gross insurance revenues grew 6.4% to EUR 1,261.2 million reflecting strong growth in trade credit insurance. Trade credit insurance grew 4.7% with traditional trade credit insurance improving 2.5%, the Atradius Global product offering to multinationals increasing 10.1% and special products revenue up 20.5%.

Bonding revenues were 7.7% lower as a result of portfolio optimisation focused on improving profitability.

Revenue from the assumed reinsurance business improved to EUR 83.8 million from EUR 50.0 million, primarily related to the implementation of new accounting assumption in 2006 regarding the pattern of revenue recognition. Apart from this the reinsurance business is developing steadily.

Instalment credit protection revenues increased 7.3%.

The first indications of underwriting year 2007 reflect a deteriorating risk environment. Nevertheless, the claims result improved compared to last year due to releases in claims provisions related to previous underwriting years.

Isidoro Unda, CEO of Atradius commented, "Our growth strategy revolves around offering our customers products and services that are of value to them and providing them with the highest quality customer service possible. Our 2007 performance clearly demonstrates that this strategy is delivering results."

Service segment

Service revenue excluding information fees climbed 12.3% to EUR 61.8 million. Collections, which accounts for the largest percentage of service revenue, grew 18.1% benefiting from an upgraded value proposition to customers following significant investments in people, IT and geographical presence.

Mr Unda continued, "Our customers do business globally. Ensuring that we can support them wherever they do business is very important. We are committed to providing the best service to our customers by building a global collections network that can both support our trade credit insured customers and develop business independently."

Markets

Regionally, Atradius experienced strong growth in almost all markets. The Northern Europe region advanced well, led by an 8% increase in revenues in the Netherlands. Rapid revenue growth of 26.5% throughout the majority of the Central and Eastern Europe region offset lower revenue in Germany. In Southern Europe, lower revenues in Italy, due to the restructuring of the bonding portfolio there, were more than compensated for by growth in France, Belgium and Spain resulting in regional growth of 3.5%. The UK and Ireland improved 19.5% led by growth in assumed reinsurance revenue and in trade credit insurance revenue in Ireland. The NAFTA region saw a revenue decline in the United States but strong growth in Mexico and Canada. Results in the NAFTA region were also impacted by the weak US dollar. In Oceania and Asia, revenue was 56.9% higher than in 2006. Expansion efforts in these markets have paved the way for improved service to and revenue growth with existing customers in other parts of the world that are doing business here.

Outlook

Atradius was not meaningfully impacted by the credit crisis in 2007 in either its direct business or its investments. The financial credit crisis however, is expected to have a significant impact on the global economy and is likely to stimulate payment defaults and interest in trade credit insurance in 2008. We are already seeing signs of slowing economies in the United States and Europe, however the overall tone suggests that most global economies will continue to grow, but at a slower pace than in 2007.

Geographic expansion in 2007 into markets like Turkey and Singapore as well as cooperation agreements in Russia and China will help spur growth for Atradius. The addition of Crédito y Caución early in 2008 lifted Atradius' worldwide market share to 31% and we expect its integration within the Atradius Group will play a significant role by improving expansion opportunities in South America and additional growth opportunities in Asia. Atradius will continue to introduce relevant new products and build its global presence in trade credit insurance and collections to maximise the value it offers its customers.

Mr Unda concluded, "We want to be the leading trade credit insurer wherever we do business. To achieve this we will continue to pursue our strategy of building our presence and capabilities in the markets our customers do business in, introducing new products and services that meet the evolving needs of our customers and by striving to provide best in class customer service.  As the risk environment deteriorates we are keeping a keen eye on ensuring we continue to provide our customers with smart risk management support that meets their business needs."
 
"For more information about our Financial Statements for the year 2007 (PDF), please click here"

 

About Atradius (after combination of Atradius and CyC)

The Atradius Group provides trade credit insurance, surety and collections services worldwide, and has a presence in 40 countries. Its products and services aim to reduce its customers' exposure to buyers who fail to pay for the products and services customers purchase. With total revenues of approximately EUR 1.8 billion and a 31% share of the global trade credit insurance market, its products contribute to the growth of companies throughout the world by protecting them from payment risks associated with selling products and services on credit. With 160 offices, it has access to credit information on 52 million companies worldwide and makes more than 22,000 trade credit limit decisions daily.

 

Further information:

Atradius Corporate Communications
Christine Gerryn
Tel: +31 20 553 2260
Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

 

Atradius and Crédito y Caución complete business combination

Amsterdam-Madrid, 28 January 2008 – Atradius and Crédito y Caución, the world's second and fourth largest credit insurers, today announced the completion of the transaction to combine their businesses. The credit insurance companies will together operate as part of the Atradius Group, providing credit insurance, surety / bonding, collections, credit information and other related products and services to customers in 40 countries across the globe.

Paul-Henri Denieuil, Chairman of the Supervisory Board of Atradius N.V., commented: "This combination is something that both companies have envisaged since Crédito y Caución became an Atradius shareholder in 2003. Together, we look forward to leading the global credit insurance industry."

