A global leader in credit insurance and credit management, GERLING NCM, has been renamed - with a new logo and new corporate identity - to express strongly its birth as a financially strong and robust company.

Today, GERLING NCM becomes Atradius, presenting a new face to the market from its own offices in more than 40 countries. It insures customers against the risk of non-payment, and has a total turnover of EUR 1.3 billion, giving it a 25 per cent market share of world credit insurance.

It sees itself as the leading credit insurer worldwide, providing a comprehensive range of risk transfer, financing and other trade receivables services including commercial debt collection, factoring and outsourced credit management.

The new look and feel is the visual symbol of a very strong company increasingly able to offer a seamless service as a result of integrations across the whole spectrum of its business operations – from common IT applications to a common platform for consistent underwriting.

Other measures, including an internal restructuring leading to the creation of a single European insurance carrier based in The Netherlands during 2004, will further strengthen and simplify the Group.

Atradius CEO Paul-Henri Denieuil, said: "This is not just a new name, but a new deal. New ownership, with strengthened capitalisation and management, has created a strong and innovative company. This will benefit all our customers, whatever their size and wherever they are."

NOTES FOR EDITORS

1. A shareholder restructuring, completed on 12 August 2003, brought in Deutsche Bank and Swiss Re as main shareholders in place of the German Gerling Group. It was decided to rebrand GERLING NCM and rename it as Atradius, as part of the migration from the Gerling Group. The rebranding was completed on 5 January.
2. The name Atradius is at the heart of the new company. "Trade" – all its services and products aim to facilitate this. "Radius" stands for not only a global offer but the worldwide locations of both Atradius and its customers. "A" stands for the aim to deliver first class services and be industry leader.
3. The announced co-operation with new shareholder CyC, Spain’s leading credit insurer (ranking fourth globally), will significantly increase its market position and global reach. Atradius access to credit information and expertise in the Spanish and related markets will be materially improved, for the benefit of customers trading there.
4. Atradius has a stand-alone rating of A from Standard & Poor’s and A2 from Moody’s. Its strong shareholder structure comprises Swiss Re 47.50%, Deutsche Bank 38.36%, Sal Oppenheim 7.00%, CyC 7.00%, SCO 0.14%.
5. In November 2003 Swiss Re, Deutsche Bank and SCO underwrote subordinated notes by Atradius (then still GERLING NCM) with a total principal of EUR 110 million – further strengthening its capitalisation and stabilising its ratings.

For further information on corporate matters please contact Gary Hicks by phone + 44 (0)20 7173 3400 or by email gary.hicks@atradius.com. For further information on the rebranding please contact Bärbeli Muschter at +31 (0)20 553 2468 or via email barbeli.muschter@atradius.com.