Advertise Here
Icon

Directory

IconActuaries
IconAdministration Outsourcing
IconAsset Managers
IconAssociations & Institutes
IconAuditors
IconBanking
IconBBBEE Consulting and Verification Agencies
IconBusiness Chambers
IconBusiness Process Management
IconBusiness Process Outsourcing
IconCompliance
IconConsumer Protection
IconCorporate Governance
IconCredit Bureaus
IconCurrencies
IconDebit Order Collection Facilities
IconEducation and Training
IconFAIS
IconHuman Resources
IconInformation Technology and Software Partners
IconInvestment Consulting
IconInvestment Fund Managers
IconLegal
IconLISPs
IconListed Equities
IconOmbud
IconParticipation Bond Managers
IconPolicy Administration
IconPolicy Trading
IconProperty Unit Trusts (PUTS)
IconPublications
IconRegulatory Authorities
IconStock Exchange
IconSurveys and Research
IconTraining Courses & Workshops
IconUnit Trust Fund Managers
IconWellness Programs
Image
  Subscribe To »

COFACE SA: Shareholding evolution

Published

2020

Tue

25

Feb

COFACE SA (“COFACE”) acknowledges the announcement made today by Natixis of its sale of

29.5% of the share capital of COFACE to Arch Capital Group Ltd (“Arch”) as well as Arch’s affirmed support of COFACE’s current management and of its new 2023 strategic plan Build to Lead.

 

Natixis has stated its intention to resign from COFACE’s Board of Directors after the closing of the transaction. Natixis also specified that its agreement with Arch states that, on this date, COFACE’s Board of Directors will be composed of ten members comprising four members proposed  by  Arch  and  six  independent  directors  (including  the  current  five  independent directors).

 

COFACE’s Board of Directors, liaising with the Nominations and Compensation Committee, decided to immediately launch a search for the future Chairman of the Board whose term of office will take effect on the closing date of the transaction. The Chairman of the Board will be an independent director.

 

COFACE’s Board of Directors has been informed of the intention of Arch, valid for a twelve- month period as from closing of the transaction, not to take control of COFACE.

The closing of the transaction is subject to all required regulatory authorisations.

 

Xavier Durand, Coface CEO, stated:

 

“This transaction marks the beginning of a new era for Coface. It reflects the recognition of the work accomplished by the company in connection with Fit to Win, and confirms the success of this strategy.

 

Arch Capital Group is a solid company, a specialist in the insurance sector with a recognized expertise, and a profitable growth path in its various businesses. We welcome the support expressed by Arch to the new strategic plan Build to Lead and the current management team.”

 
Source: Coface
 
« Back to previous page Print this page » |
 

Breaking News »

Allianz Global Corporate & Specialty appoints first Chief Data Officer

Chief Data Officer Ali Shahkarami will align global data initiatives, tools and investments and further drive AGCS’s data and analytics strategy With this newly created role Allianz Global Corporate & ...
Read More »

  

Disease and downgrades: Diary of a bad year for SA

Adrian Saville, Chief Executive, Cannon Asset Managers   30 March 2020: Moody’s finally dropped the sword on South Africa on Friday evening, following in the steps of fellow ratings agencies S&P ...
Read More »

  

Moody’s downgrade and what it means for investors

Maarten Ackerman, Chief Economist and Advisory Partner, Citadel   30 March 2020: The Moody’s downgrade of South Africa’s credit rating should have happened long ago. We’ve known for ...
Read More »

  

COFACE SA: Review of the credit insurance sector by Moody's

The rating agency Moody's confirmed Coface’s Insurance Financial Strength (IFS) A2 rating on 27 March 2020. The outlook for this ...
Read More »

 

More News »

Image

Healthcare »

Image

Life »

Image

Retirement »

Image

Short-term »

Advertise Here
Image
Image
Advertise Here

From The Glossary »

Icon

Success:

Identifies recently successful stocks, assessing historical alpha, rate of return, return on capital employed, earnings per share, growth rate and return on assets.
More Definitions »

 

Advertise

 

eZine

 

Contact IG

 

Media Pack

 

RSS Feeds

By using this website you agree to the Terms of Use.
Copyright © Insurance Gateway (Pty) Ltd 2004 - 2020. All Rights Reserved.