Swiss Re announced that it has completed the acquisition of the remaining 65 percent interest it didn’t already hold in Società Italiana Cauzioni (SIC), a Rome based bond and credit insurer, which employs 163 people in 88 agencies throughout Italy. Swiss Re has held a minority interest in SCI since 1975.
It plans to increase links between SCI and its Dutch based subsidiary NCM, in which it holds a 90 percent interest. “As part of the Swiss Re Group, SIC will immediately benefit from the scale of a global organisation and will be able to substantially enhance its previously announced cooperation with NCM,” said the announcement.
NCM is a global credit insurer based in Amsterdam; which covers risks of non-payment, debt collection and “related credit management services.” It had $456.5 million in turnover last year.
Topics Mergers & Acquisitions
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