Leading provider of credit management services and credit insurance furthers
its U.S. expansion
NEW YORK, Feb. 18 /PRNewswire/ -- Building on 10 years of steady growth in
North America, Coface Holding Company, N.A., a unit of Coface Group, today
announced the establishment of Coface North America Insurance Company, a
Massachusetts insurance company licensed to issue insurance policies in
twenty-one states. These states cover the majority of Coface's current
business in the U.S., and the company plans to become licensed in all 50
states. The Fitch AA rating of Coface Group has been extended to Coface North
America Insurance Company.
The establishment of Coface North America Insurance Company confirms
Coface's growth strategy and ongoing commitment to the North American market.
In late 2002, Coface acquired CNA's credit insurance operations. Now, Coface
will be able to issue credit insurance policies directly to companies in the
United States. Coface's U.S. clients will benefit from better access to all of
Coface's insurance and credit management products as well as the strength and
stability of the Coface Group. In addition to its Fitch AA rating, Coface
Group is rated Aa3 by Moody's.
To create Coface North America Insurance Company, Coface Holding Company,
N.A. purchased all shares of capital stock of Arkwright Insurance Company from
Factory Mutual Insurance Company, part of the FM Global Group. Arkwright
Insurance Company had been largely inactive since the 1999 merger of its
parent, Arkwright Mutual Insurance Company and Protection Mutual Insurance
Company with and into Factory Mutual Insurance Company, formerly Allendale
Mutual Insurance Company. Arkwright Insurance Company was renamed Coface North
America Insurance Company immediately following the acquisition.
"This acquisition allows Coface to fulfill its goal of becoming a leader
in the U.S. credit insurance market," said Michael J. Ferrante, President and
CEO of Coface North America Insurance Company. "Not only are we more equipped
to meet the domestic and export protection needs of our clients, but U.S.
companies can take full advantage of Coface's global expertise in credit
insurance and credit management," he continued.
Coface Group expects to continue the North American expansion in 2004.
The Group plans to extend its capacity, product offerings and servicing
capabilities in Canada and Mexico, further strengthening its network of
entities in 57 countries worldwide.
All Coface North America press releases are available via
http://www.coface-usa.com .
About Coface Group
Rated AA by Fitch and Aa3 by Moody's, Coface facilitates transactions
throughout the world, offering companies an array of solutions to manage,
finance and protect their commercial transactions. Two core businesses are
available to Coface's 83,000 customers: domestic/export credit insurance and
credit management services, including credit information, the @rating Solution
and trade receivables management and collection. Coface has a direct presence
in 57 countries, and through its network of credit insurance and credit
information partners, the company's geographic reach spans 91 countries.
Coface is listed on the Paris Stock Exchange. For more information, please
visit http://www.coface-usa.com .
SOURCE Coface Group
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Related links:
http://www.coface-usa.com
CONTACT:
Sue Hinton of Coface Group, +1-212-389-6484,
sue_hinton@coface.com
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