Credito y Caucion and Atradius to combine their businesses

    AMSTERDAM, Netherlands and MADRID, Spain, April 2 /CNW/ -- Shareholders
of Compania Espanola de Seguros y Reaseguros de Credito y Caucion, S.A.
(Credito y Caucion) and of Atradius N.V. agreed today to the terms of the
combination of the two businesses. Under the terms of the agreement, Credito y
Caucion, based in Madrid, will become part of the new Atradius Group. The
headquarters of the new Group will be based in Amsterdam. The transaction will
create a global Group with 160 offices in over 40 countries and an insured
trade turnover of over Euro 450,000 million. Its pro forma annual turnover
will be over Euro 1,600 million and its equity over Euro 1,000 million. The
combination is subject to the approval of various authorities, including
insurance regulators and anti-trust authorities.
    Peter Ingenlath, acting CEO of Atradius, commented: "Atradius and Credito
y Caucion have long maintained an alliance that has strengthened both
companies. The combination of these two organizations cements our commitments
to profitable growth and will enable us to build up our global presence more
effectively and enhance our market position. Together, we will become the most
professional and attractive credit insurer in the industry."
    The shareholder structure of the new Group will change after the
combination of Atradius and Credito y Caucion. On completion, all shares in
Atradius currently held by Credito y Caucion and Seguros Catalana Occidente,
S.A. will be transferred to a newly created holding company, Grupo Credito y
Caucion. In addition, new shares in Atradius N.V. will be issued in
consideration for the transfer of Credito y Caucion to Atradius N.V., as a
result of which the Spanish holding company will become the largest
shareholder of Atradius N.V. with a 64.2% stake. Swiss Re will have a 25.0%
stake, Deutsche Bank a 9.1% stake and Sal. Oppenheim jr. & Cie. KGaA a 1.7%
stake. Isidoro Unda, currently CEO of Credito y Caucion, will become the CEO
of the new Group once the relevant approvals have been granted. After
completion, the management of the new Group will prepare for an initial public
offering of the combined Group in the medium term.
    Isidoro Unda commented: "Together with my colleagues in the Management
Board of Atradius, I am very much looking forward to the formation of the new
Group. As the CEO, with the support of the people and the management teams of
Atradius and Credito y Caucion, my ambition is to build the new Group based on
the strength and growth potential of the companies which now join forces. The
geographical and product diversification of our business is a first-order
competitive advantage that directly reflects on the quality of customer
service and on the stability of the new Group."
    Jesus Serra, Chairman of Credito y Caucion and of the new Spanish holding
company, commented: "This is something that we have envisioned for a long
time. The combination of both companies will enable us to provide the best
quality service to our customers, compete more effectively for new business
and expand into new markets."
    Paul-Henri Denieuil, Chairman of the Atradius Supervisory Board and of
the future new Atradius Group, concluded: "Our businesses complement each
other perfectly. Atradius is strong in most of Europe with a growing presence
in North America and Asia and Credito y Caucion adds its strong presence in
Spain and Portugal with great potential in Latin America. Together we will be
able to build the best company to serve our customers worldwide."

    About Atradius:
    Atradius is a leading credit insurer with total revenues of around EUR
1,300 million and a 24% share of the world credit insurance market. It insures
approximately EUR 350,000 million of world trade annually against non- payment
and provides a comprehensive range of risk transfer, financing and trade
receivables management services. With a staff of 3,400 and more than 90
offices in over 40 countries, Atradius has access to credit information on 45
million companies worldwide and makes more than 12,000 credit limit decisions
daily. It is "A" rated by Standard & Poor's (outlook stable) and A2 by Moody's
(outlook stable).

    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 global 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. The solvency is confirmed
by the A and A1 Standard & Poor's and Moody's ratings, respectively.

For further information:

For further information: Kathy Farley, Regional Marketing Communications
Manager, Tel: +1-410-246-5584, or Mobile: +1-410-591-1778, or, or John Blackwell, Corporate Communications, Phone:
+1 31 20 553 2003, or Mobile: +1 3165 354 6659, or, both of Atradius; Web Site:

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