Alliance Assurance Holding Inc. is pleased to announce the acquisition of EDC’s Credit Insurance portfolio from the Woods Products Group.With effect on February 1st, 2002, this service will now be administered by Alliance Assurance out of our Grand Falls and Saint John office.

“Alliance Assurance has been an associate member of the Wood Products Group for several years and we currently provide a wide range of commercial, personal, group and more recently, financial planning products to WPG members. It is for this reason that we believe this transaction is a good fit for all parties involved” stated Alliance’s president, Pat Durepos.

Credit Insurance is a valuable financial and marketing tool to all types of manufacturing sectors such as the wood/wood component manufacturers. It allows a manufacturer to insure their receivables against non-payment in cases of default or insolvency by their customers. As well, it maximizes the working capital of manufacturers by allowing them to assign the insurance to their bank thereby extending their credit to as much as 90% of the insured receivable.

As well as solidifying a successful partnership, this transaction adds a new product and a commercial market to Alliance’s team.

For more information:

Denis Durepos
VP - Operations
Alliance Assurance Inc.
166 Broadway Blvd. Suite 200
Box 7064
Grand Falls NB      E3Z 2J9
Tel: (506) 473-9258               e-mail: denis@alliance-assurance.com