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| The Pub For General Automotive Related Talk |
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16-11-2008, 10:44 AM
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FF.Com.Au Hardcore
Join Date: Feb 2005
Posts: 1,451
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From Autoblog..
Soaked in bad news, GM and Ford received yet another dousing when their three big European credit insurers dropped them this week. Euler Hermes, Atradius, and Coface have all refused to write policies for suppliers trading with both automakers. The three giant insurance companies control more than 80 percent of the world's credit insurance (insurance companies typically pull their coverage when a client stops proving insurers with enough information to calculate a credit risk, or their overall risk profile has deteriorated). Without their credit cover, suppliers will be forced to either trade uninsured, cease trading, or ask for payment up front. Supply issues aside, this news only compounds the automaker's problems as it also weakens investor confidence, already completely slumped. |
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16-11-2008, 10:45 AM
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FF.Com.Au Hardcore
Join Date: Mar 2008
Location: Melbourne
Posts: 10,838
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so we should go short on GM and Ford then me thinks.....
;) |
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European insurers quit covering Ford and GM suppliers
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