Coface first international credit insurer to get Russian licence

16 Jul 2010

MOSCOW, RUSSIA: Coface reinforces its credit insurance position to serve efficiently the dynamic emerging Russian market.

On 7 June 2010, the Russian state authority for insurance (FSSN) delivered its license to Coface' subsidiary "ZAO Coface Rus Insurance company" based in Moscow. Coface thus becomes the first international credit insurer to get its licence in Russia.

The Russian credit insurance market is currently estimated to €40m (about R400 million) 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. This new organisation will benefit both the clients and Coface with:

An increased quality of service for its clients, especially for Russian subsidiaries of international companies, notably French and German, and an easier access of Russian companies to Coface credit insurance expertise.
An improved control of risks for Coface.
Didier Bourgeois, country manager for Russia confirms; "Coface's ambition is to become market leader in trade receivables management in Russia, thanks to its worldwide presence, deep knowledge of local risks and large "bouquet of services" offered to Russian and international customers".
A unique "one-stop shop" for all credit management needs in Russia