Atradius was recently awarded a license by the Korean Financial Supervisory Service to operate in South Korea, which will enable Atradius Trade Insurance Brokerage to receive proposals for export and domestic cover and service existing and new Korean accounts.
Atradius will issue these policies locally with the support of the Seoul Guarantee Insurance Company (SGIC). This development increases Atradius’ Asian footprint, to 14 countries in total, which are serviced through the various Asian branches and satellite offices. Matthew Cockerill, General Manager of the Hong Kong branch of Atradius Credit Insurance N.V. and also responsible for the Korean and Taiwan markets, commented, ‘It has taken a long time for this development to come to fruition, but I am pleased that we now have a physical presence in this important Asian market. This will enable us to support both local and multinational companies who wish to partner with Atradius in Korea. The issuance of the license highlights the increasing interest in trade credit insurance in Korea, and at a time of high regional and global uncertainty, further reflects the growing opportunities that will develop in South Korea over the coming years.
A recent visit to Korea by Atradius’ Chief Market Officer, Andreas Tesch, underlines the importance of this part of the world for Atradius, the second largest credit insurer globally. Mr. Tesch, who recently met with potential partners and existing global clients and viewed the new premises points out that South Korea’s economy is one of the most diversified and technologically advanced in the world and is showing solid growth prospects. “Atradius will support our clients by developing the Korean trade credit market. We are looking forward to a long standing cooperation with Seoul Guarantee and expect to contribute to the Korean economy during good and challenging economic times.”
Atradius provides trade credit insurance, surety and collections services worldwide through a strategic presence in 50 countries. Atradius has access to credit information on 200 million companies worldwide. Its credit insurance, bonding and collections products help protect companies throughout the world from payment risks associated with selling products and services on trade credit. Atradius forms part of Grupo Catalana Occidente (GCO.MC), one of the leading insurers in Spain and worldwide in credit insurance.
Source: Atradius Press Release