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Atradius opens branch in Hungary
18-03-2005 finance/Atradius source: PeppeR
Atradius, a global leader in credit insurance and credit management, today announced that it started its commercial operations in Hungary. The Atradius office, located in Budapest, offers credit insurance services to companies that aim to reduce their risk of non-payment of trade debts.

"Everyone wishes that their invoices are paid and paid in time. Companies can experience severe financial problems when the payments are not coming at all," explains Balazs Vanek, manager of the Hungarian branch of Atradius. "Those companies that have insured their trade debts with us, will receive payments from Atradius, in case of payment defaults." Since joining the European Union in May 2004, Hungarian companies face many challenges in domestic and export trade. The risk of insolvency and the number of insolvencies are increasing, Atradius therefore sees a growing demand for credit insurance products. The company believes that the Hungarian market, which had a premium volume of around EUR 10 million in 2004, offers tremendous opportunities for growth. The main difference between traditional insurance products and credit insurance is the basis on which the decision is taken to insure a trade debt. Atradius analyses the creditworthiness of all customers, which buy goods from an Atradius client and sets credit limits for each of these customers. If however, despite these analyses and limits, there is a payment default, Atradius will process the claim and pay its client. About Atradius: Atradius is a leading credit insurer with a total turnover of around EUR 1.3 billion and a worldwide market share of 25%. It insures about EUR 300 billion of worldwide 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 worldwide and makes 12,000 credit limit decisions daily. Atradius is rated "A" by Standard & Poor's (outlook stable) and "A2" by Moody's (outlook stable). The biggest shareholders are Swiss Re and Deutsche Bank.

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PeppeR 21 PR Agency, Vendel Gerőcs account manager, Tel.: (+36-1) 326-5313, E-mail:


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