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PARISParis-based credit insurance company Compagnie Française d'Assurance pour le Commerce Exterieur is offering credit insurance to Russian companies for the first time.
It has signed a partnership agreement with Russian property/casualty insurance company JSC Kapital Insurance, the country's fifth largest p/c company.
Coface says that the partnership will enable it to offer export and domestic credit-insurance guarantees to both international groups with Russian subsidiaries and Russian businesses.
"Coface is taking a close interest in Russia, as rapid local market development offers considerable commercial opportunities for clients," stated the French company.
Coface has operated in Russia since 1992 when it opened a subsidiary for company information and receivables management (Coface Credit Management Services). Last year the company set up an assessment service for Russian small to medium enterprises (SMEs), National Rating Agency Coface-ARB, a joint venture with the Association of Russian Banks. The partnership with Kapital will work by the creation of a Coface desk at Kapital's premises that will interface with Kapital's credit insurance service to issue and manage policies.
Coface said that clients doing business in Russia will be able to allow their subsidiaries in what it describes as a "difficult" market to benefit from its "Globalliance" insurance contract, with the same conditions and service levels already offered by Coface in 57 other countries.