The company responsible for insuring about $6.5 billion of Australia’s exports each year has been sold. Amsterdam-based NCM won a tender against local competition to handle all the business of the Export Finance and Insurance Corporation (EFIC) for two years, after which it’s expected to take over permanently.  The decision was quietly announced (via a press release on his website) by Trade Minister Mark Vaile during the federal election campaign. The deal was criticised by the ALP’s trade spokesman, Senator Peter Cook, as a development that should “ring alarm bells for the national interest”.

Swiss Re owned 90% of NCM, but has now sold out to Gerling Credit. The restructured  company, Gerling NCM and Credit, will probably be floated some time in the next two years. With insured business of $300 billion and a database containing 30 million buyers, it’s one insurance operation that could be attractive.