Net profit Atradius up 8% in 1st half of 2006 and next steps in Corporate Development
Amsterdam, Wednesday, 27 September, 2006 - Credit insurer Atradius today reported a net profit of € 60 million for the first six months of 2006, an 8% increase compared to the same period in 2005, setting a new first half record in Atradius’ history.
Following the recent increase of Seguros Catalana Occidente’s and Crédito y Caución’s shareholding in Atradius to 49.99 % the shareholders have now initiated active discussions to finalize the structure and terms of a merger between Atradius and Crédito y Caución.
It is expected that such a merger will bring significant benefits to both companies and allow for the preparation of the targeted IPO of the combined firm while emphasizing the complementary strengths of Atradius and Crédito y Caución.
Isidoro Unda, currently member of the Supervisory Board of Atradius and CEO of Crédito y Caución, has been nominated as CEO of Atradius. His appointment will be effective upon completion of the merger and related regulatory
approvals. Wilfried Verstraete will step down as CEO of Atradius with effect on October 1st but continue to advise the company in the coming months. Peter Ingenlath, Vice Chairman of Atradius’ Management Board, will serve as ad interim-CEO while Paul-Henri Denieuil will continue to play an active governance role as Chairman of the Supervisory Board.
Paul-Henri Denieuil, Chairman of the Supervisory Board of Atradius: “Wilfried Verstraete, has achieved all the objectives that were defined when he joined Atradius in May 2004. Under his leadership, a new strategy was developed and implemented as a result of which Atradius is ready for the next step in its corporate development. We are very grateful for everything Wilfried has brought to Atradius.”
Wilfried Verstraete, CEO of Atradius: ”In these two and a half years I had the privilege to work with a fantastic team. Together we have restructured and streamlined the company, given it a real strategic vision, realised a true turnaround and generated record profits. Today, Atradius is again fit for the future.”
Notes to Editors
About Atradius
Atradius’ current shareholder structure (rounded figures):
- Seguros Catalana Occidente, S.A. de Seguros y Reaseguros, Sociedad Unipersonal &
Compañía Española de Seguros y Reaseguros de Crédito y Caución, S.A., (Spain): jointly 49.99%
- Schweizerische Rückversicherungs-Gesellschaft (Swiss Re), Zurich (Switzerland): 34.95%
- Deutsche Bank AG, Frankfurt (Germany): 12.73%
- Betrados B.V., a subsidiary of Sal. Oppenheim jr. & Cie. KGaA, Cologne (Germany): 2.33%
A report on the financial results of the first six months of 2006 can be found in the appendix to this press release.
For further information:
Hill & Knowlton Nederland
(On behalf of Atradius)
Edwin van Wijk
+31 20 – 404 4707
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Atradius rådgiver og støtter China Continent Property & Casualty Insurance i udbudet af indenlandske
København, 22 August, 2006. Samarbejdsaftale mellem Atradius og CCIC skaber kreditforsikringsløsning for kunder med aktiviteter i Kina.
Amsterdam22 August 2006 – Atradius Credit Insurance N.V. and China Continent Property & Casualty Insurance Co Ltd. (CCIC) today formally announced the signing of a Co-operation Agreement in China. Under the co-operation, domestic credit insurance will be offered in China by CCIC to local Chinese companies as well as to existing Atradius customers with operations in Mainland China.
Wilfried Verstraete, CEO of Atradius, commented “This co-operation reinforces our growth strategy for Asia. CCIC’s desire to expand its offering to include domestic credit insurance and Atradius’ desire to offer our clients a domestic credit insurance solution in China perfectly complement each other. This strategic partnership between Atradius and CCIC enables us both to fulfil these goals by jointly improving the services available to businesses operating in China.”
Over the past few months, project teams from both parties have worked closely together to accomplish this milestone. Atradius will be providing technical support and know-how to CCIC to enable them to issue and manage credit insurance policies to companies domiciled in China for domestic business. As a result of this collaborative effort, the first policy under this co-operation has already been written.
Jiang Meng, President of CCIC said: “Through working with Atradius, CCIC will achieve greater success in exploiting the credit insurance field. The cooperation will provide a good platform for CCIC to foster its high-quality technical staff. CCIC shall intensify cooperation with Atradius to provide its clients best protection and services. It is hoped that both parties will enjoy a win-win position through successful cooperation.”
