The Russian state authority for insurance (FSSN) delivered a license to the Coface’ subsidiary “ZAO Coface Rus Insurance company”. Coface thus becomes the first international credit insurer to get a license in Russia. The Russian credit insurance market is currently estimated at €40m and Coface is already one of the 4 major players, offering credit insurance for 4 years thanks to a technical agreement with its local partner Kapital. Coface now delivers its own credit insurance offer.
Coface was established 18 years ago as “Coface Rus Services”, offering credit management services: business information and debt collection, providing information on 600,000 Russian companies. Coface also produces credit ratings on Russian companies, and recently took full control of its Russian rating company, buying back 100% of the shares. This is part of Coface’s worldwide strategy to become the first global European rating agency. Source: Coface Press Release
BIIA Newsletter July I – 2010