Global credit insurance and credit management group Atradius has signed a new reinsurance treaty with The New India Assurance. Peter Ingenlath, member of the management board of Atradius, says: “This is a perfect example of a relationship between an Indian government enterprise and a multinational insurer.”
Atradius claims it has joined with The New India Assurance to offer the most comprehensive receivables management solutions in India, branded as “Business Credit Shield “Together, The New India Assurance as insurer and Atradius as reinsurer, will secure the payment of domestic and export receivables of Indian businesses round the globe. While The New India Assurance has specific and wide-ranging knowledge of the Indian domestic market, Atradius can offer clients of The New India Assurance the strength of a global risk management company able to manage the risks covered by export credit insurance. The two companies will jointly deliver excellent service to India-based clients.
The New India Assurance is India’s largest non-life insurance group with a 25% market share and more than Rp47bn premium income. Operating in 23 countries and spanning five continents, The New India Assurance is the only truly global Indian insurer.
Atradius,is the world’s second largest credit insurance company with a global market share of 25% and more than €1.3bn premium income. Atradius operates in 43 countries and insures trade worth over €300bn against the risk of non-payment.
Together, The New India Assurance and Atradius will provide protection against the non-payment of domestic and export trade receivables of Indian companies. Business Credit Shield is India’s first comprehensive credit insurance product and will help Indian companies protect and expand their trade.