ATI and International Credendo –Single Risk signed cooperation agreement to increase coverage of political risks in Africa

Nairobi, 22 May 2017 – ATI, the African Trade Insurance Agency, and Credendo-Single Risk have announced an agreement that will enhance their cooperation to support political risks coverage in the African markets. This partnership encompasses a widespread cooperation on exchanges of information, risk underwriting, reinsurance and risk management in support of our shared goals to promote trade and investments in developing markets.

Both ATI and Credendo-Single Risk will join their coverage capacities to provide a greater degree of security for international transactions or investments on the African continent, and unlock new trade opportunities in sectors facing insurance scarcity. “Credendo has been very active on the African continent for years,” says Michael Frank, General Manager and Chairman of the Management Board of Credendo-Single Risk. This cooperation agreement is focused on single risk business and underscores our ability to extend our insurance solutions in all key markets, Africa being one of the major drivers of global economic growth.”

This partnership ties into ATI’s expansion strategy, which in the last six months, has seen the company attract three new member countries – Côte d’Ivoire, Ethiopia and Zimbabwe – and UKEF, the UK government’s export credit agency (ECA). Regional expansion is leading to increased demand. This is reflected in ATI’s recently released 2016 results showing the company insured a record USD4 billion worth of trade and investments last year – equivalent to an average of over 1% of the GDP of most of its member countries. “Expansion is vital to our ability to support the growing demand for cover on investors coming into the continent and trade within Africa as well as to other regions. In particular, we are focused on increasing partnership with global ECAs because this will bring in much needed insurance capacity to ensure the completion of strategic projects,” noted George Otieno, the Chief Executive Officer of ATI.