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Coface pulls cover for suppliers to Iceland Foods

Posted On: Feb. 7, 2023 10:00 AM CST

Trade credit

French credit insurer Coface SA has pulled cover for suppliers to British frozen-food retailer Iceland Foods Ltd. as rising energy costs pile pressure on the firm, Retail Gazette reported. The move comes after fellow insurers Allianz Trade and Atradius NV both reduced their coverage levels for Iceland Foods in 2022. Although it is unusual for credit insurers to target grocery retailers, Iceland Food’s reliance on large chest freezers means it is disproportionally vulnerable to the rise in energy prices.