ICISA DIRECTRORY 2010 · ICISA collaborates closely on topics of common interest with ... Credit &...

DIRECTORY 2010

icisa directory 2010

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CREDIT InsuRanCE anD suRETY On ITs waY TO ThE sECOnD DECaDE Of ThE 21sT CEnTuRYby Clemens von weichs, President of ICIsa 2009/2010

The financial crisis with its origin in 2007 in the U.S. and the ensuing period of global economic slowdown has lead our business world to focus on credit insurance and surety, a service with less visibility and recognition during better times. Companies trading in the highly challenging environment of 2008 and 2009 have become aware of the urgency to secure trade.

All members of our association are now shoulder to shoulder with their customers! Despite urgent and rapid adaptations to the extreme negative economical situation, credit and surety insurers continue to inform their customers regularly, pay claims after insolvencies and keep the financial solidity of the industry sound and well prepared for the next period.

Customers benefiting from credit insurance or from surety solutions were better able to navigate through the recent period, and have demonstrated remarkable stability and resilience. The ICISA associates have helped companies steer towards more profitable areas, thanks to active risk management. The industry has proven its added value and the sector’s overall exposure was reduced by less then 10% on average.

Nevertheless, the credibility and reputation of credit insurance were at stake. Several European governments offered additional insurance or reinsurance solutions in cooperation with the private credit insurance market. Credit insurance companies worked closely with governments and succeeded therefore in avoiding reputational risks for our business. Governments have anticipated reducing or ending their support programmes, once the economic turnaround continues to gain ground. This is expected towards the end of 2010.

Especially during the last two years, members of ICISA have trusted in the important role of the association. In an effort to give the activity of its members a neutral but efficient profile, ICISA links regularly with the European Commission, the European Central Bank, the OECD as well as organisations such as CEIOPS, CEA and the International Accounting Standard Board, to share opinions and positions of ICISA members with them. Heading towards 2011, ICISA has intensified the internal dialogue about Solvency II issues to ensure the development of capital requests for its members in a proper professional manner.

Specific consideration is given to ICISA members offering surety bonds. Here ICISA takes up concerns regarding competition in situations where legislation is deemed as incomplete or inadequate. Through the difficult economical years of 2008 and 2009, surety underwriters in particular have again achieved healthy results. This simply demonstrates their ability to manage the risks of their customers in a consistent way.

Against the low economic activity, demand from customers for credit insurance solutions has grown, underlining their interest in having their trade secured while accepting higher premium rates, increased self retention or other stricter conditions that have been imposed in reaction to the increased default and insolvency risk. Our industry knows its commercial and social responsibility, and is prepared for growing trade flows and the subsequent need for higher cover. But this is not all. Together with our associated members, we will draw quick conclusions about current developments and simultaneously develop even more sophisticated customised solutions.

ICISA represents an important business segment within the insurance industry. All its members can be proud to have weathered the economical and financial storm in such a professional way. Customers benefit from the high level of trade expertise, outstanding information technology and internationalisation. ICISA members are in a perfect situation to meet the recurring insurance needs of their customers and will look for the opportunities the economic recovery provides.

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ICIsa: an InTRODuCTIOnby Robert nijhout, Executive Director

The International Credit Insurance & Surety Association was founded in 1928 as the first association for credit insurance companies. Since then ICISA has grown into the leading global association for the trade credit insurance and surety bond industries. The association’s main activities are:• Networking:meetingsfacilitatediscussionsamongtheplayersinthesectoronrelevantissuesandconcerns and allow them to exchange information;• PublicAffairsandPublicRelations:developingindustrypositionsonlegalandregulatorydevelopments, representing the industry’s interests towards regulatory and legislative bodies, enhancing the overall awareness of trade credit insurance and surety bonds and creating an open and level playing field for our members; • KnowledgeandResearchCentre:collectinggeneralanduniqueindustrydata,performingstudiesanddrafting reports, acting as the spokes organisation on behalf of the sector.• Education:trainingandworkshopsoncreditinsuranceandsuretybondunderwriting.

Specialised committees focus on technical and strategic issues as well as new developments. These are:• AccountingandRegulatoryCommittee:(accountingstandards,solvency,regulatoryissues)• CommitteeofUnderwriters(buyer,sectorandcountryrisks)• CommitteeonManagementIssues(industrystrategicissuesandconcerns)• CreditInsuranceCommittee(policyunderwriting,insurancetechniques,newproducts,industrystudiesandprojects)• ManagementCommittee(comprisesofaPresident,Vice-Presidentandsixmembers)• SingleRiskCommittee(includespoliticalriskandlongertenors)• SuretyCommittee(suretybondunderwriting,industrydevelopments,exchangeofinformation,industrystudies andprojects)A Solvency II Expert Group is responsible for managing and monitoring the EU’s Solvency II proposals on behalf of our members.

There are three main meeting blocks each year:• SpringMeetings(March):meetingsoftheCommitteeofUnderwriters,CreditInsuranceCommittee,SingleRisk Committee and Surety Committee• GeneralMeeting(June):includesthemeetingoftheCommitteeonManagementIssue• AutumnMeetings(September):meetingsoftheCommitteeofUnderwriters,CreditInsuranceCommittee, SingleRiskCommitteeandSuretyCommitteeOthercommitteesandworkinggroupsmeetregularlythroughouttheyear.Meetingsarefor ICISA members only. Outside experts are invited to contribute to and participate in the discussions.

ICISA collaborates closely on topics of common interest with colleague organisations, in particular ALASECE, the Berne Union, the International Surety Association (ISA),thePanAmericanSuretyAssociation(PASA),andtheSurety&FidelityAssociationofAmerica(SFAA).Co-operativerelationsaremaintainedwithinternationalbodiesandorganisations,suchas the European Commission, WTO, IAIS, CEIOPS, European Central Bank, IASB, OECD, ICC and UNCITRAL.

Training and education is provided by STECIS([email protected]),aneducationfoundationfoundedby ICISA.Varioustraining seminars offer basic and advanced training in aspects of trade credit insurance or surety bonds. Interested parties can attend one of the regular seminars, or alternatively opt for a custom made programme to be delivered in their region or company.

As an organisation, ICISA remains open and flexible, changing and adapting in line with its members and the risks they manage.

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TheobjectoftheAssociationistostudyquestions

relating to Credit Insurance and Guarantee Surety,

to provide opportunities for members’ employees

to acquire knowledge of the theory and practice of

credit insurance and guarantee underwriting and

to initiate means whereby the common action of

the members can be facilitated in order to develop

their mutual relations in the interest of their national

and the international economy, in the interest of

their insured and in their own interest.


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ICIsa

History in brief 13

Presidents 14-15

Meetings 17

Issues addressed by ICISA 19

Organisation & Structure 20

Management 21

ICISA Secretariat 23

CreditInsurance&SuretyBonds 24

Membersandtheirmainlinesofbusiness 25

Statistics 26-27

The world of ICISA 28-33

ICIsa mEmbERs

AfianzadoraLatinoamericana 34

Allianz SE 35

Askrindo 36

Atradius 37-47

AXAAssurcredit 48

AXAWinterthur 49

AXISRe 50

CESCE 51

ChinaNationalInvestment&Guaranty 52

CLALCreditInsurance 53

Coface 54-63

COSEC 64

CreditGuarantee 65

Ducroire | Delcredere 66

ECICS 67


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Ethniki 68

EulerHermes 69-80

FianzasAtlas 81

FianzasMonterrey 82

Garant 83

GCNA 84

GroupamaAssurance-Crédit 85

HannoverRe 86

HCC International 87

ICIC 88

Mapfre 89

MitsuiSumitomo 90

MunichRe 91

Nationale Borg 92

PartnerRe 93

PICC 94

Prisma 95

QBE 96

SACE BT 97

SCOR Switzerland 98

Seoul Guarantee Insurance Company 99

SID-FirstCredit 100

SompoJapan 101

SwissRe 102

TokioMarine&NichidoFire 103

TrygVestaGaranti 104

ZurichGlobalCorporateUK,Surety 105

ZurichSurety,Credit&PoliticalRisk 106

ZurichVersicherung 107


ICIsa mEmbERs bY COunTRY

Argentina AfianzadoraLatinoamericana 34

Australia Atradius 38

QBE 96

Austria CofaceAustria 55

Garant 83

Prisma 95

Belgium Atradius 38-39

CofaceBelgium 55

Ducroire | Delcredere 66

Euler Hermes

Credit Insurance Belgium 69

Nationale Borg 92

Brazil CofaceBrazil 56

Canada CofaceCanada 56

Euler Hermes Canada 70

GCNA 84

China ChinaI&G 52

PICC 94

CzechRepublic Euler Hermes Cescob 70

Denmark Atradius 39

Euler Hermes

Kreditforsikring 70–71

TrygVestaGaranti 104

Finland Atradius 39–40

Euler Hermes

Luottovakuutus 71

France Atradius 40

AXA Assurcredit 48

CofaceHolding 54

Euler Hermes S.A. 69

Euler Hermes SFAC 71–72

GroupamaAssurance-Crédit 85

UnistratCoface 57

Germany Allianz SE 35

Atradius 41

CofaceDeutschland 57–58

Euler Hermes

Kreditversicherung 72–73

HannoverRe 86

MunichRe 91

ZurichVersicherung 107

Greece Ethniki 68

Euler Hermes Emporiki 73

HongKong CofaceHongKongBranch 58

Euler Hermes

CreditUnderwriters(HK) 74

Hungary Euler Hermes

MagyarHitelbiztosító 74

Indonesia Askrindo 36

Ireland AtradiusRe 41-42

Israel CLAL 53

ICIC 88

Italy Atradius 42

CofaceAssicurazioni 58-59

Euler Hermes SIAC 75

SACE BT 97

Japan CofaceJapan 59

MitsuiSumitomo 90

SompoJapan 101

TokioMarine 103

Korea Seoul Guarantee Insurance Company 99

Lithuania Euler Hermes

LietuvosFilialas 75

Mexico Atradius 43

FianzasAtlas 81

FianzasMonterrey 82


Statutes 108-109

WorldmapwithTimeZones 110-111

Disclaimer 112

the Netherlands Atradius 37

CofaceNederland 59–60

EulerHermesKredietverzekering 76

Nationale Borg 92

Norway Atradius 43-44

EulerHermesKredittforsikring 76

Poland Atradius 44

CofacePoland 60

Euler Hermes

Towarzystwo Ubezpiecze n 77

Portugal COSEC 64

Singapore Coface Singapore Branch 61

ECICS 67

Euler Hermes Singapore Branch 77

Slovenia SID–FirstCredit 100

Spain CESCE 51

Coface Iberica 62

CyCpartofAtradiusGroup 44–45

EulerHermesCrédito 78

Mapfre 89

South Africa Coface South Africa 61

CreditGuarantee 65

Sweden Atradius 45

Euler Hermes

Credit Insurance Nordic 78

Switzerland Atradius 45-46

AXAWinterthur 49

AXIS Re 50

Coface S.A. Swiss Branch 62

Euler Hermes

KreditversicherungZurichBranch 79

PartnerRe 93

SCOR Switzerland 98

SwissRe 102

UnitedKingdom Atradius 46

CofaceUK&Ireland 63

EulerHermesUK 79

HCC International 87

ZurichGlobalCorporateUK,

Surety 105

United States Atradius 47of America

Coface North America 63

Euler Hermes ACI 80

Zurich Surety,

Credit&PoliticalRisk 106


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hIsTORY In bRIEf

ICISA has its origin in the first international conference on credit insurance, held in London in 1926. TheAssociationitselfwasestablishedinParisinApril1928asthefirstcreditinsuranceassociationunder the name of International Credit Insurance Association, or ICIA. ThefoundingMemberswereCobacofBelgium(nowEulerHermes),CréditoyCauciónofSpain(nowAtradius), EidgenössischeofSwitzerland(nowAXAWinterthur),HermesofGermany(nowEulerHermes),NCM of theNetherlands(nowAtradius),SFACofFrance(nowEulerHermes),SIACofItaly(nowEulerHermes)andTradeIndemnityoftheUK(nowEulerHermes).ThenamewaschangedtoInternationalCreditInsurance&SuretyAssociation(ICISA)in2001,toreflectthefactthatmorethanhalfofourmembersareinvolvedintheunderwriting of surety business. Today, the Association has members located on all five continents insuring risks in practically every country in the world. This spread and internationalisation of credit and surety insurance has in turn made a substantial contribution to professionalism in the conduct of more effective and efficient domestic as well as export trade.

The Association is registered in Switzerland under Swiss Civil Code. The Secretariat is based in Amsterdam.Since its inception, the Association has been managed by a Secretary or Executive Director:

1928-1936 NoelPatrick 1936-1974 HansKarrer 1974-1987 RobertKarrer 1987-2001 KlausOppenheimer 2001-present RobertNijhout

Over the years ICISA has changed together with the industry it represents. After a long period where players focused on developing their national markets, the opening of national economies lead to consolidation as well as expansion into new markets. These changes and the emergence of global players have had a profound effect on the Association’s focus and how it operates. Today, ICISA remains open and flexible to remain relevant in an ever changing market.


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YEaR PREsIDEnT mEmbER vICE-PREsIDEnT mEmbER

1928/32 Heath, C.E. Trade Indemnity Desprez, H.

Herzfelder, E. Hermes

1933/35 " " Desprez,H.

Herzfelder, E. Hermes

1936 " " DeMori,B. SIAC

1937 " " Wüst,H.O.W. NCM

1938 " " Patrick,A.N. TradeIndemnity

1939 " " Rulmonde,H. COBAC

1946 Rulmonde,H. COBAC DeDuo,E. CESCC

1947 DeDuo,E. CESCC Maurer,R. Eidgenössische

1948 Maurer,R. Eidgenössische Merlin,J. SFAC

1949 Merlin,J. SFAC HanssonPer,M. Storebrand

1950 HanssonPer,M. Storebrand Wüst,H.O.W. NCM

1951 Wüst,H.O.W. NCM DeDuo,E. CESCC

1952 Merlin,J. SFAC " "

1953 Patrick,A.N. TradeIndemnity DeMori,B. SIAC

1954 " " Habicht,H. Hermes

1955 " " Engel,E. Svenska

1956 Habicht,H. Hermes Lévy,J. COFACE

1957 Engel,E. Svenska Caron,E. SFAC

Groenendaal,C.P.H. NCM

1958 DeMori,B. SIAC " "

1959 Groenendaal,C.P.H. NCM Keustermans,M. COBAC

1960 " " DeDuo,E. CESCC

1960/61 Keustermans,M. COBAC " "

1961/62 Signorino,L. SFAC Hertzum,P. DanskKaution

1962/63 " " Losecaat-Vermeer,F. NationaleBorg

1963/64 " " " "

1964/65 Phillips,S.E. TradeIndemnity Maurer,P. Eidgenössische

1965/66 " " " "

1966/67 " " Aarestrup,G. Storebrand

1967/68 Schröder,G. Hermes Boccia,R. SIC

1968/69 Cohen-Tervaert,G. NCM Krogh,A. DanskKaution

1969/70 " " Benzo-Mestre,F. CESCC

1970/71 " " Kerner,A. Federal

1971/72 Greulich,H. Gerling " "

1972/73 " " Leardini,U. Concordato


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1973/74 Maurer,P. Eidgenössische Aarestrup,G. Storebrand

1974/75 " " Bradshaw,J.K. GSG

1975/76 Nunn,H.E. TradeIndemnity Christophersen,O.S. Kreditt-Garanti

1976/77 " " " "

1977/78 Merlin,E. SFAC Sluijter,H.Ph.H. NationaleBorg

1978/79 " " " "

1979/80 " " " "

1980/81 Beuck,G. Hermes Thalbitzer-Foldskov,N. DanskKaution

1981/82 " " " "

1982/83 " " " "

1983/84 Sluijter,H.Ph.H. NationaleBorg Beuter,H. Allgemeine

1984/85 " " " "

1985/86 " " DeLaVega,A. CESCC

1986/87 Phillips,J.E. TradeIndemnity Beau,B. SFAC

1987/88 " " Magnusson,U. Svenska

1988/89 Magnusson,U. Svenska StasDeRichelle,A. COBAC

1989/90 " " Beuter,H. Allgemeine

1990/91 Beuter,H. Allgemeine Lund-Petersen,O. DanskKaution

1991/92 " " " "

1992/93 Lund-Petersen,O. DanskKaution Eanes,J.C. F&DMaryland

1993/94 " " " "

1994/95 Eanes,J.C. F&DMaryland Chauliac,Y. Eidgenössische

1995/96 " " Darius,W-I. Hermes

1996/97 Darius,W-I. Hermes Leisewitz,C.T.L. Credit Guarantee

1997/98 " " " "

1998/99 Leisewitz, C.T.L. Credit Guarantee Demuth, W. Österreichische

1999/00 " " Meyer,B.H. Gerling

2000/01 Meyer,B.H. Gerling GomesdaCosta,M. COSEC

2001/02 " " Robertson,F. Chubb

2002/03 Robertson,F. Chubb David,F. COFACE

2003/04 " " " "

2004/05 David,F. COFACE Rumpler,J. QBEInsurance

2005/06 " " " "

2006/07 Rumpler,J. QBEInsurance VonWeichs,C. EulerHermes

2007/08 " " " "

2008/09 VonWeichs,C. EulerHermes DelaHerrán,J. CESCE

2009/10 VonWeichs,C. AllianzSE DelaHerrán,J. CESCE


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•Marseille 2010

YEaR lOCaTIOn

1928 Paris

1930 Berlin

1933 London

1935 Vienna

1937 Baden-Baden

1946 Zurich

1947 Zurich

1947 Cannes

1948 Stockholm

1949 Lugano

1949 Madrid

1950 Oslo

1951 NoordwijkaanZee

1952 Paris

1953 London

1954 Brussels

1955 Lugano

1956 Hamburg

1957 Copenhagen

1958 Venice

1959 MonteCarlo

1960 Seville

1961 Vienna

1962 Aix-en-Provence

1963 Taormina

1963 Zurich

1964 Oslo

1965 Brussels

1966 Athens

1967 Wiesbaden

1968 London

1969 Zurich

1970 Amsterdam

1971 Washington

1972 Copenhagen

1973 Vienna

1974 Florence

YEaR lOCaTIOn

1975 Madrid

1976 Cannes

1977 Oslo

1978 Berlin

1979 Brussels

1980 Tokyo

1981 Stockholm

1982 Quebec

1983 Edinburgh

1984 Montreux

1985 Amsterdam

1986 Helsinki

1987 Seoul

1988 Vilamoura

1989 Copenhagen

1990 RivadelGarda

1991 Dublin

1992 MexicoCity

1993 Biarritz

1994 Seville

1995 Scottsdale

1996 Sun City

1997 Kyoto

1998 Bath

1999 Naples

2000 Dresden

2001 Ottawa

2002 Copenhagen

2003 Zurich

2004 SanFrancisco

2005 Barcelona

2006 Amsterdam

2007 Guadalajara

2008 Vienna

2009 Jeju

2010 Marseille


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an OvERvIEw Of sOmE Of ThE IssuEs aDDREssED bY ICIsa DuRIng ThE PasT YEaR

Promoting sustained technical excellence, innovation and product integrity•Reviewoftheeffectsofthecrisisoncountries,sectorsandbuyers•Researchintouseofandneedsforpoliticalriskcover•Developmentsregardinghousingmarkets•ReviewofanEUregulationregardingbondsforrecyclingwhiteandbrowngoods•ReviewofEUregulationregardingpaymentinstitutions•PromotingchangesinEuropeaninsurancetaxregulation•CommentingonandreviewofSolvency II proposals in the EU•Reviewofdevelopmentsininsolvencylegislation

Promoting sustained quality management•Roundtablediscussionsbetweenmembersexchangingexperienceandbestpracticesoncurrentproblems and challenges•Reviewofthepossibleconsequencesandeffectsofthecreditcrisisonthesectoranditscustomers•Reviewofdevelopmentsregardingfuturereinsurancecapacity

advising international and multi-national authorities •RaisingthelackofalevelplayingfieldforsuretyproductsattheEuropeanCommissionlevel•Promotingagloballevelplayingfieldforsuretyinsurersinpubliccontracts•PromotingtheICC’s uniform rules for contract guarantees•Reviewoftheuseandeffectofcreditinsurancegovernmentsupportschemes•AdvisingtheInternationalAccountingStandardsBoard(IASB)ontheirproposalswithregardtothecredit insurance and surety sectors•Sharingtradecreditinsuranceindustrydata•Providingtechnical,financialandactuarialinformationontradecreditinsurance

structural initiatives•FoundingmemberoftheInternationalSuretyAssociation(ISA)whichundertakesprojectsjointlywiththe SuretyandFidelityAssociation(SFAA)nationalsuretyassociationsofAustralia,CanadaandMexico•Participantinprojecttodeterminetheprobablemaximumloss(PML)ofunderwrittenrisks•Projecttofacilitatetheacceptanceofelectronicbonds•Publicationandtranslationofareferenceguideofcreditinsuranceterminology•CreationofaSingleRiskCommitteeforprivatepoliticalriskproviders•Founderof STECIS, which offers training and education in credit insurance and surety•Researchintoimprovingtheavailabilityandexchangeofinformation•PublicationofanindustryNewsletter•Launchofpublicrelationsandpublicaffairsprojects


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ICISA’s statutes are designed to ensure that members are the effective controlling element governing theAssociation.APresident,aVice-President,anExecutive Director and a Treasurer manage the Association.AManagementCommittee,whichmeetsunderthechairmanshipofthePresident,functionsasadvisertothePresident.Fortheperiod2009/2010theMembersoftheAssociationhaveelectedthefollowingofficersandmembersoftheManagementCommittee:

President •ClemensvonWeichs (Allianz SE)

Vice-President •JoaquíndelaHerránMendívil (CESCE)

Members •JimDavidson (HCC International) •Jean-PierreKnébel (AXA Winterthur) •FrançoisMeunier(Coface) •MarcusPollak(Partner Re) •TommieSjödahl (Atradius) •MikeTruter(Credit Guarantee)

There are six committees ensuring sustained close contact and regular exchange of views: •AccountingandRegulatory Committee •CommitteeofUnderwriters •CommitteeonManagementIssues •CreditInsuranceCommittee •SingleRiskCommittee •SuretyCommittee

Thecommitteesfocusonspecificprojectsandstudiesand report on these to the general membership. This ensures one of the goals of the Association, namely the promotion of education in credit and surety underwriting.

The Executive Director heads the Association’s Secretariat, which is responsible for the provision of the full range of administration, communication and co-ordinationofservicesrequiredbytheAssociationfor its dealings with the membership and the outside world.

MembershipofICISA is reserved for insurance and reinsurance companies specialising in credit and/or surety underwriting. The Secretariat can provide full details with regard to the membership application requirementsandprocedures([email protected]).


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CREDIT InsuRanCE & suRETY bOnDs

The International Credit Insurance & Surety Association brings together companies writing trade credit insuranceand/orsurety.MembersofICISA are insurance companies specialised in credit insurance and/or suretybondsaswellasmulti-lineunderwriters,withspecialisedcreditandsuretydivisions.

Credit InsuranceCredit insurance, or trade credit insurance, insures manufacturers, traders and providers of services against the risk that their buyer does not pay. It can also cover the risk that a buyer pays very late. A buyer will not pay after he has been declared bankrupt or insolvent. Similarly payments cease when buyers opt for a bankruptcy protection or debt restructuring arrangement, which allows them to delay or restructure payments. If a buyer does not pay, the credit insurance policy will pay out a percentage of the outstanding debt. This percentage usuallyrangesfrom75%to95%oftheinvoiceamount,butmaybehigherorlowerdependingonthetypeofcover that was purchased.

Creditinsurancecanalsocoverso-calledpoliticalrisk.Thisistheriskthatpaymentcannotbemadeorthatgoods cannot be delivered due to circumstances outside of the supplier or buyer’s control. These include war, riots, and similar occurrences. There may also be a risk that money cannot be transferred from one country to another due to measures taken in the buyer’s country or in a third country. This is also considered a political risk as is the failure to pay by a public buyer. Changes in a foreign government’s policy may lead to cancellation ofacontract.Politicalriskcoverinsuresagainstthisrisk.

Over the past decades credit and bonding have grown rapidly. To some extent this has been due to worldwide economic growth generally. But periods of economic recession and crises have served to emphasise the benefits and, indeed, the necessity of credit and surety insurance for sound business management.Support from the credit insurer is often vital to the supplier and the buyer. In the absence of credit insurance manytradetransactionswouldhavetobedoneonapre-paidorcashbasis,ornotatall.Creditinsuranceisoften seen as a welcome security for financing banks. It is also an essential credit management tool and used tocontrolrisks,improvepaymentbehaviour,obtainvitalbuyerinformation,andmonitorexposures.Manycompaniesbenefitfromthesetoolsinanever-volatileworld.

Membersof ICISA currently insure trade credit in excess of USd 2 trillion.

suretySurety bonds or guarantees secure the fulfilment of a contract or an obligation. They protect the beneficiary against actsoreventswhichimpairtheunderlyingobligationsoftheprincipaldebtor(generallyknownastheso-called“principal”).Suretybondsguaranteetheperformanceofavarietyofobligations,fromconstructionorservicecontracts, to licensing, to commercial undertakings. Bonds and guarantees are normally required under the terms of a construction or engineering contract, or in accordance with mandatory legal requirements, to secure the obligations of the principal. Almost any sale, service or compliance agreement can be secured by a surety bond. Surety bonds play a vital part in domestic and international trade and in particular protect taxpayers against the loss of public funds.

Although in many countries originally bonds were issued mainly by banks, the security provided by a surety company has proven equally acceptable. By lines of credit and bonds with surety or insurance companies. In doing so, they protect their lines of credit with banks, which might otherwise be blocked at such time when this working capitalwasneeded.Banksusuallyprefertoissueso-called"ondemand"bondsandmustthereforetreatthemasun-presented letters of credit.

The most common types of surety bonds can be categorised as follows: • customs,taxandsimilarbonds • bondsconcerningconcessionsandlicenses • judicialbonds • bondsconcerningpurchasesofgoodsand/orservices • bondsconcerningleases • bondsconcerningconstructionand/orsupplycontracts • financialbonds


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Credit InsuranceCreditinsuranceinsuresagainsttheriskofnon-paymentbyabuyer.Itusuallycovers75%to95%ofthe outstanding amount.

“Commercial risk” The risk of a deterioration in the financial situation or creditworthiness of a private buyer, resulting in payment default by or the insolvency of the buyer, not caused by circumstances or occurrences defined as political risk.

“Domestic business” Transactions with buyers domiciled in the same country as the insured.

“Export Credit insurance” Insurance against the credit risk related to the sale of goods to buyers in another country.

“Insolvency”Ajudicialoradministrativeprocedurewhereby the assets and affairs of the buyer are made subjecttocontrolorsupervisionbythecourtoraperson or body appointed by the court or by law, for the purpose of reorganisation or liquidation of the buyer or of the rescheduling, settlement or suspension of payment of its debts.

