Budapest , 20 April, 2005 - Atradius N.V., a global leader in credit insurance and credit management has entered the Hungarian market.

"Although we have more than 75 years of experience in the credit insurance industry, Atradius is a relatively new name," said Dr. Thomas Langen, Regional Director of Germany and Central and Eastern Europe.

The new company was introduced in January 2004 following the 2001 merger of NCM, Holland’s leading credit insurer, and Gerling, Germany’s second largest credit insurer. Today, Atradius is a leading credit insurer worldwide with a 25% market share.

"Our products include credit insurance solutions for domestic and international trade that protect against default risk of customers resulting from corporate insolvency or bankruptcy, political risk or bad debt. In 2004, we insured Hungarian transactions valued at more than €1.4 billion." continued Dr. Thomas Langen.

Atradius began its operation in Hungary in 1996 working together with AXA and then from 2003 with Signal Biztosító. At the time, Atradius worked under the name of Gerling –Konzern Biztosítási Alkusz Kft.Atradius opened its own office in Budapest in March 2005 appointing Balázs Vanek to the position of Managing Director of Atradius Hungary. Central and Eastern Europe is a key region for Atradius and Hungary is the third largest economy in Central Europe. 

"We believe that there are significant opportunities to strengthen the financial position of Hungarian companies of all sizes," emphasised Balázs Vanek. There is a growing demand for credit insurance products to protect against the rising risk of insolvency. With last year’s EU accession and the development of cross-border trade activity, more and more Hungarian companies are facing an increasing number of challenges in both domestic and export trade. Atradius’ knowledge of both domestic and international markets can improve Hungarian companies’ ability to manage these challenges."

But credit insurance is not only about claims payment. Credit risk management is a key element of successful risk management. Atradius can help Hungarian companies select the right companies to do business with by keeping them informed about potential risks. Its vast database of information on suppliers enables the company to maintain a high-risk appetite.

"In Hungary, the number of insolvencies has been growing continuously. While 5,605 company insolvencies were registered in 2000, this number increased to 9,900 in 2004. The Hungarian market had a premium volume of around €10 million in 2004 and offers further opportunities for growth. But, compared to Western European countries, the number of insured company’s is still low. For example, in Germany 26% of companies use credit insurance while in Hungary that percentage is only about 2%-3%," said Vanek.

"Therefore, Atradius’ main goal is to stimulate business growth in Hungary by helping small, medium and large Hungarian companies better manage their credit risk. Moreover, we want to be a leading credit insurance company in Hungary," concluded Balázs Vanek about Atradius’ plans.

About Atradius:

Atradius is a leading credit insurer with a total turnover of around $1.6 billion dollars and a world-wide market share of 25 per cent. It insures about $390 billion dollars of world-wide trade annually against the risk of non-payment and provides a comprehensive range of risk transfer, financing and trade receivables management. 

With a staff of 3600 and more than 90 offices in 40 countries, Atradius has access to credit information on 45 million companies world-wide and makes 10,000 credit limit decisions daily. Atradius is rated "A" by Standard & Poor’s (outlook stable) and "A2" by Moody’s (outlook stable). It is majority owned by Swiss Re and Deutsche Bank. 

For more information, 
Marijke Van Hooren 
Tel. 00 31 (0)20 553 2260
Mob. 0031 (0)6 5379 5867
Fax. 00 31 (0)20 553 2195
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