Jesús Serra, Chairman of the Board of Crédito y Caución added: "We will now be able to capitalise on the combined strengths of both Crédito y Caución and Atradius to provide our customers with a more extensive breadth of coverage, specialised products that help them meet their specific insurance needs and first class service."

Atradius has one of the world's leading global credit insurance and collections platforms while Crédito y Caución leads in the Spanish and Portuguese markets. They will operate together as part of the Atradius Group but will maintain local brand names to ensure continued strong brand recognition.

Isidoro Unda, CEO of Atradius N.V. concluded: "Our customers are our most important concern and the priority of the new reinforced Atradius Group will always be to make sure their needs are addressed first. We have increased our financial strength and improved our value proposition and service capabilities including an enlarged presence, especially in Latin America."

About Atradius:

Atradius is a leading credit insurer with total revenues of around EUR 1.3 billion and a 24% share of the world credit insurance market. It insures approximately EUR 400 billion of world trade annually against non-payment and provides a comprehensive range of risk transfer, collections and trade receivables management services. With 3,500 staff and more than 90 offices in 40 countries, Atradius has access to credit information on 45 million companies worldwide and makes more than 12,000 credit limit decisions daily. It is rated A (outlook stable) by Standard & Poor's and A2 (outlook stable) by Moody's.

About Crédito y Caución:

For over 75 years, through its credit and surety insurances, Crédito y Caución has contributed to the growth of companies offering them protection from insolvency and non-payment risks derived from credit sales of goods and services. With more than 70 offices, Crédito y Caución holds a market share in Spain of nearly 60%. Furthermore, it ranks second in Portugal with a market share of 34%, being therefore leader in its sector in the Iberian Market. The company recently expanded into Brazil. Its solvency is confirmed by its A and A2 Standard & Poor's and Moody's ratings, respectively.

The Atradius Group (after the combination):

The Atradius Group provides credit insurance, surety and collections services worldwide, and has a presence in 40 countries. Its products and services aim to reduce its customers' exposure to buyers who fail to pay for the products and services they purchase. With total revenues of approximately EUR 1.8 billion and a 31% share of the global credit insurance market, its products contribute to the growth of companies throughout the world by protecting them from payment risks associated with selling products and services on credit. The Atradius Group annually insures around EUR 465 billion of world trade against non-payment. With 160 offices, it has access to credit information on 52 million companies worldwide and makes more than 22,000 credit limit decisions daily.

As from today, the new shareholder structure is as follows:

• 64.2% of shares owned by Grupo Compania Espanola de Credito y Caucion S.L.
• 25.0% of shares owned by Swiss Re
• 9.1% of shares owned by Deutsche Bank through its subsidiary DB Equity S.a.r.l.
• 1.7% of shares owned by Sal Oppenheim through its subsidiary Betrados B.V.

 

Further information:
Atradius Corporate Communications
Christine Gerryn
Tel:  +31 (0)20 553 2260
Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
www.atradius.com

Atradius receives credit insurance licence in Turkey

Global credit insurer sees increasing demand in fast-growing market

( Amsterdam , 11th September 2007) Atradius, a global leader in credit insurance and credit management, has received a licence for operating domestic and export credit insurance business in Turkey . The office of Atradius Turkey is located in Istanbul from where it will serve Turkish companies as well as local subsidiaries of international companies throughout the country. Mrs Selda Eke, 41, will assume the position of Country Manager. She formerly was working for Aon Risk Services, Istanbul , in the area of Risk Management and Business Development of Financial Products and Financial Institutions.

With the rapid expansion of the Turkish economy the number of companies that insure their trade debts is growing. Currently, the market penetration of credit insurance which is most established in Western Europe, is still low in Turkey .

Thomas Langen, Atradius Regional Director for Germany , Central and Eastern Europe says: “ Turkey is one of the rising stars of the global economy. With its location between Europe, Asia and the Gulf States the country has been a trading hub for thousands of years. With an office in Istanbul , Atradius now wants to support Turkish and international companies entering new markets.”

Isidoro Unda, Chairman of the Board and CEO of Atradius N.V. says: “Starting to conduct business in Turkey soon is an important step in executing our global growth strategy. Atradius offers credit insurance services in 40 countries and thus plays an important role in insuring the growth of the world trade.”

Atradius services in Turkey are addressed to corporations and exporters, which aim at reducing the risk of payment delays or non-payment of trade debts.

About Atradius: 
Atradius is a leading credit insurer with total revenues of around EUR 1.3 billion and a 24% share of the world credit insurance market. It insures approximately EUR 400 billion of world trade annually against non-payment and provides a comprehensive range of risk transfer, collections and trade receivables management services. With 3,500 staff and more than 90 offices in 40 countries, Atradius has access to credit information on 45 million companies world-wide and makes more than 12,000 credit limit decisions daily. It is “A” rated by Standard & Poor’s (outlook stable) and A2 by Moody’s (outlook stable).  

www.atradius.com

For further information, please contact:

Atradius Corporate Communications

Jo Aaron, Senior Communications Manager,

029 2082 4873/07768 233338     

email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Polhill Communications

Sally Biggs – 020 72655 0520

Jenette Perry – 020 7655 0530