Atradius

Last updated

Atradius
Company type Trade credit insurer
Industry Insurance
Founded1925 Nederlandsche Credietverzekering Maatschappij (NCM),

1929 Crédito y Caución,

1954 Gerling-Konzern Speziale Kreditversicherung,

2001 GERLING NCM
Headquarters
Amsterdam
,
Netherlands
Area served
 Europe, Asia, Africa, North America, Oceania, South America
Key people
David Capdevila, Chief Executive Officer (2020), Andreas Tesch, Christian van Lint, Claus Gramlich-Eicher, Marc Henstridge
Products Export Credit Insurance, Bonding, Instalment Credit Protection (ICP), Reinsurance Business, Collections
Revenue
  • EUR€ 2.5 billion
 (2023)
  • EUR€ 372.2 million (2023)
Total assets
  • EUR€ 6,707.6 million
 (2023)
OwnerCrédito y Caución (64.23%), Grupo Catalana Occidente (35.77%) (2012)
Number of employees
3,525
Divisions Atradius Crédito y Caución S.A. de Seguros y Reaseguros (ES), Atradius Collections Holding B.V. (NL), Atradius Credit Insurance Agency, Inc (USA), Atradius Insurance Holding N.V. (NL), Atradius Finance B.V. (NL), Atradius Participations Holding B.V. (NL)
Website https://group.atradius.com/
Footnotes /references
Annual Report 2023 Atradius N.V. https://group.atradius.com/about-us/annual-reports.html

Atradius provides trade credit insurance, surety and collections services worldwide through a presence in more than 50 countries around the globe. It is the credit insurance arm of Grupo Catalana Occidente (GCO.MC). [1] Credit insurance, bonding and collections products help protect companies throughout the world from payment risks associated with selling products and services on trade credit. In 2023 the company had revenues of EUR 2.5 billion. [2] The company is rated ‘A (excellent) stable outlook’ by AM Best  [3] and 'A1, outlook stable’ by Moody's. [4]

Contents

History

The roots of Atradius can be found in the 2001 acquisition by German insurer Gerling-Konzern Speziale Kreditversicherung (Gerling Credit) of Dutch insurer Nederlandsche Credietverzekering Maatschappij (NCM). The company was then branded as GERLING NCM. [5]

Gerling Credit was established in 1954 as the credit insurance arm of the Gerling-Konzern insurance group of Cologne. In 1962 it opened its first international branch office in Switzerland and was the first private credit insurer to offer export credit protection. [5]

NCM had been founded in 1925 with the goal of improving trade for companies in the Netherlands. From 1932 onwards it also became the arm of the Dutch government through which it provided export credit services to Dutch companies. Atradius still performs this function through its affiliate Atradius Dutch State Business. [6]

Both Gerling Credit and NCM had made their own acquisitions before their combination, including the acquisition by NCM of the short-term arm of the UK government’s Export Credit Guarantee Department (ECGD) in 1991 and private insurers such as Namur Assurances du Crédit S.A., Belgium by Gerling Credit in 1994, both of which have their own histories dating back to the birth of trade credit insurance around 1919. [5]

The now international group was renamed Atradius in 2004. [7] In 2008 the group merged with the Spanish credit insurer Crédito y Caución, founded in 1929, and subsequently gained an additional foothold in the Spanish speaking world. [8]

Atradius forms part of Grupo Catalana Occidente (GCO.MC), one of the leading insurers in Spain and worldwide in credit insurance. [9]

The Atradius Group today is the amalgamation of a number of international trade credit insurers and affiliated organisations from around the world. [10]

Although now Spanish owned, the holding company Atradius N.V. and its headquarters remain in Amsterdam, the Netherlands. [11]

Products

Atradius products and services help manage the payment default risks - the risk that a buyer fails to pay for the products or services it buys on trade credit terms.

These products include:

Shareholders

Flag of Spain.svg Grupo Compañía Española de Crédito y Caución, S.L. (Grupo CyC) is a holding company owned 73.84% by Grupo Catalana Occidente. Grupo CyC holds 64.23% of Atradius N.V. [2]

Flag of Spain.svg Grupo Catalana Occidente S.A. (GCO) is, either directly or indirectly, the parent company of a group of insurance companies and it is listed on the Barcelona [12] and Madrid [13] stock exchanges.

GCO has an economic stake in Atradius N.V. of 83.20%, of which 35.77% is directly owned and 47.43% is owned indirectly through Grupo CyC holding company. [14]

Management

Atradius N.V. is a limited company organised under the laws of the Netherlands with a Management Board and a Supervisory board.

The Management board consists of: [15]

The supervisory board has eight members and is responsible for monitoring and guiding the general affairs of Atradius and the policy of the Management Board.

The supervisory board includes: [15]

See also

Related Research Articles

<span class="mw-page-title-main">Insurance</span> Equitable transfer of the risk of a loss, from one entity to another in exchange for payment

Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect against the risk of a contingent or uncertain loss.

