Coface has finalised the grouping of its 21 European credit insurance branches into one company
As a result of a merger of its German, Austrian and Italian insurance subsidiaries and their branches, Coface now carries out its credit insurance activity within the European Union through a single company incorporated under French law – Compagnie française d'assurance pour le commerce extérieur – grouping together 21 branches.
This large-scale merger operation, carried out in record time, places all European credit insurance activities of Coface under the control of the sole French regulator, Autorité de Contrôle Prudentiel.
This streamlined structure anticipates the new regulatory framework of the Solvency II Directive: Coface's relations with the regulator will be made easier and the management ofits own fund requirements will be optimised.
Local entities will remain fully responsible for their operational activity and the close working relationship with their customers. The structure will enable them to capitalise with increased rapidity on the different developments offered by the Group, and thus allow an enhanced customer satisfaction together with an improved risk management.
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