Coface, the leading credit insurer in Latin America, receives license to issue policies in Colombia
Present in Colombia since 2007 through a partnership with Mundial Seguros, Coface recently obtained a regulatory license to sell credit insurance solutions directly in the country. Colombian companies will now be able to take full advantage of Coface’s expertise in the fields of credit risk prevention and protection for domestic and export trade operations, as well as benefit from Coface’s extensive international network.
The Colombian license further extends Coface’s historically strong presence in Latin America. Coface was the first credit insurer to see the huge potential of the emerging economies in this region at the end of the 1990s and currently has a share of almost 40% in the regional credit insurance market. Drawing on its role as a leader and pioneer, Coface helps companies grow due to its thorough understanding of local markets and its ability to provide local service. Companies in Colombia will further benefit from the proximity of a new risk underwriting center, which opened there in 2013.
"Coface continues its growth in the emerging economies. After expanding in Ghana in 2012 and Indonesia in 2013, we are focusing on Latin America as a region strategic for Coface and in which we have maintained our leadership position. Colombia has enormous growth potential. Today only 500 companies use credit insurance. With our latest direct operation we will be even closer to our customers, and be able to offer them solutions that match their needs – whatever their size. Multinationals will also have simplified access to Coface Global Solutions, a unique organization dedicated to them. Coface is currently present in nine Latin American countries and we will be further strengthening our presence in 2014, with the consolidation of our leadership position in the region," says Jean-Marc Pillu, Chief Executive Officer of Coface.