Coface acquires GIEK Kredittforsikring from Norwegian govt

US insurance company Coface has closed its acquisition of GIEK Kredittforsikring, a company formed in 2001, and owned by the Norwegian Ministry of Trade, Industry and Fisheries.

GIEK Kredittforsikring manages a short-term export credit insurance portfolio.

Coface said that the acquired business will operate under the Coface GK brand name.

Last year, GIEK Kredittforsikring reported a total of nearly €9m (NOK99m) of gross written premiums with a portfolio that is focussed widely on export policies.

The US insurance industry said that the deal will have a non-material impact on its solvency ratio.

Coface said that the acquisition of GIEK Kredittforsikring bolsters its market position in the Nordic region. The deal is also said to enable the US insurance company to combine the wide range of services offered by it and its international network to improve the support to Norwegian exporter.

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

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