Euclidian Group has signed up 50 new brokers with a further 200 waiting in the wings by the end of the year for a new credit insurance product.

The new trade credit insurance is marketed as Eucredit through Euclidian Financial Services, a subsidiary of Euclidian Group.

In addition to providing the actual insurance, the Euclidian trade credit product includes a web-based credit checking facility, that allows policyholders to run instant checks on the creditworthiness of their business customers.

By logging onto , policyholders can search for details on 2.8 million companies trading in the UK and obtain information on another 20 million businesses world-wide.

Euclidian anticipates underwriting £4m in premiums in its first year of operation having already met and exceeded premium targets to date.

Chief executive James Truscott said: “Research has constantly rated trade credit as one of the highest priorities for businesses but so far many brokers have not taken trade credit insurance to the market because the products are too complex.

“We are offering a superior product at a competitive price. This gives brokers the confidence to win new clients.”