Malayan Insurance Co., Inc. (Malayan Insurance) has announced its collaboration with Atradius — a globally renowned firm specializing in trade credit insurance — in a strategic move set to bolster the local and international commercial landscape, during a press conference held at the Hexagon Lounge of RCBC Plaza in Makati.
The partnership, unveiled by Malayan Insurance’s President and CEO, Paolo Y. Abaya, signifies a significant milestone in providing enhanced financial security to thousands of businesses operating both locally and abroad. Eric den Boogert, Managing Director of Atradius in Asia, along with Michael Frigo, Director of Atradius in Southeast Asia, and Jetse van Hee, Head of Channel Development of Atradius in Asia, elucidated on the comprehensive benefits and global expertise that this collaboration brings to the table.
Trade credit insurance (TCI), a vital tool in mitigating the risk of non-payment from clients, serves as the cornerstone of this collaboration. It offers protection to businesses against defaults in payment for goods or services rendered, thereby safeguarding their financial stability. The implementation of TCI has been widespread in international markets, as evidenced by the robust premium volume of US$13.89 billion recorded globally in 2022, according to the International Credit Insurance & Surety Association (ICISA).
With Malayan Insurance and Atradius joining forces, the aim is to elevate the utilization of TCI within the Philippines. Leveraging their collective expertise, both companies aspire to redefine risk management strategies for local enterprises, particularly medium and large-scale businesses.
The partnership promises a host of benefits for prospective clients, including enhanced growth opportunities through the provision of credit terms to customers, access to favorable financing terms, utilization of credit management tools, and expedited access to critical business information. Clients can expect comprehensive assistance in managing their client portfolios, ensuring smoother operations and sustained growth.
Established in 1926, Atradius has solidified its position as a global leader in trade credit insurance, surety, and debt collection services. Boasting a presence in over 50 countries, Atradius has garnered commendable financial strength ratings, including an A (excellent) rating from AM Best and an A1 rating from Moody’s. The company is wholly owned by Grupo Catalana Occidente, S.A., and Grupo Compania Espanõla de Crédito y Caución, S.L.