Notes to Editors
About Atradius:
Atradius is one of the world’s largest credit insurers with total revenues of around € 1.2 billion and a world market share of 24 percent. Annually the company insures business valued at about € 350 billion against the risk of non-payment and offers a number of products varying from credit insurance to collections.
With 3,400 employees and more than 90 offices in 40 countries, Atradius has access to credit information on more than 45 million companies world-wide and makes 12,000 credit limit decisions every day. Atradius has an ‘A' rating from Standard & Poor's (outlook stable) and an ‘A2' rating from Moody's (outlook stable).
In China, Atradius has a company based in Shanghai under the name Atradius Credit Information Consulting (Shanghai) Co., Ltd.
More information can be found at www.atradius.com
For yderligere information om Atradius kontakt:
Jørgen Lund Lavesen
Adm. direktør,
Direktør Holland & Norden
Tlf.: 33 26 50 00
E-mail:
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eller
Erik Skovgård Nielsen
Vicedirektør
Tlf.: 33 26 50 00
E-mail:
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Banebrydende swap aftale mellem Atradius og EKF
København, 3 August, 2006. Danske Eksport Kredit Fonden laver aftale med tyske Atradius Dutch State Business.
Amsterdam 3 August, 2006 - For the first time the Eksport Kredit Fonden (EKF), the Danish Export Credit Agency (ECA) and the Dutch ECA Atradius Dutch State Business (Atradius) have signed an agreement to swap country exposure. This agreement enables Atradius to free up capacity for new business on Indonesia and EKF to free up capacity for new business on Vietnam and Jamaica.
Most ECAs have ceilings for their exposure on all countries in order to mitigate concentration risks and to balance their portfolios. This agreement will enable Danish and Dutch exporters to pursue new business opportunities.
Atradius has exchanged Euro 50 million sovereign exposure on Indonesia for the equivalent risk on Vietnam and Jamaica with EKF.
One of the companies benefiting from the ground breaking agreement is Damen Shipyards, a Dutch market leader in specialised ships. Damen Shipyards will now be able to further expand its exports to Indonesia.
Also benefiting from the swap is Pihl & Søn A/S, a Danish contractor of infrastructure projects such as harbours, bridges, tunnels, roads and airports. Pihl & Son A/S along with other Danish companies is involved in contracts in e.g. Jamaica.
“Our swap agreement with Atradius enables us to mitigate risk concentrations and thereby frees up capacity for the benefit of Danish exporters. We hope that the swap will set a precedent among ECAs and thus help create a new market for portfolio swaps. This may prove to be a very important instrument to balance risk and release funds to the benefit of exporters.” says Lars Kolte, Managing Director EKF.
Johan Schrijver, the Director of Atradius Dutch State Business, has said: “This innovative swap enables Atradius to improve the service we provide to Dutch exporters. There is a huge demand for cover to Indonesia. We are now exploring other portfolio management solutions as well, in order to free up additional capacity for new business to this market. I am confident that these efforts will help us meet the demand of our customers.”
About Atradius:
Atradius is one of the world’s largest credit insurers with total revenues of around € 1.2 billion and a world market share of 24 percent. Annually the company insures business valued at about € 350 billion against the risk of non-payment and offers a number of products varying from credit insurance to collections. With 3,400 employees and more than 90 offices in 40 countries, Atradius has access to credit information on more than 45 million companies world-wide and makes 12,000 credit limit decisions every day. Atradius has an ‘A' rating from Standard & Poor's (outlook stable) and an ‘A2' rating from Moody's (outlook stable). More information can be found at www.atradius.com
For yderligere information om Atradius kontakt:
Jørgen Lund Lavesen
Adm. direktør,
Direktør Holland & Norden
Tlf.: 33 26 50 00
E-mail:
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eller
Erik Skovgård Nielsen
Vicedirektør
Tlf.: 33 26 50 00
E-mail:
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Joint Venture mellem Atradius og Tokio Marine
København, 24 Maj, 2006. Atradius og Tokio Marine går sammen om Joint Venture virksomhed i Japan
Atradius Credit Insurance N.V. and Tokio Marine & Nichido Fire Co., Ltd. today announced the opening of a joint venture service company that will support both companies in the offering of export credit insurance to corporations in Japan.
