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Insurers pull cover from suppliers to GM, Ford: report

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Sunday, Nov 16, 2008

Three big European credit insurers have removed cover from suppliers of troubled U.S. carmakers General Motors Corp and Ford Motor Co, the Financial Times reported on Friday.

The withdrawal of credit insurance, which covers suppliers against the risk of the car companies failing, was undertaken by Euler Hermes, Atradius and Coface, which control more than 80 per cent of the world’s credit insurance market, the newspaper said.

The three are refusing to write policies for suppliers trading with GM or Ford on credit, it reported, without citing sources.

“We do not comment on individual companies,” Atradius said in an emailed statement.

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However, it added: “The current economic environment is tough, and car manufacturers are among those being hit by the financial slowdown. We are pulling back cover in some cases as an absolute last resort, but we are continuing to work with businesses to keep trading going as long as possible.”

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This article was posted: Sunday, November 16, 2008 at 1:19 am

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