“Political Risk” • The risk that a government buyer or country prevents the fulfilment of a transaction or fails to meet payment obligations in time;• a risk that is beyond the scope of an individual buyer or falls outside the individual buyer’s responsibility;• the risk that a country prevents the performance of a transaction;• the risk that a country remains in default to transfer to the country of the insured the moneys paid by buyers domiciled in that country.

“single Risk Cover” Cover for all sales to one debtor orforasinglecontractwithonedebtor(asopposedtowholeturnoverandkeybuyer).

“smEs”Mostcreditinsurancecompanieshavepoliciesspecifically aimed at servicing small and medium sized enterprises(SMEs).Commonfeaturesarelowpremiumrates, simple language and a low administrative burden.

“whole Turnover policy” A credit insurance policy thatcoverstheinsured’stotalcreditsales(asopposedtoKeybuyercoverandSingleriskcover).

surety & bondsSurety bonds secure the fulfilment of a contract or an obligation up to the limit of the bond.

Some of the main types of bonds are identified as follows:

Customs, Tax and/or similar bonds guarantee the payment of import duties, excise and related taxes in accordance with the legal requirements governing the entry of goods into a country. Contract bonds secure due performance of a contract. The main categories of such bonds are respectively bid, performance, payment and advance payment bonds. maintenance bonds provide protection against defective materials and workmanship arising during the maintenance of the contract.

bid bonds tendered by the party bidding for a supply or construction contract to guarantee that if awarded the contract, the bidder will enter into the contract and furnish the prescribed performance and/or payment bond. financial bonds include guarantee for the payment ofrent(LeaseBonds),andJudicialBondsincludingpayments to a court in respect of legal proceedings (CourtBonds).

license, Concession or Permit bonds are usually required before a license to engage in a particular business is granted by a public or statutory body.

Members’mainlinesofsuretybusinessare:• Customs, tax and/or similar bonds • Bondsconcerningconcessionsandlicenses• JudicialBonds• Bondsconcerningpurchasesofgoodsand/orservices• Bondsconcerningleases• Bondsconcerningconstructionand/orsupplycontracts• Financialbonds• Otherbonds

ReinsuranceA reinsurance company insures the risk that has been underwritten by an insurance company. The risk of a majorlosseventimposesaburdenthatnosinglecompanycanbear.Reinsurancemakesitpossiblefortheseriskstobeunderwritten.Inaway,onecouldsay,"reinsuranceisinsuranceforinsurancecompanies".Overtheyearsthe international reinsurance sector has developed into a highly specialised financial services industry that works closelyinconjunctionwithdirectinsurerstomeettheneeds of their customers. ICISA’s reinsurance members have specialised departments focusing solely on the reinsurance of credit insurance and surety risks.


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ICISA Membersreportedsteadygrowthinpremiumincomeover the years, with strong growth over 2008.

Surety premium income as reported by ICISAMembershasshownsteadygrowthoverthepast5years.

6.000.000.000

5.000.000.000

4.000.000.000

3.000.000.000

2.000.000.000

1.000.000.000

0

2002 2003 2004 2005 2006 2007 2008

1.200.000.000

1.000.000.000

800.000.000

600.000.000

400.000.000

200.000.000

0

2002 2003 2004 2005 2006 2007 2008

PREmIums CREDIT InsuRanCE

PREmIums suRETY

All amounts are presented in EUR.


sTa

TIs

TIC

s

The effects of the crisis during 2008 are refl ected in the surge in claims over that year.

The strong increase in insured trade is visible from the growth in insured exposure asreportedbyICISAMembers.Thisisparticularly noticeable over 2008.

Recoveriesaccountedforanegativefigureover2006.The following years show an upward trend while staying below 2002 levels.

The steep drop in activities in the construction and related sectors in 2008 is illustrated by a drop in insured surety exposure over that year.

6.000.000.000

5.000.000.000

4.000.000.000

3.000.000.000

2.000.000.000

1.000.000.000

0

2002 2003 2004 2005 2006 2007 2008

2.000.000.000.000

1.750.000.000.000

1.500.000.000.000

1.250.000.000.000

1.000.000.000.000

750.000.000.000

500.000.000.000

250.000.000.000

02005 2006 2007 2008

400.000.000

300.000.000

200.000.000

100.000.000

0

-100.000.000

-200.000.000

2002 2003 2004 2005 2006 2007 2008

220.000.000

200.000.000

180.000.000

160.000.000

140.000.000

120.000.000

100.000.000

2005 2006 2007 2008

ClaIms CREDIT InsuRanCE InsuRED ExPOsuRE CREDIT InsuRanCE

ClaIms suRETY InsuRED ExPOsuRE suRETY


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CREDIT InsuRanCE suRETY


argentinaAfianzandora •CESCE ••Coface ••Euler Hermes •• Mapfre•Zurich •

ChileAtradius •(minority shareholding)

CESCE ••Coface •Mapfre•

CanadaAtradius •Coface •Euler Hermes •GCNA ••Zurich •

ghanaCGIC •

namibiaCGIC •

TunisiaAtradius •(minority shareholding)

Euler Hermes • (partnership)

algeriaEuler Hermes • (partnership)

moroccoCESCE ••Euler Hermes •

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australiaAtradius •Coface • Euler Hermes ••QBE ••Zurich ••

australia - Country Afianzadora - Member - Credit Insurance - Surety

fiji QBE •

new zealandAtradius •Euler Hermes • QBE ••

mauritiusCGIC •Euler Hermes • (partnership)

RussiaAtradius •(cooperation partner)

Ducroire | Delcredere ••(cooperation)

Euler Hermes •Zurich •

kuwait bahrein qatar saudi arabia & Oman Euler Hermes •

united arab EmiratesAtradius •(minority shareholding)

Euler Hermes •

TunisiaAtradius •(minority shareholding)


zimbabweCGIC •

south africaAtradius •(cooperation partner)

CGIC ••Coface ••Euler Hermes • (partnership)

IndiaAtradius •(coorperation with local partner) Euler Hermes •QBE •

PakistanEuler Hermes • (partnership)

kenyaAtradius •(minority shareholding)

CGIC •

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belgiumAtradius •CESCE ••Coface •

Ducroire | Delcredere ••Euler Hermes •

Garant •Groupama ••

Nationale Borg •QBE ••

SACE BT ••Zurich ••

DenmarkAtradius ••CESCE ••

Coface •Ducroire | Delcredere ••

Euler Hermes ••Garant •QBE ••

SACE BT ••TrygVestaGaranti•

Zurich ••

franceAtradius ••

AXA Assurcredit •CESCE ••Coface ••

Ducroire | Delcredere ••Euler Hermes ••


QBE ••SACE BT ••

Zurich ••

germanyAtradius •CESCE ••Coface ••

Ducroire |Delcredere ••

Euler Hermes ••Garant •

Groupama ••QBE ••


IcelandAtradius •

(cooperation with local partner)

CESCE ••Ducroire | Delcredere ••

Euler Hermes •

IrelandAtradius •CESCE ••Coface •



HCC International •QBE ••


liechtensteinCESCE ••


(partnership)

luxembourgAtradius •CESCE ••


(partnership)


QBE ••SACE BT ••

monacoAXA Assurcredit •

the netherlandsAtradius •CESCE ••Coface •



Nationale Borg •QBE ••


switzerlandAtradius •

AXA Winterthur ••Coface ••

Ducroire | Delcredere •• (cooperation)

Euler Hermes ••Garant •

QBE •Zurich ••

norwayAtradius ••CESCE ••Coface •


TrygVestaGaranti •Zurich ••

PortugalAtradius •CESCE ••Coface •

COSEC ••Ducroire | Delcredere ••

Euler Hermes ••Groupama ••

Mapfre•QBE ••


spainAtradius ••CESCE ••Coface •



Mapfre••QBE ••


united kingdomAtradius •CESCE ••Coface ••



HCC International ••QBE ••


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Atradius - Member - Credit Insurance - Surety30


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austriaAtradius •CESCE ••Coface ••Ducroire | Delcredere ••Garant •Prisma•QBE ••SACE BT ••Zurich ••

slovakiaAtradius •CESCE ••Coface •Ducroire | Delcredere ••Euler Hermes ••Garant •SACE BT ••Zurich ••

bulgariaCESCE ••Ducroire | Delcredere ••Euler Hermes • (partnership)


CyprusCESCE ••Ducroire | Delcredere ••Garant •SACE BT ••Zurich ••

Czech RepublicAtradius •CESCE ••Coface •Ducroire | Delcredere ••Euler Hermes ••Garant •Groupama ••SACE BT ••Zurich ••

RomaniaCESCE ••Coface •Ducroire | Delcredere ••Ethniki ••Euler Hermes ••Groupama ••SACE BT ••Zurich ••

EstoniaCESCE ••Ducroire | Delcredere ••Euler Hermes •Garant •SACE BT ••Zurich ••

finlandAtradius ••CESCE ••Ducroire | Delcredere ••Euler Hermes ••Garant •QBE ••SACE BT ••TrygVestaGaranti•Zurich ••

swedenAtradius ••CESCE ••Coface •Ducroire | Delcredere ••Euler Hermes ••Garant •QBE ••SACE BT ••TrygVestaGaranti•Zurich ••

greeceAtradius •CESCE ••Ducroire | Delcredere ••Ethniki ••Euler Hermes •Garant •QBE •SACE BT ••Zurich ••

hungaryAtradius •CESCE ••Coface •Ducroire | Delcredere ••Euler Hermes ••Garant •Groupama ••SACE BT ••Zurich ••

ItalyAtradius ••CESCE ••Coface ••Ducroire | Delcredere ••Euler Hermes ••Garant •Groupama ••QBE ••SACE BT ••Zurich ••

latviaCESCE ••Ducroire | Delcredere ••Euler Hermes •Garant •SACE BT ••Zurich ••

lithuaniaCESCE ••Coface •Ducroire | Delcredere ••Euler Hermes •Garant •SACE BT ••Zurich ••

sloveniaCESCE ••Ducroire | Delcredere ••Garant •SACE BT ••SID–FirstCredit•Zurich ••

maltaCESCE ••Ducroire | Delcredere ••Garant •SACE BT ••Zurich ••

PolandAtradius •CESCE ••Coface •Ducroire | Delcredere ••Euler Hermes ••Garant •Groupama ••SACE BT ••Zurich ••

TurkeyAtradius •Coface •Euler Hermes •


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ChileAtradius •(minority shareholding)

CESCE ••Coface •Mapfre•

32

boliviaZurich •

ColombiaCESCE ••Euler Hermes ••Mapfre•QBE ••

mexicoAtradius •CESCE ••Coface •Euler Hermes • FianzasAtlas•FianzasMonterrey•Mapfre•

Puerto RicoMapfre•

PeruCESCE ••Mapfre•

El salvadorMapre•

uruguayCESCE ••Mapfre•

venezuelaCESCE ••Mapfre•Zurich •

argentinaAfianzandora •CESCE ••Coface ••Euler Hermes •• Mapfre•Zurich •

Dominican RepublicMapfre•

netherlands antillesAtradius •

united states of americaAtradius •Coface •Euler Hermes •QBE •Zurich ••

brazilAtradius •CESCE ••Coface •Euler Hermes ••Mapfre•QBE ••Zurich ••

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Afianzadora - Member - Credit Insurance - Surety


33

hong kongAtradius •Coface •Euler Hermes •QBE ••Zurich ••

ChinaAtradius (information services)

China I&G •Euler Hermes •PICC••QBE •Zurich •(short-term domestic credit only)

japanAtradius •Coface •Euler Hermes •MitsuiSumitomo••QBE •SompoJapan••TokioMarine••Zurich ••

koreaEuler Hermes • (partnership)

QBE •SGI ••

IndonesiaAskrindo ••Euler Hermes • (partnership)

QBE •

macauEuler Hermes • (partnership)

QBE ••

malaysiaEuler Hermes • (partnership)

QBE •

Papua new guineaQBE •

TaiwanAtradius •(cooperation partner)


QBE •Zurich •

ThailandEuler Hermes • (partnership)

QBE ••

vietnamEuler Hermes • (partnership)

QBE •

the PhilippinesEuler Hermes • (partnership)

QBE ••

singaporeAtradius •Coface ••ECICS ••Euler Hermes • QBE ••Zurich ••

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Contact Details25 de Mayo 81 piso 4Ciudad de Buenos Aires(C1002ABA)ArgentinaP: +54 11 4331 2320www.afianzadora.com.ar

Board of DirectorsMr Gustavo Krieger - President [email protected]

Mr Anibal Lopez - [email protected]

Mr Juan Jose Saldaña - [email protected]

ManagersMs María de la Paz LadoAdministrative [email protected]

Mr Fernando Gaiazzi - Operations [email protected]

Mr Mariano Nimo - Commercial [email protected]

Ms Verónica Inglés - Legal [email protected]

Mr Enrique Camarero - Underwriter [email protected]

AFIANZADORA LATINOAMERICANA COMPAÑÍA DE SEGUROS S.A.

A anzadora Latinoamericana is a company which was founded in 2005 to operate exclusively in the surety and credit insurance market.

Its shareholders - who have a well-established market expertise both locally and internationally - have set up a team of specialists in the surety business, most of them with a successful experience in the Latin-American business.

Thus, in the rst four years in addition to showing a growth which has been greater than the market means, A anzadora Latinoamericana has opened branches in the cities of Córdoba and Rosario, two centers with a booming economic activity. Besides, since its start-up, it has been offering coverage for Argentine contractors throughout Latin America making our company an integral credit and surety service provider.

In these rst years of operation, the company has gained itself an important position in the insurance sales ranking.

A anzadora Latinoamericana has been certi ed in compliance with the ISO 9001/2000 quality standards by Bureau Veritas in all the sectors of the company, which means that it, therefore, complies with permanently controlled quality standards.

The company has based its growth and expansion on a large investment in technology, system development and HR training. Consequently, it possesses one of the most advanced - state of the art - IT department and has opened a training center to provide permanent updating training courses in the charge of highly quali ed university teachers.

A anzadora Latinoamericana has been rated “A” by Evaluadora Latinoamericana - a prestigious rating company of insurance companies in Argentina - in accordance with the Standards of the Securities National Commission of the Argentine Republic.

A anzadora Latinoamericana deals in all type of bonds and credit insurance expressly excluding nancial bonds.

AFIA

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Contact DetailsKoeniginstrasse 2880802 MunichGermanyP: +49 89 3800-0F: +49 89 [email protected]

Board of ManagementMr Michael Diekmann - ChairmanMr Clem Booth - Anglo Broker

CEO of Allianz ReMr Clemens von Weichs d

Markets AGCS and Reinsurance

ALLIANZ SE

Founded in 1890, Allianz Group is one of the leading global services providers in insurance, banking and asset management. With approximately 180,000 employees worldwide, the group serves more than 80 million customers in about 70 countries. Rated with “AA” stable by Standard & Poor’s and “AA3” stable by Moody’s, Allianz offers superior nancial security.

In 2006 Allianz SE, the parent company, became the rst company in the Dow Jones EURO STOXX 50 Index to adopt the legal form of a Societas Europaea, which is a new European legal form for stock corporations. Allianz SE is headquartered in Munich, Germany. Beyond the quality of our nancial performance, a number of other activities and factors are important for the sustainable growth of our competitive strength and company value. These include, but are not limited to, our global diversi cation, the reduction of complexity, our value-based management approach and our crucially important employees.

Allianz Re, Allianz’s reinsurance arm, is also part of Allianz SE. Allianz Re’s activities serve all lines of reinsurance and are managed out of Munich, Dubai, Dublin, Singapore and Zurich. Besides the coordination and optimisation of the group’s internal reinsurance operations, Allianz Re also writes business with external insurance clients. The Credit and Bond Reinsurance team is based in Munich. It writes group and external business. The know-how of the underwriters is based on many years of experience in this line of business. On the external side, the Credit and Bond Reinsurance team does business all over the world, but with a main focus on Europe and South America.

35


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9.9

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IND

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Contact DetailsJl. Angkasa Blok B-9, Kav 8, Kemayoran, Jakarta 10610IndonesiaP: +62 21 654 6471-72F: +62 21 654 [email protected]

Principal ShareholdersMinistry of Finance of Republic of Indonesia - 82,4% Indonesian Central Bank - 17,6%

Executive ManagementMr Chairul Bahri - President Director dMr Hartono - Managing Director dMr Zulfan Lubis - Managing Director d

Credit Insurance & Surety ContactsMr I Nyoman Sulendra - Head of Credit Insurance & Surety DivisionMr Pudji Santoso - Head of Surety DepartmentMr Dessy Suryanaputra - Head of Trade Credit Insurance DepartmentMr Lucky A Hartawan - Head of Buyer UnderwritingMs Nina Windyatantri - Head of Policy UnderwritingMr Chumaedi - Head of Reinsurance DepartmentMs Endang Tri Kuswati - Head of Outgoing SectionMr Edy Nurhadi - Head of Incoming Section

Lines of Credit Insurance WrittenDomestic

Lines of Surety Bonds WrittenCustom, tax and/or similar bondsBonds concerning construction and/or supply contractsOther bonds i.e. guarantee for bank guarantee and ticketing & cargo guarantee for agents of airline companies

Other ServicesReinsurance for Surety BondLoan Guarantee for MSME

AS

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OPT. ASURANSI KREDIT INDONESIA

PT Asuransi Kredit Indonesia (Askrindo) was established by Government of the Republic of Indonesia c.q. the Ministry of Finance and the Bank of Indonesia in 1971, as the endeavor to develop Micro-Small and Medium Enterprises (MSMEs). To achieve this objective, Askrindo provided the loan guarantee services for MSMEs. In 1997 the company developed the surety bonds business and the trade credit insurance business as the support business. These products have encouraged the entrepreneurs in accessing the nancial resources and also have supported domestic and international trading.

Geographically, Indonesia is located on strategic area and is rich of natural resources. It offers huge trade business opportunities such as the export and import trade business. To support this prospective trade nancing, Askrindo, as the rst trade credit insurance company in Indonesia, has a signi cant presence in the trade credit insurance market in Indonesia as well as in global market.

Based on Presidential Decree No. 6/2007, the Indonesia government injected fresh fund to Askrindo at amount IDR 850 billion to increase the guarantee capacity as well as to strengthen Askrindo’s position in performing Government Program of Loan Guarantee for MSMEs. As on June 2009, Askrindo’s equity is IDR 1,82 trillion. With this total amount of equity, Askrindo has the capacity to provide a wider range of loan guarantee, surety and trade credit insurance services. The trade credit insurance and surety business, as well as the loan guarantee business, have been running as a lucrative business. Through our 16 branches and 17 marketing representatives spread over Indonesia and 397 employees, Askrindo has been issuing the trade credit insurance as much as IDR 14.8 trillion and the surety as much as IDR 42.3 trillion during the last ve years.

36


Contact DetailsDavid Ricardostraat 1 1066 JS Amsterdamthe NetherlandsP: +31 20 553 9111F: +31 20 553 2811www.atradius.com

[email protected]

Principal ShareholderAtradius N.V.

Management Board of Atradius N.V. Mr Isidoro Unda - CEO dMr Peter Ingenlath - CROMr Del n Rueda - CFOMr Tommie Sjödahl - CMOMr David Capdevila - CMO Mr Peter Schmidt - CMO

Executive Management in the NetherlandsMr Bert Bruning - Country Director the NetherlandsMr Jørgen Lund Lavesen - Regional Director Nordic & the Netherlands

Lines of Credit Insurance WrittenDomestic Credit InsuranceExport Commercial and Political Risks

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SATRADIUS N.V.

Atradius Credit Insurance N.V., previously named Nederlandsche Credietverzekering Maatschappij N.V. and trading as NCM and then GERLING NCM, was established in Amsterdam in 1925. It was founded by Dutch, German, Swiss and British companies. In 1932 an agreement with the Dutch government enabled it to reinsure both its commercial and political export risks with the Dutch State.

In the early nineties, NCM started its international expansion strategy, in which the rst step was the takeover of the Insurance Service Group (ISG), part of the UK Export Credits Guarantee Department. Throughout the nineties, NCM pursued its strategy of continuous expansion, rmly embedding NCM across Europe, in the Nordic region and the USA. In December 2001, the NCM Group and the Gerling Credit Insurance Group joined forces. In 2004, the company was renamed Atradius. Atradius Dutch State Business N.V insures the medium-term export credit insurance conducted in association with the Dutch State.

Atradius offers a broad range of products in the Netherlands. Traditionally, our core business is credit insurance, which protects against commercial and political risks of non-payment. Nowadays we provide a full array of credit management solutions, varying from credit insurance, global services and collections. All solutions include direct access to Serv@Net, our secured online connection that provides customers an opportunity to explore new business using our unique data on buyers, country and trade sectors worldwide.

Atradius is recognised as a global leader in credit insurance and credit management - protecting customers against the risk of non-payment of commercial trade receivables. Headquartered in Amsterdam, the company has more than 80 years experience in the credit management business and a meaningful presence in most key markets.

Atradius is a leading credit insurer with total revenues of more than EUR 1.8 billion and a 31% share of the world credit insurance market. With a team of 4,000 people and more than 160 of ces in 42 countries, Atradius has access to credit information on 52 million companies worldwide and makes over 22,000 credit limit decisions daily. It is rated “A-” by Standard & Poor’s and “A3” by Moody’s.

Atradius international head of ce is located in a new building in Amsterdam.

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ATRADIUS IN BELGIUM AND LUXEMBOURGThe Belgian operations of Atradius were founded in Belgium in 1946 as Les Assurances du Crédit s.a.. From the very beginning it has been led by the desire to be an export credit insurance company with an European perspective. In 1994, the company was bought by the Gerling Credit Insurance Group which in turn merged with NCM in 2001. In 2005, Gerling Namur - Assurances du Crédit S.A. and its branches, in the framework of the legal restructuring of the Atradius Group, became branches of the Amsterdam-based Atradius Credit Insurance N.V.

In Belgium, Atradius has of ces in Namur and Antwerp. Atradius also has an of ce in Luxembourg.

Atradius offers a comprehensive service of protection against payment default (commercial and political risks) based on risk prevention, debt recovery and indemni cation in case of claims.

Contact DetailsLevel 5, 22 Pitt StreetSydney NSW 2000 AustraliaP: +61 2 9201 5222 F: +61 2 9201 2210 [email protected] www.atradius.com.au

Executive ManagementMr David Huey - Managing Director Australia and New Zealand

Lines of Credit Insurance WrittenDomestic Credit InsuranceExport Commercial and Political Risk

ATRADIUS IN AUSTRALIA AND NEW ZEALANDIn October 2003, the Australian Government’s Export Finance Insurance Corporation’s (EFIC) short-term credit division was sold to Atradius. The company is the leading credit insurer in the region for export credit insurance and offers tailored policies and dedicated account management support for large enterprises, global clients and SMEs. Atradius also offers domestic credit insurance and specially structured products for nancial institutions.

The � exibility of Atradius cover means that customers can choose from a range of whole turnover or selected risk policies that focus on speci c risk elements, for example cover for key buyers, or speci c cover for the Australian domestic market only. As well as covering customer payment default, the policies also offer the most comprehensive political risk cover in the market.

Atradius credit insurance policies include a free integrated collections and recovery service for insured receivables that works to improve and simplify the management of debtor books. Atradius also supplies both transactional (one off collections) and contractual (for more frequent users of debtor services) debt collection on a ‘no win no fee basis’. These are available to non-credit insured customers.

The headquarters for Atradius’ Oceanic operations are based in Sydney, Australia. The company also has of ces in Brisbane, Melbourne and Perth and of ces in Wellington and Auckland in New Zealand.

38

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ATRADIUS IN FINLANDThe history of the Atradius group in Finland can be traced to 1997 when the Danish credit insurance company BG Garanti started its operations there. Later, BG Garanti was acquired by the Dutch NCM and, NCM, in turn, was merged with the credit insurance operations of the German Gerling Credit Insurance Group. The latest merger created GERLING NCM, which changed its name to Atradius in the beginning of the year 2004. Atradius Finland is specialising in credit insurance, bonding and international debt collection.

In credit insurance, the products offered cover domestic credit and export credit, both commercial and political risk. Coverage for both insolvency and protracted default is available.

ATRADIUS IN DENMARKAtradius Denmark has a history as state-owned Export Credit Council (EKR) and dates back to the early 1920’s. In 1992, the rst steps towards a public owned company the Danish government made the company EKR to a public limited company owned by the Danish State. In 1995, the Danish State sold 25% of its shares to NCM, thereby creating EKR Credit Insurance, and in 1997 NCM assumed full ownership. After the merger with Gerling Credit, whose regional presence was through Gerling Nordic Kreditforsikring A/S in Oslo, all entities were combined except for the Danish operations of Gerling Credit that had to be divested to comply with anti-trust regulations. The Atradius activities in the Nordic region are now part of the region Nordic & the Netherlands. Of ces exist in Norway, Sweden, Finland and Denmark.

Atradius is a good example of a successful transition from a public owned company to a company working solely on market forces. The ownership by NCM and later GERLING NCM paved the way for an expansion of the Danish market and today Atradius insures more than 20% of all Danish goods exports and a substantial share of domestic business. Atradius Denmark has 65% market share and offers credit insurance, bonding and debt collection. Based on the partnership with Fortis, Atradius also continues to provide a range of factoring services.

Contact DetailsSluseholmen 8A2450 Copenhagen SVDenmarkP: +45 33 26 50 00F: +45 33 26 50 [email protected]

Executive Management Mr Jørgen Lund Lavesen - Regional Director Nordic & the Netherlands

Lines of Surety Bonds WrittenCustoms, tax and/or similar bonds Judicial bonds Bonds concerning purchases of goods and/or servicesBonds concerning construction and/or supply contractsOther bonds


Contact DetailsAvenue Prince de Liège 74-78B - 5100 NamurBelgiump: +32 81 32 42 11f: +32 81 32 45 15

Meir 30B - 2000 AntwerpBelgiump: +32 3 202 47 47

[email protected]

Route des 3 Cantons, 11L - 8399 WindhofLuxembourgp: +352 26 25 87 [email protected]

Executive Management Mr Christophe Cherry - Country Director Belgium & LuxembourgMr Bertrand Lartisien - Regional Director Belgium, Luxembourg, France and Italy

Lines of Credit Insurance WrittenDomestic Credit InsuranceExport Commercial and Political RiskInstalment Credit Protection

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Contact Details44, avenue Georges Pompidou92596 Levallois Perret CedexFranceP: +33 1 41 05 84 84F: +33 1 41 05 84 [email protected]

Executive ManagementMr Yves Poinsot - Country Director FranceMr Marc Franceschi - Bonding Activities ManagerMr Bertrand Lartisien - Regional Director Belgium, Luxembourg, France and Italy

Lines of Surety Bonds WrittenCustoms, tax and/or similar bonds Judicial bondsBonds concerning purchases of goods and/or servicesBonds concerning leasesEnvironmental bondsFinancial bonds Other bonds

Lines of Credit Insurance WrittenDomesticExport Commercial and Political RiskInternational Global Credit insurance

In bonding, the products offered are commercial guarantees, as opposed to nancial guarantees. Examples of the bonds are bid bonds, advance payment bonds, performance bonds, maintenance bonds, and customs bonds. A distinctive feature here is the fact that Atradius does not require counter collateral for the bond lines. This makes it possible for the customers of Atradius to utilise their counter collateral for nance-related needs at banks while bonds can be issued on their behalf without any collateral.

