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12 Dec 2008
The UK’s business minister has met with the big three credit insurers – Atradius, Euler Hermes and Coface – to discuss the possibility of a state guarantee to underpin the sector.
In recent weeks, several big channel names have been affected as various credit insurers moved to reduce their exposure to the sector as a whole or to specific players seen to be particularly at risk.
Lady Vadera told the Financial Times that the credit insurance squeeze is one of “five or six big-ticket” issues affecting the viability of companies under government consideration.
Further reading
She ruled out adopting the Conservative proposal of offering a state guarantee for all credit insurance. But she did suggest the government is weighing up the costs and benefits of a more targeted intervention.
In doing so, the UK would be following France's example. French finance minister Christine Lagarde last month announced plans for insurer Caisse Centrale de Reassurance, which is publicly owned, to provide firms with cover when private insurance is withdrawn (Channelweb, 28 November).
According to the Financial Times, the meeting occurred last week. Lady Vadera thought a face-to-face session was necessary because “they always tell you a lot more when you see them individually”.
She also stressed no government move was imminent.
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