Crédito y Caución and Atradius to Combine Businesses

Shareholders of Compañía Española de Seguros y Reaseguros de Crédito y Caución, S.A. (Crédito y Caución) and of Atradius N.V. agreed today to the terms of the combination of the two businesses. Under the terms of the agreement, Crédito y Caución, based in Madrid, will become part of the new Atradius Group. The headquarters of the new Group will be based in Amsterdam. The transaction will create a global Group with 160 offices in over 40 countries and an insured trade turnover of over Euro 450,000 million. Its pro forma annual turnover will be over Euro 1,600 million and its equity over Euro 1,000 million. The combination is subject to the approval of various authorities, including insurance regulators and anti-trust authorities.

Peter Ingenlath, acting CEO of Atradius, commented: “Atradius and Crédito y Caución have long maintained an alliance that has strengthened both companies. The combination of these two organizations cements our commitments to profitable growth and will enable us to build up our global presence more effectively and enhance our market position. Together, we will become the most professional and attractive credit insurer in the industry.”

The shareholder structure of the new Group will change after the combination of Atradius and Crédito y Caución. On completion, all shares in Atradius currently held by Crédito y Caución and Seguros Catalana Occidente, S.A. will be transferred to a newly created holding company, Grupo Crédito y Caución. In addition, new shares in Atradius N.V. will be issued in consideration for the transfer of Crédito y Caución to Atradius N.V., as a result of which the Spanish holding company will become the largest shareholder of Atradius N.V. with a 64.2% stake. Swiss Re will have a 25.0% stake, Deutsche Bank a 9.1% stake and Sal. Oppenheim jr. & Cie. KGaA a 1.7% stake. Isidoro Unda, currently CEO of Crédito y Caución, will become the CEO of the new Group once the relevant approvals have been granted. After completion, the management of the new Group will prepare for an initial public offering of the combined Group in the medium term.

Isidoro Unda commented: “Together with my colleagues in the Management Board of Atradius, I am very much looking forward to the formation of the new Group. As the CEO, with the support of the people and the management teams of Atradius and Crédito y Caución, my ambition is to build the new Group based on the strength and growth potential of the companies which now join forces. The geographical and product diversification of our business is a first-order competitive advantage that directly reflects on the quality of customer service and on the stability of the new Group.”

Jesús Serra, Chairman of Crédito y Caución and of the new Spanish holding company, commented: “This is something that we have envisioned for a long time. The combination of both companies will enable us to provide the best quality service to our customers, compete more effectively for new business and expand into new markets.”

Paul-Henri Denieuil, Chairman of the Atradius Supervisory Board and of the future new Atradius Group, concluded: “Our businesses complement each other perfectly. Atradius is strong in most of Europe with a growing presence in North America and Asia and Crédito y Caución adds its strong presence in Spain and Portugal with great potential in Latin America. Together we will be able to build the best company to serve our customers worldwide.”