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Credit insurance crisis builds

More than 12,000 UK businesses have had credit insurance cover withdrawn in the past week according to reports.

Yesterday Atradius, the UK's largest credit insurer, said it was reducing insurance it offered to suppliers.

Atradius is aiming to reduce its exposure risk in the UK by about 7% and 5% worldwide. This would reduce approximately £25 billion worth of exposure.

Several suppliers have been hit by the withdrawal of credit cover to key retailers and independents in recent months. Baugur backed businesses including Whistles have been affected by insurance companies pulling back risk, while branded suppliers have struggled to get cover for many long-standing independent accounts. JJB Sports also had its insurance cover pulled earlier this year.

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