French credit insurer Coface has announced the acquisition of SID – PKZ, the market leader in credit insurance in Slovenia. The business will operate under the new brand name Coface PKZ. The purchase supports Coface’s strategy of profitable growth in the Central and Eastern Europe region.
“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,” said Xavier Durand, CEO of Coface.
Founded by SID Bank in 2005, SID – PKZ recorded 14.3 million euros of gross written premiums in 2018. The transaction will have a neutral impact on Coface’s solvency ratio.
With this strategic step, Coface strengthens its market position in the Adriatic region. Offering a broad range of services and a vast international network, Coface will enhance the support of Slovenian exporters thus adding value to its clients and contributing to the economic development of the country.
Coface PKZ will be integrated into the Central and Eastern Europe region under the leadership of regional CEO Declan Daly.