Transparency charter will assist Coface in rating agency bid
Coface is launching a transparency charter aimed at improving its relationship with the companies that rely on its policyholders to provide their stock.
The charter will allow the companies, known as ‘buyers’ in the trade credit industry, to obtain their Coface rating free of charge.
The ratings are important for buyers because they will guide how much cover, and the price of the premium, that can be offered to the buyer’s suppliers. If suppliers have their trade credit insurance withdrawn or scaled back, it can affect the stability of the buyer’s business.
The transparency charter will also help Coface when it eventually launches its rating agency. It is applying for accreditation with the European Commission and FSA.
Coface UK and Ireland managing director Xavier Denecker said: “We need to convince companies that secrecy is not a protection; secrecy is a handicap for companies.”
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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