Coface, the international credit insurer, has obtained a license to sell its credit insurance solutions in Colombia.
The services will cover Coface’s expertise in the fields of credit risk prevention and protection for domestic and export trade operations. The Colombian market will also benefit from Coface’s extensive international network.
The license extends Coface’s historically strong presence in Latin America. Coface was the first credit insurer to see the potential of emerging economies in this region at the end of the 1990s and currently has a share of almost 40% in the regional credit insurance market.
Companies in Colombia will be supported by a local team, based near their customers and their buyers, and will benefit from the risk expertise of the underwriters of the new underwriting centre opened in 2013.
“Coface continues its growth in the emerging economies. After Ghana in 2012 and Indonesia in 2013, we are focusing on Latin America as a region strategic for Coface and in which we have maintained our leadership position. Colombia has enormous growth potential: today only 500 companies use credit insurance,” said Jean-Marc Pillu, chief executive officer of Coface.
“Coface is currently present in nine Latin American countries and we will be further strengthening our presence in 2014, with the consolidation of our leadership position in the region,” he said.