Coface has announced that it has strengthened its position in the Adriatic region through the acquisition of SID – PKZ, a Slovenian credit insurer with a high market share.
The company has acquired all SID – PKZ shares, and plans to rebrand the business under the name of Coface PKZ.
Founded by SID Bank in 2005, SID – PKZ recorded EUR 14.3 m of gross written premium in 2018.
Offering a broad range of services and a vast international network, Coface said it will enhance the support of Slovenian exporters thus adding value to its clients and contributing to the economic development of the country.
The insurer also explained that the acquisition supports its strategy of profitable growth in the Central & Eastern Europe region, and will have a neutral impact on its solvency ratio.
Coface PKZ will be integrated into the Central and Eastern Europe region under the leadership of regional CEO Declan Daly.
“The acquisition of SID – PKZ marks the first external growth initiative of Coface in more than 10 years,” said Xavier Durand, Chief Executive Officer (CEO) of Coface.
“It will reinforce our presence in this important part of the world and it is perfectly in line with the objectives of our Fit to Win strategic plan,” he continued.
“Through this acquisition, Coface is proud to contribute to enhancing the Slovenian Economy and excited to welcome a very experienced and highly recognised team of 74 experts from SID – PKZ.”
At the conclusion of the sales process, Sibil Svilan, President of the Board of SID Bank, stated: “We believe that the new strategic owner of SID – PKZ can provide opportunities for development and for a further expansion of the company´s operations. This will enable SID – PKZ to access a wider spectrum of foreign markets, which will undoubtedly help the Slovenian economy.
“This will also have a positive impact on a more competitive insurance and reinsurance of non-marketable risks, which we will continue to implement in SID Bank,” he added. “We believe that this will further stimulate Slovenian exports and sustainable economic development in Slovenia.”
Finally, Sergej Simoniti, President of the Management Board SID – PKZ, commented: “We are delighted to become part of the Coface family. As part of SID Bank group, we have served the Slovenian economy in its expansion for the past 27 years.
“We are very proud that Coface has acknowledged our achievements and recognised our value,” Simoniti stated. “We are convinced that being part of Coface group will enable us to offer our clients an even better service. We believe that together with Coface we will strengthen our position as market leader and trade credit insurer of choice in the Adriatic region.”
