Atradius acquires in Russia

AMSTERDAM, Netherlands - Atradius N.V., a global credit insurer, and AlfaStrakhovanie, a Russian insurer which currently does not offer credit insurance, have signed a co-operation agreement whereby Moscow-based AlfaStrakhovanie will offer Atradius products through its distribution network.

Peter Ingenlath, chief executive officer of Amsterdam-based Atradius, said that he believes credit insurance in Russia could grow at about a 20% compound annual growth rate in the coming years.

"This co-operation agreement enables us to meet the insurance requirements of our existing clients and puts us in a strong position to build new business," he said in a statement.

Commenting on the co-operation agreement, Vladimir Skvortsov, CEO of AlfaStrakhovanie Insurance Group, said: "In view of the high demand for credit insurance in Russia we need a reliable partner providing insurance coverage not only to small- to medium-sized enterprises but also to large corporate clients who need re-insurance protection abroad."