Contact DetailsMikonkatu 900100 HelsinkiFinlandP: +358 9 681 1240F: +358 9 6811 [email protected]

Executive ManagementMr Jyrki Ohinen - Country Director FinlandMr Jørgen Lund Lavesen - Regional Director Nordic & the Netherlands

Lines of Surety Bonds WrittenBonds concerning construction and/or supply contractsBonds concerning purchases of goods and/or servicesCustoms bonds

Lines of Credit Insurance WrittenDomestic Export Commercial and Political Risk

ATRADIUS IN FRANCEThe French operations of Atradius were established in 1981 as a branch of the Belgian company Les Assurances du Crédit S.A.. In 1994, it was acquired by Gerling-Konzern Speziale Kreditversicherungs-AG and consequently changed its name to Gerling Namur. In 2005, Gerling Namur - Assurances du Crédit, S.A. and its branches, in the framework of the legal restructuring in the Atradius Group, became branches of the Amsterdam-based Atradius Credit Insurance N.V.

Atradius in France offers a full range of credit management solutions for companies to protect their margin and pro tability, facilitate their access to nancing, sustain their client assets and optimise their cash management. These solutions are based on risk prevention (commercial and political risks), indemni cation in case of claims and debt recovery. In partnership with Fortis, Atradius also delivers factoring services. Additionally, Atradius in France offers bonding solutions as a main activity with important potential synergies with credit insurance and also provides key accounts with securitisations and others speci c insurance and nancial solutions. Through its Group subsidiary ICP (Instalment Credit Protection), Atradius in France proposes to nancial institutions short, middle and long term cover of payment defaults of individuals. All solutions include direct access to secured online connections, that offers customers an opportunity to explore new business and manage their clients assets using our unique data on companies, country and trade sectors worldwide.Atradius in France has of ces in Paris, Aix-en-Provence, Bordeaux, Compiègne, Lille, Lyon, Nancy, Strasbourg, Orléans, Rennes and Toulouse.

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ATRADIUS REINSURANCE LTD - IRELANDAtradius Reinsurance Limited (“Atradius Re”) is a specialised reinsurer and a company of the Atradius Group, specialising in credit and bond reinsurance. It was founded in 1997, and its activity is closely linked to the international development strategy of the Atradius Group with an extensive network of clients on ve continents.

Atradius Re is an authorised reinsurance undertaking based in Ireland and was noti ed to the Irish Financial Regulator as reinsurers, under Section 22 of the Insurance Act 1989, from 5 December 1997 and has carried on business of non-life reinsurance since that date.

Atradius Re is authorised pursuant to the European Communities (Reinsurance) Regulations 2006, as and from the 15th day of July 2006 to carry on the business of non-life reinsurance in Ireland and in other jurisdictions.

Atradius Re supports the Group’s reinsurance requirements and third party clients’ reinsurance needs. Atradius Re is rated “A3” by Moody’s and “A-” by Standard & Poor’s.

Atradius Re provides a number of specialised services that support reinsurance structures for emerging markets and enhance the capital and reinsurance strategy of their existing mature client markets.

With over 50 years of experience in the credit and bonding reinsurance market dating back to the incorporation of its predecessors in 1954, Atradius Re has remained at the forefront of the credit and bonding marketplace by maintaining its lead position and servicing the established reinsurance client network while continuing to grow within developing markets.

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Contact DetailsOpladener Straße 1450679, CologneGermanyP: +49 221 2044-4000F: +49 221 [email protected]

Executive ManagementMr Michael Timmermann - Country Coordinator GermanyMr Thomas Langen - Regional Director Germany, Central and Eastern Europe


ATRADIUS IN GERMANYAtradius Kreditversicherung started credit insurance in 1954 as a subsidiary of the Gerling Group in Cologne. Originally, the activities of the former Gerling-Konzern Speziale Kreditversicherungs-AG focused on domestic credit insurance and capital goods credit insurance, but it also offered bonds and guarantees. Since 1956, the company has been offering export credit insurance. With this step, Gerling Speziale became the rst insurer to take on the coverage of export receivables on a commercial basis.

Since the beginning of the 1990’s, it has consistently pursued a strategy of continuous expansion, leading to the merger with the Dutch NCM in 2001. The company was subsequently renamed Atradius Kreditversicherung AG. In 2005, Atradius Kreditversicherung AG and its branches, in the framework of the legal restructuring of the Atradius Group, became branches of the Amsterdam-based Atradius Credit Insurance N.V.

The German unit is a major branch of the Atradius Group and has further increased its ability to support companies of different sizes in building new client relationships and assessing buyer risk. Atradius clients bene t from both traditional as well as innovative products and services such as tailored credit insurance and debt collection. The credit insurance solutions include direct access to Serv@Net, a secured online connection which provides customers an opportunity to explore new business using the unique data on buyers, country and trade sectors worldwide. Based on the partnership with Fortis, Atradius also provides a range of factoring services.

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Contact DetailsVia Crescenzio 12 Rome IT-00193ItalyP: +39 06 688 121F: +39 06 687 44 [email protected]

Via Turati, 40Milan IT-20121ItalyP: +39 02 63211F: +39 02 [email protected]

Executive Management Mr Samuel Pengel - Country Manager ItalyMr Bertrand Lartisien - Regional Director Belgium, Luxembourg, France and Italy

Lines of Surety Bonds WrittenPerformance bondsAdvance payment bondsMaintenance bondsVAT bondsCustoms bondsOthers

Lines of Credit Insurance WrittenDomestic Export Commercial

Contact Details2nd Floor, La Touche House,IFSC, Dublin 1IrelandP: +353 1 602 9200F: +353 1 670 2471www.atradius.com


Board of DirectorsMr Gerard van Brakel - Managing DirectorMr Mark Bonham - COOMr Daniel Stausberg- Underwriting DirectorMs Niamh Derivan - Finance Director

ATRADIUS IN ITALYAtradius in Italy, the Italian branch of Atradius Credit Insurance N.V., has been set up as a consequence of the legal, nancial and business integration into one entity of the three Italian carriers belonging to Gerling NCM (Gerling Credit, NCM, and Società Italiana Cauzioni S.p.A.), the credit insurance group renamed Atradius after its shareholder restructuring at the beginning of 2004.

Atradius in Italy is currently one of the leading players in credit insurance, bonding and collections services on the Italian market. With an annual turnover of approximately EUR 120 million (all products) and a credit insurance market share of around 18%, Atradius in Italy is present in Italy with two main seats, in Rome and Milan, a commercial of ce in Padova, nancial experts located regionally and an extensive agents’ network nationwide. Besides its agents’ network, Atradius in Italy performs its business activity also through other distribution channels, such as brokers and direct.

As to its structure, Atradius in Italy has set up a streamlined organisation with a total focus on customers’ needs, an organisation which is prompt in providing the market with tailor made and innovative credit management solutions that enable customers to concentrate on the development of their trade transactions without worrying about the risk of buyers’ non-payment.

In particular, as for credit insurance solutions, Atradius in Italy offers tailor made credit insurance products with a modular structure that can be customised to the customers needs and cater for SMEs through to multinationals, as well as an effective international debt collection service, both for insured and non insured customers. Atradius has extended its product offering including structured credit and political risk solutions targeted to large and complex transactions.

As for bonding, Atradius in Italy has con rmed its position among the leading players on the Italian market, in particular thanks to the high standard of knowledge, technical expertise and decades of experience in the bonding business line, that have become one of Atradius in Italy major assets as a consequence of the full integration of Società Italiana Cauzioni S.p.A. bonding activities in Atradius at the end of 2004.

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Contact DetailsAv. Miguel Ángel de Quevedo # 696Villa Coyoacan, CoyoacanCP 04000 Mexico D.F.MexicoP: +52 55 5484 0000F: +52 55 5554 3046 or 5658 [email protected]

Principal ShareholderAtradius N.V. through Atradius Credit Insurance Agency Inc., USA

Board of DirectorsMr Rolando Vega Sáenz - Chairman

Executive ManagementMr Karel van Laack - CEO Mr Brett Halsey - Regional Director NAFTA

Lines of Credit Insurance WrittenDomestic Commercial Export and Political Risk

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SATRADIUS IN MEXICOAtradius Seguros de Crédito S.A. in Mexico was founded in 1970 as Compañía Mexicana de Seguros de Crédito (COMESEC) by a group of insurance companies. It protected against and advised Mexican companies on the credit risk inherent in their commercial activities. Originally, it wrote only commercial export credit insurance. Domestic insurance was added in 1976.

After 30 years of success, Comesec realised the need to provide its customers with a broader range of services appropriate in a new global nancial world. In 2000 it became part of the Gerling Credit Insurance Group. With the Gerling Credit and NCM merger in 2001, Gerling Comesec was renamed GERLING NCM when NCM and Gerling Credit merged their operations in 2002, and nally renamed Atradius in 2004.

Atradius is market leader in Mexico, with of ces in Mexico City, Guadalajara and Monterrey and offers domestic, export and comprehensive credit insurance policies for large and medium sized corporates, with an increasingly important role as a provider of custom-made account receivable solutions, including domestic and international collection activities through Atradius Collections.

ATRADIUS IN NORWAYThe Norwegian branch of Atradius Credit Insurance N.V. was originally registered as “Norske Atlas” in 1915. It was bought by Storebrand Insurance Company Ltd. in 1931 and established as a credit insurance company. In the 1980’s and early 1990’s, there were a number of other mergers which resulted in the transfer of the credit insurance portfolios of Nordengruppen A.S., Det Norske Garantiselskab A.S. and Norsk Kausjon Forsikringsaksjeselskap to the company.

In 1996, the company was bought by Gerling-Konzern Speziale Kreditversicherungs-AG and changed its name to Gerling Nordic Kredittforsikring AS. The company became Norway’s largest specialist company in credit insurance and bonding with branch of ces in Denmark, Sweden and Finland. The company also established a co-operation agreement with one of the largest insurance companies in Iceland. As a result of the merger between Gerling Credit and NCM who also had of ces in the same Nordic counties, all activities in Nordic were combined. In 2003, Gerling Nordic and its branches, in the framework of the legal restructuring of the Atradius Group, were merged with the branches of the Amsterdam-based Atradius Credit Insurance N.V.

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ATRADIUS IN POLANDAtradius in Poland was established as the Polish branch of ce of Atradius Credit Insurance N.V. in 2004. Through its forerunners and in co-operation with its local partner Gerling Polska Insurance Company, Atradius Group has been active in the Polish credit insurance market already since 1997. Therefore, Atradius builds on more than 10 years of experience in policy and risk underwriting of Polish companies. Atradius Poland offers domestic and export credit insurance as well as the special Global Policy for multinational groups. Policy and risk underwriting for Polish companies are managed in Warsaw, where the company is headquartered. Since January 2006, Atradius Collections has a branch in Poland. Atradius Collections is specialised in B2B business and international collections.

Atradius Poland also has sales of ces in Krakow, Poznan and Wroclaw.

COMPAÑÍA ESPAÑOLA DE SEGUROS Y REASEGUROS DE CRÉDITO Y CAUCIÓN, S.A. (CYC) part of the Atradius GroupCrédito y Caución was founded in Madrid in 1929 in order to introduce export credit insurance in Spain, and became one of the rst members of ICISA in 1930.With over 80 years of experience in helping companies to grow by giving them protection from the risk of insolvency or non-payment, Crédito y Caución is the credit insurance market leader in Spain. With a network of over 2,000 professionals and over 40 branches that cover the business risks of 30,000 companies, the company holds 60% of the Spanish market. Furthermore, it is in second place in Portugal with a 30% market share, which makes it the leader in its market sector in the Iberian Market. In the internationalisation process outside the European Union, in 2007 Crédito y Caución spread to Brazil, where it has two subsidiaries in São Paulo. The international position of Crédito y Caución is strengthened through the combination with Atradius early 2008, which gives the company presence in 42 countries.The majority of Crédito y Caución has been in private hands since 1980. Crédito y Caución is credited with the following long-term credit and nancial strength ratings: “A-” by Standard & Poor´s and “A3” by Moody´s.

Contact detailsOddział w Polsceul. Hrubieszowska 201-209 Warsaw PolandP: +48 22 395 43 20 F: +48 22 395 43 [email protected]

Executive ManagementMr Pawel Szczepankowski - Country Manager PolandMs Marketa Strzinkova - Regional Manager Eastern EuropeMr Thomas Langen - Regional Director Germany, Central and Eastern Europe

Lines of Credit Insurance WrittenDomestic Commercial RiskExport Commercial and Political Risk

Contact DetailsStrandveien 15P.O. Box 84Lysaker N-1325NorwayP: +47 67 83 71 00F: +47 67 83 71 90 [email protected]

Principal ShareholdersAtradius NV through NCM Holding NV

Executive ManagementMr Morten Nordvold - Country Director NorwayMr Jørgen Lund Lavesen - Regional Director Nordic & the Netherlands

Lines of Surety Bonds WrittenBonds concerning concessions and licenses Bonds concerning construction and/or supply contractsBonds concerning leases Bonds concerning purchases of goods and/or services Customs, tax and/or similar bonds Judicial bonds


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ATRADIUS IN SWEDEN Atradius in Sweden has emerged from the former GERLING NCM. In 1992, NCM set up business in Sweden through NCM AB, a universal agent to NCM N.V. In 1996, in turn, Gerling Credit established its presence. Both branches merged in 2002 in line with the integration of Gerling Credit and NCM. Today, Atradius in Sweden is a branch of ce of Atradius Credit Insurance N.V..

Atradius in Sweden’s market share amounts to more than 65%. The branch has 42 employees in our Stockholm of ce. The Swedish business is mainly focusing on tailored solutions within credit insurance and bonds for multinationals as well as medium and small companies.

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Contact DetailsPaseo de la Castellana, 4 Madrid E - 28046 Spain P: +34 91 432 63 00 F: +34 91 432 65 06 [email protected]

Principal ShareholdersThe sole shareholder of Crédito y Caución is Atradius N.V., in which the holding company Grupo Crédito y Caución holds a 64,2% stake.

Board of DirectorsMr Jesús Serra Farré - Chairman

Executive ManagementMr David Capdevila Ponce - Managing Director

Lines of Surety Bonds Written Bid and performance bondsBonds concerning purchases of goods and or services Customs, tax or similar bonds

Lines of Credit Insurance Written Domestic Export

Contact DetailsRådmansgatan 69Box 6800113 86 StockholmSwedenP: +46 8 566 221 00F: +46 8 21 61 [email protected]

Principal ShareholdersAtradius NV through Atradius NCM Holding NV

Executive Management SwedenMr Lennart Rönnquist - Country Director SwedenMr Magnus Lindgren - Commercial Director SwedenMr Jørgen Lund Lavesen - Regional Director Nordic & the Netherlands

Lines of Surety Bonds WrittenCustoms, tax and or similar bonds Bonds concerning purchases of goods and/or services Bonds concerning leases Bonds concerning construction and/or supply contracts


ATRADIUS IN SWITZERLANDAtradius in Switzerland was established as the Swiss branch of ce of the German Gerling-Konzern Speziale Kreditversicherungs-AG in 1962. In 2005, Atradius Kreditversicherung AG (formerly Gerling Speziale) and its branches, in the framework of the legal restructuring of the Atradius Group, became branches of the Amsterdam-based Atradius Credit Insurance N.V.. Over the past 40 years the Swiss branch has gained a reputation as a leading provider of credit insurance products in Switzerland.

Due to the nature of the Swiss market, export credit insurance remains Atradius major area of activity. Furthermore, Atradius in Switzerland provides domestic credit insurance and political risk cover.

Atradius in Switzerland has of ces in Zurich, Lausanne and also Lugano. Staff members are multilingual, with international experience in industry and banking, and so can assist local and multinational customers in all parts of the country. 45


Contact Details3 Harbour DriveCapital WatersideCardiff, CF10 4WZUnited Kingdomp: +44 29 2082 4000F: +44 29 2082 [email protected]

Executive ManagementMr Shaun Purrington - Regional Director UK and Ireland


ATRADIUS IN THE UK AND IRELANDAtradius has its UK and Ireland headquarters in Cardiff and in addition has commercial of ces in Birmingham, Glasgow, London, Leeds and Manchester whilst our Irish operation is based in Dublin with an additional commercial presence to the North in Belfast. In total Atradius in the UK and Ireland employs 500 people in the region.

Atradius offers a wide range of export and domestic credit insurance products to cover the needs of customers of all types and sizes, ranging from SMEs with less than £1M turnover, to multinational companies. The � exibility of our cover means that customers can choose from a range of whole turnover or selected risk policies that focus on speci c risk elements. For example cover for key buyers, or speci c cover for the UK market only. As well as covering the non-payment by a buyer, our policies also offer the most comprehensive political risk cover in the market and the way Atradius in the UK and Ireland de nes insolvency, within the scope of the cover offered, means that customers can expect claims to be paid out immediately.

Atradius credit insurance policies include an integrated collections and recovery service that works to improve and simplify the management of debtor books. Atradius in the UK and Ireland also supplies both transactional (one off collections) and contractual (for more frequent users of debtor services) debt collection on a ‘no win no fee basis’. These are available to non-credit insured customers.

Other services include specialised nancial solutions, such as securitisation, for larger companies whose needs are not met by traditional credit insurance.

Contact DetailsKlausstrasse 43CH - 8034 ZurichSwitzerlandP: +41 43 300 64 64F: +41 43 300 64 [email protected] www.atradius.ch

Executive ManagementMr Lucien Hofmann - Country Coordinator SwitzerlandMr Thomas Langen - Regional Director Germany, Central & Eastern Europe

Lines of Credit Insurance WrittenDomestic Export Commercial and Political RiskSingle Buyer RiskInternational Programs

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ATRADIUS IN THE USAAtradius’ US carrier, Atradius Trade Credit Insurance Inc. is the third largest credit insurer in the United States and provides commercial credit and political risk coverage to meet the needs of small, mid-size and large multinational US-based companies.

Atradius has been active in the US market since 1993, initially under the name of Maryland Netherlands Credit Insurance Company (MNCIC) as a joint venture between NCM and Fidelity & Deposit Company of Maryland. It became NCM Americas Inc. in 2000 when NCM acquired 100% ownership and was renamed GERLING NCM when NCM and Gerling Credit merged their operations in 2002, and nally renamed Atradius in 2004.

Atradius in the U.S. offers domestic, export and comprehensive credit insurance policies as well as custom made trade receivable securitisation products for large corporates and collection services via Atradius Collections. Most products are marketed via specialised credit insurance brokers and agents but, to a lesser extent, also direct through their regional managers located throughout the US. Atradius’ home of ce is located in Hunt Valley, Maryland.

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Contact Details230 Schilling Circle, Suite 240Hunt Valley Maryland 21031United States of AmericaP: +1 800 423 6624 [email protected]


Executive ManagementMr Brett A. Halsey - President & Regional Director NAFTAMr Scott W. Pales - U.S. Country Manager

Lines of Credit Insurance WrittenDomesticExport Commercial and Political Risk

47


Contact Details88 rue Saint LazareF - 75009 ParisFranceP: +33 1 56 35 44 51F: +33 1 56 35 42 [email protected] www.assurcredit.com

Principal Shareholders AXA Group 60%Coface Group 40%

Executive Management Mr Pierre Fournel - CEO dMr Jean-David Kon

Lines of Credit Insurance WrittenDomestic and export credit insurance

AXA ASSURCREDIT

AXA Assurcredit started underwriting credit insurance policies in 1909 as a subsidiary of Winterthur, and is now a JV (60% AXA group and 40% Coface group).

AXA Assurcredit offers in France a service of protection against domestic and export commercial payment default (prevention, recovery and indemni cation) mainly through:

• ‘Global Kup’ policies - standard policies for SMEs which can be underwritten directly on the Internet by brokers; • ‘GLOBALE’ policies - bespoke solutions; • Excess policies.

AXA Assurcredit is headquartered in Paris and has of ces in Bordeaux, Lille, Lyon, Marseille, Nantes and Strasbourg.

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Contact DetailsGeneral Guisan-Strasse 40P.O. Box 357 CH - 8401 WinterthurSwitzerlandP: +41 52 261 95 00F: +41 52 261 95 75federal @axa-winterthur.chwww.axa-winterthur.ch

Principal Shareholders AXA Group, France

Executive Management (Credit & Surety)Mr Jean-Pierre Knébel - Manager/Head Credit & Surety dMr Dieter Schäfer - Assistant Manager

Lines of Surety Bonds WrittenConcession and license bondsConstruction bonds (bid, advanced payment, performance and warranty bonds)Bonds concerning purchases of goods and/or services, Supply bonds.Customs bonds, freight, tax and payment bonds.Fidelity Insurance

Lines of Credit Insurance WrittenDomestic Export CommercialPolitical Risks

AXA WINTERTHUR

AXA Insurance Ltd. (until the 19th of March 2008 “Winterthur” Swiss Insurance Company) was established in Winterthur in 1875 as a multi-line insurance company.

In 1962 the ‘Eidgenössische’ was taken over. ‘Eidgenössische’ was established in 1881 in Zurich and had run credit insurance since 1906 and guarantee insurance since 1921. After the the take over in 1962, “Eidgenössische” - originally a multi-line company too - had become the specialised company of ‘Winterthur’ for credit and guarantee insurance being active as well in its own name as on behalf of ‘Winterthur’. In spring 2003, the ‘Eidgenössische’ was merged into its parent company “Winterthur” moving their head quarter at the same time from Zurich to Winterthur. Since 2007 “Winterthur” belongs to the ‘AXA Group’ and business is now run under the brand of ‘AXA Winterthur, Credit & Surety’.

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Contact detailsBrandschenkestrasse 90CH-8002 ZurichSwitzerlandP: +41 44 567 00 00F: +41 44 567 01 [email protected]

Board of ManagementMr Karl Mayr - Chairman dMr Stephan Knipper - Deputy Chairman

Head of Credit & BondMr Stephan [email protected]

AXIS RE LTD. DUBLIN

AXIS Re Ltd. Dublin is the European reinsurance carrier of AXIS Capital Holdings. AXIS Capital is a Bermuda-based global provider of specialty lines insurance and reinsurance; in 2008 the total GWP of AXIS Capital was usd 3.4 billion produced from locations in Bermuda, the United States, Europe, Singapore, Canada and Australia. At June 30, 2009 AXIS Capital had shareholders’ equity usd 4.9 billion and a total capitalisation of usd 5.4 billion. AXIS‘ operating subsidiaries have been assigned a rating of “A+” (“Strong”) with a stable outlook from Standard & Poor’s and a rating of “A” (“Excellent”) with a stable outlook from A.M. Best. For more information about AXIS Capital, visit our website at www.axiscapital.com.

Credit and Bond DepartmentA specialised underwriting team of AXIS Re Europe, the Zurich branch of AXIS Re Ltd. Dublin, is in charge of the Credit & Bond book. In 2008 some usd 145 million were written in AXIS Re’s credit and bond unit, representing around 9% of the group’s reinsurance premium. About 80% of the book relate to credit insurance, roughly 20% to surety bonds.

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Contact DetailsC/Velaquez 74 E - 28001 MadridSpainP: 902 11 10 10 (inside Spain)

+34 91 423 48 05 (abroad Spain)www.cesce.com

Principal Shareholders Ministry of Finance, Banks and Insurance companies

Board of DirectorsMr Juan Badosa Pagés - President

Executive Management Mr Joaquín de la Herrán Mendívil - Managing Director d

Lines of Surety Bonds WrittenCustoms, tax and/or similar bonds Bonds concerning purchases of goods and/or services Bonds concerning construction and/or supply contracts Lines of Credit Insurance WrittenDomestic Export Commercial and Political Risks

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CESCE is a limited company; 50.25% of its shares are held by the Spanish State, while the remainder is in the hands of Spain’s main banking and insurance groups, among which the SCH, BBVA, Banco Sabadell and Banco Popular.

CESCE was founded in 1970 to primarily operate in the eld of export credit insurance for the account of the State, as an instrument to foster Spanish exports. After deregulation in 1990, CESCE started to actively compete for its own account on the open export credit and domestic credit insurance markets. In 2001 CESCE together with BBVA, Santander Central Hispano, and Munich Re, launched a holding company, CIAC (Consorcio Internacional de Aseguradores de Crédito), to promote and create companies specialised in credit and bonding, mainly in Latin America.

The company is currently present in Spain, Portugal and France and owns substantial stakes in credit insurance companies in Latin America; CASCE (Argentina and Uruguay), AUREA and CESCEBRASIL (Brazil), CESCECHILE (Chile), SEGUREXPO (Colombia), CESCEMEX (Mexico), SECREX (Peru) and LA MUNDIAL (Venezuela). Besides, CESCE owns stakes at the Moroccan company SMAEX.

CESCE GROUP is made up of some CESCE S.A. subsidiaries and specialises in the “comprehensive management of commercial risk”. The group integrates, apart from the parent company, INFORMA S.A. the nancial and commercial information provider, the CIAC holding company (which controls the shareholdings in the subsidiaries operating in Latin America), and CTI, S.A. the provider of IT services.

CESCE has obtained the ISO 9001:2000 certi cate for its business activity related to credit insurance and bonding, including:

• Product Design• Underwriting and insurance policies management • Risk Management• Reinsurance

The company has introduced environmental politics for each business activity insurance by Spanish State before approving any assessment.

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Contact Details9th Floor, Of ce Building of Jin Yu Plaza,No.100 Xisanhuan Beilu, Haidian District, Beijing 100037Chinap: +86 10 88822888 (Operator)

+86 10 88822855 (Direct)F: +86 10 [email protected]://www.guaranty.com.cn

ShareholderState Development & Investment Corporation, China

Board of DirectorsMr Liu Xinlai - Chairman of China National Investment and Guaranty Co., Ltd (I&G) dMr Ma Zhanchun - President, Board Member of I&GMr Zhang Liping - Executive President, Board Member of I&GMr Ye Baishou - Director of Accounting Dept. of State Development and Investment Corporation (SDIC),Board Member of I&G Mr Li Bing - Director of Strategic Development Dept. of SDIC, Board Member of I&GMr Jing Shan - Deputy Director of Legal Affairs Dept. of SDIC, Board Member of I&G Mr Ji Zhuocai - Senior Consultant to the President of SDIC, Board Member of I&G

Executive ManagementMr Jiang Benqiang - Executive President of I&GMr Tian Xin - Executive President of I&GMs Yan Hongli - Executive President of I&GMr Xu Jie - Chief Technical Of� cer, Director of Technical Committee of I&GMs Zhang Xiaoling - Chief Administration Of� cer of I&GMr Wang Jianguo - Chief Operation Of� cer of I&G

Lines of Surety Bonds WrittenFinancial GuaranteeConstruction suretyGovernment procurement bondBonds concerning commodities trade Judicial Bond

CH

INA

I&

GCHINA NATIONAL INVESTMENT AND GUARANTY CO. LTD.

