Atradius to sell trade credit insurance in Canada

The Office of the Superintendent of Financial Institutions has issued Atradius Credit Insurance, NV, Canada Branch, a license to sell trade credit insurance in Canada.
Majority owned by Swiss Re and Deutsche Bank, Atradius is a leading credit insurer with total revenue of approximately $1.6 billion. It insures about $370 billion of worldwide trade annually against the risk of non-payment and provides a range of risk transfer, financing and trade receivables management services.
“We are very pleased to receive our license to start selling accounts receivable credit insurance in Canada,” Neil Leary, the president of Atradius Trade Credit Insurance Inc., says.
Leary’s company is the NAFTA arm of Atradius Group, a credit insurer.
“We have invested in a superior team of personnel, and our financial solutions product approach is unique to the Canadian market,” Leary says. “Now that we are licensed to sell, I believe Canadian businesses will find that Atradius provides an unparalleled solution for trade credit risk mitigation and balance sheet management.”
Atradius offers coverage on both domestic and export accounts receivable that ensures businesses get paid for what they sell. Atradius also provides collections services and other financial solutions.
In preparation for its Canadian licensing, Atradius spent five years establishing an underwriting and customer service infrastructure in Canada to better accommodate and understand the needs of Canadian businesses and associated credit insurance risks in the Canadian marketplace.