Terrorism insurance is insurance purchased by property owners to cover their potential losses and liabilities that might occur due to terrorist activities.

<span class="mw-page-title-main">Reinsurance</span> Insurance purchased by an insurance company

Reinsurance is insurance that an insurance company purchases from another insurance company to insulate itself from the risk of a major claims event. With reinsurance, the company passes on ("cedes") some part of its own insurance liabilities to the other insurance company. The company that purchases the reinsurance policy is referred to as the "ceding company" or "cedent". The company issuing the reinsurance policy is referred to as the "reinsurer". In the classic case, reinsurance allows insurance companies to remain solvent after major claims events, such as major disasters like hurricanes or wildfires. In addition to its basic role in risk management, reinsurance is sometimes used to reduce the ceding company's capital requirements, or for tax mitigation or other purposes.

<span class="mw-page-title-main">Munich Re</span> German reinsurance company

Munich Re Group or Munich Reinsurance Company is a German multinational insurance company based in Munich, Germany. It is the world's largest reinsurer. ERGO, subsidiary of Munich Re, serves as the primary insurance arm of the Group. Munich Re's shares are publicly listed. Munich Re is included in the DAX index at the Frankfurt Stock Exchange, the Euro Stoxx 50, and other indices.

Markel Group Inc. is a group of companies headquartered in Richmond, Virginia, and originally founded in 1930 as an insurance company.

<span class="mw-page-title-main">Allianz Trade</span> International insurance company

Allianz Trade is an international insurance company that offers a range of services, including trade credit insurance, debt collection, surety bonds and guarantees, business fraud insurance and political risk protection.

Credit Europe Bank (CEB) is a Dutch-registered bank owned by the Turkish financial holding company FIBA Group. The bank is focused on corporate lending as well as on retail banking and operates in the eurozone countries of the Netherlands, Germany, Malta as well as in Romania, Switzerland and Ukraine. The bank's strategy is to offer easy-to-use retail banking and SME products, as well as private banking. It also offers trade finance and corporate banking services.

Assurant, Inc. is a global provider of risk management products and services with headquarters in Atlanta. Its businesses provide a diverse set of specialty, niche-market insurance products in the property, casualty, extended device protection, and preneed insurance sectors. The company's main operating segments are Global Housing and Global Lifestyle.

Trade credit insurance, business credit insurance, export credit insurance, or credit insurance is a type of insurance policy and a risk management product offered by private insurance companies and governmental export credit agencies to business entities wishing to protect their accounts receivable from loss due to credit risks such as protracted default, insolvency or bankruptcy. This insurance product is a type of property and casualty insurance, and should not be confused with such products as credit life or credit disability insurance, which individuals obtain to protect against the risk of loss of income needed to pay debts. Trade credit insurance can include a component of political risk insurance which is offered by the same insurers to insure the risk of non-payment by foreign buyers due to currency issues, political unrest, expropriation etc.

Axa XL is an American subsidiary of global insurance and reinsurance company Axa. It is headquartered in Stamford, Connecticut, domiciled in Hamilton, Bermuda, and has more than 100 offices on 6 continents.

<span class="mw-page-title-main">CRESTA</span>

CRESTA (Catastrophe Risk Evaluation and Standardizing Target Accumulations) was founded as a joint project of Swiss Reinsurance Company, Gerling-Konzern Globale Reinsurance Company, and Munich Reinsurance Company. CRESTA has set itself the aim of establishing a globally uniform system for the accumulation risk control of natural hazards - particularly earthquakes, storms and floods. Those risk zones are essentially based on the observed and expected seismic activity, as well as on other natural disasters, such as droughts, floods and storms. CRESTA zones regard the distribution of insured values within a region or country for easier assessment of risks. CRESTA Zones are the essential basis for reinsurance negotiation and portfolio analysis. Nowadays, CRESTA sets widely accepted standards which apply throughout the international insurance industry. CRESTA zone information is used by most insurers for assessing the insurance catastrophe premiums they will charge.

<span class="mw-page-title-main">Mapfre</span> Spanish multinational insurance company

Mapfre, S.A. is a Spanish multinational insurance company, based in Majadahonda, Madrid. The name comes from the old mutual origin of the company, but the company now only refers to itself as Mapfre. It is the leading insurance company in Spain and the largest non-life insurance company in Latin America.

Solvency II Directive 2009 is a Directive in European Union law that codifies and harmonises the EU insurance regulation. Primarily this concerns the amount of capital that EU insurance companies must hold to reduce the risk of insolvency.

<span class="mw-page-title-main">Ageas</span> Belgian-listed international insurance Group

Ageas is a Belgian multinational insurance company co-headquartered in Brussels. Ageas is Belgium's largest insurer and operates in 13 countries worldwide. The company was renamed from Fortis Holding in April 2010 and consists of those insurance activities remaining after the breakup and sale of the financial services group Fortis during the financial crisis of 2007-2010.