China National Investment and Guaranty Co. Ltd. (I&G) was established by the Ministry of Finance and the former State Economic and Trade Commission in 1993 with approval of the State Council. I&G, presently a subsidiary of State Development & Investment Corporation, is a nationwide guarantee institution specialising in credit guarantee.

Registered capital: RMB 3 billion.

A NEWCO FOR SHORT TERMThe company’s business philosophy is to enhance corporate credit, optimise allocation of social credit resources, improve market transaction ef ciency, promote the building of social credit system and credit culture, and serve the national economic and social development by means of credit enhancement services.

According to the compound appraisals of China Chengxin International Credit Rating Co. Ltd. and China Lianhe Credit Rating Co. Ltd., I&G boasts a long-term corporate credit rating ( nancial institution rating) of “AA+”. The company aims to become the most competitive integrator of non-standard nancial and credit enhancement services in China.

Besides the membership of ICISA, I&G is a member of the Panamerican Surety Association, the National Association of Insurance Commissioner of the US and the Surety and Fidelity Association of America. Domestically it is the sponsor and the president unit of China Guarantee Alliance (CGA), which is composed of 158 specialised guarantee companies.

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Contact DetailsRubinstein Tower37, Menachem Begin RoadTel Aviv, 65220, Israelp: +972 3 6276333F: +972 3 [email protected]

Principal Shareholders Clal Insurance Company LtdAtradius Re

Board of DirectorsMrs Esti Friedman - Chairman

Executive Management Mr Hayim Cohen - CEO d

Lines of Credit Insurance WrittenDomesticExport - world-wide commercial/insolvency including ‘political’ and related risks

CLAL CREDIT INSURANCE LTD.

The company was established in January 1981 and was the rst company to introduce domestic credit insurance in Israel.

In 1998, Clal Insurance Ltd., the leading insurance group in Israel, acquired a 100% shareholding in the company. Clal Insurance is part of IDB group, the largest investment group in Israel. At present, Atradius holds a 20% shareholding in the company and is the co-operation partner.

Clal Credit Insurance Ltd. is the largest entity in the Clal Credit and Financing Division, the largest non bank credit institution in Israel. The division offers credit insurance, long term corporate nancing, factoring, import nancing and consumer mortgages and loans.

Today, Clal Credit Insurance offers both domestic credit insurance and foreign trade credit insurance (commercial and political risks). Factoring services are offered by an af liate company, Clal Financing Factoring Ltd..

Clal Credit Insurance developed unique tools to support the underwriting process for Israeli risks and insures the leading companies in the Israeli market.

Services the company offers:• Domestic credit Insurance;• Export credit Insurance;• Pre-shipment Insurance;• Multinational Insurance Policy;• Factoring;• Surety.

CL

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53

Contact Details12 Cours MicheletLa Défense 10F - 92065 Paris La Défense CedexFranceP: +33 1 49 02 20 00F: +33 1 49 02 27 [email protected]

Principal ShareholderNatixis

Board of DirectorsMr François David - Chairman d

Executive ManagementMr Jérôme Cazes - CEO d

The management board includes 19 directors.

Trade receivables protectionDomestic and export credit insurance Single riskPolitical riskExcess of lossBonds

Other business lines includeTrade receivables nanceRatings and business informationMarketing informationTrade Receivables management Easynumber is a universal company search and identi cation system.Rating Agency

Public procedures management for export guarantees given by the French State (France only).

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COFACE HOLDING

Coface Holding, a subsidiary of Natixis, is headquartered in Paris.

Coface Holding’s mission is to facilitate exchanges between all companies throughout the world. It leverages its expertise across the full spectrum of Trade Receivables activities. (Trade receivables protection, Trade receivables nance, Ratings and business information, Trade receivables management) to deliver a comprehensive range of ef cient and modular services, geared to protecting, managing and nancing commercial receivables worldwide. In France, Coface also manages export public guarantees provided by the French state.

In order to be as close to its clients as possible, especially large corporations that need receivables management tools in all countries worldwide, Coface operates a network of subsidiaries and branches in 65 countries. Its 1,000 sales staff or exclusive agents are underpinned by specialist brokers, instructing parties (banks and insurers) and through partners of the CreditAlliance network, spanning another 32 additional countries.

Coface was established in 1946.Coface insures the entire client portfolio for all companies of all sizes.Its offer is based on its � agship policy Globalalliance which covers the entire turnover of the insured company. Being a modular product it can be adapted to all types of cover.

Coface Holding in France regroups its means of production for its four business lines: • Trade receivables protection through Coface and Unistrat Coface; • Trade receivables fi nance through Natixis Factor; • Rating and business information through Coface Services and Marketing information through Kompass; • Trade receivables management through Coface Services and Coface RBI.

In France, Coface also manages export public guarantees provided by the French state.

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Contact DetailsStubenring 241011 ViennaAustria P: +43 1 515 54-0 F: +43 1 512 44 15 [email protected]

Principal ShareholdersCoface SA, ParisCoface Holding AG, Mainz

Board of DirectorsMr Benoît Claire - Chairman

Executive ManagementMs Martina Dobringer - Chairwoman of the Management Board dMr Christian Berger - Member of the Board Ms Gabriele Düker - Member of the Board

Lines of Credit Insurance Written Domestic Export Single riskPolitical risk

Lines of Surety Bonds Written Bonds concerning construction and or supply contracts Bonds concerning purchases of goods and or services Customs, tax or similar bonds Judicial bonds Other bonds

Others linesCredit information@rating lineFactoringTrade receivables management

COFACE AUSTRIA Coface Austria was founded in 1954 under the name of Österreichische Kreditversicherungs-AG. Ever since its foundation, Coface Austria is the leading credit insurer on the Austrian market. From a primarily domestic credit insurer, the company expanded its offer to export credit insurance in 1965. Coface Austria is nowadays owned by Coface Deutschland (79.2%) and by Coface S.A. (20.8%), and provides credit information, and receivable management services through the @rating Solution. It has also launched a factoring operation in 2007.

Coface Austria has national branch of ces in Upper Austria & Salzburg, Tyrol & Vorarlberg and Styria & Carinthia. International branch of ces are operating in Poland, Hungary, the Baltic States, Czech Republic, Slovakia, Bulgaria and Romania. Additionally the Viennese organisation is responsible for the Central European platform (in Latvia, Estonia, Lithuania, Bulgaria, Slovakia, Croatia, Czech Republic, Hungary, Romania, Slovenia, Serbia, Ukraine and Poland) within Coface’s international organisation.

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COFACE BELGIUMCoface launched its Belgian branch in 1998. Initially, Coface Belgium con rmed its strong positioning as a specialist in excess of loss policies. As a consequence of its long and positive experience in this product, Coface Belgium has been recognised as the centre of excellence of Coface for excess of loss. It has also successfully developed in the traditional whole turnover policies.

Since 2004, the scope of activity has expanded with the integration of the Belgium subsidiary company of ORT, Euro dB renamed Coface Services Belgium, specialist in legal and nancial information and data marketing. In addition to credit insurance, the offer includes nancial and marketing information as well as a new business line offering - receivables management.

Contact DetailsBoulevard du Souverain 100B-1170 BrusselsBelgiumP: +32 2 404 01 11F: +32 2 663 76 [email protected]

Principal ShareholdersCoface SA, Paris

Supervisory BoardMr François Meunier - Chairman

Executive ManagementMr Olivier Ni� e - Country Manager d

Lines of Credit Insurance Written Domestic & ExportExcess of lossSingle riskPolitical risk

Other business lines includeCredit management services:Business information (legal and nancial data), ratingsMarketing DataReceivables managementKompass

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COFACE CANADACoface Canada offers a variety of credit management and protection products to Canadian companies, including domestic and export credit insurance, political risk protection, credit information and reports, accounts receivable nance and factoring services, commercial debt collection and receivables management services and international marketing information.

Coface Canada was established as a branch of Coface S.A. in 2005. Coface Canada of ces are located in Montreal and Toronto.

Contact Details251 Consumers Road, Suite 910Toronto, ON M2J 1R3Canadap: +1 416 385 [email protected]

Principal ShareholdersCoface (100%)

Board of DirectorsMr Jerôme Cazes - Chairman

Executive ManagementMr Chris Short - Country Manager d

Lines of Credit Insurance Written Domestic ExportSingle riskPolitical riskExcess of loss

Other business lines includeCredit informationFactoringTrade receivables management and debt collectionMarketing information

Contact DetailsPça. João Duran Alonso, 34 - 12º. Andar - Brooklin NovoSão Paulo - SPBrazil [email protected]


Executive ManagementMr Fernando Blanco -Country Manager d

Lines of Credit Insurance WrittenDomestic Export

Other business lines includeCredit management services:Business information Receivables managementFactoring

COFACE BRAZILCoface started its operations in Brazil in 1997. In 2006, Coface opened the insurance company under the name of Coface do Brasil Seguros. With only 1 year of operation, Coface do Brasil was already the leading credit insurer on the Brazilian market.

Currently Coface do Brasil also provides credit information, and receivable management. It launched a factoring operation in 2009.

In 2008, Coface acquired Seguradora Brasileira de Crédito à Exportação, a Brazilian leading provider on export credit insurance.

The headquarter of Coface do Brasil is located in the city of São Paulo.

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Contact Details1 rue de l Union 92843 Rueil Malmaison cedex France P: +33 1 47 52 45 00 F: +33 1 47 52 44 82

ShareholdersCoface SA, Paris

Board of DirectorsMr François Meunier - Chairman Ms Sylvia Greisman - CEO d

Executive Management and ContactsMs Raisy Bivas - France - Unistrat CofaceMs Florence Mognetti - London Market- Coface UK Mr Bernard Sauvage - Asia - Coface Singapore Mr Miguel Aguirre - Spain, Portugal - Coface Iberica - Ms Marie Hélène Alexis - Other countries - Unistrat CofaceMs Florence Gir - Risk Control - Unistrat Coface

UNISTRAT COFACEUnistrat Coface, with over 20 years of experience offers a broad range of � exible guarantees to support companies and nancial institutions in their international projects.

Specialised in single and complex risk, Unistrat Coface covers export contracts against breach of contract, non-payment due to political or commercial dif culties, unfair calling of bonds. Unistrat Coface also offers guarantees to nancial institutions for a large range of transactions such as nancial loans, leasing arrangement project nancing or export pre nancing. Investments can be protected against risk of con scation, expropriation, nationalisation and deprivation of assets as well as non transfer of dividends.

This wide range of products makes it possible to provide the most innovative solutions and tailor-made protections against both political and commercial risk.

To offer these protections, Unistrat Coface bene ts from business synergy with Coface which enables to combine the Unistrat traditional experience in political risk with the ef ciency of Coface commercial database on private buyers.Coface’s international network allows us to provide solutions to clients and brokers in the most dynamic regions of the world with a high degree of expertise, Unistrat Coface being the Coface Centre of Excellence for Single Risk since 2006.

COFACE DEUTSCHLANDThe original company was established in 1923 and named “Rheinische Garantiebank und Kautions-versicherungs-AG”. In 1996, Coface acquired it. After having been renamed Allgemeine Kreditversicherung Coface AG, the company is known today as Coface Deutschland AG.

The holding Coface Deutschland comprises four operative companies; Coface Kredit (with the business line credit insurance), Coface Finanz for factoring, Coface Debitoren for debt collection, Coface Rating for credit standing assessments. Coface Deutschland’s branches in the Netherlands, Sweden and Denmark offer credit insurance and credit management services through the @rating solution. A factoring activity has been launched in the Netherlands.

Coface Deutschland has eleven branch of ces throughout Germany and is located in the Netherlands, Sweden and Denmark.

Coface Deutschland is the centre of excellence of Coface for factoring and securitisation. 57


COFACE HONG KONG BRANCHCoface Hong Kong Branch was set up as a representative of ce in Hong Kong in 1996 and became a branch of ce in 1999.

Coface provides credit insurance, factoring, ratings and business information and receivables management services in Hong Kong.

Coface Hong Kong Branch is the headquarters of the Greater China region. Coface also has of ces in Beijing, Shanghai, Guangzhou and Taipei.

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COFACE ASSICURAZIONICoface Assicurazioni was established in November 1987 under the name La Viscontea and has traditionally been specialised in bond and credit insurance.

In 1992, the company became a member of Coface, which soon afterwards became the major shareholder. In July 2002, Coface became the unique shareholder of Viscontea Coface. In 2006, the company adopted the new denomination, Coface Assicurazioni.

To suit the changing needs of Italian companies, Coface Assicurazioni has been developing and updating its products and services in credit and guarantee insurance over the years. Its service line now includes political risk cover, cover in excess of loss, and @rating, aimed at facilitating international business-to-business transactions.

Its local knowledge of the Italian market is constantly monitored by a highly competent and established sales network, present in most of the main cities of the country.

Coface Assicurazioni is the centre of excellence of Coface for guarantee insurance.

Contact Details8th Floor Sunning Plaza10 Hysan Avenue, Causeway BayHong Kongp: +852 2585 9188F: +852 2585 [email protected]


Board of directorsMr Benoît Claire - Chairman

Executive Management Mr Richard Burton - Regional Managing Director, Greater China dMr Xavier Farcot - Deputy RMD

Main business lines includeDomestic and export trade credit insuranceSingle riskPolitical riskBusiness credit information, ratings and marketing informationDebt collection servicesFactoring

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Contact DetailsIsaac-Fulda-Allee 1P.O. Box 1209D-55124 MainzGermanyP: +49 61 31 32 30F: +49 61 31 37 27 [email protected]

Principal ShareholdersCoface (100% by holding company)

Board of DirectorsMr François David - Chairman

Executive ManagementMr Benoît Claire - Chairman of Management Board dMr Stefan Brauel - Member of Management BoardMr Norbert Langenbach - Member of Management BoardMr Franz J. Michel - Member of Management Board

Lines of Credit Insurance Written Domestic Export Single riskPolitical riskExcess of lossB2C

Lines of Surety Bonds Written Bonds concerning construction and or supply contracts Bonds concerning purchases of goods and or services Customs, tax or similar bonds Other bonds

Others linesCredit information@rating lineFactoringTrade receivables management

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CO

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EContact DetailsVia Giovanni Spadolini 4 Milan IT-20141 Italy P: +39 02 4833 5111 F: +39 02 4833 5404 [email protected]

Principal ShareholdersCoface SA

Board of DirectorsMr François David - Chairman

Executive ManagementMr Lionello Albertazzi - Country Manager dMr Riccardo Carradori - CEO and Managing Director

Lines of Surety Bonds Written Bonds and Credit InsuranceBonds Contract Bonds Waste Disposal BondsBuilding Licence Bonds Customs and Excise Bonds Tax Payment and VAT Bonds Bonds for E.C. Rights and Regulations Other bonds

Lines of Credit Insurance WrittenDomestic ExportSingle riskPolitical risk

Others linesTrade Business Receivables ManagementTrade Receivables FinanceRatings and Business Information

COFACE JAPANWith the establishment of a local of ce in 1995, transformed into a fully licensed branch in 1999, Coface showed an early and strong commitment to the Japanese market.

Coface Japan is a leading provider of credit risk management solutions in the Japanese market, through protection of accounts receivables to companies of all sizes, including export credit insurance since May 2005. It is also responsible for the development of Coface’s business in Korea, by monitoring its direct presence and its partnerships in the country. Coface launched its local factoring services in 2006.

COFACE NEDERLANDCoface Nederland belongs to the fast growing and worldwide presence of Coface Holding.

Coface Nederland facilitates global business-to-business trade by offering its customers four business lines to fully or partly outsource trade relationship management and to nance and protect their receivables: Trade receivables protection (notably through credit insurance), Trade receivables nance (notably through factoring), Ratings and business information, Trade receivables management.

Since February 2009 Coface has expanded its business in the Netherlands by the acquisition of Trust Krediet Beheer (TKB); a leading trade receivables management company. With this expansion, Coface Nederland can now also offer outsourcing, secondment and credit management software solutions. Coface Nederland is a branch of ce of Coface Deutschland. Coface Deutschland is a subsidiary of Coface Holding.

Contact DetailsToranomon Kotohira Tower1-2-8, Toranomon, Minato-kuTokyo 105-0001Japanp: +81 (0)3-5521-2180 F: +81 (0)3-5521-2189marketingjp@coface.comwww.coface.jpwww.kompass.jpwww.cofacefinance.jp


Executive ManagementMr Hiroyuki Motohashi -Regional Managing Director d

Lines of Credit Insurance WrittenDomestic Export

Other business lines includeCredit management services:Business information (legal and nancial data), ratingsMarketing DataReceivables managementFactoring

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Contact detailsAl. Jerozolimskie 13602-305 WarsawPolandP: +48 22 465 00 00F: +48 22 465 00 [email protected]

Principal ShareholdersCoface Austria Holding AG

Executive ManagementMs Katarzyna Kompowska - Country Cluster Manager d

Lines of Credit Insurance WrittenDomesticExport

Other LinesCredit InformationDebt CollectionFactoring@rating line

COFACE POLANDCoface Poland was founded in 1992 to provide information services and shortly after that debt collection services. Gradually the offer has been developed and in 2003 a Polish branch of Coface Austria Kreditversicherung AG started its operations. In May of 2004 it gained the status of insurance company. In 2007 Coface Poland established factoring business line. Now the offer of Coface Poland covers all trade receivables services for all segments of companies.

The Polish branch of Coface Austria Kreditversicherung AG offers insurance of both domestic and foreign trade receivables through its leading credit insurance product - Globalliance Contract. The credit insurance policy has � exible modular form that enables Coface to tailor-make it to particular trading requirements. The branch holds second position in terms of market share in Polish credit insurance market. Coface Austria Kreditversicherung AG Branch in Poland closely cooperates with other companies within Coface Poland Group:• Coface Poland Insurance Service Ltd., that provides underwriting services to credit insurer;• Coface Poland Credit Management Services Ltd., that provides debt collection and business information services;• Coface Poland Factoring Ltd., that forms with the insurance entity Coface Complete - a two contract offer.

Coface Austria Kreditversicherung AG Branch in Poland and Coface Poland Insurance Service Ltd. are wholly owned by Coface Austria Kreditversicherung AG in Vienna that is part of Coface Austria Holding AG. Coface Austria Holding AG reports to French Coface Holding in Paris, a subsidiary of Natixis.

Contact DetailsClaudius Prinsenlaan 1264818 CP Bredathe Netherlands

P.O. Box 33774800 DJ Bredathe Netherlands

P: +31 76 573 7171F: +31 76 587 [email protected]

Principal ShareholdersCoface Deutschland - 100%

Board of DirectorsMr Stefan Brauel - Chairman

Executive ManagementMr Roy Oenen - General Manager d

Lines of Credit Insurance Written Domestic Export Single riskPolitical riskExcess of loss

Other business lines includeCredit management services:Business information (legal and nancial data), ratingsTrade receivables managementFactoringOutsourcingSecondmentCredit management software

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COFACE SINGAPORE BRANCHCoface Singapore branch was established as a representative of ce in mid-1990 and became a branch of ce in 2002. It is now the headquarters of the South Asia Paci c regional platform with of ces in India, Malaysia, Thailand, Australia and most recently Vietnam.

Coface Singapore branch provides trade receivables protection through its offer of domestic and export credit insurance policies. In Singapore, Coface’s other business lines include trade receivables nance, trade receivables management, rating and business information. Its subsidiary, Kompass, offers marketing information.60

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COFACE IBERICACoface Ibérica is the Spanish branch of Coface.

Coface Ibérica was established in 1995, after Coface having been present in the market for 12 years via a representative of ce in charge of monitoring risks, facilitating claims collection and providing local service to Coface international clients.

The branch has its headquarters in Madrid and 13 regional of ces throughout the country.

Contact DetailsMr Garth de Klerk - CEO d+27 11 208 [email protected]

Ms Julie Solipa - Financial Director+27 11 208 [email protected]

Ms Jacqui Jooste - Operations Director+27 11 208 [email protected]

ShareholderCoface South Africa (100%)

Board of DirectorsMr Daniel Morin - Chairman

Lines of Credit Insurance WrittenDomesticExportSingle riskPolitical risk

Lines of Surety Bonds WrittenBonds

Other linesCredit management services

There is a Japanese Desk in Singapore that helps the Platform identify and negotiate business opportunities with Japanese companies in the region. Our Political Risk Desk provides sales support to the entire Asia region, for political risk insurance as well as for single risk policies. It also oversees the smooth running of the Loan Insurance Scheme (LIS).

Coface Singapore is the lead underwriter of the government-initiated LIS, which offers loan insurance for nancing small and medium enterprises.

COFACE SOUTH AFRICAFollowing the purchase of Credit Underwriting Agency (Pty) Ltd., CUAL by Coface, Coface South Africa has rolled out a wide range of innovative credit insurance products and will continue to roll out the Coface groups envisioned business lines to ensure a complete Business to Business trade credit solutions package. This offering will include credit insurance; trade receivables nance, trade receivables management and information. This holistic approach to credit management will give clients greater � exibility, security and peace of mind.

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Contact Details36 Robinson Road#19-01 City House068877, SingaporeSingaporep : +65 6827 8700F: +65 6827 [email protected]


Board of DirectorsMs Corine Troncy - Sales and DevelopmentCoface Holding

Executive ManagementMr Jean-Claude Speitel - Regional Managing Director dMr Bruno Tavernier - Deputy Regional Managing Director

Lines of Credit Insurance WrittenTrade Credit InsurancePolitical Risk Insurance & Single RiskBond and Guarantee

Other business lines includeTrade Receivables FinanceTrade Receivables ManagementRating and Business InformationMarketing information

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Contact DetailsRue Belle-Fontaine 18CP 431CH-1001 LausanneSwitzerlandP: +41 21 331 00 40F: +41 21 331 00 [email protected]

Principal ShareholdersBranch of Coface S.A., (F)

Board of DirectorsMr Stefan Brauel - Chairman

General ManagerMr Jean-François Tarel d

Lines of Credit Insurance Written Domestic & ExportCommercial and Political RiskExcess of lossSingle risk

Other business lines includeCredit management services:Credit information,Con dential informationRatingsDebt collection

The management is common for Coface in Spain and Portugal, creating synergies in order to ful ll Coface’s mission in both countries.

Coface’s mission is to facilitate exchanges between all companies throughout the world. It leverages its expertise across the full spectrum of Trade Receivables activities (Marketing and Business Information, Receivables Management, Credit Insurance and Factoring) to deliver a comprehensive range of ef cient and modular services, geared to protecting, managing and nancing commercial receivables worldwide.

COFACE S.A. (SWISS BRANCH) Coface Switzerland was launched in 1996 in Lausanne as a branch of ce of Coface and a few months later opened a regional of ce in Zurich. Coface Switzerland, provides services to Swiss companies whether they export or not as well as to Swiss branches of international groups insured by the Coface abroad and is in charge of all Coface operations for Swiss and Liechtenstein territories. Coface Switzerland is offering insurance solutions and Services for B2B business:• Receivable Protection/Insurance;• Information / Receivable management;• Debt Collection; • Trade Receivable Finance / Factoring.

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Contact DetailsCalle Aravaca, 2228040 - MadridSpainP: +34 902 010 112F: +34 91 310 [email protected]

Principal ShareholdersCoface Ibérica is a branch of Coface SA

Board of DirectorsMr François Meunier - Chairman

Executive ManagementMr Juan Saborido - Regional Managing Director for Spain and Portugal dMr Marcelino Moneo - Deputy Managing DirectorMr José-Luis Durán - Sales DirectorMrs Roseline Giraudo - Underwriting and Claims DirectorMrs Carolina Carretero - Marketing and Human Resources DirectorMr Mario García - Information and Collection ManagerMr Alfonso Álvarez - Finance DirectorMr Guillermo Rodríguez - Factoring DirectorMr Luis Correia - IT Director

Lines of Credit Insurance WrittenDomesticExport Single riskPolitical riskExcess of loss

Other linesCredit information@rating linePerformance bondsTrade receivables management & collections

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Contact Details50 Millstone Road, Building 100 - Suite 360East Windsor, NJ 08520United States of Americap: +1 877 626 3223F: +1 609 490 [email protected]

Principal ShareholdersCoface (100%)

Board of DirectorsMr Jerôme Cazes - Chairman

Executive ManagementMr Mike Ferrante - President & CEO dMr Ken MoyleMs Kerstin Braun

Lines of Credit Insurance Written Domestic ExportSingle riskPolitical riskExcess of loss

Other business lines includeCredit informationFactoringTrade receivables management and debt collectionMarketing information

COFACE UK & IRELAND In the UK and Republic of Ireland Coface has been a leading provider of credit management services since 1993; it’s objective being to enable businesses to trade securely at home and overseas. Operating from of ces in London, Dublin, Watford, Birmingham, Leeds and Cardiff allows Coface to provide a local service. The company’s credit insurance offer integrates credit assessment, collection services and cover for unpaid debts. Multinational businesses can protect their worldwide subsidiaries through Coface’s international network. Coface provides working capital and off balance sheet facilities to complement its product line. The company also provides access to domestic and international business information and a collection network at home and overseas. Coface is also a recognised operator in the London political risk market and a provider of surety bonds and guarantees.

Coface is a member of the Trade Committee of the Association of British Insurers, the Credit Services Association, as well as the Asset Based Finance Association.

COFACE NORTH AMERICA Coface North America offers a variety of trade credit management and protection products to US companies. In addition to the traditional domestic and export trade credit insurance policies, Coface North America provides political risk insurance, commercial collection and receivables management services, credit information and reports, accounts receivable nance and factoring services, and international marketing information and services.

Coface North America is the current US leader in international commercial debt collection, due to its large domestic US operation and the strength of the global Coface network.

Coface expanded into the North American market with the purchase of CNA Credit’s accounts receivable insurance unit in January 2003. Coface North America credit specialists are located throughout the US.

Contact DetailsEgale 180 St Albans RoadWatford, Hertfordshire WD17 1RPUnited KingdomP: +44 1923 478 100F: +44 1923 478 [email protected]

Principal ShareholdersCoface in the UK & Ireland are wholly owned branches of Coface.

Board of DirectorsMr Jerôme Cazes - CEO of Coface

Local BoardMr Xavier Denecker - Managing Director dMr Joe Chan - IT and Facilities DirectorMr Mark Chamings - Trade Receivables Finance Director Ms Vicki Harrison - Finance and External Growth DirectorMr Danny Greechan - Commercial DirectorMr Tim Hoad - Organisation & Compliance DirectorMr Ian Hollyhomes - Credit Insurance DirectorMs Florence Mognetti - Political Risk DirectorMr Andrew Share - Information and Trade Receivables Management Ms Dominique Vaughan Williams -

Marketing and Human Resources Director

Lines of Credit Insurance Written Domestic Export Political riskExcess of loss

Other Products & ServicesSurety: Duty deferment bonds, Performance bondsBusiness information: @rating, InfoLine, Coface RatingTrade Receivables Finance: Invoice discounting, Off balance sheet nanceTrade Receivables Management

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Contact DetailsAvenida da República 58 1069-057 LisbonPortugalp: +351 21 791 37 00 F: +351 21 791 37 [email protected]

Principal Shareholders BPI Group 50% Euler Hermes Group 50%

Executive Management Mr José Miguel Gomes da Costa - President dMrs Berta Dias da CunhaMr Cyrille Charbonnel

Lines of Surety Bonds WrittenBonds concerning construction and/or supply contractsCustoms, tax and/or similar bonds Bonds concerning licenses Judicial bonds Bonds concerning purchases of goods and/or services Bonds concerning leases Bonds concerning UE CAP and Commercial Agents bonds

Lines of Credit Insurance WrittenDomesticExport - Commercial and Political Risks

COSEC - COMPANHIA DE SEGURO DE CREDITOS S.A.

