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Euler Hermes
’A lack of surety: Swiss Re and the trade credit collapse
The front page of Wednesday’s FT runs with the following story – that the UK government’s forthcoming budget is to include a “supply-chain insurance plan”:
The scheme will form a centrepiece of the Budget initiatives to help small to medium-sized businesses cope with the recession.
Gala Coral hits at credit insurer
Gala Coral, the private equity-owned UK gambling group, has accused Euler Hermes, one of the world’s largest credit insurers, of “appalling behaviour” in withdrawing cover against unpaid bills to Gala Coral’s suppliers.
Company failures for reach record levels
Record numbers of companies will go bankrupt next year with 200,000 insolvencies in Europe alone and “an explosion” of failed businesses in the US, according to the world’s largest credit insurer.