Coface North America Announces Deal with Ex-Im Bank to Provide Reinsurance on Trade Credit Insurance
New York -- Coface North America today announced an alliance with the Export-Import Bank of the United States (Ex-Im Bank) to increase overseas sales by American small- and mid-sized businesses. Under the terms of the agreement, Ex-Im Bank will provide reinsurance for credit insurance policies written by Coface North America Insurance Company to protect the accounts receivables and cash flow of American companies exporting goods and services overseas.
"International trade has been a bright spot for the U.S. economy and American jobs in the last few years. Our partnership with Ex-Im Bank is designed to support U.S. exports and competitiveness," said Michael Ferrante, CEO of Coface North America Insurance Company. "Trade credit insurance protects one of the most valuable assets that a company has -- its accounts receivable. The reinsurance program will enable more American companies to take advantage of the protection that credit insurance provides."
Fred P. Hochberg, Chairman and President of Ex-Im Bank added, "With Ex-Im Bank's backing of trade credit insurance from Coface, American exporters now can open new markets for which insurance previously was unavailable or prohibitive in cost. Our partnership with Coface will result in more U.S. export sales, and therefore more export-related jobs for Americans."
The Export-Import Bank is a self-sustaining federal agency that provides export financing to strengthen competitiveness as well as create and maintain U.S. jobs. Coface North America Insurance Company is a subsidiary of Coface, a global leader in trade receivables management, business intelligence and protection services with operations in 66 countries and 35,000 insurance clients.
Trade credit insurance is a useful tool for exporting companies. In addition to protecting accounts receivable and ensuring cash flow, it enables companies to offer customers more favorable terms and accept larger orders. Without trade credit insurance companies are vulnerable to economic, social and political threats that inhibit their ability to succeed in international markets.
To learn more about trade credit insurance and this program, please visit www.coface-usa.com.
Coface North America Press Contact: Sue Hinton -- (212) 389-6484 -- firstname.lastname@example.org
The Coface Group, a worldwide leader in credit insurance, offers companies around the globe solutions to protect them against the risk of financial default of their clients, both on the domestic market and for export. In 2011, the Group posted a consolidated turnover of €1.6 billion. 4,600 staff in 66 countries provide a local service worldwide. Each quarter, Coface publishes its assessments of country risk for 157 countries, based on its unique knowledge of company payment behavior and on the expertise of its 350 underwriters. Coface is a subsidiary of Natixis whose Core Tier 1 ratio was 10.2% at the end of December 2011. Learn more at www.coface.com.