COSEC was founded in December of 1969 and is the Portuguese credit insurance and bonding market leader.

COSEC has a unique database for Portuguese companies, constantly updated with commercial and nancial information, and the largest specialised team on credit insurance and bonding activity.

The shareholders of COSEC are one of its important strengths: Banco BPI, the fourth Portuguese private bank, is supporting a solid base for opening up domestic market activity, and Euler Hermes, the world credit insurance leader, is providing the access to a worldwide network for credit information.

Besides providing, on its own account, credit insurance and bonding, COSEC also covers, with the guarantee of the Portuguese State, political and extraordinary risks of export credit, bonds and Portuguese investments abroad.

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Contact DetailsCredit Guarantee House31 Dover St, FerndaleRandburg, GautengP.O. Box 125 Randburg 2125South AfricaP: +27 11 889 7000F: +27 11 886 [email protected]

Principal Shareholders Mutual & Federal Insurance Company Limited (M&F) which is ultimately owned by Old Mutual PLC; Santam Limited, a Sanlam Limited Group Company

Board of DirectorsMr Keith Kennedy - Chairman of BoardMr Mike Truter - MD & CEO dMr Wilhelm Lategan - Executive Director & CFOMr Machiel Reyneke - Non-ExecMr Philip Wessels - Non-ExecMr Junior Ngulube - Non-ExecMr Brian Laird-Smith - Non-Exec

Executive ManagementMr Mike Truter - Managing Director & CEOMr Wilhelm H. Lategan - Executive Director & CFOMr Cliff Simons - GM OperationsMr Roger Munitich - GM Marketing and R&DMrs Gloria Mokoena - GM Human ResourcesMr Sandro Vita - GM Information SystemsMr Mike Gee - GM Support Services

Lines of Credit Insurance WrittenDomesticExport - including ‘political’ and related risksInvestment GuaranteesCredit related A.R.T. productsSurety ProductsCustoms Bonds

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CREDIT GUARANTEE INSURANCE CORPORATION OF AFRICA LTD.

Credit Guarantee was formed in 1956 by a group of major South African insurance companies, banks and other nancial institutions. Underwriting both export and domestic credit risks; medium term capital goods exports; customs bonds and some investment guarantees, Credit Guarantee is the largest credit insurer on the African Continent.

Credit Guarantee is rated (across the entire company) and complies strictly with the ISO 9001:2000 standards and is rated “AA+” by Global Credit Rating Co.

Credit Guarantee provides foreign colleagues, credit related information on South African companies; SADC countries and many other African countries and is able to offer a legal collection service to foreign colleagues with outstanding debts in South Africa.

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Contact detailsRue Montoyerstraat 3BE-1000 BrusselsBelgiumP: +32 2 788 88 00F: +32 2 788 88 [email protected]

Principal shareholderONDD

Board of DirectorsMr Jean-Pierre Pauwels - Chairman

Executive managementMr Yves Windelincx - CEO dMr Dirk Terweduwe - Director

Other contactsMs Karin Deesen - Head of legal and policy management Mr Pascal Barrecchia - Marketing and communications manager


Lines of Surety Bonds WrittenCustoms, tax and/or similar bondsBonds concerning concessions and licencesBonds concerning purchases of goods and/or servicesBonds concerning leasesBonds concerning construction and/or supply contractsFidelity

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DUCROIRE | DELCREDERE S.A. N.V.

Ducroire | Delcredere S.A. N.V. is a subsidiary of the Of ce national du Ducroire | Nationale Delcrederedienst (ONDD). ONDD has created a public limited liability company under private law to ensure its continued provision of credit insurance in conformity with European regulations. This PLC company is founded on sound nancial bases with equity of eur 151.2 million and the con dence of its reinsurers.

At Ducroire | Delcredere our mission is to cover their clients against the short-term payment risks attached to domestic and international business and thus support economic growth and the nancing of global trade. The company’s aim is to do this by providing a bespoke service, adapted to the needs and the distinctive business strategy of each client, large or small.

Ducroire | Delcredere S.A. N.V. provides insurance and reinsurance cover against the political and commercial risks attached to trade. The company also issues legal and contractual bonds. Ducroire | Delcredere seeks to cater for the needs of companies based in Europe, delivering the risk protection that will allow them to do business with con dence both at home and in markets around the world. In line with the company’s present strategy of internationalisation, they have opened branches in London, Paris and Wiesbaden where the company relies mainly on brokers to distribute its products. They have also acquired a majority stake in KUP (Komercni uverova pojistovna), the number 1 Czech private credit insurance company.

Clients can rely on a cover policy of open account for more than 200 countries, a management model that encourages dialogue between risk underwriters and insured parties, an online management tool for the comprehensive policy and products that are adapted to client requirements.

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Contact Details7 Temasek Boulevard #10-03 Suntec Tower One038987, SingaporeSingaporeP: +65 6337 4779F: +65 6338 [email protected]

Principal Shareholders IFS Capital Ltd. - 100%

Contact PersonsMr Lua Too Swee - CEOMr Kenny Lok - Marketing & Business Development

Lines of Credit Insurance WrittenComprehensive Short-term Policies (Export/Domestic)Guarantees for Supplier and Buyer Credit Finance

Lines of Surety Bonds WrittenPerformance BondAdvance Payment BondContract Tender Bond / Bid BondRetention Money BondMaintenance BondQualifying Certi cate BondCustoms BondForeign Worker BondTenancy / Rental BondAccount Payment BondUtility Service BondAdvertising Media Bond IATA Freight Forwarding BondAirlines Freight Forwarding Bond

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ICS

ECICS LIMITED

ECICS Limited, a wholly-owned subsidiary of IFS Capital Ltd. (IFS), provides a wide range of risk management solutions through its offer of domestic and exports credit insurance policies. In addition, ECICS is also active in the surety bond business in Singapore.

As a pioneer in this area with over 30 years of experience, ECICS is well-equipped to assist Singapore companies and branches of foreign companies.

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Contact DetailsCredit & Bond Division103-105 Syggrou Ave.117 45 AthensGreeceP: +30 210 90990009099279 and 9099274F: +30 210 [email protected]

Principal ShareholderNational Bank of Greece SAwww.nbg.gr

Board of Directors Mr D. Palaiologos - President & CEO

Executive ManagementMr Anastasios Katsiris - Director of Credit & Bond Division

Lines of Credit Insurance WrittenDomestic Export - ‘commercial/insolvency’ risks Political risk

Lines of Surety Bonds WrittenCustoms, tax and/or similar bondsBonds concerning construction and/or supply contractsOther bonds

THE ETHNIKI - HELLENIC GENERAL INSURANCE COMPANY S.A.

Ethniki is the only Greek insurance company, amongst very few other entities, to have been established in the 19th century and persevering dynamically into the 21st century. During its 115 years of operation, the company has been the undisputable market leader, pioneering the industry and instilling insurance consciousness in our market.

The company is practicing in all lines of the insurance business offering its clients a wide range of integrated insurance solutions in to meet the more complex needs and expectations of today’s market demand.Its long-standing know-how, expertise of its personnel, prompt and customised service, the reliability and quality of its products and the security provided to its clients have brought Ethniki to the peak of the insurance market and consumer preferences.

Its sales network, the largest in Greece, comprises of 48 administrative branch-of ces, 1235 non-tied agencies, 135 life agencies and 2000 tied agents and is ready to respond to all kinds of insurance needs by securing personal contact with the client and prompt support with the most appropriate solution.Bancassurance products distributed through the network of the National Bank of Greece (NBG) are a competitive advantage for the company and serve as an important alternative available to consumers. Competitively priced packages with prompt and simple underwriting procedures can be bought from any of the 555 branch-of ces of NBG throughout Greece.

Ethniki is offering credit and guarantee insurance since 1964.

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Contact DetailsRue Montoyer,151000 BrusselsBelgiumP: +32 2 289 3111F: +32 2 289 [email protected]

Principal ShareholderEuler Hermes S.A., France (100%)

Executive Management Mr Etienne Defraigne - Acting CEO dMr Didier Busard - Human Resources DirectorMr Claudio Ercoli - IT DirectorMr Francis Jespers - Commercial DirectorMr Marc Petre - Risk, Information, Claims & Collection Director Mr Rainer Stoffels - Retail Credit Director

Lines of Credit Insurance WrittenDomestic - commercial / insolvency Private consumer nance & consumer loansExport - world-wide commercial / insolvency, including ‘political’ and related risks outside the OECDInsurance against fraud

EULER HERMES S.A.

Euler Hermes protects companies from the risk of customer default and helps businesses grow in their home and export markets. As the leading credit insurance group with a global market share of 35.65% and presence in over 50 countries, Euler Hermes offers a range of integrated credit management services covering each phase of the transaction between the policyholder and its customer: protection from customer non-payment, debt collection and loss indemni cation. 6,275 staff members are committed to serve companies of all sizes and industry sectors and protect more than eur 700 billion of business transactions worldwide. Euler Hermes monitors the business and nancial solvency of 40 million companies worldwide and has developed one of the world’s most ef cient risk information systems, thus enabling it to offer its clients unparalleled risk experience and services of equal quality in all countries.

A member of the Allianz group, Euler Hermes has the necessary nancial strength to provide long-term support to its clients. Euler Hermes is rated “AA-” by Standards & Poor’s and listed on Euronext Paris.

EULER HERMES CREDIT INSURANCE BELGIUM S.A. N.V.The Belgian subsidiary of Euler Hermes was founded in 1929 under the name COBAC. The now 100% owned Euler Hermes company is the N°1 credit insurer in Belgium. Next to commercial credit insurance it is also a leading provider for private retail credit insurance.

Euler Hermes Credit Insurance Belgium is a subsidiary of the Euler Hermes group, the world’s leading credit insurer with operations in more than 50 countries and a global market share of 35.65%. Euler Hermes has developed one of the world’s most ef cient risk information systems, which allows the group to monitor the business and nancial solvency of 40 million companies worldwide and to protect more than eur 700 billion of business transactions.

Contact Details1, rue Euler75008 ParisFranceP: +33 1 4070 5050F: +33 1 4070 5017www.eulerhermes.com

Group Management Board(at 1 April 2009)Mr Wilfried Verstraete - Chairman dMr Gerd-Uwe Baden - Board member Mr Nicolas Hein - Board member Mr Michael Hörr - Board member (until 31 Jan. 2010)Mr Michel Mollard - Board memberMr Dirk Oevermann - Board Member (as of 1 Feb. 2010)

Shareholding (at 31 December 2008)AGF - Allianz 71.26%Public 28.74%Euler Hermes treasury stock 2.81%

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SEULER HERMES CANADAEuler Hermes Canada is a subsidiary of the Euler Hermes group, the world’s leading credit insurer with operations in more than 50 countries and a global market share of 35.65%. Euler Hermes has developed one of the world’s most ef cient risk information systems, which allows the group to monitor the business and nancial solvency of 40 million companies worldwide and to protect more than eur 700 billion of business transactions.

EULER HERMES CESCOBEuler Hermes Cescob is a subsidiary of the Euler Hermes group, the world’s leading credit insurer with operations in more than 50 countries and a global market share of 35.65%. Euler Hermes has developed one of the world’s most ef cient risk information systems, which allows the group to monitor the business and nancial solvency of 40 million companies worldwide and to protect more than eur 700 billion of business transactions.

EULER HERMES KREDITFORSIKRINGEuler Hermes Kreditforsikring, created in 1999, is the Danish branch of ce of Euler Hermes Credit Insurance Nordic AB, headquartered in Sweden. Euler Hermes Nordic offers standard and tailored credit insurance solutions for companies of all sizes, from SMEs to multinationals. The company also enjoys a strong position as guarantee insurance provider in all four Nordic countries. Furthermore, the company offers debt collection.

Euler Hermes Kreditforsikring is a subsidiary of the Euler Hermes group, the world’s leading credit insurer with operations in over 50 countries and a global market share of 35.65%. Euler Hermes has developed one of the world’s most ef cient risk information systems, which allows the group to monitor the business and nancial solvency of 40 million companies worldwide and to protect more than eur 700 billion of business transactions.

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Contact DetailsCIBC Tower1155 René-Lévesque Blvd. West, Suite 1702Montreal (Quebec) H3B 3Z7CanadaP: +1 514 876 9656F: +1 514 876 9658www.eulerhermes.ca

Executive ManagementMr Arjan van de Wall - CEO d

Services ProvidedCredit Insurance Trade Debt Collection

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Contact DetailsMolákova 576/11 186 00 Prague 8 Czech Republicp: +420 266 109 511F: +420 266 109 510www.eulerhermes.cz

Executive ManagementMr Július Kudla - CEO dMr Hynek Rasocha - Sales DirectorMr Miroslav Ingeduld - Operations Director

Service ProvidedCredit insurance Debt collection

70

Contact DetailsAmerika Plads 192100 Copenhagen ØDenmarkP: +45 88 33 33 88F: +45 88 33 33 [email protected]

Principal ShareholderEuler Hermes Kreditversicherungs-AG, Germany (100%)

Executive ManagementMr Paul Overeem - Head of RegionMr Lars Gustafsson - CEO dMr Peter Hecht-Hansen - Branch Of� ce Manager

Lines of Credit Insurance WrittenDomestic and Export credit insurance including political risksDebt collection

Lines of Surety Bonds WrittenCustoms, tax and/or similar bondsBonds concerning concessions and licensesBonds concerning purchases of goods and/or servicesBonds concerning construction and/or supply contractsOther bonds

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EULER HERMES LUOTTOVAKUUTUSEuler Hermes Luottovakuutus, created in 2004, is the Finnish branch of ce of Euler Hermes Credit Insurance Nordic AB, headquartered in Sweden.Euler Hermes Nordic offers standard and tailored credit insurance solutions for companies of all sizes, from SMEs to multinationals. The company also enjoys a strong position as guarantee insurance provider in all four Nordic countries. Furthermore, the company offers debt collection.

Euler Hermes Luottovakuutus is a subsidiary of the Euler Hermes group, the world’s leading credit insurer with operations in over 50 countries and a global market share of 35.65%. Euler Hermes has developed one of the world’s most ef cient risk information systems, which allows the group to monitor the business and nancial solvency of 40 million companies worldwide and to protect more than eur 700 billion of business transactions.

EULER HERMES SFACFounded in 1927, Euler Hermes SFAC is a wholly owned subsidiary of the Euler Hermes group and the N°1 credit insurer in France. Its nearly 1000 employees are based in its Paris headquarters as well as in the 28 regional risk of ces and 11 debt collection of ces around France. Euler Hermes SFAC monitors on a daily basis the nancial situation of 2.9 million French companies and handles over 120,000 claims each year.

Euler Hermes SFAC is a subsidiary of the Euler Hermes group, the world’s leading credit insurer with operations in more than 50 countries and a global market share of 35.65%. Euler Hermes has developed one of the world’s most ef cient risk information systems, which allows the group to monitor the business and nancial solvency of 40 million companies worldwide and to protect more than eur 700 billion of business transactions.

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Contact DetailsSuomen sivuliikeItälahdenkatu 18 A, 00210 HelsinkiY-tunnus 1878645-1FinlandP: +358 10 850 8500F: +358 10 850 [email protected]


Executive ManagementMr Paul Overeem - Head of RegionMr Lars Gustafsson - CEO dMr Timo Nisumaa - Branch Of� ce Manager


Lines of Surety Bonds WrittenCustoms, tax and/or similar bondsBonds concerning concessions and licensesBonds concerning purchases of goods and/or servicesBonds concerning construction and/or supply contracts

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Contact DetailsFriedensallee 254D - 22763 HamburgGermanyP: +49 40 88 34-0F: +49 40 88 34-77 [email protected]


SubsidiariesAustraliaEuler Hermes Trade CreditUnderwriting Agents Pty Ltd.Level 9 Forecourt, Allianz Building2 Market StreetSydney, NSW 2000p: +61 2 8258 5108www.oceania.eulerhermes.com/en

ChinaEuler Hermes InformationConsulting (Shanghai) Co. Ltd.8/F, Mirae Asset Tower166 Lujiazui Ring RoadPudong New AreaShanghai 200120p: +86 21 5012 2220www.eulerhermes.com/en/china/china.html

EstoniaEuler HermesKreditversicherungs-AGEesti liaalPrita tee 20, T-building10127 Tallinnp: +372 602 8100www.eulerhermes.ee/en

IndiaEuler Hermes Services India Pvt. Ltd.4th Floor, Voltas House 23, J N Heredia MargBallard Estate Mumbai 400 001p: +91 22 6623 2525www.eulerhermes.com/en/india/india.html

JapanEuler Hermes Kreditversicherungs-AGJapan Branch Of ceKyobashi Nisshoku Bldg. 7F8-7 Kyobashi, 1-chomeChuo-kuTokyo 104-0031p: +81 3 3538 5403www.eulerhermes.co.jp/en

LatviaEuler HermesKreditversicherungs-AGLatvijas lialeCesu iela 31/81012 Rigap: +371 67 89 5677www.eulerhermes.lv/en

EULER HERMES KREDITVERSICHERUNGS-AGFounded in 1917 under the name of Hermes, Euler Hermes Kreditversicherung is today a wholly integrated subsidiary of the Euler Hermes group. The N°1 credit insurer in Germany, Euler Hermes Kreditversicherung is also a leading provider of other risk management services including company ratings, cover against fraud and guarantees and bonding. Euler Hermes Kreditversicherungs-AG is a subsidiary of the Euler Hermes group, the world’s leading credit insurer with operations in over 50 countries and a global market share of 35.65%. Euler Hermes has developed one of the world’s most ef cient risk information systems, which allows the group to monitor the business and nancial solvency of 40 million companies worldwide and to protect more than eur 700 billion of business transactions.

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Contact Details1 rue Euler75008 ParisFranceP: +33 1 4070 5050F: +33 1 5323 [email protected]


Executive ManagementMr Ludovic Sénécaut - Head of Region dMr Karl Coutet - Chief Finance & Adminstration Of� cerMs Jocelyne de Montaignac - Market Management, Commercial Underwriting & DistributionMr Yves Lidôme – Risk

Services providedInsurance of domestic and export commercial credits, including cover of political risks and excess of loss, against non-payment, late payment and customer insolvencyA unique information system on companies in France and around the worldDebt collection and legal assistance through a network of rst class national and international correspondentsAdvanced online technologies geared to facilitate customer relationships and streamline policy management procedures Bonds and guarantees

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EULER HERMES EMPORIKIEuler Hermes Emporiki is the Greek af liate of Euler Hermes group and the N°1 credit insurer in Greece. The company was founded in 1996 under the name Phoenix Credit Insurance. With central of ces in Athens and regional of ces in Thessaloniki, Northern Greece, Euler Hermes Emporiki also underwrites and monitors Cypriot buyers, on behalf of the Euler Hermes group.

Euler Hermes Emporiki is a subsidiary of the Euler Hermes group, the world’s leading credit insurer with operations in over 50 countries and a global market share of 35.65%. Euler Hermes has developed one of the world’s most ef cient risk information systems, which allows the group to monitor the business and nancial solvency of 40 million companies worldwide and to protect eur 700 billion of business transactions.

New ZealandEuler Hermes Trade Credit LimitedLevel 1, 152 Fanshawe StreetAuckland 1010p: +649 354 2995www.oceania.eulerhermes.com

RomaniaEuler Hermes Kreditversicherungs-AG Sucursala BucurestiStr. Petru Maior Nr.6Sector 1011264 Bucharestp: +40 21 302 0300www.eulerhermes.ro/en

RussiaEuler Hermes Credit ManagementKrymskiy Val, 3/2Moscow, 119049p: +7 495 649 80 08www.eulerhermes.ru

SlovakiaEuler Hermes Servis, s.r.o.Plynárenská 182109 Bratislavap: +421 2 582 80 911www.sk.eulerhermes.com/en

South KoreaEuler Hermes Credit Underwriters Hong Kong Ltd. Korea Liaison Of ceRm 1411, 14/F, SsayongPlatinum Bldg.156, Cheokseon-dong,Chongro-kuSeoul 110-052p: +82 2 733 8813

United Arab EmiratesEuler Hermes Credit Insurancec/o Alliance InsuranceWarba Center 4th FloorOf ce 405Dubaip: +971 4 266 3083www.ae.eulerhermes.com/en

Board of Management Mr Ralf Meurer - Head of Region & CEO of Euler Hermes Kreditversicherungs-AG dMr Robert Walter - Chief Finance and Adminstration Of� cerMr Gert Schloßmacher – Market Management, Commercial Underwriting and DistributionMs Juliane Kutter – Risk, Bonding and FidelityMr Hans Janus – Federal Export Credit Guarantees

Mr Burke Steel - CEO New ZealandMs Babette Botin - CEO AustraliaMr Henning Siess - CEO Euler Hermes Greater ChinaMr Hans-Peter Schöttler - Managing Director Euler Hermes IndiaMr Gabor Varga - CEO Euler Hermes Japan (until 31 Mar. 2010)Mr Yutaka Tanaka - CEO Euler Hermes Japan (as of 1 Apr. 2010)Mr Anil Berry - CEO Gulf Cooperation Council

Lines of Credit Insurace WrittenCredt insurance for large companiesCredit insurance for small and medium-sized companiesCredit insurance for manufacturers and supplier of investment goodsCredit insurance of securitisations

Lines of Surety Bonds WrittenBonds for the construction sector and manufacturing industryBonds for importers, carriers, wholesalers and exporters as well as for the food sectorCarnet A.T.A.

Other Lines of InsuranceFidelity insurance (cover against fraud)Inwards reinsurance

Investment Guarantee Scheme of the Federal Republic of GermanyExport credit guaranteesInvestment guaranteesUnited loan guarantees

Other ServicesRisk managementCompany rating

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EULER HERMES CREDIT UNDERWRITERS (HK)Euler Hermes Credit Underwriters (HK) Ltd. is a subsidiary of the Euler Hermes group, the world’s leading credit insurer with operations in more than 50 countries and a global market share of 35.65%. Euler Hermes has developed one of the world’s most ef cient risk information systems, which allows the group to monitor the business and nancial solvency of 40 million companies worldwide and to protect more than eur 700 billion of business transactions.

EULER HERMES MAGYAR HITELBIZTOSÍTÓ ZRT.Euler Hermes Magyar Hitelbiztosító Zrt. is a subsidiary of the Euler Hermes group, the world’s leading credit insurer with operations in more than 50 countries and a global market share of 35.65%. Euler Hermes has developed one of the world’s most ef cient risk information systems, which allows the group to monitor the business and nancial solvency of 40 million companies worldwide and to protect more than eur 700 billion of business transactions.

Contact DetailsKiscelli u. 104H-1037 BudapestHungaryP: +36 1 453 9000www.eulerhermes.hu

Executive ManagementMr András Barczay - CEO d(until 31 Mar. 2010)Mr Gabor Varga - CEO (as of 1 Apr. 2010)Mr Erwan Querné - Member of the Board of DirectorsMr Olivér Zárda - Member of the Board of Directors

Services ProvidedComplex credit management service; credit insurance, debt collection, legal assistance

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Contact Details109 - 111 Messogion Ave.115 26 AthensGreeceP: +30 210 69 000 00F: +30 210 69 000 [email protected] www.eulerhermes.gr

Principal ShareholderEuler Hermes SFAC (60%)

Executive Management Mr Stéphane Rutili - CEO dMr Alex J. Gavriiloglou - Commercial DirectorMr Sébastien Rageot - Finance Director Mr Frédéric Allier - Risk Director

Services ProvidedDomestic and export credit insurance for small, medium and large companies in all industry sectors

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Contact DetailsSuites 403-11, 4/FCityplaza 412 Taikoo Wan RoadIsland EastHong Kongp: +852 2867 0061F: +852 2869 8655www.hk.eulerhermes.com/en/

Executive ManagementMr Henning Siess - CEO d

Service ProvidedCredit insurance

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Contact DetailsKonstitucijos ave 720th Floor09308 VilniusLithuaniap: +370 5 211 3366www.eulerhermes.lt/lt


Executive ManagementMr Frank Wille - CEO d

Services ProvidedCredit insurance Trade debt collection Risk assessment

EULER HERMES SIAC S.P.A.Euler Hermes SIAC was founded in 1927 and is today a wholly owned subsidiary of the Euler Hermes group and the N°1 credit insurer in Italy, covering 49% of the national credit insurance business. The 2008 turnover has totalled eur 251,6 million. Euler Hermes SIAC is a subsidiary of the Euler Hermes group, the world’s leading credit insurer with operations in over 50 countries and a global market share of almost 35.65%. Euler Hermes has developed one of the world’s most ef cient risk information systems, which allows the group to monitor the business and nancial solvency of 40 million companies worldwide and to protect more than eur 700 billion of business transactions.

EH SIAC services:• Insurance of domestic and export commercial credits, including cover of B2B transactions, against non-payment, late payment and customer default; • Credit collection and legal assistance through a network of rst class international and national correspondents;• On-line technologies that facilitate relations with the company and streamline policy management procedures;• A wide network of 21 general agencies that, through their competence and knowledge of the market, support businessmen to take the best possible decisions in commercial, strategic and administrative policies. They are the main sales network, producing 80% of EH SIAC turnover, whereas the rest derives from bankers and brokers.

EULER HERMES LIETUVOS FILIALASEuler Hermes Lietuvos Filialas is a subsidiary of the Euler Hermes group, the world’s leading credit insurer with operations in more than 50 countries and a global market share of 35.65%. Euler Hermes has developed one of the world’s most ef cient risk information systems, which allows the group to monitor the business and nancial solvency of 40 million companies worldwide and to protect more than eur 700 billion of business transactions.

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Contact DetailsVia R. Matarazzo, 19 00139 RomeItaly P: +39 06 8700 1F: +39 06 8700 [email protected]

Principal Shareholders Euler Hermes S.A., France (100%)

Executive Management Mr Michele Pignotti - CEO dMr Marco Antonelli - Human Resources & General Services DirectorMr Paolo Cioni - Risk DirectorMr Ronan Davit - Finances DirectorMr Massimo Falcioni - Sales & Marketing DirectorMr Giampietro Serani - Claims, Support & IT Services Director

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Contact DetailsHolbergsgate 21P.O. 6875, St Olavs PlassNO-0130 OsloNorwayP: +47 23 25 60 00F: +47 23 25 60 [email protected]


Executive ManagementMr Paul Overeem - Head of RegionMr Lars Gustafsson - CEO dMr John Justad - Branch Of� ce Manager

Lines of Credit Insurance WrittenDomestic and export credit insurance including political risksDebt collection


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SEULER HERMES KREDIETVERZEKERING N.V.Euler Hermes Kredietverzekering N.V. has been present in the Netherlands since 1989. With tailor made products and services in the Netherlands as well as in all other countries, Euler Hermes is a professional business partner in risk sharing and risk monitoring.

