Trade Credit Brokers has announced that it has rebranded to Willis Towers Watson Trade Credit and Surety, becoming Ireland’s largest Trade Credit insurance specialist.
Willis Towers Watson currently brokers over two-thirds of the Credit insurance business across the island of Ireland, and its Trade Credit clients insure over £1.5 billion worth of sales in Northern Ireland alone every year.
Trade Credit insurance provides protection for businesses against the impact of bad debt, which can be caused by customers’ failure to pay for goods or services sold on credit.
This kind of insurance has become a high-profile issue following the collapse of Carillion and House of Fraser this year, Willis Towers Watson noted, adding that the threat of a no-deal Brexit may also exacerbate trade credit risks in the already unsteady economic climate of Northern Ireland.
“The rebrand of Trade Credit Brokers to Willis Towers Watson Trade Credit and Surety Ltd represents the evolution of Trade Credit Brokers to become the largest and best resourced Trade Credit Insurance broker on the Island of Ireland,” said Nigel Birney, Head of Trade Credit and Political Risk Northern Ireland at Willis Towers Watson.
“You only have to look at recent news headlines to see the number of businesses which have been saved due to having Trade Credit Insurance in place when a business further up the supply chain fails. No-one is immune no matter how safe they may seem,” Birney continued.
“The added uncertainty and upheaval of Brexit, means that businesses are now in a position where they do not know what maybe thrust upon them. It is a time for businesses to be as protected and prepared as possible.”
“Having Trade Credit Insurance in place can help businesses de-risk and Willis Towers Watson can provide solutions and recommend an option for businesses who wish to proactively protect themselves and grow their business safely whether they are trading at home or abroad.”