Amsterdam/Tokyo, 31 March, 2005 - Agreement paves way for development of export credit insurance business in Japan.

This co-operation will enable both Atradius and TMNF to offer a broad range of services to customers as a result of the recently announced liberalisation of the Japanese export credit insurance market. Business development will be built upon the extensive network of TMNF as the leading non-life insurer in Japan and the experience and competence developed by Atradius in its worldwide operations.

Atradius and TMNF aim to extend their close business relationship by establishing a joint venture service company in Japan by year end 2005. 

Wilfried Verstraete, CEO of Atradius, stated: "We are pleased to be able to introduce our highest level of credit insurance services to Japanese exporters, through the nation-wide distribution channel of the largest and highly respected Japanese non-life insurer, TMNF. Atradius sees great opportunities for profitable growth in Japan. By building on the close working relationship we have already developed with TMNF over the past six years on domestic credit insurance, we believe that our venture is well positioned to be the leading player in the Japanese export credit insurance market". 

Mr. Ishihara, CEO of TMNF, stated: "We believe this jointly equal partnership co-operation through TMNF's nation-wide distribution channel and Atradius' highest level of world-wide underwriting experience is the best combination available to customers in Japan and it can be useful for Japanese companies to stabilise their credit management and expand the export credit insurance market".

About Atradius

Atradius is the world's second largest credit insurer with a total turnover of around EUR 1.3 billion and a worldwide market share of 25 per cent. It insures about EUR 300 billion of worldwide trade annually against the risk of non-payment and provides a comprehensive range of risk transfer, financing and trade receivables management. 

With a staff of 3600 and more than 90 offices in 40 countries, Atradius has access to credit information on 45 million companies world-wide and makes 12,000 credit limit decisions daily. Atradius is rated "A" by Standard & Poor's (outlook stable) and "A2" by Moody's (outlook stable). It is majority owned by Swiss Re and Deutsche Bank.

About TMNF

Tokio Marine & Nichido Fire Insurance Co., Ltd (TMNF), formerly the Tokio Marine & Fire Insurance Co., Ltd, is the Japan's largest non-life insurer with a staff of approximately 17,000, a total turnover of around JPY 1,9 trillion (EUR 13.9 billion), a nation-wide market share of 25 per cent and ranked 8th largest non-life insurer in the world in terms of premiums written.

The Tokio Marine & Fire merged with Nichido Fire & Marine Fire Insurance Co., Ltd in October 1, 2004. 

TMNF is owned by Millea Holdings, Inc and rated "AA-" by Standard & Poor's (Financial Strength Ratings) and "Aa2" by Moody's (Financial Strength Ratings).

For more information, please contact our Head of Corporate Communications
Marijke Van Hooren 
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