Marsh, a global leader in insurance broking and risk management, announced it has acquired Trade Insure NV, a distributor of credit insurance policies in Belgium.
Terms of the transaction were not disclosed.
Founded in 1990 and based in Aalst, Belgium, Trade Insure is focused mainly on the provision of trade credit insurance, a solution that can help to improve cash flow, reduce costs, lower borrowing rates and increase funding, as well as protect against bad debts.
Starting January 2015, the combined entity will trade under the name of Marsh Trade Insure and include all members of Marsh’s existing trade credit team in Belgium as well as all colleagues from Trade Insure, according to Marsh in a press release.
The team in Aalst will also serve clients through Marsh’s offices in Brussels, Antwerp, Roeselare, Liège and Luxembourg.
Marsh Trade Insure will be able to offer a broad range of insurance solutions and advisory services to clients, said the statement from Marsh. Alongside traditional insurance design, placement and claims handling, it will provide specialty solutions for political risk and structured credit, as well as other services such as non-financial bonds.
Flavio Piccolomini, CEO of Marsh Continental Europe, said: “Trade Insure has developed a compelling credit insurance offering for both SME and multinational clients across Belgium. When combined with Marsh’s capabilities, we will be able to offer them world-class services and solutions.”
“This transaction is exciting news for both our clients and colleagues. Our clients will have access to a wider range of products and services and our colleagues will have enhanced career opportunities,” according to Luc Gillijns, managing director of Trade Insure NV.
Henri Steyaert, CEO of Marsh Belgium and Luxembourg, commented: “The combination of Trade Insure’s broad Belgian client base with Marsh’s regional and global capabilities will enable us to deliver an unparalleled range of solutions to clients in Belgium and abroad at a time when many of them are looking for the protection trade credit insurance can offer.”
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