LONDON, 21 April 2004 - Leading global credit insurer, Atradius, has just announced a partnership deal with Aon Receivables Management Services one of the largest specialist credit brokers - to provide a credit insurance policy for SMEs.
The new policy, designed specifically for Aon, is aimed at UK companies with an annual turnover of up to £7.5 million. It will form part of Aons full receivables management package, which also includes credit management audits, credit information and portfolio management systems, debt collection and trade finance.
"Over 15,000 UK business failed in 2003*, the majority of which were small companies with cash flow problems caused by late and non-payment," said Peter Davies, Atradius's commercial director. "For smaller businesses, the impact of a bad debt from a customer can be devastating, so credit insurance can play a vital part in safeguarding a company's future.
"Credit insurance has been an important tool for lots of big businesses for many years, but it is only recently that Atradius has developed simpler and more affordable policies so that smaller companies can now benefit from the protection and peace of mind credit insurance brings," he continued.
The Atradius policy, available exclusively through Aon, provides cover against non-payment of debts for both UK and overseas customers and has the added benefit of Policy Management Services from experienced staff in Aon. It is designed to be easy to understand, simple to use and affordable. If a company suffers a bad debt, the policy could cover the loss up to 90 per cent of the value of the invoice.
"We chose Atradius as our partner for SME credit insurance because they are committed to supporting growing businesses, and were able to provide the right policy for our SME customers," said Paul Morris, director of Aon Receivables Management Services. "As market leaders ourselves, it is important to us to partner with companies with similar credentials. Our partnership with Atradius enables the SME sector, for the first time, to access the full range of receivables management services, previously only available to larger companies, at realistic cost and with the backing of two major reputable market leaders."
"We are delighted to be joining forces with Aon Receivables Management Services," added Peter Davies. "We can help them offer their SME customers peace of mind and value for money, and we're looking forward to a long and fruitful partnership with them."
For further information about Aon's new suite of credit management solutions for SMEs, visit www.aon.co.uk/tradecredit, phone 01883 834 935, or email cad@aon.co.uk.
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For further information about Atradius's products and services, visit www.atradius.co.uk or call 0800 21 21 31 or email info@atradius.co.uk.
* DTI insolvency figures for England, Wales, Scotland and Northern Ireland, February 2004
About Aon
Aon Corporation (www.aon.com) is one of the worlds leading providers of risk management, insurance and reinsurance brokerage, human capital and management consulting, and specialty insurance underwriting. The company has more than 600 offices and 54,000 professionals in 125 countries and sovereignties. Aon's global network, broad resources, industry knowledge and technical expertise helps leaders of businesses, associations, and public entities develop effective solutions to risks, issues and challenges, creating opportunities that generate efficiencies, improve profitability and build value.
Aon is an industry leader in a number of key areas including retail, reinsurance, wholesale and specialty insurance brokerage; captive management; human capital consulting; claims and loss cost management; and premium financing.
Aon Receivables Management Services, part of Aon's Trade Credit division, advises companies on how best to structure their credit management and collections. Unlike accountants who specialise in the whole spectrum of accountancy, ARMS staff specialise only in receivables management. They have proven success in reducing days sales outstanding and thus the delivery of working capital cash to the business.
About Atradius
Atradius (formerly GERLING NCM), one of the worlds leading international credit insurance and receivables management companies, protects over EUR80 billion of UK trade annually against the risks of non-payment. It is currently number two in the world credit insurance market, and has a total turnover of EUR1.3 billion giving it a 25 per cent market share worldwide.
Following a shareholding restructuring, completed on 12 August 2003, which saw Deutsche Bank and Swiss Re becoming main shareholders, the company was renamed Atradius in January 2004.
Atradius sees itself as the leading credit insurer worldwide, providing a comprehensive range of risk transfer, financing and other trade receivables services. It has a stand-alone rating of A from Standard & Poor's and A2 from Moody's.
Aon Limited is authorised and regulated by the Financial Services Authority in respect of insurance mediation activities only.
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