Coface, a French credit insurance company, has streamlined and simplified its structure for European business. This intervention was necessary following the acquisition of various companies active in the credit insurance sector in Europe.
The German, Austrian, Italian subsidiaries and related branches will therefore be merged into a single company incorporated under French law "Compagnie française d'assurance pour le commerce extérieur” which will bring together 21 branches. Despite the unification, the local entities will remain fully responsible for operational activities and proximity relationships with customers but will be able to benefit more quickly from the different developments proposed by the group.
This streamlined structure anticipates the new regulatory framework of the Solvency II Directive: Coface's relations with the regulator will be facilitated and the management of capital needs will be optimised.
The complete press release is available in the attachment.
Attachments: Coface grouping.docx
