Grupo Catalana Occidente buys Atradius shares from Swiss Re

Barcelona, 19 Septembre, 2005 - The Spanish insurance group Grupo Catalana Occidente today announced that it bought 3.969.466 (7.01%) of Atradius shares from Swiss Re.

The Spanish insurance group Grupo Catalana Occidente today announced that it bought 3.969.466 (7.01%) of Atradius shares for € 49 million from Swiss Re, the largest shareholder of Atradius. This acquisition makes Grupo Catalana Occidente the third largest shareholder of Atradius, a global leader in credit insurance, recoveries and collections. With a 34.95% stake, Swiss Re is the largest shareholder in Atradius.

Grupo Catalana Occidente became a shareholder in Atradius in 2003 and at the same time acquired the option to buy an additional stake of 7.01% from Swiss Re. The company now owns 12,96% of Atradius shares. 

José Mª Serra, President of Grupo Catalana Occidente, stated: "We have a strong belief in the growth of the global credit insurance industry and Atradius is well positioned to capitalise on this growth throughout the world. We see a bright future for the group, based on their new strategy and focus on growth and cost control. This is reflected in Atradius' strongly improved results."