The new company, which will be called Tokio Marine Nichido and Atradius Credit Management Co. Ltd., will be based in Tokyo, Japan and will be owned 50% by Atradius Credit Insurance N.V. and 50% by Tokio Marine & Nichido Fire Co., Ltd. Atradius and Tokio Marine & Nichido Fire have been working together to develop the export credit insurance market in Japan through a co-operation agreement since April 2005.
Wilfried Verstraete, CEO of Atradius commented, "This is a further step in our Asian growth strategy and an important increase of our presence in Japan in addition to our local branch office activities. Atradius has a great deal of expertise in and knowledge of export credit insurance as well as access to information on more than 45 million companies worldwide. Tokio Marine & Nichido Fire has an extensive distribution network and well-established reputation in the Japanese market. The combination of these assets creates a powerful platform on which we will together rapidly develop and grow our export credit insurance business in Japan."
The Joint Venture Company which is being staffed by a combination of Tokio Marine & Nichido Fire and Atradius employees will service export credit insurance policies issued to Japanese based companies by either Tokio Marine & Nichido Fire or Atradius. The Joint Venture Company has two executive directors, Mr. Junichi Sekiguchi (from Tokio Marine & Nichido Fire) as Chief Executive Officer and Mr. Bert van Haagen (from Atradius) who as Deputy Chief Executive Officer will manage the day to day business operations.
This new joint venture company will strengthen the operations in Japan of both Atradius and Tokio Marine & Nichido Fire.
About Atradius:
Atradius is one of the world’s largest credit insurers with total revenues of around € 1.2 billion and a world market share of 24 percent. Annually the company insures business valued at about € 350 billion against the risk of non-payment and offers a number of products varying from credit insurance to collections.
With 3,400 employees and more than 90 offices in 40 countries, Atradius has access to credit information on more than 45 million companies world-wide and makes 12,000 credit limit decisions every day. Atradius has an ‘A' rating from Standard & Poor's (outlook stable) and an ‘A2' rating from Moody's (outlook stable).
More information can be found at www.atradius.com
About Tokio Marine & Nichido Fire:
Tokio Marine & Nichido Fire Insurance Co., Ltd (TMNF) is Japan's largest non-life insurer.
Tokio Marine & Fire Insurance Co., Ltd merged with Nichido Fire & Marine Insurance Co., Ltd on October 1, 2004. Tokio Marine & Nichido Fire Insurance Co., Ltd is owned by Millea Holdings, Inc and rated "AA-" by Standard & Poor's (Financial Strength Ratings) and "Aa2" by Moody's (Financial Strength Ratings).
For yderligere information om Atradius kontakt:
Jørgen Lund Lavesen
Adm. direktør,
Direktør Holland & Norden
Tlf.: 33 26 50 00
E-mail:
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Erik Skovgård Nielsen
Vicedirektør
Tlf.: 33 26 50 00
E-mail:
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Ny aftale mellem Atradius og US-Exim
København, 3. maj, 2006. Atradius og US-Exim tegner bilateral genforsikringsaftale
Recently Atradius, the Dutch Export Credit Agency (ECA) and US-Exim Bank the ECA of the United States of America, have signed a bilateral framework reinsurance agreement, thus facilitating export transactions sourced from both countries. Atradius is the first non-G7 member with which US-Exim signs a bilateral reinsurance agreement.
Philips Medical Systems, a Dutch based Company with subsidiaries both in the Netherlands and the United States of America will immediately make use of this facility for two transactions: one where Atradius is in the lead with re-insurance from US-Exim Bank, and one where US-Exim Bank is in the lead with re-insurance from Atradius.
Atradius has now signed framework reinsurance agreements with ECAs from more than 20 countries.
For more information:
Marijke van Hooren
tel. +31 20 553 2260
fax +31 20 553 2212
mobile +31 6 53 79 58 67
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For yderligere information om Atradius kontakt:
Jørgen Lund Lavesen
Adm. direktør,
Direktør Holland & Norden
Tlf.: 33 26 50 00
E-mail:
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eller
Erik Skovgård Nielsen
Vicedirektør
Tlf.: 33 26 50 00
E-mail:
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