French insurer Compagnie Française d'Assurance pour le Commerce Extérieur (Coface) has acquired SID – PKZ, a Slovenia-based credit insurance company for an undisclosed amount.
Coface said that the acquisition can support it growth strategy in Central & Eastern Europe region. From now on, the business will operate under the brand name Coface PKZ.
Coface PKZ will be integrated into the Central and Eastern Europe region and will be led by regional CEO Declan Daly. Founded in 2005 by SID Bank, SID – PKZ saw €14.3m in gross written premium last year.
Coface CEO Xavier Durand said: “The acquisition of SID - PKZ marks the first external growth initiative of Coface in more than 10 years. 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.
“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.”
With its wide range of services and international network, Coface will support Slovenian exporters, adding value to its clients and can enhance the economic development of the country.
SID Bank board president Sibil Silvan said: “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. We believe that this will further stimulate Slovenian exports and sustainable economic development in Slovenia.”
Last month, the French insurer launched its credit insurance services in Greece. The launch is said to be in-line with the company’s ambition to expand across new markets.
The company will support Greek businesses, by offering credit-worthiness monitoring services and will protect commercial transactions of the businesses.