Global insurer secures licence in Russia
Global insurance company Coface is the first international credit insurer to attain a licence in Russia, tapping into the 40 million-euro Russian credit insurance market.
The Russian state authority for insurance (FSSN) delivered the licence to the Moscow-based ZAO Coface Rus Insurance company, Coface’s subsidiary, last week.
One of the four major players in the Russian credit insurance market, Coface has widened its presence in Russia through the new licence and now offers credit insurance for four years through a technical agreement with local partner Kapital.
Delivering its own trade receivables management offer, the new organisation will benefit both the client and Coface. On top of improved risk control, there will be an increased quality of service for its clients, and an easier access of Russian companies to Coface credit insurance expertise.
Didier Bourgeois, country manager for Russia, confirms these benefits, adding, “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”.
Coface’s worldwide strategy to become the first global European rating agency could be achievable with Coface also producing credit ratings on Russian companies. It recently took full control of its Russian rating company, buying back 100 percent of the shares.