Arch Capital Group’s share purchase agreement with Natixis for a majority stake in France-based trade-credit insurance firm, Coface, has received all necessary approvals for its closing, triggering the appointment of Bernardo Sanchez Incera as Chairman of the Board of Directors.
It was announced in February of last year that Bermuda headquartered insurance and reinsurance specialist Arch was to acquire a 29.5% stake in Coface.
With the receipt of approvals, Arch now holds 44.8 million of shares of the trade-credit insurer, making it a majority stakeholder in the company.
As a result, all the directors representing Natixis, which has been selling down its majority stake in Coface, have resigned. The Board has co-opted four directors represented by Arch and confirmed the appointment of Bernardo Sanchez Incera, the Deputy CEO of Société Générale, as Chairman.
Commenting on his appointment, Sanchez Incera said: “First of all, I would like to thank Coface’s Board of Directors for the trust they have placed in me. In this very unusual period, I have a total confidence in the ability of all the Coface teams, under the leadership of Xavier Durand, to continue implementing the Build to Lead strategic plan. I am also pleased to welcome the representatives of Arch Capital Group.”
Marc Grandisson, CEO of Arch, added: “Our investment in Coface shows our confidence in the group’s strategy and its team. 2020 has demonstrated the strategic importance of credit insurance for inter-company trade. We are delighted to accompany Coface in its future development.”
From today, Coface’s board is comprised of 10 members, four women and six men, the majority of whom are independent.