Credito y Caucion and Atradius to Combine Their Businesses

Credito y Caucion and Atradius to Combine Their Businesses

April 03, 2007

    AMSTERDAM and MADRID, April 3 /Xinhua-PRNewswire/ --
Shareholders of Compania Espanola de Seguros y Reaseguros
de Credito y Caucion, S.A. (Credito y Caucion) and of
Atradius N.V. agreed today to the terms of the combination
of the two businesses. Under the terms of the agreement,
Credito y Caucion, based in Madrid, will become part of the
new Atradius Group. The headquarters of the new Group will
be based in Amsterdam.  The transaction will create a
global Group with 160 offices in over 40 countries and an
insured trade turnover of over Euro 450,000 million. Its
pro forma annual turnover will be over Euro 1,600 million
and its equity over Euro 1,000 million. The combination is
subject to the approval of various authorities, including
insurance regulators and anti-trust authorities.

    Peter Ingenlath, acting CEO of Atradius, commented:
"Atradius and Credito y Caucion have long maintained
an alliance that has strengthened both companies. The
combination of these two organisations cements our
commitments to profitable growth and will enable us to
build up our global presence more effectively and enhance
our market position. Together, we will become the most
professional and attractive credit insurer in the
industry."

    The shareholder structure of the new Group will change
after the combination of Atradius and Credito y Caucion. On
completion, all shares in Atradius currently held by Credito
y Caucion and Seguros Catalana Occidente, S.A. will be
transferred to a newly created holding company, Grupo
Credito y Caucion. In addition, new shares in Atradius N.V.
will be issued in consideration for the transfer of Credito
y Caucion to Atradius N.V., as a result of which the
Spanish holding company will become the largest shareholder
of Atradius N.V. with a 64.2% stake. Swiss Re will have a
25.0% stake, Deutsche Bank a 9.1% stake and Sal. Oppenheim
jr. & Cie. KGaA a 1.7% stake. Isidoro Unda, currently
CEO of Credito y Caucion, will become the CEO of the new
Group once the relevant approvals have been granted. After
completion, the management of the new Group will prepare
for an initial public offering of the combined Group in the
medium term.

    Isidoro Unda commented: "Together with my
colleagues in the Management Board of Atradius, I am very
much looking forward to the formation of the new Group. As
the CEO, with the support of the people and the management
teams of Atradius and Credito y Caucion, my ambition is to
build the new Group based on the strength and growth
potential of the companies which now join forces. The
geographical and product diversification of our business is
a first-order competitive advantage that directly reflects
on the quality of customer service and on the stability of
the new Group."

    Jesus Serra, Chairman of Credito y Caucion and of the
new Spanish holding company, commented: "This is
something that we have envisioned for a long time. The
combination of both companies will enable us to provide the
best quality service to our customers, compete more
effectively for new business and expand into new
markets."

    Paul-Henri Denieuil, Chairman of the Atradius
Supervisory Board and of the future new Atradius Group,
concluded: "Our businesses complement each other
perfectly. Atradius is strong in most of Europe with a
growing presence in North America and Asia and Credito y
Caucion adds its strong presence in Spain and Portugal with
great potential in Latin America. Together we will be able
to build the best company to serve our customers
worldwide."

    About Atradius:

    Atradius is a leading credit insurer with total
revenues of around EUR 1,300 million and a 24% share of the
world credit insurance market. It insures approximately EUR
350,000 million of world trade annually against non-payment
and provides a comprehensive range of risk transfer,
financing and trade receivables management services. With
3,400 staff and more than 90 offices in over 40 countries,
Atradius has access to credit information on 45 million
companies worldwide and makes more than 12,000 credit limit
decisions daily. It is "A" rated by Standard &
Poor's (outlook stable) and A2 by Moody's (outlook stable).

    About Credito y Caucion:

    For over 75 years, through its credit and surety
insurances, Credito y Caucion has contributed to the growth
of companies offering them protection from insolvency and
non-payment risks derived from credit sales of goods and
services. With more than 70 offices, Credito y Caucion
holds a global market share in Spain of nearly 60%.
Furthermore, it ranks second in Portugal with a market
share of 34%, being therefore leader in its sector in the
Iberian Market. The company recently expanded into Brazil.
The solvency is confirmed by the A and A1 Standard &
Poor's and Moody's ratings, respectively.

    http://www.atradius.com   



    For more information, please contact:

     Christine Gerryn
     Atradius Corporate Communications 
     Tel:   [phone]
     Email: [e-mail]