BALTIMORE, MD – Atradius Trade Credit Insurance, Inc. today announced the expansion of its services to include commercial collections through the acquisition of Chicago-based International Collections Incorporated. International Collections Incorporated (ICI) will use the trade name Atradius Collections.
The acquisition will enable the U.S. arm of Atradius Group, the second largest credit insurer in the world, to provide seamless service for the entire receivables management process, from risk transfer and financing to full debt collection services, according to Atradius Trade Credit Insurance president Neil Leary.
“This is a strategic acquisition,” said Leary. “It fits in well with our core business of protecting customers against the risk of non-payment with domestic and export trade credit insurance.
“Debt collection is a sensitive issue that can be time consuming and costly. Our new debt collection capability will help our clients minimize the disruption caused by chasing down money owed to them.”
ICI was an affiliate of the North American Specialty Insurance Company Inc., a subsidiary of Swiss Re America.
ICI serves a broad range of customers including insurance, credit insurance, energy, manufacturing, distribution, transportation, broker and freight companies.
ICI, rebranded as Atradius Collections, will immediately be integrated in the worldwide Atradius Collections activities. Atradius Collections is already present in 8 European countries with more than 300 employees.
This acquisitions allows Atradius to further pursue its strategy of rapid development of its collections activities.
Atradius is majority owned by Swiss Re and Deutsche Bank. Atradius Group provides protection for more than $360 billion in transactions annually.
Atradius Trade Credit Insurance, Inc. offers commercial credit insurance, trade receivables securitization, and other credit management services to meet the needs of U.S.-based companies. Atradius credit insurance policies cover losses due to bankruptcy, payment default or events in overseas markets such as political turmoil or import and trade restrictions.
For further information about commercial credit management, please contact Arjan van de Wall at (410) 246-5511 or arjan.vandewall@atradius.com or visit www.atradius.us.
