Reinsurance intermediary Benfield Group plc said it placed a proportional programme for export and credit reinsurance in China that would likely cover more than US$5 billion worth of business.
The programme is designed to support the China Export & Credit Insurance Corp. (Sinosure) as it develops its book of short-term export credit insurance, said David Edwards, a member of Benfield's London-based export and credit reinsurance group. "This programme is designed to support any exports from China," he said.
Sinosure's insurance policies are designed to protect exporters based in mainland China from losses caused by defaults of importers, delayed payments and political events, said Edwards. The reinsurance arrangement is modelled on European treaties, with some modifications to reflect the nature of the Chinese market, he said.
