Coface appoints Christina Montes De Oca to lead its North America region Paris, 15 September 2025 – 17.45 Coface announces the appointment of Christina Montes De Oca as the new CEO in North America Region, with effect from today. Christina joins the Executive Committee and reports to Xavier Durand, Group CEO. She takes over Oscar Villalonga who is pursuing his career outside the Group. Christina brings a wealth of experience in commercial strategy, business development, and sales operations within the tra ...

Financial Data and Key Metrics Changes - AFG reported core net operating earnings of $2.14 per share, a decrease from $2.56 per share in the prior year period [9] - The annualized core operating return on equity was reported despite tempered overall results from alternative investments [6] - Net investment income, excluding alternatives, increased by 10% year over year due to higher interest rates [6][10] - The company returned over $100 million to shareholders through dividends and share repurchases [7][12] Business Line Data and Key Metrics Changes - Specialty Property and Casualty Insurance businesses generated a combined ratio of 93.1%, up from 90.5% in the prior year [15] - Gross and net written premiums in the Specialty Property and Casualty group were up 107% year over year, with a 65% increase when excluding the crop business [16] - The Specialty Casualty Group achieved a combined ratio of 93.9%, 4.8 points higher than the previous year, with gross and net written premiums increasing by 42% [20] - The Specialty Financial Group reported a combined ratio of 86.1, an improvement from 89.7 in the prior year, with gross and net written premiums up 15% and 12% respectively [22] Market Data and Key Metrics Changes - Multifamily construction starts are down approximately 20% year over year, indicating a tightening supply which is expected to drive higher rental and occupancy rates [12] - The overall renewal rate increases for the Property and Casualty Group were approximately 6%, with a 7% increase excluding workers' compensation [17] Company Strategy and Development Direction - The company continues to focus on disciplined operating philosophy and capital management to create long-term value for shareholders [13][23] - AFG is optimistic about the prospects of attractive returns from its alternative investment portfolio, expecting annual returns averaging 10% or better [12] - The company is evaluating opportunities for acquisitions, special dividends, or share repurchases as it generates significant excess capital [13] Management's Comments on Operating Environment and Future Outlook - Management noted a favorable pricing environment and increased exposures contributing to growth in Specialty Property and Casualty businesses [15] - The company remains cautious about social inflation impacts and has taken steps to non-renew certain accounts in its social services businesses [34] - Management expressed optimism regarding the crop business, citing better conditions compared to the previous year, although it is still early to predict profitability [56] Other Important Information - The company has a $16 billion investment portfolio, with approximately two-thirds invested in fixed maturities [10] - The annualized return on alternative investments was approximately 1.2% for the second quarter, down from 5.1% in the prior year [11] Q&A Session Summary Question: Insights on lender placed business within Specialty Financial - Management indicated that the lender placed property business is significant and tends to grow in a weak economy, with opportunities arising from market disruptions [27][28] Question: Comments on social inflation and non-renewals - Management confirmed that they have completed non-renewals in housing accounts and are nearing completion in daycare accounts, focusing on profitable segments [34] Question: Positioning in inland marine and trade credit business - Management noted growth opportunities in ocean marine and trade credit, although tariffs may impact the business [43][48] Question: Crop profitability outlook - Management stated it is too early to determine if the year will be above average for crop profitability, but conditions appear favorable [56] Question: Workers' compensation pricing environment - Management reported a slight decrease in overall workers' compensation pricing but noted a firming market in California [62] Question: Pricing and rate adequacy in professional lines - Management expressed cautious optimism about stabilizing pricing in public D&O business, with overall rates remaining flat [68]

Core Points - Coface has released its half-year financial report for 2025, which is now available on its website and filed with the French financial market authority [2][3] - The report can be requested free of charge by contacting the company directly [2] - Coface is a leading player in trade credit risk management, serving around 100,000 clients across approximately 200 markets [7] - In 2024, Coface employed over 5,200 people and recorded a turnover of approximately €1.845 billion [8] Financial Information - The financial calendar indicates that the 9M-2025 results will be announced on November 3, 2025, after market close [4] - Regulated documents and integral regulatory information can be accessed on the Coface website [5] - The authenticity of the regulated documents is secured through blockchain technology [6]

Core Insights - Coface has signed an agreement to acquire 100% of Novertur International SA, enhancing its Business Information services in Switzerland [1][3]. Company Overview - Novertur International SA is a Swiss startup based in Lausanne, known for its digital expertise in managing data on Swiss companies through its platform business-monitor.ch, which has been operational since 2016 [2]. - The platform provides access to information on over 730,000 active Swiss businesses, serving as a vital tool for SMEs and large companies for risk management and B2B prospecting [2]. Strategic Implications - The acquisition will combine Novertur's technological innovations in data structuring and user experience with Coface's credit risk expertise, significantly enhancing Coface's Business Information offerings in Switzerland [3]. - This move aligns with Coface's strategic plan "Power the Core," aimed at improving high value-added services and strengthening local presence [3]. Leadership Commentary - Florent Schlaeppi, CEO and Founder of business-monitor.ch, expressed that joining Coface presents an opportunity to elevate their mission by leveraging their technology within a global player in business risk [4]. - Christian Moins, Country Manager of Coface Switzerland, highlighted that this acquisition reinforces Coface's ambition to be a key player in Business Information and strengthens its position in the Swiss market [4].

