The shareholder structure of Unistrat Insurance has changed. Coface, which already held a 50% interest, acquired Scor’s 50% share on June 2, 2004.
Unistrat Insurance will become Unistrat Coface.
A leader in political risk insurance with offices in Paris and New York, Unistrat Insurance posted €
39.5mn in premium volume last year on risks underwritten in 167 countries. As of December 31, 2003, its cumulative exposure was nearly €
3bn. The company has been underwriting risks on behalf of Coface since January 2000 and benefiting from its financial soundness (Coface is rated AA by Fitch and Aa3 by Moody’s).
This shareholder change will have no effect on Unistrat Coface’s underwriting independence. It will retain all the quality and flexibility associated with its recognised expertise in its areas of excellence, political risk insurance and “single-risk “coverage for complex international operations: export or import contracts and investment projects, particularly in emerging countries.
However, commercial synergies between the company and group will be developed vigorously. As a complement to its existing business offer to brokers and large companies, Unistrat Coface will henceforth enjoy direct access to a large number of companies via the Coface sales networks in the 57 countries where the group has its own operations. Concurrently, Coface’s clients will enjoy direct access to Unistrat’s expertise via their regular business contacts.