COFACE SA: Agreement to acquire GIEK Kredittforsikring
COFACE SA announces that it has signed an agreement with the Norwegian ministry of Trade, Industry and Fisheries regarding the acquisition of GIEK Kredittforsikring.
Created in 2001, GIEK Kredittforsikring writes and manages the short-term export credit insurance portfolio previously underwritten by the Norwegian ECA, GIEK. In 2018, the company recorded a total of around €9m (NOK92m) of gross written premiums on a portfolio that is mostly made of export policies. The company is well-known in the market for the quality of its services to its clients and for the relevance of its pricing model. It also benefits from a solid market presence with the Norwegian exporters.
The acquisition of GIEK Kredittforsikring by Coface is subject to usual regulatory approvals, which are expected to be issued in the coming months.
Katarzyna Kompowska, CEO Northern Europe region commented:
"This acquisition will allow us to reinforce our presence in the Nordic markets, a region where the opened economies are built around strong exporters. We are happy to welcome the GIEK Kredittforsikring teams who will join our regional platform.”
Xavier Durand, CEO of Coface added:
“This new deal confirms Coface’s refreshed momentum, and ability to grow selectively be it organically or through acquisitions. A few weeks after the validation of our Partial Internal Model, this operation successfully concludes our strategic plan.”