Coface strengthens market position in Nordic region

Credit insurer Coface has finalised the 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.

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

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

The acquisition aims to strengthen Coface's market position in the Nordic region.

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

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