Coface opens subsidiary in South Africa


Coface buys 100% of CUAL, a leading South African Underwriting Agency, and opens a local subsidiary to support its first direct credit insurance operations on the African continent.

Coface already has offices in Africa offering company information, and has established partnerships in credit insurance, via its CreditAlliance network. Coface, Swanvest 120 (Pty Ltd) for Santam, Lireas Holdings (Pty Ltd) for Hannover-Re SA, and IPRJ Investments (Pty Ltd) for Kreditinform announced today the signature of an agreement in principle on the purchase by Coface of 100% of the underwriting agency CUAL.

In South Africa, CUAL is the 2nd player in the credit insurance market. In 2003, a total premium of ZAR 60 million (Ђ7m) for the insurance of domestic and export risks was underwritten by the company.



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Posted on Jan 31, 2005
Region: South Africa