Our services include risk monitoring, insurance cover and collections for trade receivables. We offer a range of products from whole turnover credit insurance policies to excess of loss policies and single transaction cover. With these tailor made policies we are a strong partner for companies ranging from SMEs to multinationals.

Euler Hermes Kredietverzekering is a subsidiary of the Euler Hermes group, the world’s leading credit insurer with operations in more than 50 countries and a global market share of 35.65%. Euler Hermes has developed one of the world’s most ef cient risk information systems, which allows the group to monitor the business and nancial solvency of 40 million companies worldwide and to protect more than eur 700 billion of business transactions.

EULER HERMES KREDITTFORSIKRINGEuler Hermes Kredittforsikring, created in 1999, is the Norwegian branch of ce of Euler Hermes Credit Insurance Nordic AB, headquartered in Sweden.Euler Hermes Nordic offers standard and tailored credit insurance solutions for companies of all sizes, from SMEs to multinationals. The company also enjoys a strong position as guarantee insurance provider in all four Nordic countries. Furthermore, the company offers debt collection.

Euler Hermes Kredittforsikring is a subsidiary of the Euler Hermes group, the world’s leading credit insurer with operations in over countries and a global market share of 35.65%. Euler Hermes has developed one of the world’s most ef cient risk information systems, which allows the group to monitor the business and nancial solvency of 40 million companies worldwide and to protect more than eur 700 billion of business transactions.

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Contact DetailsPettelaarpark 20 NL - 5216 PD ’s-Hertogenboschthe Netherlands

P.O. Box 70571 NL - 5201 CZ ’s-Hertogenboschthe Netherlands

p: +31 73 688 9999F: +31 73 688 9988

Amsterdam Of ce:Hoogoorddreef 5Postbus 124731100 AL Amsterdam Z.O.the Netherlands

P: +31 20 6 96 39 41

[email protected]


Executive ManagementMr Gerard van Kaathoven - CEO dMr Antoine George - CFOMr Reginald Berretty - Chief Commercial Of� cerMr Walter Toemen - Risk Director

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EULER HERMES TOWARZYSTWO UBEZPIECZENEuler Hermes Towarzystwo Ubezpiecze n has been present in Poland since 1999, initially operating as an agent of TU Allianz Polska S.A.. Since Towarzystwo Ubezpiecze n Euler Hermes started operating in its own name and account in 2003, it has become the leading business credit insurance carrier in Poland. Towarzystwo Ubezpiecze n Euler Hermes and its two local service companies provide a wide range of tailor-made products and services to its customers, regardless their scale of operations.

Euler Hermes Towarzystwo Ubezpiecze n is a subsidiary of the Euler Hermes group, the world’s leading credit insurer with operations in over 50 countries and a global market share of 35.65%. Euler Hermes has developed one of the world’s most ef cient risk information systems, which allows the group to monitor the business and nancial solvency of 40 million companies worldwide and to protect more than eur 700 billion of business transactions.

EULER HERMES SINGAPORE BRANCHEuler Hermes Singapore Branch is the operation of Euler Hermes S.A.. The Group has 35.65% credit insurance market share in the world. Euler Hermes Singapore Branch is part of the Allianz Group and is rated “aA-” by Standard & Poor’s.

We insure the trade receivables of medium size and large companies against the risk of non-payment by their clients (buyers). This includes both commercial risk (non-payment due to insolvency of the buyer) and political risk (non-payment due to governmental decision, war, civil war, as well as non-payment by public buyers). We assess the risk, collect debts and eventually pay up to 90% of the insured amount to our clients.

Our activity covers all ASEAN countries, India and the Gulf Countries (GCC). Currently, we insure clients in Singapore, Malaysia, Thailand, the Philippines, Vietnam, India, Indonesia, UAE, Saudi Arabia, Kuwait, Qatar and Oman.

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Contact Detailsul. Domaniewska 50B02-672 WarsawPolandP: +48 22 385 4655F: +48 22 385 [email protected]

Principal ShareholderEuler Hermes Kreditversicherungs-AG, Germany (100%) Executive ManagementMr Krzysztof Chechłacz - CEO dMr Ryszard Micyk - Member of the Board; Claims Mr Michał Winiarski - Member of the Board; IT, Risks

Services ProvidedDomestic and export credit insurance for small, medium and large companies in all industriesFidelity InsuranceGuarantiesCredit Reports RatingDebt collection Legal debt collectionMonitoring of receivablesPayment Behaviour AnalysesBusiness Partner Certi cate Legal advisory

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Contact Details3 Temasek Avenue# 03-02 Centennial Tower039190, SingaporeSingaporeP: +65 6395 8977F: +65 6297 4529www.sg.eulerhermes.com/en

Executive ManagementMr Joachim Olszewski - Head of Asia Paci� c, Market Management, Commercial Underwriting & Distribution dMr Boris Linke - Risk

Service ProvidedCredit insurance

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Contact DetailsKlara Norra Kyrkogata 29P.O. Box 729S - 101 34 StockholmSwedenP: +46 8 555 136 00F: +46 8 555 136 [email protected]


Executive ManagementMr Paul Overeem - Head of RegionMr Lars Gustafsson - CEO d



EULER HERMES CRÉDITOThe credit insurance activity in Spain for Euler Hermes group has been conducted by Euler Hermes Crédito since 2003. Euler Hermes Crédito is a wholly owned subsidiary of Euler Hermes SFAC (France). Euler Hermes Crédito operates through ve commercial delegations and invests in quality information, a key element for monitoring clients’ businesses.

Euler Hermes Crédito is a subsidiary of the Euler Hermes group, the world’s leading credit insurer with operations in over 50 countries and a global market share of 35.65%. Euler Hermes has developed one of the world’s most ef cient risk information systems, which allows the group to monitor the business and nancial solvency of 40 million companies worldwide and to protect more than eur 700 billion of business transactions.

EULER HERMES CREDIT INSURANCE NORDIC ABEuler Hermes Credit Insurance Nordic AB, created in 1999 and headquartered in Sweden, also operates in Denmark, Finland and Norway through its local branch of ces.Euler Hermes Nordic offers standard and tailored credit insurance solutions for companies of all sizes, from SMEs to multinationals. The company also enjoys a strong position as guarantee insurance provider in all four Nordic countries. Furthermore, the company offers debt collection.

Euler Hermes Nordic is a subsidiary of the Euler Hermes group, the world’s leading credit insurer with operations in over 50 countries and a global market share of 35.65%. Euler Hermes has developed one of the world’s most ef cient risk information systems, which allows the group to monitor the business and nancial solvency of 40 million companies worldwide and to protect more than eur 700 billion of business transactions.

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Contact DetailsPaseo de la Castellana, 95 - planta 14Edi cio Torre Europa 28046 Madrid SpainP: +34 914 177 767 F: +34 914 177 999www.eulerhermes.es

Principal ShareholderEuler Hermes SFAC, France (100%)

Executive ManagementMr Pascal Personne - Acting CEO dMr Andrés Fernández - CFOMr José María Cadenas - Risk, Information, Claims and Collections DirectorMr Juan Ignacio Marco - Commercial Director

Services ProvidedInsurance of domestic and export commercial credits, including cover of political risks and excess of loss, against non-payment, late payment and customer defaultDebt collection and legal assistance through a network of rst class international and national correspondents

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Contact Details1 Canada SquareLondon, E14 5DXUnited KingdomGeneral Enquiries: +44 20 7512 9333Sales Enquiries: 0800 056 5452 [email protected]


Sister companies Euler Hermes CollectionsEuler Hermes GuaranteeEuler Hermes Risk Services

Euler Hermes IrelandThe Arch Blackrock Business ParkCarysfort AvenueBlackrockCo. DublinIreland p: +353 1 200 [email protected]

Executive ManagementMr Fabrice Desnos - CEO dMr Loeiz Limon Duparcmeur - Finance Director Mr Mark Wyatt - Risk DirectorMs Charlotte White - Human Resources DirectorMr James Daly - Commercial Director Mr Dean O’Brien - Country Manager, Euler Hermes Ireland

Services ProvidedCredit insuranceCredit opinionsBondingTrade debt collections

EULER HERMES KREDITVERSICHERUNGS-AG, ZURICH BRANCHPresent in Switzerland since 1995, Euler Hermes has an of ce in Zurich and agencies in Lausanne and Lugano. The company offers its clients high-quality solutions to secure receivables in both export and domestic commercial transactions.Euler Hermes Switzerland is a subsidiary of the Euler Hermes group, the world’s leading credit insurer with operations in more than 50 countries and a global market share of 35.65%. Euler Hermes has developed one of the world’s most ef cient risk information systems, which allows the group to monitor the business and nancial solvency of 40 million companies worldwide and to protect more than eur 700 billion of business transactions.

EULER HERMES UK PLCAs the UK’s leading credit insurer, Euler Hermes UK offers companies of all sizes credit management solutions. Providing a range of credit insurance and credit management services, from credit insurance and credit opinions services to commercial debt collection, our extensive range of products can help clients reduce the nancial risks when trading on credit terms.Euler Hermes UK has 11 regional risk of ces. Lines of credit insurance written include protection for businesses against trade credit risk by providing short term domestic and export credit insurance and associated political risks cover.

Euler Hermes UK is a subsidiary of the Euler Hermes group, the world’s leading credit insurer with operations in more than 50 countries and a global market share of 35.65%. Euler Hermes has developed one of the world’s most ef cient risk information systems, which allows the group to monitor the business and nancial solvency of 40 million companies worldwide and to protect more than eur 700 billion of business transactions.

Products and Services• Whole turnover, excess of loss, key accounts for domestic and/or export sales, including political risks; • Specialist terms and dedicated policies for SMEs, mid-large corporations and multinationals;• Domestic and international debt collection for both insured and non-insured credit opinion services.

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Contact DetailsTödistrasse 65CH - 8002 Zurich SwitzerlandP: +41 44 283 65 65F: +41 44 283 65 [email protected] Principal Shareholder Euler Hermes Kreditversicherungs-AG, Germany (100%)

Executive ManagementMr Jörn Volk - CEO dMr Jules Kappeler - Head of Sales & CommercialMr Christian Pletscher - Head of CreditMr Rémy Party - Head of Claims and Collections

Services ProvidedProtection against bad debt from customer insolvency and delays in payment

Integrated Online-ServiceTraining and advice in receivables managementTailor-made commercial credit insurance solutionsBonds and guarantees, a � exible alternative to bank guaranteesFinancing solutions in cooperation with factoring companies and banksFidelity insurance

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Contact Details800 Red Brook BoulevardOwings Mills, MD 21117United States of AmericaP: +1 410 753 0753F: +1 410 753 [email protected]


Executive ManagementMr Jochen Dümler - Head of the Americas and CEO of Euler Hermes ACI dMr Bert Emerson - Chief Finance and Adminstration Of� cerMr Joe Ketzner - Market Management, Commercial Underwriting and DistributionMr Kevin McCann - RiskMs Leah Maddox - ClaimsMr Jörg-Uwe Lerch - CEO Latin AmericaMr Keith Sherman - CEO Euler Hermes UMAMr Sebastian Zaurdo - CEO Euler Hermes Argentina S.A.Mr Gulherme Perondi Neto - CEO Euler Hermes Seguros de Crédito S.A. (Brazil)Mr Luis Olivares - CEO Euler Hermes ColombiaMr Dominique Spiranski - Euler Hermes Mexico

SubsidiariesEuler Hermes ACI Services, LLC, and Euler Hermes ACI Collection Services, Inc. (MD)

Euler Hermes UMA (USA)600 South 7th StreetP.O. Box 1672Louisville, KY 40201-1672P: +1 502 583 3600www.eulerhermesuma-collections.us

Euler Hermes Canada1155, René-Lévesque Blvd West, Suite 1702Montreal Quebec H3B 3Z7P: +1 514 876 [email protected]

Euler Hermes Seguro de Crédito (Mexico)Blvd. Manuel Avila Camacho#164, 8° pisoCol. Lomas de BarrilacoDeleg. Miguel HidalgoMexico DF CP 11010P: +52 55 5201 7900F: +52 55 5201 [email protected]

Euler Hermes Seguros de Crédito S.A. (Brazil)Alameda Santos, 2335 - cjs. 51 / 52Cerqueira César01419-002 São Paulo, SP BrasilP: +55 11 3065 2260F: +55 11 3065 [email protected]

Euler Hermes Argentina S.A.San Martin 550 - C1004AALBuenos Airesp: +54 11 4320 7177F: +54 11 4320 [email protected]

Euler Hermes ColombiaCalle 72 6-44 Piso 3Edi cio APABogota p: +57 1 326 [email protected] www.co.eulerhermes.com

Services ProvidedDomestic and export trade credit insurance for small, medium and large companies in all industriesProfessional global commercial receivables management servicesDomestic and International collections services

EULER HERMES ACI Founded in 1893, Euler Hermes ACI is North America’s oldest and largest provider of trade credit insurance and accounts receivable management solutions and is the US subsidiary of the Euler Hermes Group. Headquartered in Owings Mills, MD, the company protects and insures more than usd 150 billion in US trade transactions annually. In addition to insurance coverage for commercial trade, additional services such as account evaluation & monitoring, risk grading, trade sector analysis, 3rd party collection, and insolvency management are provided. Additionally, through its subsidiary company Euler Hermes UMA, Euler Hermes ACI provides a suite of receivables management services that includes commercial third party collections, receivables management outsourcing, and international collections. Euler Hermes ACI is the Euler Hermes Group’s center of excellence for the Americas, with subsidiaries in Argentina, Brazil, Colombia and Mexico.

Euler Hermes ACI is a subsidiary of the Euler Hermes group, the world’s leading credit insurer with operations in over 50 countries and a global market share of 35.65%. Euler Hermes has developed one of the world’s most ef cient risk information systems, which allows the group to monitor the business and nancial solvency of 40 million companies worldwide and to protect more than eur 700 billion of business transactions.

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Contact DetailsPaseo de los Tamarindos No. 60Piso 3Conjunto Arcos BosquesBosques de las LomasC.P. 05120 CuajimalpaMexico D.F.P: +52 55 9177 5400F: +52 55 9177 5454www.fianzasatlas.com.mx

Principal ShareholdersConsorcio Promotor Mexicano, S.A. de C.V.Ticharo, S.A. de C.V.

Board of Directors Mr Rolando Vega Saenz - Chairman of the Board

Fianzas Atlas Offi cersMr Lic. Jorge Orozco Lainé- CEO [email protected] Rene Montes de Oca - Operations [email protected] Maria Eugenia Martínez - Administrative and Financial [email protected] Covadonga Soto - International Assistant [email protected]

Lines of Surety Bonds WrittenCustoms, tax and/or similar bonds Bonds concerning concessions and licenses Bonds concerning purchases of goods and/or services Bonds concerning leases Bonds concerning construction and/or supply contracts Other bondsLaw bonds

FIANZAS ATLAS S.A.

Fianzas Atlas is a Mexican surety bond company that has been operating under the same name since its incorporation, in June 1936. Most of our shareholders are members of the same family that founded the company, and this has allowed us to remain steadfast in our principles of prudent service, and quality over quantity, giving us continuity and solidity.

Over the past 70 years, we have grown stronger through a focus on universal service. Today, we are pioneers and leaders in international services and advice to foreign clients. We also assist in the creation of specialised inter-American bonding associations, and are active participants in the world’s surety bond associations.

Fianzas Atlas has always been distinguished by its selectivity and commitment to quality. We seek out clients with similar distinction, so that when a bene ciary receives a bond from Atlas, all the parties know that it will be fully respected, because the bond is virtually a certi cation of the client who provides it.

In general, our clients are engaged in construction, public works and procurement. They are both Mexican and foreign contractors who are required to offer surety to government entities, and we offer them several different types of bonds:

Fidelity bondsThese guarantee the pecuniary responsibilities in which a party may incur as a result of breach of property rights, such as robbery, fraud or embezzlement.

Judicial bondsIn civil cases.

Administrative bondsThese are created for parties dealing with federal, state or municipal governments, and guarantee the appropriate disbursement of advance payments and/or performance of contracts, orders, etc., for private individuals, decentralised public agencies and state-owned entities. Other bonds in this category include scal bonds (for imports and exports), quality bonds, liquidated damages, open bidding and compliance, customs, zoning, leasing and ticketing.

Credit insuranceThis type of bond guarantees prompt repayment of a loan extended for the purchase of goods and services, or of a loan obtained through various bene ciaries.

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Contact DetailsMr Juan Carlos Lugo EscorizaP: +52 55 5726 [email protected]

Mrs Patricia Altamirano Zamora Executive, International Area P: +52 55 5726 3751 [email protected]

Mrs Blanca Teresa Muñoz ValdesExecutive, International AreaP: +52 55 57263742 [email protected]

Executive ManagementMr Adolfo Christlieb Morales - CEOMr Arturo Martinez Martinez de Velasco - COOMr Juan Carlos Lugo Escoriza - Brokers, Reinsurance and International Director

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YFIANZAS MONTERREY S.A.

Fianzas Monterrey S.A. is a surety bond institution that has been in the business for over 60 years. The main objective of Fianzas Monterrey S.A. is to become the best choice to its clients providing support and con dence for them to carry out their business. Our actions are aimed at providing aggregate value to our services with the highest quality.

Business PortfolioSome of our products are:

• Contract Bonds: Bid, Advance Payment, Performance, Maintenance, etc.;• Tax Appeal Bonds;• Fidelity Bonds;• Construction and Suppliers bonds programs.

International BusinessFianzas Monterrey has established strategic alliances with several companies worldwide. Our participationin the Panamerican Surety Association (PASA) has allowed us to offer prompt and effective con dence to our clients in:

• Canada• United States• Honduras• Guatemala• Puerto Rico• Panama

Additionally, Fianzas Monterrey has actively participated in some countries in Europe.

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Contact Details Wohllebengasse 4A-1040 Vienna AustriaP: +43 1 505 28 96 F: +43 1 505 28 96 [email protected]

Garant Switzerland Rue des Alpes 21, 1201 Genevap: + 41 22 908 30 70F: +41 22 908 30 [email protected]

Shareholders IngosstrakhOf ce national du Ducroire / Nationale Delcrederedienst (ONDD)

Management BoardMr Louis Habib-Deloncle - Chairman d

Supervisory Board Mr Yves Windelincx - CEO of ONDDMr Alexander Grigoriev - General Director of Ingosstrakkh

Lines of Credit Insurance Written Export credit and political risk Single riskWhole turnover domestic and export

GARANT

Garant provides credit and political risk insurance to protect international exporters in their traditional trade activities and overseas investments.

Established in 1958 by Ingosstrakh, the leading Russian non-life insurer, Garant has been operating in the eld of credit and political risk insurance for 50 years. The company was originally set up to cover the non-payment and political risks of international trade contracts between the former USSR, its satellites, and Western European countries. After 1991-1992, Garant focused on property damage and credit indemnity in Eastern and Central European countries.

Backed by new management and new shareholding structure, the company has specialised in credit and political risks since 2003 with a strong focus on political risk coverage in emerging markets where its unprecedented expertise is well recognised. With ONDD’s participation in Garant’s equity since 2006, the company represents a unique Euro-Russian partnership in the credit insurance market.

Highly experienced in commercial and political risk, Garant delivers tailor-made solutions on import / exports and investments risks to protect its global customers in 150 countries worldwide.

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Contact Details4950 Yonge StreetMadison CentreSuite 1400Toronto, ON M2N 6K1CanadaP: +1 416 223 9580F: +1 416 223 7654www.gcna.com

Shareholder Princeton Holdings Limited Board of Directors Mr Robert A. Dempsey - President & COO dMr Jules R. Quenneville - Executive Chairman & CEO

Lines of Surety Bonds WrittenCustoms, tax and/or similar bondsBonds concerning concessions and licensesJudicial bondsBonds concerning purchases of goods and/or servicesBonds concerning leasesBonds concerning construction and/or supply contractsOther bonds: Fidelity Insurance

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THE GUARANTEE COMPANY OF NORTH AMERICA (GCNA)

The Guarantee Company of North America was established in 1851 and started writing guarantee business in 1872.

With its head of ce in Toronto, the company operates in all provinces and territories of Canada and has branch of ces in Montreal, Toronto, Vancouver, Edmonton, Quebec City, Halifax and Woodstock.

The guarantee company writes business through professional independent insurance brokers and specialises in surety, delity, credit, directors’ and of cers’ liability, personal lines and public entity coverages.

Throughout its history, the company’s nancial stability, conservative underwriting and steady growth have earned it respect from brokers and insures as well as world-wide support from reinsurers. The Guarantee Company of North America provides coverage for many of the largest clients and projects in Canada, and is a leading underwriter of its specialised products.

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GROUPAMA ASSURANCE-CRÉDIT

Groupama Assurance-Crédit, part of one of France’s leading insurance groups, was created in 1978 as a joint venture between the regional Groupama Mutuals to develop credit insurance and bonding solutions for the Groupama customers.

In 1991, Groupama A.C. became a “Société Anonyme” and an insurance company in its own right.

Originally the Groupama A.C. portfolio was focussed on the Food and Beverages sectors in which the Groupama group is strongly involved due to the agricultural history of the mutual companies.

Since 1998 Groupama has extented its underwriting policy to other industries such as Packaging, Chemicals and Metals.

Groupama A.C.’s products are distributed through different networks: its own sales force, the regional Mutuals enterprises network and the specialised brokerage. Groupama A.C. offers a wide range of solutions for SMEs and large companies through policies tailor made and dedicated to speci c industries.

Supported by the 11 Groupama regional Mutuals (unions of 5 400 local Mutuals) Groupama Assurance-Crédit has of ces in Paris (Noisy-le-Grand, Gentilly), Bordeaux, Montpellier, Rennes, Reims, Strasbourg and Toulouse.

Groupama Assurance-Crédit has a total staff of 90 people.

Contacts Details 5, rue du Centre93 199 Noisy-le-Grand CedexFrancep: +33 1 49 31 31 31F: +33 1 49 31 31 [email protected]

Principal shareholderGroupama S.A: 100%

Board of DirectorsJean-Marc Vervelle - Chairman

Executive ManagementMr Serge Paillaugue - CEO dMr Jean-Michel Pérès - Technical Director

Lines of Credit Insurance WrittenDomesticExport - Commercial RiskExport - Political Risk

Lines of Surety Bonds WrittenCustoms, tax and similar bondsBonds concerning purchases of goods and/or servicesBonds concerning concessions and licencesOther bonds: E.U bonds, judicial bonds

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Contact DetailsKarl-Wiechert-Allee 50D-30625 HannoverGermanyp: +49 511 5604 1338F: +49 511 5604 [email protected]

Principal ShareholderThe major shareholder of Hannover Re is Talanx AG (holding company of HDI, one of the largest insurers in Germany) with 51.2% shareholding; 48.8% free � oat.

Board of ManagementMr Ulrich Wallin - CEO dMr Jürgen Gräber - in charge of Credit, Surety and Political Risk (among others)

Executive Management/DivisionMr Jan Müller - Managing DirectorMr Uwe Haug - Associate DirectorMr Roberto Castillo - Associate Director

Lines of Business ReinsuredCommercial Credit InsuranceBond / Surety BusinessPolitical Risk Insurance

HANNOVER RÜCKVERSICHERUNG AKTIENGESELLSCHAFT

With gross premiums of approximately eur 9 billion, Hannover Re is one of the leading reinsurance groups in the world. It transacts all lines of non-life reinsurance and life and health reinsurance. It maintains business relations with more than 5,000 insurance companies in about 150 countries. Its worldwide network consists of more than 100 subsidiaries, branch and representative of ces in around 20 countries. The rating agencies most relevant to the insurance industry recently af rmed Hannover Re very strong insurer nancial strength ratings “AA-” (Very Strong) by Standard & Poor’s and “A” (Excellent) by A.M. Best.

The specialised Credit, Surety and Political Risk Division is the second largest player in this segment. It has a long-term experience and provides reinsurance cover to more than 200 ceding companies worldwide.

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Contact DetailsThe GrangeRearsbyLeicestershire, LE7 4FYUnited KingdomP: +44 1664 424 896F: +44 1664 424 [email protected]@hccint.comwww.hccint.com

Principal ShareholdersHCC Insurance Holdings, Inc. - 100%

Divisional Executive ManagementMr Jim Davidson - Director (HCCI) dMr Nick Walklett - Divisional CFOMr Martyn Ward - Divisional DirectorMr Jason Watts - Divisional Director

Underwriters / SalesMr Bill Backhouse (UK) - SuretyMrs Lesley Bennett - CreditMr Roy Bra eld (UK) - Surety Mrs Jane Conlon - CreditMr Jim Cuddihy (UK) - Surety Mr Ian Tacey - Credit Mr John Frost (UK) - Surety Mr Ryan O’Neill - CreditMr Peter Lynch (IR) - Surety Mr Derek Phelan (IR) - Surety Mrs Helen O’Neill - Credit

Mr Bob Souter (UK) - SuretyMr Richard Price (UK) - Surety Lines of Credit Insurance WrittenDomestic - whole turnover and single buyerIncidental Export

Lines of Surety Bonds WrittenCustoms, tax and/or similar bondsBonds concerning concessions andlicencesBonds concerning purchases of goods and/or servicesBonds concerning construction and/orsupply contractsOther bonds

HCC INTERNATIONAL INSURANCE COMPANY PLC

HCC Insurance Holdings Inc. is an international insurance holding company and a leading specialty insurance group since 1974, based in Houston, Texas with of ces across the United States and in Bermuda, Ireland, Spain and the United Kingdom. HCC’s operations consist of underwriting agencies; intermediaries and life; property and casualty insurance companies which are rated “A+” (Superior) by A.M. Best and “AA” (Very Strong) by Standard & Poor’s. HCC specialises in diversi ed nancial products; group life; accident & health; general aviation; property; marine & energy; surety and credit insurance; and other speciality insurance.HCC International Insurance Company PLC (HCCI) is one of the major international operating companies of the group carrying out a variety of general insurance activities. The credit and surety activities are carried out as the Credit and Surety Division of HCCI.

SuretySince 1982, HCCI has been expert in providing surety bonds. In the beginning its services concentrated on the construction and engineering industries. However, today after many years of continuing growth and diversi cation, they provide many different types of bonds. HCCI is a market leader in the provision of contract and commercial surety bonds in its chosen markets.HCCI’s customers operate in all industry sectors in the United Kingdom and Ireland. Public bodies and private industry are the main bene ciaries of their bonds and its contractor/client range is from the large quoted company to the regional or local business.HCCI has a unique underwriting team with extensive professional experience from within the construction industry. This detailed industry knowledge combined with many years of surety training means their underwriters have exceptional qualities within the surety industry for assessing construction and other industry bond risks.

