Atradius and Credito y Caucion Complete Business Combination



    AMSTERDAM, Netherlands, and MADRID, Spain, Jan. 28 /CNW/ -- Atradius and
Credito y Caucion, the world's second and fourth largest credit insurers,
today announced the completion of the transaction to combine their businesses.
The credit insurance companies will together operate as part of the Atradius
Group, providing credit insurance, surety / bonding, collections, credit
information and other related products and services to customers in 40
countries across the globe.
    Paul-Henri Denieuil, Chairman of the Supervisory Board of Atradius N.V.,
commented: "This combination is something that both companies have envisaged
since Credito y Caucion became an Atradius shareholder in 2003. Together, we
look forward to leading the global credit insurance industry."
    Jesus Serra, Chairman of the Board of Credito y Caucion added: "We will
now be able to capitalize on the combined strengths of both Credito y Caucion
and Atradius to provide our customers with a more extensive breadth of
coverage, specialized products that help them meet their specific insurance
needs and first class service."
    Atradius has one of the world's leading global credit insurance and
collections platforms while Credito y Caucion leads in the Spanish and
Portuguese markets. They will operate together as part of the Atradius Group
but will maintain local brand names to ensure continued strong brand
recognition.
    Isidoro Unda, CEO of Atradius N.V. concluded: "Our customers are our most
important concern and the priority of the new reinforced Atradius Group will
always be to make sure their needs are addressed first. We have increased our
financial strength and improved our value proposition and service capabilities
including an enlarged presence, especially in Latin America."
    
    About Atradius:
    
    Atradius is a leading credit insurer with total revenues of around $1.9
billion and a 24% share of the world credit insurance market. It insures
approximately $588 billion of world trade annually against non-payment and
provides a comprehensive range of risk transfer, collections and trade
receivables management services. With 3,500 staff and more than 90 offices in
40 countries, Atradius has access to credit information on 45 million
companies world-wide and makes more than 12,000 credit limit decisions daily.
It is rated A (outlook stable) by Standard & Poor's and A2 (outlook stable) by
Moody's.
    
    About Credito y Caucion:
    
    For over 75 years, through its credit and surety insurances, Credito y
Caucion has contributed to the growth of companies offering them protection
from insolvency and non-payment risks derived from credit sales of goods and
services. With more than 70 offices, Credito y Caucion holds a market share in
Spain of nearly 60%. Furthermore, it ranks second in Portugal with a market
share of 34%, being therefore leader in its sector in the Iberian Market. The
company recently expanded into Brazil. Its solvency is confirmed by its A and
A2 Standard & Poor's and Moody's ratings, respectively.
    
    The Atradius Group (after the combination):
    
    The Atradius Group provides credit insurance, surety and collections
services worldwide, and has a presence in 40 countries. Its products and
services aim to reduce its customers' exposure to buyers who fail to pay for
the products and services they purchase. With total revenues of approximately
$2.6 billion and a 31% share of the global credit insurance market, its
products contribute to the growth of companies throughout the world by
protecting them from payment risks associated with selling products and
services on credit. The Atradius Group annually insures around $683 billion of
world trade against non-payment. With 160 offices, it has access to credit
information on 52 million companies worldwide and makes more than 22,000
credit limit decisions daily.
    
    As from today, the new shareholder structure is as follows:
    -- 64.2% of shares owned by Grupo Compania Espanola de Credito y Caucion
       S.L.
    -- 25.0% of shares owned by Swiss Re
    -- 9.1% of shares owned by Deutsche Bank through its subsidiary DB Equity
       S.a.r.l.
    -- 1.7% of shares owned by Sal Oppenheim through its subsidiary Betrados
       B.V.
    


    
     Further information:
     Atradius Corporate Communications
     Christine Gerryn
     Tel.: +31 (0)20 553 2260
     E-mail: christine.gerryn@atradius.com
     http://www.atradius.com
    

    
     Kathy Farley
     Regional Marketing Communications Manager
     Tel: +1 (410) 246-5584
     E-mail: kathy.farley@atradius.com
    




For further information:

For further information: Christine Gerryn, Corporate Communications, +31
 (0)20 553 2260, christine.gerryn@atradius.com, or Kathy Farley, Regional 
Marketing Communications Manager, +1-410-246-5584, kathy.farley@atradius.com, 
both of Atradius Web Site: http://www.atradius.com

Organization Profile

ATRADIUS

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890