The Nonadmitted and Reinsurance Reform Act of 2010 is a United States law regulating the sale of insurance in states where the insurer is usually not authorized to sell insurance. It prevents states other than the home state of a U.S. insurance company from imposing regulations or taxes on the sale of nonadmitted insurance.

<span class="mw-page-title-main">State National Companies</span>

State National Companies, Inc., is a specialty provider of property and casualty insurance operating in two niche markets, Program Services and Lender Services. The company is licensed to do business in all 50 states and D.C.

<span class="mw-page-title-main">VHV Group</span> German insurance and reinsurance company

VHV Group is a German insurance and reinsurance company based in Hanover, specialising in provision non-life and life insurance as well. Its core businesses are all insurance services. Today VHV Group operates primarily in Europe, Middle East and East Asia and especially in Germany, Switzerland, Italy, France, Austria and Turkey. VHV is one of the twenty most important insurance companies in Germany, the leading German insurance company in the construction sector and one of the five major car insurance companies in Germany. Moreover, the VHV Group is the leading risk life insurer in Germany. VHV Group owns a network of subsidiaries, branches and representative offices with a total staff of roughly 4,000, including 2,400 employees in Hanover. Due to the earning power of the VHV-Group and its capitalization level Standard and Poor's raised the rating on A+ Level in April 2017. In 2016 the VHV was able to expand its contractual figures to over 10 million insurance contracts for the first time.

Hans Gerling was a German businessman who headed the Gerling-Konzern, one of Europe's largest insurance groups, from 1949 until his death.

Zavarovalnica Triglav d.d. is a Slovenian multinational insurance company headquartered in Ljubljana, Slovenia. Its core businesses are insurance, reinsurance and asset management. In year 2019 it generated a net income of €100.9 million. It is the largest insurance company in Slovenia with a market share of 36%, and has subsidiaries in Croatia, Bosnia and Herzegovina, Serbia, Montenegro and North Macedonia.

<span class="mw-page-title-main">Gerling-Konzern</span> German insurance company

The Gerling-Konzern, also known as the Gerling Group, was an internationally operating Cologne-based multi-line insurance company that was taken over in April 2006 by the Hanover-based Talanx Group, brand name HDI Haftpflichtverband der Deutschen Industrie, Germany's third largest insurance group. The group was fully integrated into HDI.

References

  1. ↑ "Grupo Catalana Acquires 7% Stake in Atradius from Swiss Re". Insurance Journal. 20 September 2005. Retrieved 13 January 2017.
  2. 1 2 "Annual Report 2023 Atradius N.V." Retrieved 22 March 2024.
  3. ↑ "AM Best Press Release 18/01/2024" (PDF). Archived (PDF) from the original on 11 April 2021.
  4. ↑ "Atradius N.V. Update following rating upgrade" (PDF). Archived (PDF) from the original on 11 April 2021.
  5. 1 2 3 "History of Gerling-Konzern Versicherungs-Beteiligungs-Aktiengesellschaft – FundingUniverse". www.fundinguniverse.com. Retrieved 9 January 2017.
  6. ↑ Staten-Generaal, Tweede Kamer der. "Deelnemingenbeleid Rijksoverheid; Brief minister over verwerving aandelen Atradius DSB". zoek.officielebekendmakingen.nl (in Dutch). Retrieved 16 January 2017.
  7. ↑ Development, United Nations Conference on Trade and (1 January 2005). Information Economy Report 2005. United Nations Publications. ISBN   9789211126792.[ permanent dead link ]
  8. ↑ "Atradius and Crédito y Caución Merger Confirmed". Archived from the original on 11 August 2017. Retrieved 9 January 2017.
  9. ↑ Editorial, Reuters. "Quote| Reuters.com". Reuters. Retrieved 10 August 2017.{{cite web}}: |first= has generic name (help)
  10. ↑ "Organisation structure of business operations| Atradius". group.atradius.com. Retrieved 9 January 2017.
  11. ↑ "Atradius N.V.: Private Company Information - Bloomberg". www.bloomberg.com. Retrieved 10 August 2017.
  12. ↑ "Bolsa de Barcelona - Data of GRUPO CATALANA OCCIDENTE, S.A."
  13. ↑ "Bolsa de Madrid - Data of GRUPO CATALANA OCCIDENTE, S.A." www.bolsamadrid.es. Retrieved 9 August 2017.
  14. ↑ "2023 Annual Report Atradius N.V." (PDF). Archived (PDF) from the original on 29 April 2021.
  15. 1 2 "Atradius Management and Supervisory Board" . Retrieved 2 November 2020.

52°20′27.54″N4°49′36.35″E / 52.3409833°N 4.8267639°E / 52.3409833; 4.8267639

This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.