Princeton, NJ, July 02, 2020 (GLOBE NEWSWIRE) -- Coface announces the closing of the acquisition of GIEK Kredittforsikring AS, a company created in 2001, and owned by the Norwegian Ministry of Trade, Industry and Fisheries, that manages a short-term export credit insurance portfolio. Coface has acquired all GIEK Kredittforsikring AS shares, and the business will thus operate under the brand name Coface GK. In 2019, GIEK Kredittforsikring AS recorded a total of around €9m (NOK99m) of gross written premiums with a portfolio that is widely focussed on export policies. This transaction will have a non-material impact on Coface's solvency ratio. At this stage, Coface expects to book a badwill* in its third quarter 2020 accounts, currently estimated at a positive EUR 8 million. With this acquisition, Coface strengthens its market position in the Nordic region.