Atradius announced the completion of the merger of its two major European credit insurance companies Atradius Credit Insurance N.V. and Compañía Española de Seguros y Reaseguros de Crédito y Caución, S.A.U. into one single legal entity on 30 December 2016. This company has been renamed Atradius Crédito y Caución S.A. de Seguros y Reaseguros. The merger was approved by the Spanish Dirección General de Seguros (DGS) and De Nederlandsche Bank (DNB).
Atradius N.V. remains the Dutch holding company of the international credit insurance, bonding, reinsurance, debt collection and information services companies across the world. No changes are envisaged in the products or service or on the other Atradius subsidiaries. The company will continue to operate under the existing Atradius and Crédito y Caución trade names.
“The new organisational structure will enable Atradius to reduce the complexities of having two European insurance carriers, different regulatory environments and dual governance frameworks, without impacting our successful business model or established brands. It will further improve the effectiveness of our value proposition of providing unrivalled customer service in the global Credit Insurance and Bonding markets,” said Isidoro, Chairman and CEO, Atradius
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