April 3, 2007
On April 2, it was announced that Compañía Española de Seguros y Reaseguros de Crédito y Caución, S.A. (Crédito y Caución) and Atradius N.V. agreed to a combination of the two businesses. Under the agreement, Madrid-based Crédito y Caución will become part of the new Atradius Group, which will be headquartered in Amsterdam.
Additionally, new shares in Atradius will be issued. The Spanish holding company will become the largest shareholder of Atradius with a 64.2% stake. Willkie client Swiss Re will have a 25% stake, Deutsche Bank a 9.1% stake and Sal. Oppenheim jr. & Cie. KGaA a 1.7% stake. The transaction creates a global group with 160 offices in over 40 countries and an insured trade turnover of over €450 million. Atradius is a leading credit insurer with total revenues of around €1.3 billion and a 24% share of the world credit insurance market.
Partners Gregory Astrachan and Leah Campbell, special European counsel Jon Lyman, and associates Jonathan Gatsik and Andrew Markus in the firm’s London and New York offices advised Swiss Re.
