Artis Finance Group (“Artis”) is delighted to announce the launch of Fidem Insurance Limited, a new trade credit-insurance subsidiary tasked with supporting the group’s wider operations.
Having received regulatory approval in March, Artis has created the new vehicle, based in Guernsey, to supplement its use of the primary credit insurance market across its various receivables-based lending programmes.
Fidem’s mandate is anticipated to significantly boost Artis’ ability to source ready, resilient credit insurance, enabling the trade finance lender to ramp up its support to established midsized corporates and multinationals trading internationally.
Any loans Artis extends under its core receivables finance programme are required to be fully covered by credit insurance, but in times of stress, market appetite often tightens even for relatively low-risk transactions. Fidem will work to tackle this fluctuating capacity in the market, establishing a resilient, unwavering source of insurance for Artis and its customers.
The new subsidiary is set to be run independently, with its own-ringfenced independent board and insurance underwriting committee regulated by the Guernsey Financial Services Commission and managed by Robus Risk Services (Guernsey) Limited.
Artis warmly welcomes Amsterdam headquartered insurance company Mercury Trade Credit Nederland BV as the first seeding re-insurer of the new insurance offshoot. Mercury is providing Fidem with a reinsurance treaty, in effect enabling the new Artis subsidiary to start conducting business in the same vein as a traditional, primary credit insurer.
Waldo de Vleeschauwer, Artis Finance’s CEO, said: “This new insurance vertical provides Artis with unparalleled capacity as a NBFI, ensuring we can be successful in what we do.”
“The primary insurance market can be inefficient when it comes to new companies, especially in times of volatile market conditions. However, by creating our own in-house vertical, which acts as a primary insurer, we are able to tap into significant underlying capacity from the reinsurance market. It creates a very solid supplier, which will service our business needs in the months and years ahead.”
About Artis Finance
Artis Finance is a leading Non-Bank Financial Institution (“NBFI”) with backing from major institutional investors, including private equity firm TDR Capital, tier-one investment banks and pension funds.
Headquartered in London, our private debt programmes are geared towards midlevel corporates and multinational firms operating in key markets for cross border trade – such as Europe, Asia, and the Americas – who are seeking to optimise their working capital arrangements and grow their business.