Notice on the sale of SID – First Credit Insurance Company to the third largest credit insurance group in the world, the Coface Group | Coface PKZ insurance Inc.

Notice on the sale of SID – First Credit Insurance Company to the third largest credit insurance group in the world, the Coface Group

SID – the Slovenian Export and Development Bank signed a binding contract with the French Coface Groups for the sale of a 100-percent share of SID – First Credit Insurance Company. The signed contract is subject to the urgent acquisition of the usual regulatory approvals, which are expected to be issued in the coming months.

The Coface Group will provide the First Credit Insurance Company (hereinafter “SID – PKZ”) with good opportunity for growth, development, and business expansion, geographically and in terms of products. The group is committed to developing insurance products, competitive insurance conditions and high-level customer service of SID – PKZ, the preservation of the company and brand PKZ (First Credit Insurance Company), continued insurance coverage of most unmarketable risks with the help of SID bank, continued digital development of the insurance business, and improvement of the quality of services for existing and future customers of SID – PKZ. In addition to the further growth following the acquisition and expansion into the Adriatic region, the Coface Group ensures that SID – PKZ shall become their main operation in Southeast Europe and the Adriatic region.

This means that we will maintain the same level of customer service in terms of the policy of accepting risks as well as the flexibility and responsiveness of the service and the policy of reinsurance. The employees at SID – PKZ will take full responsibility for maintaining personal contact with our customers.

The new strategic partner will give SID – PKZ more competitive opportunities for growth and further business expansion for domestic and especially foreign companies present in Slovenia. Under the umbrella of the new owner, SID – PKZ will be able to offer Slovenian companies new, additional, more competitive, and internationally comparable services and conditions, including an international network. This way, with the services we offer, SID – PKZ will be even more effective in supporting Slovenian exporters and the sustainable economic development of Slovenia.

We will continue to regularly notify you about any important events. Should you have any questions, feel free to contact us for any clarifications.

 

Sergej Simoniti, Chairman of the Board, SID – PKZ

“After obtaining all necessary regulatory permits, SID – PKZ will become one of the biggest credit insurance companies in the world. This will allow us to offer our insurance holders even better services and we will strive to become an important factor in the development of the Coface Group in the Adriatic region.”

Declan Daly, CEO of the Central Europe region, Coface:

“PKZ joining the Coface Group will strengthen our position in Central Europe and improve the services we offer to our customers in this region. PKZ has a solid market share and we count on the contribution of the PKZ team which will join our regional platform for further growth.”

Xavier Durand, CEO, Coface:

“PKZ joining the group is fully in line with the strategy of Coface, which is increasing its presence in this strategic and growing region. This agreement proves the Coface Group’s ability to selectively grow and efficiently allocate capital in accordance with the goals of the strategic plan Fit to Win.”

 

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Frequently asked questions

  • If we have credit insurance, does this help us in getting bank loan?

    Yes, the insurance policy improves the creditworthiness of the insured, since banks and business partners know, that you have your credits insured. In addition you are also able to transfer your rights from the insurance policy also to bank or other financial institution (assignment). With this you partly or entirely substitute other forms of collateral, which the banks and other financial institutions usually request, and as a consequence you are entitled to the better financing conditions.

  • Do you also cover the costs of recovery against the debtor?

    Yes we do, in the same proportion, as we have covered the loss.

Contact

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1000 Ljubljana
Slovenia

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