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COFACE SA: Agreement to acquire GIEK Kredittforsikring

February 5, 2020
COFACE SA announces that it has signed an agreement with the Norwegian ministry of Trade, Industry and Fisheries regarding the acquisition of GIEK Kredittforsikring.

FY-2019 results: Record net income up 20% at €146.7m and proposed dividend per share of €1.0

February 5, 2020
We have completed our Fit to Win plan with record results, despite a riskier economic environment. Our net income is up by 20%, to €147m. The tangible return on equity comes in at 9.1%, excluding non-recurring items. Record retention and a pick-up in new business boosted growth to 5.9%. Finally, in terms of capital, the French regulator authorised our usage of our internal model to calculate the solvency requirement. Our solvency ratio stands at 190%, up 21 points, which allows us to propose a payment of a dividend of €1.0 per share to the Shareholders Annual General Assembly.

Political and environmental risks are the main threats facing businesses in 2020

February 4, 2020
As Coface launches the 2020 edition of its Country & Sector Risks Handbook, Chief Economist Julien Marcilly today presents the main threats for the global economy in 2020 at the Coface Country Risk Conference in Paris. The US-China trade agreement will not be enough to rekindle international trade.

Turkey Payment Survey 2019: better picture in payment term but companies remain cautions regarding economic prospects

January 23, 2020
Right after the recession that the economy went into during the second half of 2018 the private sector remains mixed in terms of the economic outlook.

AM Best affirms A (Excellent) rating to Coface North America Insurance Company, with stable outlook

December 20, 2019
Rating agency AM Best, on 17 December 2019, has affirmed Coface North America Insurance Company’s ‘A’ (Excellent) Insurer Financial Strength (IFS) rating, with a stable outlook.

Business failures in France are less frequent, but of a larger size

December 10, 2019
While the number of companies facing corporate insolvency has decreased since the beginning of the year, their cost has increased, both financially and in terms of the number of jobs affected. After a difficult first quarter, marked by the repercussions of the “yellow vests” movement, the number of corporate insolvencies since the beginning of the year in France is set to decline for the fourth consecutive year. However, Coface expects a slight rebound in insolvencies in 2020 (+0.9%), mainly due to the expected slowdown in the construction sector, which was largely driven by public works in 2019 in the run-up to the municipal elections.

The global automotive industry and enhanced regulations: a very steep path ahead

December 10, 2019
Hit by increasingly stringent regulations, particularly for environmental purposes, the global automotive industry is facing a downturn and is being forced to reinvent itself. In a gloomy global economic context, the automotive sector faces several very specific challenges, including stronger and stricter environmental regulations. As a result, car sales are experiencing negative growth not seen since the Great Recession of 2008 and there is an uncertainty prevailing in the sector.

COFACE SA: Partial Internal Model approved - Solvency ratio at 187%* as of 31 December 2018

December 4, 2019
COFACE SA announces that it has received authorisation from the French Prudential Supervision and Resolution Authority (ACPR) to use the group’s Partial Internal Model for calculating its regulatory capital requirement under the Solvency II Directive as soon as at 31 December 2019.

Broker Portal, Coface’s new digital interface for its brokers

November 19, 2019
Coface launches its new portal for brokers, offering a new experience to its partners in the development of their business around the world.