Reinsurance News

Coface completes takeover of GIEK Kredittforsikring AS

3rd July 2020 - Author: Matt Sheehan

Coface has announced the closing of its acquisition of GIEK Kredittforsikring AS, a company created in 2001, and owned by the Norwegian Ministry of Trade, Industry and Fisheries, that manages a short-term export credit insurance portfolio.

CofaceCoface has acquired all GIEK Kredittforsikring AS shares, and plans to rebrand the business as Coface GK following the acquisition.

In 2019, GIEK Kredittforsikring AS recorded a total of around €9m of gross written premiums with a portfolio that is widely focussed on export policies.

The addition of this company is expected to strengthen Coface’s market position in the Nordic region, enhance the support to Norwegian exporters, and contribute to the economic development of the country.

Coface GK Forsikring AS will be integrated into Coface Northern Europe region under the leadership of regional CEO Katarzyna Kompowska.

“The acquisition of GIEK Kredittforsikring AS is the second external growth initiative of Coface in less than 2 years,” said Xavier Durand, CEO of Coface.

“It strengthen our presence in this part of the world. The current crisis reinforces the major role played by credit insurance in developing and securing global trade, to the benefit of Coface GK clients.”

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