CreditFor over 20 years HCCI’s skills, expertise and drive has enabled them to develop and grow a niche credit insurance business for discerning customers. Their strong focus and ability to innovate have allowed them to offer products to their customers that are at the leading edge of the UK credit insurance industry.HCCI’s focus is to provide the highest possible service to their customers with full after sales support. This comprehensive service includes intelligence gathering and credit management assistance; security of pro tability; insurance protection against non-payment of debts; fast cash replacement through fair claims handling. Their website provides easy access to allow policyholders to make online credit limit requests and obtain instant cover where the buyer risk pro le meets their standard underwriting criteria.Both SMEs and larger commercial enterprises are protected by their credit insurance policies ranging across all industry sectors. Almost without exception, those who buy their policies are successful or pioneering businesses where credit insurance plays a vital role in providing protection of their receivable assets.

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Contact Details2, Shenkar StreetTel Aviv, 68010Israelwww.icic.co.il

Principal ShareholdersEuler Hermes (as of 30th May 2007), Harel and Bituach Haklai

Board of DirectorsMr David Blumberg - Chairman

Executive ManagementMr David Milgrom - Managing Director d

Lines of Surety Bonds WrittenBid bondsAdvance payment bondsPerformance bondsCustom bonds

Lines of Credit Insurance WrittenDomestic credit insuranceExport credit insurance

ICIC

THE ISRAELI CREDIT INSURANCE COMPANY LTD.

B.S.S.CH - The Israeli Credit Insurance Company Ltd. (ICIC), was established in 2002 as a result of a merger between ASSURE Credit Insurance (active since 1996) and the privatised short term division of the governmental company IFTRIC (active since 1957), thus creating the leading credit insurer in Israel.

ICIC offers varied and advanced credit insurance services as well as programs assisting in obtaining nance and performance guarantees for both domestic and export purposes.

ICIC is the biggest Israeli credit insurer with covered transactions exceeding USD 12 billion and a premium income exceeding USD 20 million. It has over 500 clients active in various market sectors including leading Israeli companies.

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Contact DetailsCarretera de Pozuelo, 5228222, Majadahonda (Madrid)SpainP: +34 915 811 1301 & +34 915 81 2952F: +34 915 815 [email protected]

Principal ShareholdersMapfre Empresas - 100%

Executive ManagementMr Alfredo Castelo - Chairman Mr Fernando Pérez-Serrabona - Deputy General Manager

Lines of Surety Bonds WrittenCustoms, tax and/or similar bondsBonds concerning purchases of goods and/or servicesBonds concerning construction and/or supply contractsOther bonds: E.U. bonds, advance payment bonds for house purchases.

Lines of Credit Insurance WrittenDomestic and export credit through 14 different products.

MAPFRE CAUCIÓN Y CRÉDITO

Mapfre Caución y Crédito, part of Spain’s leading insurance group, was created as a specialist company in 1982, being now a subsidiary of the Commercial Insurance Unit of Mapfre Group.

The ultimate parent company: Mapfre, S.A. was originally created by agricultural landowners and has an extensive network of more than 2,973 branches and agencies in Spain and Portugal. The ‘Mapfre Group’ has extensive investments in insurance overseas, especially in Latin America.

Mapfre began issuing guarantees in 1976. The specialist company rst added domestic credit insurance and then export credit insurance to its lines of business during 1990/91.

Mapfre Caución y Crédito has branches of its own in 30 Spanish cities and controls through an accepted reinsurance programme the credit insurance and surety business of Mapfre Seguros Gerais in Portugal.

In 1998 Mapfre Caución y Crédito established a holding company, Mapfre América Caución y Crédito, to promote projects of new specialised companies in surety and credit line in different Latin American countries. Subsidiaries of the later are Mapfre Garantias y Credito S.A. (Chile, created in 1990); Compañía de Seguros de Créditos Comerciales, S.A., Crediseguro (Colombia, created in 1999), Mapfre Seguradora de Garantias e Credito (Brazil, established in 2000), Mapfre Seguros de Crédito, S.A. (Mexico, created in 2002), Mapfre Fianzas, S.A. (México, created in 2006) and Mapfre Seguradora de crédito à la exportaçao (Brazil, created in 2007).

On January 2003 Mapfre Caución y Crédito together with Mapfre Industrial has formed the Commercial Insurance Operating Unit of Mapfre Group (Mapfre Empresas Unit). Mapfre Empresas is the rst unit of Mapfre Group specialised by type of customer and it aims to satisfy all insurance protection needs of corporate customers in Spain, Europe and Latin America.

Mapfre Caución y Crédito has been designated within the Mapfre Group to implement and supervise, through Mapfre’s International Division, all businesses related to credit and surety insurance in those countries where Mapfre Group is operating.

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NMITSUI SUMITOMO INSURANCE COMPANY

Mitsui Sumitomo Insurance Group (‘MSIG’) is an insurance and nancial group broadly conducting domestic non-life insurance business, life insurance business, overseas business, nancial services business, and risk-related business. The core company of MSIG is Mitsui Sumitomo Insurance Company Ltd. (‘MSI’), a leader in Japan’s non-life insurance industry.On April 1, 2008, we established Mitsui Sumitomo Insurance Group Holdings Inc. (‘MSIGH’) and shifted to a holding company structure. MSI was placed directly under MSIGH on April 1, 2008 along with Mitsui Sumitomo Kirameki Life Insurance Company Ltd. (‘Kirameki Life’), Mitsui Sumitomo MetLife Insurance Company Ltd. (‘MSI MetLife’) and Mitsui Direct General Insurance Company Ltd. (‘Mitsui Direct’) on July 1, 2008. Thus, a new group structure has been completed.MSIGH has overall control of the group while the four group companies focus on implementation within their respective business domains, thereby enabling MSIG to accelerate growth of its ve principal businesses.

Contact DetailsGuarantee and Credit Department3-9 Kanda Surugadai,Chiyoda-kuTokyo, 101-8011JapanP: +81 3 3259 3481F: +81 3 3259 [email protected]

Overseas BusinessOverseas network (as of July 1, 2008) Countries 38Overseas branches/ General of ces 4Overseas of ces 313Overseas subsidiaries/ Af liates 53

Principal ShareholdersMitsui Sumitomo Insurance Group Holdings Inc.

Board of DirectorsMr Yoshiaki Shin - Chairman dMr Toshiaki Egashira - President and CEO dMr Kazuo Kondo - Vice President Executive Of� cer

Executive ManagementMr Hiroshi Miura - Associate Director General Manager

Lines of Surety Bonds WrittenCustoms, tax and/or similar bondsBonds concerning concessions and licenses Judicial bonds Bonds concerning purchases of goods and/or services Bonds concerning leases Bonds concerning construction and/or supply contracts Other bonds

Lines of Credit Insurance WrittenDomesticExport

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Contact DetailsLetters: D-80791 MunichGermanyP:+49 89 3891 0F: +49 89 3891 [email protected]

Board of ManagementMr Nikolaus von Bomhard - Chairman dMr Thomas Blunck - Special and Financial Risks

Head of Financial Risk UnitMr Elmar Schieder

Lines of Business Written in the Financial Risk DepartmentTrade Credit ReinsuranceBond ReinsuranceFinancial Institutions ReinsuranceContingency ReinsurancesEnterprise RisksCapital Market Products

MUNICH RE

The group’s core business is managing and mastering risks. This has been the case since the Munich Re’s foundation in 1880 and its sustained prominence among the top players in the international insurance industry.

Munich Re writes reinsurance business in all classes of insurance - worldwide. This gives the organisation a global balance of risks.In the general reinsurance eld, Munich Re serves some 5000 insurers, located in 150 countries. Munich Re’s clients bene t from the expertise and personal attention of around 7000 staff - at Munich Re’s head of ce in Munich and at over 60 locations throughout the world.

Munich Re provides advice on new lines and assists its clients with the development and expansion of their insurance portfolios.Qualities our business partners value in us are: • innovative solutions; • comprehensive service; • wide-ranging knowledge; • proximity to clients; • extensive reinsurance capacity; • exceptional fi nancial strength.

Credit and Bond DepartmentIn 2008, EUR 641 million or around 3% of Munich Re’s total premium was earned in by its Specialist Credit and Bond Department, Munich. EUR 392 million is coming from Credit Reinsurance, EUR 249 million are the premiums out of Surety Reinsurance. Our underwriters work in Madrid, London, Milan, Princeton, Sao Paolo, Johannesburg, Tokyo, Beijing and Sydney.

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N.V. NATIONALE BORG-MAATSCHAPPIJ

Established in 1893, N.V. Nationale Borg-Maatschappij (Nationale Borg), rated “A-” by Standard & Poor’s, is the leading guarantee insurer in the Dutch and Belgian markets, as well as a worldwide recognised reinsurer of guarantees and credit insurance.

With a staff of 80 employees and a turnover of eur 65 million (2008), Nationale Borg services its local and international clients from its head of ces in Amsterdam, a branch of ce in Antwerp (Belgium) and a subsidiary in Willemstad (Netherlands Antilles).

As a member of ICISA, PASA, SFAA and Alasece, Nationale Borg is an internationally recognised partner and a household name in the (re)insurance world of guarantees and credit insurance.

Nationale Borg is owned by two Dutch investment companies with a long term investment horizon, which is re� ected in the company’s business strategy.

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Contact DetailsPostbus 955NL - 1000 AZ Amsterdamthe NetherlandsP: +31 20 5533 900F: +31 20 5533 [email protected]

Principal Shareholders Egeria Capital and HAL Investments

Executive Management Mr Jos Kroon - CEO dMr Pietro Lanzillotta - CFO

Lines of Surety Bonds WrittenCustoms, tax and/or similar bonds Bonds concerning concessions and licenses Judicial bonds Bonds concerning purchases of goods and/or services Bonds concerning leases Bonds concerning construction and/or supply contracts Home purchase bonds for private individuals

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Contact DetailsUitbreidingsstraat 662600 AntwerpBelgiumP: +32 3285 9880F: +32 3285 [email protected]

Principal Shareholders Egeria Capital and HAL Investments

Management Mr Nico Vanhoutte d

Lines of Surety Bonds WrittenCustoms, tax and/or similar bonds Bonds concerning concessions and licenses Judicial bonds Bonds concerning purchases of goods and/or services Bonds concerning leases Bonds concerning construction and/or supply contracts

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Contact DetailsBellerivestrasse 36CH - 8034 ZurichSwitzerlandP: +41 44 385 35 82F: +41 44 385 37 [email protected]

Paris Offi ce153 rue de CourcellesF - 75817 Paris Cedex 17France

Board of DirectorsMr John A. Rollwagen - ChairmanMr Patrick Thiele - President & CEO dMr Vito H. BaumgartnerMr Robert M. BaylisMs Judith C. Hanratty, OBE Mr Jan H. Holsboer Mr Jean-Paul L. Montupet Mr Rémy SautterMr Lucio Stanca Mr Kevin M. Twomey Mr Jürgen Zech Mr David Zwiener

Executive Management Mr Patrick Thiele - President & CEO, Partner Re Ltd. Mr Albert A. Benchimol - EVP and CFO, Partner Re Ltd., CEO Capital Markets Mr Costas Miranthis - CEO, Partner Re GlobalMr Tad Walker - CEO, Partner Re US Mr Bruno Meyenhofer - Chairman, Partner Re Global

Lines of Business ReinsuredProperty and Casualty/MotorCatastropheLifeAlternative Risk ProductsSpecialty Lines: agriculture, aviation & space, credit & surety, energy on-shore, engineering, marine and energy off-shore, specialty casualty and specialty property.

Lines of Credit & Surety ReinsuredCommercial creditSuretyPolitical Risks

PARTNER RE

Partner Re Ltd. (NYSE:PRE) is a provider of risk-assumption solutions for the global insurance and capital markets and is structured to meet the demands of our customers across a broad spectrum of markets, business lines and products. Our presence in 13 locations across the world, including of ces in Bermuda, Greenwich, Paris, Zurich, Toronto, Mexico City, Santiago, São Paulo, Dublin, Singapore, Hong Kong, Tokyo, Beijing and Seoul, means that we can underwrite risk wherever we are most accessible to our cedants and brokers.

Our approach to managing risk starts with an integrated view of our exposure to risk, allowing us to monitor aggregations across the company. Identifying risk drivers, limits, and interdependencies, and having the right systems and processes in place at every level in the organisation, enables us to monitor and manage risk effectively.

For each business line we have dedicated underwriters and actuaries who are specialists in their subject, and who provide tailor-made solutions for our clients, drawing on shared underwriting experience and pricing know-how. We offer treaty and facultative products and services both directly and through reinsurance intermediaries.

Our team of dedicated underwriters offers clients reinsurance advice and worldwide portfolio protection for trade credit insurance (including political risk) and surety business lines. Our continuity and skills, proven in both favorable and challenging markets, combined with substantial capacity and strong nancial security, have made us a well-respected and in� uential reinsurance partner for credit & surety risk.

Partner Re’s VisionPartner Re is an intelligent provider of risk assumption products for the global insurance and capital markets. We provide highly valued products and relationships to our clients, deliver appropriate returns to our shareholders, and ensure a satisfying work experience for our employees. What drives our professionalism is our thoughtful, sober approach to risk assumption. That means understanding the true characteristics of their risk, and the best way to manage it, to the bene t of our clients.

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Contact Details69, Dongheyan StreetXuanwu DistrictBeijing 100052People’s Republic of Chinap: +86 10 6315 6688 F:+86 10 6303 [email protected]/

Principal ShareholdersThe People’s Insurance Company (Group) of China (‘PICC Group’) - 69%American International Group, Inc. (‘AIG’) - 9.9%

Board of DirectorsMr Wu Yan - Chairman of the Board of DirectorsMr Wang Yincheng - Vice Chairman of the Board of Directors d

Executive ManagementMr Wang Yincheng - CEO Ms Liu Zhenghuan - Executive Vice PresidentMr Guo Shengchen - Executive Vice PresidentMs Zhao Shuxian - Executive Vice PresidentMr Jia Haimao - Executive Vice PresidentMr Wang He - Executive Vice PresidentMr Wang Yueshu - Chief Compliance Of� cerMr Wang Dedi - Executive Vice PresidentMr Jiang Caishi - Executive Vice President

Credit Insurance & Surety ContactsMs Chen Zhongzhu - Deputy General Manager, Liability & Credit Insurance Department

Lines of Credit Insurance WrittenDomestic commercial credit insuranceOther credit insurance (consumer credit)

Lines of Surety Bonds WrittenContract bondsFinancial guaranteesFidelity guarantees

Other ServicesCredit information

PIC

CPICC PROPERTY AND CASUALTY COMPANY LIMITED

PICC Property & Casualty Company Ltd. (PICC), with a 41.6% market share and premium income of CNY 101.9 billion (USD 15 billion), is the largest non-life insurance company in mainland China.

First established on October 20, 1949 as the People’s Insurance Company of China, PICC is the forerunner of modern insurance industry in China. PICC was the rst large Chinese state-owned nancial enterprise to go public overseas when it listed on the Hong Kong Stock Exchange on 6 November 2003.

PICC has been playing a key role in economic and social progress of China. International and domestic recognitions include the “Most Reliable Insurance Company in China” by Euromoney, “Customer Care Benchmark Enterprises in China” and “Most Competitive Non-life Insurance Company in Asia” etc. PICC was the of cial insurance partner of the Beijing 2008 Olympic Games.

PICC started to underwrite export credit insurance on behalf of the Central Government in 1988. In 2001, its export credit business became independent to form China Export and Credit Insurance Company (Sinosure). In 2005 PICC decided to return to credit insurance market while the surety / bond businesses have been on its product shelf for the past decades.

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Contact DetailsHimmelpfortgasse 29Vienna A - 1010 Austria P: +43 (0)5 01 02-0 F: +43 (0)5 01 [email protected] www.prisma-kredit.com

Principal ShareholderOeKB EH Beteiligungs- und Management AG

Board of DirectorsMr Rudolf Scholten - Chairman Executive ManagementMrs Bettina Selden - Executive Board d Mr Ludwig Mertes - Executive Board d

Lines of Credit Insurance Written Domestic Export Commercial and Political Risk

Other Lines of Business WrittenFidelity Insurance

PRISMA

PRISMA Kreditversicherungs-AG was founded in 1989. The company offers its clients high-quality solutions to secure receivables in both export and domestic commercial transactions.

PRISMA takes part in one of the world´s most ef cient risk information systems, developed by Euler Hermes. This allows the group to monitor the business and nancial solvency of 40 million companies worldwide and to protect more than eur 800 billion of business transactions.

PRISMA has branch of ces in Linz, Graz and Innsbruck - in addition to its head of ce in Vienna.In 2008 Oesterreichische Kontrollbank AG and Euler Hermes Kreditversicherungs-AG reorganised their credit insurance activities in Austria. They have subsumed PRISMA Kreditversicherungs-AG, OeKB Versicherung AG, and OeKB Südosteuropa Holding GmbH, in each case with 100 percent of their shares, into OeKB EH Beteiligungs- und Management AG. Oesterreichische Kontrollbank AG holds 51 percent and Euler Hermes Kreditversicherungs-AG 49 percent of this management holding company. This company is now the sole owner of PRISMA.

PRISMA and OeKB Versicherung are following a two brand/two companies strategy. In this way, a wide range of products remains on offer for Austrian companies.

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Contact DetailsLevel 13, 82 Pitt St.G.P.O. Box 82 Sydney NSW 2000 Australia P: +61 2 9375 4600 F: +61 2 9375 4118 [email protected] www.qbe.com

Principal ShareholdersQBE Insurance Group Limited - 100%

Executive ManagementMr Richard Wulff - Group General Manager, Credit & Surety d

Trade Credit Activities QBE GroupMr Paul Gunning-Stevenson - Head of Asian Underwriting

Australia Mr Gary McSwain - General ManagerNew Zealand Mr Michael Kayes - ManagerSingapore Mr Andrew Ho - ManagerHong Kong Mr Christopher Siu - ManagerFrance Ms Kirsten Tosoni - Manager UK/Europe Mr Trevor Williams - Portfolio Director, Credit and Surety EuropeUSA Mr Edward Ashby - Senior Vice President, Trade Credit & Surety Americas

Surety ActivitiesAsia/Australia/New ZealandMr Murray Iron eld - Head of Surety Asia, Australia, New ZealandFrance/United Kingdom/EuropeMr Trevor Williams - Portfolio Director, Credit and Surety EuropeUSA/AmericasMr Edward Ashby - Senior Vice President, Trade Credit & Surety Americas

Structured Trade Credit/Political Risk USA/AmericasMr Richard Maxwell - Vice President, Structured Trade & Political Risk

Lines of Surety Bonds Written Bid BondsPerformance BondsAdvance Payment BondsRetention Release BondsMaintenance BondsOff-Site Material BondsCommercial BondsCustoms / Excise Bonds Residential Deposit Bonds Commercial Deposit BondsProbate / Transfer Indemnity Bonds Lease Bonds

Lines of Credit Insurance Written Domestic Export Commercial and Political Risk

QBE INSURANCE (AUSTRALIA) LTD.

QBE Insurance Group has a signi cant presence in the general insurance market as a multi-line carrier across the globe with extensive operations internationally on four continents. QBE Insurance (Australia) Limited is the main insurer for all of QBE Group’s activities in the Australian market, offering a full range of personal, commercial and corporate insurance lines of business.

Trade Credit QBE Trade Credit has operated in Australia since 1963 and in New Zealand since 1989. Subsequent to its acquisition in 1997, the subsidiary was converted into a division of QBE Insurance (Australia) Ltd..Being part of the QBE Insurance Group provides exciting opportunities for growth and enables QBE Trade Credit to further increase the level of service offered and the range of credit products available to new and existing clients. QBE Trade Credit’s distribution channels are through both their own highly experienced customer service teams, together with the use of specialist and general brokers and other intermediaries such as banks and af nity groups. Performing a trade credit coordination role on a group-wide basis, the division manages trade credit units and operations in a number of markets through either the local QBE licensed insurance company or by alliance or joint-venture. In Australia and New Zealand, locations include Auckland, Brisbane, Melbourne, Sydney and Perth. QBE Trade Credit also has units operating in France, Hong Kong, India, Japan, Singapore, Thailand, the United Kingdom and the USA as well as underwriting capabilities in Indonesia, Macau, Malaysia, the Philippines, Taiwan, South Korea, Continental Europe and Vietnam. In addition, with the recent launch of our ability to issue trade credit policies through our Lloyds Syndicate 1886, we are now able to issue trade credit policies into a further 65 markets.

Surety QBE Surety is a leading contract and commercial bond provider in Australia, New Zealand, Singapore, France, the United Kingdom and selectively in the US, providing a range of Performance Bond facilities to a broad client base across various sectors of industry and commerce. The QBE surety facility has the capacity to issue generous Performance Bond facilities to small, medium and large businesses with an option to raise facultative support to multinational conglomerates. QBE is licensed to issue surety bonds in a large range of markets, from its four existing specialist units, leveraging off the vast QBE global network. QBE’s surety units also provide a range of commercial surety solutions for their local market needs.

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Contact DetailsPiazza Poli, 4200187 RomeItalyP: +39 06 697697 215F: +39 06 697697 [email protected]

Board of DirectorsMr Alessandro Castellano - Chairman

Executive ManagementMr Tullio Ferrucci - Director General dMrs Rossella Pappalardo - Head of Portfolio DepartmentMr Roberto Prageldi - Head of Technical DepartmentMrs Francesca Bartoli - Head of Administration DepartmentMr Marco Brega - Head of Sales Forces Department

Lines of Credit Insurance WrittenDomestic - commercial riskExport - commercial and political risk

Lines of Surety Bonds Written Customs, tax and/or similar bondsBonds concerning concessions and licencesBonds concerning purchases of goods and/or servicesBonds concerning leasesBonds concerning construction and/or supply contracts

SACE BT S.P.A.

Incorporated in Rome on May 27th, 2004.Authorised from insurance regulatory authority on July 3rd, 2004.Started to operate on October 15th, 2004.Gross written premiums at December 31st 2008: eur 100.1 million.

In December 2008 SACE BT reinforced its credit insurance operations by merging with SACE Surety S.p.A., specialised in surety bonds and construction risks.With an allocated capital of eur 100 million, SACE BT is the sixth player in the Italian credit insurance and surety bonds.

Its mission is to provide Italian companies with strong protection against customers’ non-payment risk on short term credit operations, up to 24 months, on both domestic and export markets.

The company has the solidity of a big group and it operates all over national territory. It is a subsidiary of SACE, Italy’s leading provider of credit insurance, investment protection and contractual guarantees to cover political and commercial risk. SACE offers a complete range of insurance and nancial products, to guarantee more stable cash � ows and transform counterpart insolvency risks into development opportunities. The group recorded in 2008 a net pro t of eur 348.9 million and gross written premiums amounted to eur 381.6 million.

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Contact DetailsGeneral Guisan-Quai 26CH-8022 ZurichSwitzerlandP: +41 44 639 9702F: +41 44 639 [email protected]

Board of DirectorsMr Denis Kessler - Chairman and CEO of Scor SE (Paris) dMr Victor Peignet - CEO of Scor Global P&C (Paris)Mr Benjamin Gentsch - CEO of Scor Switzerland Ltd and Head of Specialty Lines (Zurich)Mr Patrick Barrault - CUO of Credit & Surety (Paris)Mr Jean De Villeneuve - Market Manager and Deputy of CUO Credit & Surety (Paris)Ms Doris Egli - Market Manager Credit & Surety of Scor Switzerland (Zurich)

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SCOR SWITZERLAND LTD.

Scor Switzerland Ltd. is part of Scor SE which is a leading multi-line (P & C, Specialty Lines and Life) / multi-cultural reinsurance company with a focus on European markets and a strong position in Latin America, the Asian markets and the Middle-East.

Scor has local presence with a network of 4 European hubs (Cologne, London, Paris and Zurich) 1 American hub in New York1 Asian hub in Singapore51 of ces which serves over 130 countries across 5 continents

Scor Group aims at long term relationships with clients, based on partnerships providing tailor-made, innovative solutions.

The rating agencies assigned the following nancial strength ratings to Scor:Standard & Poor’s “A” outlook stableA.M. Best “A-” af rmed, excellentMoody’s “A2” outlook stableFitch “A” outlook stable

Credit and SuretyScor has nearly 30 years of experience in credit and surety and is in a position to play a leading role in both treaty and facultative business. Credit and surety as well as political risks are written out of Paris and Zurich. Scor’s pioneering involvement and membership in numerous industry organisations actively demonstrates our keen interest in supporting and developing the industry’s level of sophistication and professionalism. The substantial capacity as well as the dedicated and specialised staff ensure Scor’s place as a long-standing market player in this business eld with customers in more than 30 countries around the globe.

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ASEOUL GUARANTEE INSURANCE COMPANY

Seoul Guarantee Insurance Company (SGI) was originally established in 1969 under the name Korea Fidelity & Surety Company. A merger with Hankuk Fidelity & Surety Company in November 1998 formed the SGI of today.

As a comprehensive guarantee service provider, SGI is currently the domestic market leader in the surety and credit insurance industry and is enjoying an unsurpassed reputation for its nancial strength in the global market.

In FY2008, SGI realised USD 777 million (KRW 1,065 billion) in premium income and USD 183 million (KRW 250 billion) in net income. As of the end of March 2009, the risk-exposure topped KRW 170.10 trillion. Meanwhile, SGI’s nancial soundness was con rmed by the highest solvency margin ratio of 1,291.4% among domestic non-life insurance companies.

SGI has reinforced its position in the market by receiving a credit rating of “A” and “A-” from Fitch and Standard & Poor’s, respectively.

Contact Details136-74 Yeonji-dong, Jonro-guSeoul, 110-737KoreaP: +82 2 3671 7483F: +82 2 743 [email protected]@[email protected]

Overseas Representative Offi cesHanoi (Vietnam)P: +84 4 3946 0321 3F: +84 4 3964 0234

Beijing (China)P: +86 10 6590 0288, 0298F: +86 10 6590 6328

Principal ShareholdersKorea Deposit Insurance Corporation - 98.88%3 Life Insurance Companies - 0.87%9 Non-Life Insurance Companies - 0.25%

Board of DirectorsMr Young-Min Baang - President & CEO dMr Yeon-Gil Jung - Standing AuditorMr In-Kyun Hyeon - Executive DirectorMr Uk-Gi Kim - Executive DirectorMr Ki-Hwan Kim - Managing DirectorMr In-Seung Ryu - Managing DirectorMr Dae-Han Kim - Managing DirectorMr Dong-Hwa Bae - Managing DirectorMr Kwang-Suk Chae - DirectorMr Myung-Geun Lee - DirectorMr Sang-Taek Kim - Director

Lines of Credit Insurance WrittenCommercial Credit InsuranceFinancial Credit InsuranceOthers

Lines of Surety Bonds WrittenFidelity BondsContract Bonds (Bid, Performance, Advance Payment, etc.)Statutory Bonds (Customs, tax, court bonds, etc.)Financial GuaranteesOther Bonds

Other ServicesDebt Collection and Recovery

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Contact DetailsUlica Josipine Turnograjske 6 SI-1000 Ljubljana Sloveniap:+386 1 200 58 00 F: +386 1 425 84 [email protected]

Principal Shareholder: SID - Slovene Export and Development Bank Inc., Ljubljana (SID Bank Inc., Ljubljana) - 100 %

Management Board Mr Ladislav Artnik - President of the Board dMr Rasto Hartman - Member of the Board

ProcuratorMrs Barbara Kunc

Lines of Credit Insurance WrittenDomesticExport - commercial and non-commercial risks

SID - FIRST CREDIT INSURANCE COMPANY INC.