Core Insights - Coface has received "in principle approval" from Lloyd's to establish a new short-term trade credit syndicate, managed by Apollo Syndicate Management, expected to commence underwriting in 2025 [1][2] - The new syndicate, named Coface Lloyd's Syndicate 2546, aims to provide AA-rated solutions to better serve specific market segments and is seen as a valuable addition to Coface's offerings [2][3] - Coface's CEO, Xavier Durand, emphasized that the creation of this syndicate aligns with the company's strategic plan to enhance credit insurance support and develop a global ecosystem for credit risk management [3] Company Developments - The establishment of the syndicate reflects Coface's commitment to expanding its range of solutions and capitalizing on the growth potential for credit insurance at Lloyd's [2][3] - David Ibeson, CEO of Apollo, expressed enthusiasm about the partnership, highlighting the combination of Coface's expertise in trade credit and Apollo's innovative syndicate-building capabilities [4] Market Context - The new syndicate is positioned to tap into significant profitable growth potential for credit insurance solutions within the Lloyd's market, indicating a strategic move to enhance market presence [2][3] - Coface's long-standing experience in trade credit risk management, serving around 100,000 clients across 200 markets, positions it well to leverage this new opportunity [14]

Core Insights - Coface has received "in principle approval" from Lloyd's to establish a new short-term trade credit syndicate, managed by Apollo Syndicate Management, expected to commence underwriting in 2025 [1][2] - The new syndicate (Coface Lloyd's Syndicate, 2546) aims to provide AA-rated solutions, enhancing Coface's offerings and addressing market needs, with significant growth potential in credit insurance solutions at Lloyd's [2][3] - The initiative aligns with Coface's strategic plan, "Power The Core," which focuses on strengthening its core expertise in credit insurance and developing a global ecosystem for credit risk management [3] Company Overview - Coface is a leading player in trade credit risk management, serving approximately 100,000 clients across 200 markets, offering a range of solutions including Trade Credit Insurance, Business Information, and Debt Collection [14][15] - In 2024, Coface reported a turnover of €1.84 billion and employed around 5,236 people, indicating its significant presence in the industry [15] Partnership and Support - Apollo Group CEO expressed enthusiasm about the partnership with Coface, highlighting the combination of Coface's trade credit expertise and Apollo's innovative syndicate-building capabilities as beneficial for the Lloyd's market [4] - Gallagher Re provided support and advice throughout the establishment process of the new syndicate, showcasing its role as a full-service global reinsurance broking and advisory firm [2][7]

Core Insights - Coface has successfully completed the acquisition of Cedar Rose Group, a prominent provider of information services in the Middle East, enhancing its data capabilities in a region with challenging information access [2][3]. Company Overview - Cedar Rose has over 25 years of experience and is recognized for its high-quality business information solutions in the Middle East and Africa, serving various multinational clients [2]. - The acquisition allows Cedar Rose to become Coface's information provider for both credit insurance and information services, benefiting all Coface customers with improved data [3]. Strategic Alignment - This acquisition aligns with Coface's strategic plan, "Power the Core," which emphasizes data excellence and aims to strengthen information production capabilities in areas where data is scarce [3].

Core Insights - Coface is enhancing its strategic focus on data and innovation by establishing a dedicated technological hub aimed at improving data, connectivity, and product innovation [1][4] - The company has appointed Joerg Diewald as the new Information Services and Partnerships Director to drive business development in these strategic areas, effective July 1, 2025 [2][5] - CEO Xavier Durand emphasized that these governance changes align with the strategic plan "Power The Core," which aims for data and technology excellence and profitable growth in Information Services [3][4] Company Developments - The newly created technological hub will be led by Thibault Surer, who will also continue to oversee Strategy, Economic Research, Marketing, and Mergers & Acquisitions [1][3] - Joerg Diewald brings over 30 years of international experience in banking, commercial finance, and risk management, previously serving as Chief Commercial Officer at Solarisbank AG [5][6] - The governance enhancements are intended to address the complexity and scale of transformations required in data and innovation [4]

Core Viewpoint - AM Best has affirmed the Financial Strength Rating of A (Excellent) and Long-Term Issuer Credit Ratings of 'a+' (Excellent) for Coface and its main operating subsidiaries, indicating a stable outlook for these ratings [2][3]. Group Performance - The ratings reflect Coface group's very strong balance sheet strength, strong operating performance, favorable business profile, and appropriate enterprise risk management [3]. - Coface's consolidated risk-adjusted capitalization is assessed at the strongest level according to the Best's Capital Adequacy Ratio (BCAR) score [3]. Market Position - Coface holds a leading position in the global credit insurance market, characterized by high barriers to entry, which supports its strong ratings [5]. Future Outlook - AM Best acknowledges that the group's prospective performance may experience volatility due to an uncertain global operating environment, but expects cross-cycle performance metrics to remain supportive of the strong assessment [4].

Core Points - The Combined Shareholders' General Meeting of COFACE SA was held on 14 May 2025, where all proposed resolutions were approved [1][2] - A dividend of €1.40 per share for the 2024 financial year was approved, with the coupon date set for 20 May 2025 and the payment date for 22 May 2025 [2] Company Information - COFACE SA is a leading player in trade credit risk management, providing services to approximately 100,000 clients across around 200 markets [6][7] - In 2024, COFACE employed approximately 5,236 people and reported a turnover of €1.84 billion [8]