The Spanish insurance group Grupo Catalana Occidente has bought 3,969,466 (7.01%) Atradius shares for €49mn from Swiss Re, the largest shareholder in Atradius. This acquisition makes Grupo Catalana Occidente the third largest shareholder in Atradius, a global leader in credit insurance, recoveries and collections. With a 34.95% stake, Swiss Re is the largest shareholder.
Grupo Catalana Occidente became a shareholder in Atradius in 2003 and at the same time acquired the option to buy an additional stake of 7.01% from Swiss Re. The company now owns 12.96% of Atradius shares.
Jos Maria Serra, president of Grupo Catalana Occidente, states: “We have a strong belief in the growth of the global credit insurance industry and Atradius is well positioned to capitalise on this growth throughout the world. We see a bright future for the group, based on their new strategy and focus on growth and cost control. This is reflected in Atradius’ strongly improved results.”