SID - First Credit Insurance Company Inc. owned by SID - Export and Development Bank Inc. as the only specialised insurance company in Slovenia has started operating on 1st January 2005.

The credit insurance expertise has been acquired from 1992 until foundation of the separate insurance company in Slovene Export Corporation (SID, d.d., Ljubljana), which was its sole founder. SID - First Credit Insurance Company is a part of the SID Bank Group, which in addition to SID - Slovene Export and Development Bank as the parent company comprises the companies PRVI FAKTOR, factoring company, with its two subsidiaries, and PRO KOLEKT, debt collecting company with its subsidiaries.The mission of PKZ is to provide nancial security in the sales of goods and services and thus encourage trade and economic development. The vision of PKZ is to maintain the leading position specialised for credit insurance business within Slovenia. PKZ will continue to be recognised as a leading expert for the risks in the Balkans.

Actually, market penetration (the share of insurance in GDP) in the segment of credit insurance covered by PKZ has already exceeded the European average and even the average of West European countries. In order to ensure further growth in business volumes, PKZ will have to strengthen its efforts. The change in insurance legislation in 2006 enabled PKZ to conduct indirect insurance business, which helped PKZ to secure its presence in the markets of former Yugoslavia, where its advance knowledge of risks provides it with an opportunity to enact its competitive advantage. Together with other companies of the SID Bank Group, PKZ will strive to secure its presence and growth in these markets.

The company has not established any subsidiaries in Slovenia or abroad.

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Contact DetailsGuarantee & Credit Underwriting SectionCommercial Risk Solutions Department26-1, Nishi-shinjuku, 1-ChomeShinjuku-ku,Tokyo 160-8338JapanP: +81 3 334 939 72 (direct)

+81 3 334 931 11 (central) F: +81 3 334 832 [email protected]

Principal ShareholdersPublic company

Board of DirectorsMr Masatoshi Satou - President & CEO dMr Masami Ishii - Director, Managing Executive Of� cer

Executive ManagementMr Hidehiro Sumi - Executive Of� cer, General Manager

Lines of Surety Bonds WrittenCustoms, tax and/or similar bonds Bonds concerning concessions and licenses Judicial bonds Bonds concerning purchases of goods and/or services Bonds concerning leases Bonds concerning construction and/or supply contracts Other bonds

Lines of Credit Insurance WrittenDomestic, Export

SOMPO JAPAN INSURANCE INC.

The Tokyo Fire Insurance Co. Ltd. forerunner of present Sompo Japan, was founded in 1888 as the rst re insurance company of Japan.

Sompo Japan began the operations after the merger of two companies: The Yasuda Fire & Marine Insurance Co. Ltd. (founded in 1888), and The Nissan Fire & Marine Insurance Co. Ltd. (established in 1911), on 1 July 2002.

On 1 December 2002, Sompo Japan has merged with Taisei Fire and Marine Insurance Co. Ltd. which also worked toward the establishment of Sompo Japan, after splitting their reinsurance business according to their reorganisation plan.

As regards to credit and guarantee insurance, the company started to write delity insurance in 1930, credit insurance in 1950, guarantee business in 1951 and bonds in 1966.

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SWISS REINSURANCE

Swiss Re is one of the world’s leading and most diversi ed global reinsurer. The company operates through of ces in over 30 countries. Founded in Zurich, Switzerland, in 1863, Swiss Re offers nancial services products that enable risk-taking essential to enterprise and progress. The company’s traditional reinsurance products and related services for property and casualty, as well as the life and health business are complemented by insurance-based corporate nance solutions and supplementary services for comprehensive risk management. Swiss Re is rated “AA-” by Standard & Poor’s, “Aa2” by Moody’s and “A+” by A.M. Best.

On the credit side Swiss Re offers services in the following areas:

• Credit & Surety Reinsurance • Political Risk Reinsurance• Bank Trade Finance

Local underwriting competence and a relevant relationship network is available in all major areas around the globe.

Contact DetailsMythenquai 50/60CH - 8022 ZurichSwitzerlandP: +41 43 285 3726F: +41 43 285 [email protected] www.swissre.com

Executive Management (Credit)Mr Adrian KärleMr Thomas KesslerMr John BoultonMr Davide Guidicelli

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Contact DetailsGuarantee & Credit Insurance Group, Investment Department 3 (Reception at 14th Floor) WEST, Otemachi First Square5-1, Otemachi 1-chomeChiyoda-kuTokyo, 100 - 0004JapanP: +81 3 5223 3615 (direct)F: +81 3 522 330 [email protected]

Principal Shareholders Tokio Marine Holdings, Inc.

Board of DirectorsMr Shuzo Sumi - Member of the Board, President dMr Hiroshi Amemiya - Member of the Board, Senior Managing Director

Executive Management Mr Junichi Sekiguchi - General Manager

Lines of Surety Bonds WrittenCustoms, tax and/or similar bonds Bonds concerning concessions and licenses Judicial bonds Bonds concerning purchases of goods and/or services Bonds concerning leases Bonds concerning construction and/or supply contracts Other bonds

Lines of Credit Insurance WrittenDomestic and Export

TOKIO MARINE & NICHIDO FIRE INSURANCE CO. LTD.

The company was established in 1879 and has the distinction of being the rst insurance enterprise to have been created in Japan. Its founding President was Mochiaki Hachisuka.

In 1944, a series of important mergers contributed to the growth of the company. These mergers included the absorption of The Meiji Fire Insurance Co. Ltd. and The Mitsubishi Marine & Fire Insurance Co. Ltd. (established in 1919).

In 1948 the company obtained the necessary authorisation from the Minister of Finance and started underwriting Fidelity Insurance. This was followed in 1951 by underwriting credit insurance and guarantee insurance.

On 1st October 2004, the Tokio Marine and Fire Insurance Co. Ltd. and the Nichido Fire and Marine Insurance Co. Ltd. have merged to form Tokio Marine & Nichido Fire Insurance Co. Ltd.This is a step taken following the establishment of Millea Holdings, Inc. (On 1st July 2008, the company changed its name to “Tokio Marine Holdings Inc.”.) in order to maximise the corporate value of the group by creating synergies across the group, promoting growth strategies which combine the strengths of the two companies, and increasing ef ciency through a larger scale of business.

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Contact DetailsKlausdalsbrovej 601Postboks 199DK-2750 BallerupDenmarkP: +45 44 20 39 00F: +45 44 20 66 [email protected]

Principal ShareholderTrygVesta Forsikring A/S (Tryg) (100%)

Board of DirectorsMr Morten Hübbe - ChairmanMr Peter FalkenhamMr Truls Holm Olsen

Executive ManagementMr Mads Løgstrup - CEO d

Lines of Surety Bonds WrittenContract and Supply BondsCustoms and Excise Duty BondsExecutors and Similar Fiduciary BondsGuarantees in favour of the EU Intervention Board

TRYGVESTA GARANTIFORSIKRING A/S

TrygVesta Garanti is the largest specialised surety bond provider in Denmark and in the Nordic area.

Our clients are mainly contractors and order producing companies, however, we issue bonds for all client types.

Extensive services are available for clients who require cross border bond solutions. Bonds are issued worldwide when required.

Support from local staff is available from of ces in Denmark, Norway, Sweden and Finland.

TrygVesta Garanti is rated “A-” by Standard & Poor’s.

TrygVesta Garanti is part of TrygVesta, the second-largest general insurer in the Nordic region.

Outside Denmark, branding is aligned to group branding, which means that the name TrygVesta Garanti is applied in Norway and Finland, while the company operates in the name of Vesta Garanti in Sweden. In Denmark, we use the name Dansk Kaution. For more information please visit our websites: www.trygvestagaranti.com, www.vestagaranti.se (Sweden), www.danskkaution.dk (Denmark).

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Contact DetailsSecond FloorSand eld HouseWater LaneWilmslow, SK9 5BZUnited KingdomP: +44 1625 527242F: +44 1625 [email protected]/Surety

Principal ShareholderZurich Financial Services -100%

Executive ManagementMr Richard J. White - Director of Surety dMr John V. Newsham - Senior UnderwriterMs Kim Willeboordse - Underwriter

Lines of Surety Bonds WrittenCustoms, tax and/or similar bonds Bonds relating to concession permits and licences Judicial bonds Bonds relating to purchases of goods and/or services Bonds relating to construction and/or supply contracts Other bonds

ZURICH GLOBAL CORPORATE UK, SURETY

Zurich Global Corporate UK, Surety is the Zurich Financial Services Group’s UK surety business and has been at the forefront of this specialist market for over 65 years and as part of the Zurich Financial Services Group is always seeking to develop capabilities and to nd innovative ways of working with corporate clients in the UK and worldwide. As the provider of a high quality service for Surety Bond and Guarantee facilities, Zurich Global Corporate UK, Surety offer:• A highly personal and professional service;• Superior technical expertise;• A fl exible underwriting approach:• The capacity to meet client requirements:• Access to the international surety network of Zurich Financial Services.

Zurich Global Corporate’s UK Surety business arranges and issues all types of bonds and guarantees for many industries - the following are the most commonly required:• Performance Bonds• PFI and Major Project Bonds• Advance Payment Bonds• Retention / Maintenance Bonds• Road and Sewer Bonds• HM Revenue and Customs Bonds• Regulatory and Licence Bonds• Bonds for Service Providers including best value arrangements• Court Bonds - including Bonds for Administration of Estates

Zurich Global Corporate UK, Surety has extensive experience of bonds for PPP/PFI schemes and would be pleased to discuss bespoke guarantees and bonding structures for transactions of all types.

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Contact Details1201 F Street, NW Washington, DC 20004United States of AmericaP: +1 202-585-3109F: +1 [email protected]

Executive ManagementManagement Board - Zurich Surety, Credit & Political RiskMr Daniel Riordan - President dMr Edward Coppola - Senior Vice President & CUOMs Anne Marie Thurber - Senior Vice President & Managing Director - Trade Credit & Political RiskMr Michael Bond - Senior Vice President - International SuretyMr Ted Martinez - Senior Vice President - Commercial SuretyMr David Hewett - Senior Vice President - Contract SuretyMr Gerald Haley - Senior Vice President - Customer & Distribution Management

Lines of Surety Bonds WrittenCommercial SuretyContract Surety Lines of Credit Insurance WrittenDomestic and export - Excess of Loss Multi-Buyer, Key Account, Single Buyer, Excess of PrimaryShort Term policies - up to 365 daysMedium Term Policies - up to 7 yearsFacultative Reinsurance for ECAS

Other business lines includeCredit Insurance, Political Risk Insurance, Reinsurance (Facultative for ECA’s only)

ZURICH SURETY, CREDIT & POLITICAL RISK

Zurich Surety, Credit & Political Risk, part of the Zurich Financial Services Group, was formed in 2008 by the merger of Zurich’s Surety group, a leading provider surety in North America, with Zurich’s Emerging Market Solutions group, a leading provider of political risk and trade credit insurance worldwide.Zurich Surety, formerly known as The Fidelity & Deposit Company of MD, was founded in 1890 in Baltimore, MD and was the rst surety provider to operate on a national scale in the United States. Zurich Emerging Market Solutions group was founded in 1997 in Washington, DC, by Daniel Riordan and a team of former OPIC and MIGA of cials. The Credit & Political Risk team is headquartered in Washington D.C. and has of ces located throughout the U.S. as well as Barcelona, Beijing, Frankfurt, Hong Kong, London, Paris, Singapore, Sydney, Tokyo and Zurich.The Surety team is headquartered in Baltimore, MD with of ces across the U.S. and Canada - and new of ces in Beijing and São Paulo.Zurich provides surety bonds, political risk and trade credit insurance for nancial institutions, multinational corporations, investors, exporters and infrastructure developers. Zurich leads the private insurance market with its ability to provide surety bond limits up to USD 1.5 billion, political risk limits up to USD 150 million for 15 years and medium term trade credit limits up to USD 50 million for 7 years. All policies are backed by strength of Zurich Financial Services Group, rated “AA-” by Standard & Poor’s.

Besides Trade Credit Insurance and Surety, Zurich Surety, Credit & Political Risk also provides facultative re-insurance (ECA’s only), Political Risk Insurance and Excess of Primary credit insurance.Zurich Financial Services Group is an insurance-based nancial services provider with a global network of subsidiaries and of ces in North America and Europe as well as in Asia Paci c, Latin America and other markets.

Founded in 1872, the Group is headquartered in Zurich, Switzerland. It employs approximately 58,000 people serving customers in more than 170 countries. In North America, Zurich (www.zurichna.com) is a leading commercial property-casualty insurance provider serving the global corporate, large corporate, middle market, specialties and programs sector.

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Contact DetailsSolmsstraße 27-3760252 Frankfurt am MainGermanyP: +49 69 7115 2072F: +49 69 7115 [email protected]/kredit

Managing DirectorMs. Marita Kraemer - CEO Centre of Excellence Credit & Surety and board member of Zurich Group Germany d

Executive ManagementMr. Stefan Dillmann - Head of Trade Credit InsuranceMr. Sigurd Jander - Head of Surety German speaking countriesMr. Ralf Knispel - Head of Fidelity InsuranceMr. Luc Reuter - Head of international SuretyMr. Markus Deubert - Head of Credit AnalysisMr. Klaus-Jürgen Noll - Head of Special CommitmentsMs. Patrizia Rhoades - Head of Operations and Business Integration

Lines of Surety Bonds writtenContract SuretyCommercial Surety

Lines of Credit Insurance writtenDomesticExportExcess of LossSingle Risk

Other business lines includeFidelity Insurance

ZURICH GROUP GERMANY

Centre of Excellence Credit & SuretyAt the Centre of Excellence Credit & Surety in Frankfurt am Main (Germany), Zurich have brought together the expertise required to control and extend its international trade credit and surety business. Dr. Marita Kraemer, CEO of the Centre of Excellence, laid the foundation stone for central strategy development and cross-border credit analysis in 1999. Today, with of� ces in Italy, France, the United Kingdom, Switzerland and some Eastern European countries, the Centre of Excellence coordinates business in all of the major markets throughout Europe. Its global network also places Zurich in a position to offer this service worldwide.

The Centre of Excellence Credit & Surety offers individually tailored solutions for enterprises of all sizes, from medium-sized companies to large-scale industrial businesses and multinational corporate groups. Zurich has made a name for itself with sureties for cross-border projects involving complex international contracts and a very high economic capacity. The more prominent examples of this are large lines of surety bonds in consortium � nancing for extensions of the Panama Canal and the Gotthard Tunnel.

At the Centre of Excellence Credit & Surety, Zurich have brought together experienced and dedicated experts bringing knowledge from the banking sector to their intensive collaboration with international banks and credit insurers: for transactions in the Mergers & Acquisitions area, the Centre of Excellence Credit & Surety offers quick chains of decision-making as an arranger with syndication responsibility within consortial � nancing schemes.

The Centre of Excellence Credit & Surety also bene� ts from the extended Zurich network with of� ces all over the world as well as the � nancial strength of its parent company, the Zurich Financial Services Group (with a Standard & Poor’s “AA” rating). Zurich Financial Services Group is an insurance-based � nancial services provider with a global network of subsidiaries and of� ces in North America and Europe as well as in Asia Paci� c, Latin America and other markets. Founded in 1872, the Group is headquartered in Zurich, Switzerland. It employs approximately 60,000 people serving customers in more than 170 countries.

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s sTaTuTEs Of ThE InTERnaTIOnal CREDIT InsuRanCE & suRETY assOCIaTIOn

1. TITlE The ‘International Credit Insurance & Surety Association’,

hereinafter referred to as the ‘Association’, is hereby constituted

as an association under Article 60 of the Swiss Civil Code and is

domiciled in Zurich.

2. ObjECT TheobjectoftheAssociationistostudyquestionsrelating

to Credit Insurance and Surety, to provide opportunities for

Members’employeestoacquireknowledgeofthetheoryand

practice of credit insurance and surety underwriting and to

initiatemeanswherebythecommonactionoftheMembers

can be facilitated in order to develop their mutual relations in

the interest of their national and the international economy, in

the interest of their insured and in their own interest.

3. mEmbERs 3.1 EligibilityforMembershipisconfinedto:

1. Insurance Companies continuously and solely underwriting

direct credit insurance and/or surety business.

2. Insurance Companies having a Department, which continuously

and solely conducts direct credit insurance and/or surety

underwriting operations.

3. JointventuresbetweenacompanyinCategory1and/or2above

and/oranyothercompany,providedthatsuchJointVentures

continuously and solely conduct direct credit insurance and/or

surety underwriting business.

4. Consortia, comprised of companies in Category 1 and/

or 2 above and/or any other company, provided that any

such Consortium continuously and solely involved in

the underwriting of direct credit insurance and/or surety

underwriting business with, and/or on behalf of its members.

3.2 The Association recognises the following types of members:

a. Member:aninsurancecompany,asdefinedin3.1,thatdoes

not have control in other companies as defined in 3.2.b, or that

choosestoberecognisedasaMember.

b. GroupMember:aMemberinsurancecompany,asdefinedunder

3.1,thatcontrols,asdefinedin5.1.1,oneormoreinsurance

companies, subsidiaries, departments, branches, divisions, or

similar structures, as defined in 3.1, hereinafter referred to as

‘subsidiaries’,ortwoormoresubsidiariesofanon-member

insurancecompanythatarecontrolled,asdefinedin5.1.1,by

thesameparent.AMemberthatchoosestoberecognisedas

aGroupMember,willincludeeveryeligiblesubsidiaryinits

membership. A subsidiary is eligible if it complies with the

definition under 3.1, and has a minimum annual premium

income of euro 10 million.

c. AssociateMember:everyMemberprivatesectorreinsurance

company that meets the admission requirements set out in the

Regulationsmentionedin4.1

d. ObserverMember:aninsurancecompanyasdefinedin3.1

that meets the provisions and conditions on the Association’s

admissionpolicyaslaiddownintheRegulation,asreferredtoin

4.1,wishingtoberecognisedasaMember,aGroupMemberor

anAssociateMemberafteraperiodofnomorethan12months.

The rights and obligations of each type of member are laid

downintheRegulationreferredtoinArticle4.1

WheretheseStatutesreferto‘Members’,thiswillincludeall

membership types, unless otherwise specified.

4. aDmIssIOn Of mEmbERs 4.1MembersareadmittedtotheAssociationbyaunanimous

decisionofthePresidentandtheManagementCommittee,

followingconsultationofallMembers.Anapplicationfor

membershipcannotproceediftwoormoreMembershave

madetheirobjectiontotheapplicationknowninwritingto

the Executive Director. An application must have been dealt

with according to the procedure which shall be laid down in a

separateRegulation.

4.2 TheRegulationmentionedin4.1shallbeenactedoramended

bytheGeneralMeetingbythesameprocedureasisprovided

for a change of these Statutes.

5. maTERIal ChangE In mEmbERs’ ORganIsaTIOn 5.1MembersarerequiredtoadvisetheAssociationofany

material changes in their business, organisation and control.

Such notification may be made in writing to the Executive

Director or orally to any meeting of a Committee.

5.1.1 Forthesepurposes,achangeof‘control’meansachangein

shareholdingofaMemberwhicheitheraloneorwithany

associate(s)isentitledtoexerciseorcontroltheexerciseof

more than fifty percent of the voting power at any annual

general meeting of such member or of a body corporate of

which it is a subsidiary.

5.2 TheManagementCommitteewillmonitoranymaterial

changes in the business, organisation and control of the

Members.IfitistheManagementCommittee’sviewthatany

suchchangemakesthecontinuedmembershipoftheMember

in question undesirable, it will take such action as it sees fit.

6. OblIgaTIOns ThefollowingparticularobligationsarerequiredofMembers:

6.1Membersmustfurnishparticularsoftheiractivitiesinthe

required manner and as agreed from time to time and in

general, to contribute all relevant data necessary to technical

enquiries that may be undertaken by the Association.

Consistent failure to honour this undertaking will require the

ManagementCommitteetorecommendtheexpulsionofthe

defaultingmembertothenextfollowingGeneralMeeting.

6.2MembersundertakenottousemembershipoftheAssociation

for the furtherance of interests, which are not concerned with

the underwriting of credit or surety risks.

6.3 A member must be prepared to participate at committee

meetings of which it has become a member, by ensuring

appropriate-seniorexecutiverepresentation.Moreover,

members are required to participate at least annually and to be

suitably represented at general and at such associated meetings

thattheyareeligibletoattend.Failuretoattendatleastone

meeting for which the member is eligible to attend, over a

three-yearperiod,willrequiretheManagementCommittee

to recommend the expulsion of the defaulting member to the

next following general meeting.


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s 7. CEssaTIOn Of mEmbERshIP 7.1Membersmayresignasfromtheendofanycalendaryear,by

giving at least three months’ prior notice of their intention to

do so, to the Executive Director of the Association.

7.2MembersareexpelledfromtheAssociationbyasecretvote

ofatleast75%oftheMemberspresentorrepresentedata

GeneralMeetingconvenedinaccordancewithArticle10of

these Statutes.

7.3Membershipshallterminateonthecessationortransformation

ofaMember’sactivities,shouldtheactivitiesnolongerfall

within the framework of credit insurance or surety business.

8. EnTRanCE fEEs anD subsCRIPTIOns 8.1 Memberspay:

8.1.1 IncaseofanewMember:Anentrancefeeequivalentto150%

(onehundredandfiftypercent)oftheannualsubscription

levied in respect of the year of their admission.

8.1.2Anannualsubscriptionand/orlevy,fixedyearlybyMembers.

8.2 The annual subscription rate and/or levies may be

differentiated according to the several categories identified in

article 3 above.

8.3 The annual subscriptions relate to each calendar year and must

be paid within thirty days of the date of the Treasurer’s written

request for payment. All entrance fees and subscriptions paid

belongtotheAssociationexceptincaseofover-payment.

9. managEmEnT, aDmInIsTRaTIOn anD POwERs 9.1 TheAssociationismanagedbyaPresident,aVice-President,

anExecutiveDirectorandaTreasurer.AManagement

CommitteefunctionsasadvisertothePresident.

9.2 ThePresidentandtheVice-Presidentareelectedateach

GeneralMeeting,foraperiodlastingfromtheendofone

GeneralMeetingtotheendofthenext,byamajorityofthe

votesoftheMemberspresentorrepresented,theballotbeing

secret.EitherthePresidentortheVice-Presidentorboth

maybere-electedfornotmorethantwofurtherconsecutive

periods, making three consecutive periods in all.

9.3 TheManagementCommitteemeetsunderthechairmanshipof

thePresident.TheVice-Presidentisexofficiomemberofthe

ManagementCommittee.Sixadditionalpersonsareelected

bytheGeneralMeetingasmembersoftheManagement

Committee for a term of office of two years; these terms shall

overlap so that three members come up for replacement at one

GeneralMeetingandthreememberscomeupforreplacement

atthefollowingGeneralMeeting.

9.4 SubjecttoratificationbythenextfollowingGeneralMeeting,

the Executive Director and the Treasurer are appointed by the

ManagementCommittee.

9.4.1 Both these offices may be held by the same person.

9.5 The Executive Director has the power to represent the

Association in all current administrative business except in

financial matters unless he is also the Treasurer.

10. gEnERal mEETIng 10.1AGeneralMeetingoftheAssociationshallbeheldatleast

once in each year at such time and place as may be determined

bytheMembers.

10.2 InvitationstoaGeneralMeeting,includingtheagendaforthe

MeetingshallbecommunicatedbytheExecutiveDirectorto

theMembersoftheAssociationatleastforty-fivedaysbefore

thedatefixedfortheGeneralMeeting.

10.3 TheGeneralMeetingsarepresidedoverbythePresidentor

inhisabsencebytheVice-PresidentoftheAssociation.Inthe

eventoftheabsenceofthePresidentandtheVice-President,

theMembersshallelectaChairmanfortheMeetingstowhich

they have been summoned.

10.4 TheessentialbusinessofaGeneralMeetingis:

10.4.1 To elect the Officers of the Association and to appoint

MemberstotheCommitteesoftheAssociation-annually.

10.4.2 ToexpelMembersfromtheAssociation.

10.4.3 To consider reports of Committees appointed by a General

MeetingorthePresident.

10.4.4 To make such alterations in the Statutes as may be approved

byatleast75%oftheMemberspresentorrepresentedatthe

meeting.

10.4.5 To determine the amounts of entrance fees and annual

subscriptions.

10.4.6 To approve the accounts and to decide upon the use of the

funds in the event of dissolution of the Association, including

theirdistributionamongtheMembers.

10.4.7 To appoint an Auditor for the ensuing year.

10.4.8 To deal generally with all matters affecting the interests of the

Association.

10.5 QuestionsputtoaGeneralMeetingoranyCommittee

meetingarecarriedbyamajorityofvotes,exceptwhere

otherwise prescribed in the Statutes, and in the event of

equality,thePresidentorChairmanoftheMeetinghas

a casting vote in addition to the vote to which he may be

entitledasaMember.EachMemberandAssociateMember

hasonevote,butmayactasproxyforotherMemberswho,

beingunabletoattendaMeeting,shallhaveappointedhim.

AGroupMemberhasthreevotes.ObserverMembersmaybe

grantedtherighttovoteintheRegulationmentionedin4.1.

NoMembershallactasaproxyformorethan3otherMembers.

10.6 ThedecisionsofaGeneralMeetingarenotvalidunlessthe

totalnumberofMembersvotingeitherpersonallyorby

proxyrepresentsatleasthalfthenumberofMembersofthe

Association.

11. OThER mEETIngs 11.1OtherMeetingsmaybecalledasoftenasnecessarybyrequest

ofthePresident,Vice-PresidentorbyamajorityofMembers

forthepurposeofdealingwithanything(everything),whichis

notspeciallyreservedtoaGeneralMeetingbytheseStatutes.

12. DIssOluTIOn 12.1 The dissolution of the Association can only be decided upon

byamajorityofthree-quartersoftheMemberspresentor

represented.


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DIsClaImER

The ICISA Directory 2010 provides a description of the current position of ICISA and its members. Information provided in the ICISA Directory 2010 has been prepared as a convenience to its user. Reasonableeffortshavebeenusedincollecting,preparingandprovidingqualitydescriptions,dataandfigures, but no warranty is made or guaranteed about the accuracy, completeness, or adequacy of these.

Under no circumstances shall ICISA or its member companies be liable for any direct, indirect, special, punitive or consequential damages that arise out of or are in connection with any errors, inaccuracies, omissions or defects of any content on the ICISA Directory 2010, even if ICISA, its member companies or an authorised representative of any of these has been advised of the possibility of such damages.

© ICISA 2010. The entire content of this publication is protected by copyright. All rights reserved.

No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means: electronic, mechanical, photocopying, recording or otherwise, without permissions of ICISA.

ICIsa Herengracht473,1017BS, Amsterdam, the Netherlands P:+31(0)20-6254115,F:+31(0)20-5285176,[email protected], www.icisa.org

DEsIgn & PRInT robstolk®, Amsterdam, the Netherlands, www.robstolk.nl

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