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Atradius, one of the world’s leading credit insurers, has further improved its already strong capitalisation by issuing 6.6mn new shares for a total value of €

This represents an increase of 13.2% of the previous capital base. The shares were purchased by the existing shareholders Compa Espa ola de Seguros y Reaseguros de Cr‘ dito y Cauci‘ (CyC) and Seguros Catalana Occidente, Sociedad An ‘ nima de Seguros y Reaseguros, Sociedad Unipersonal (SCO).

The move follows its successful placement of a Subordinated Bond of €
120mn in the European capital markets on August 31, 2004 – the first drawing by Atradius on public capital markets.

Atradius CEO Wilfried Verstraete says: ”We continue to strengthen our capitalisation for the benefit of our stakeholders. The additional capital will be used to lower our use of reinsurance as a source of synthetic capital, hence increasing our independence. In addition, the capital will improve our financial flexibility and support our strategic ambitions. As such we expect to generate an appealing return to our shareholders.”

He adds: “Our name already commands an impressive and solid reputation among institutional shareholders and bondholders. The capital increase is further positive proof that investors have confidence in Atradius.”

The following table reflects the new shareholdings of Atradius:

Participation before Participation after
   capital increase capital increase
Swiss Re   47.50%  41.96%
Deutsche Bank  38.36%  33.89%
Sal Oppenheim  7.00%   6.18%
CyC    7.00%   12.01%
SCO    0.14%   5.95%

With its option to acquire shares from Swiss Re, SCO is in a position to increase its share to 12.96%.

The strengthening of CyC and SCO as shareholders confirms the commitment to the operational partnership with CyC, Spain’s leading credit insurer (ranking fourth globally).

This partnership mutually improves significantly the market position and global reach of both companies. Atradius’s access to credit information and expertise in the Spanish and related markets is materially improved, for the benefit of customers trading there.

Atradius is the world’s second largest credit insurer with a total turnover of around €
1.3bn and a worldwide market share of 25%.