Spanish insurer Grupo Catalana Occidente announced that it has acquired 3,969,466 shares in global credit insurer Atradius – an additional 7.01 percent stake – from Swiss Re, Atradius’ largest shareholder. The purchase for 49 million euros ($60 million) makes Grupo Catalana Occidente Atradius’ third largest shareholder with a 34.95 percent stake. Swiss Re remains the company’s largest shareholder.
Grupo Catalana Occidente noted that it became “a shareholder in Atradius in 2003 and at the same time acquired the option to buy an additional stake of 7.01 percent from Swiss Re. The company now owns 12.96 percent of Atradius shares. Grupo Catalana Occidente also owns 39 percent of CyC’s 12.01 percent interest in Atradius N.V.”
Grupo Catalana President Jose Ma Serra, commented: “We have a strong belief in the growth of the global credit insurance industry and Atradius is well positioned to capitalize on this growth throughout the world. We see a bright future for the group, based on their new strategy and focus on growth and cost control. This is reflected in Atradius’ strongly improved results.”
Atradius is a leading credit insurer with total revenue of around 1.3 billion euros ($1.6 billion) and a worldwide market share of 24 percent. It insures about 300 billion euros $364.5 billion) of worldwide trade annually.
Topics Mergers & Acquisitions
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