Coface to acquire Norwegian insurer GIEK Kredittforsikring

Credit insurer Coface has signed an agreement with the Norwegian ministry of trade, industry and fisheries to acquire 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 €9 million of gross written premiums on a portfolio that is mostly made of export policies.

The acquisition of GIEK Kredittforsikring by Coface is subject to usual regulatory approvals, which are expected to be issued in the coming months.

Xavier Durand, CEO of Coface, said: “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.”

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.”

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