PT
Autoridade da Concorrência

Case details

Print
Merger control
Case reference
Ccent/2023/26 - EH / COSEC
Acquired
COSEC – Companhia de Seguro de Créditos, S.A.
Description
Insurance company specializing in credit insurance and surety insurance (including political risk insurance guaranteed by the Portuguese State). Currently, COSEC is jointly controlled by EH and Banco BPI, S.A..
Acquiring
Euler Hermes S.A./NV
Description
Company integrated in the Allianz Group and operating under the Allianz Trade brand. It is active in commercial credit insurance and specializes in the areas of escrow, debt collection, fraud insurance, structured commercial credit and political risk. EH develops its activity in Portugal essentially through COSEC.
Sector
  • Banking, Financial and Insurance activities
Activity (NACE)
  • K6512 - Non-life insurance
Applicable legislation
Art. 37(1)(b) and (c) (Law 19)
Notification thresholds
Combined and Turnover thresholds
Type of merger
Horizontal
Cooperation with sector regulators
  • ASF - Insurance and Pension Fund Supervisory Authority
Status
Closed
Type of Investigation
Phase 1
AdC’s decision
Non-opposition
Case description

The merger in question consists of the acquisition, by Euler Hermes S.A./N.V., of exclusive control over COSEC – Companhia de Seguro de Créditos, S.A..
Timeline
2023-07-20
Phase I Decision - AdC adopted a decision of non-opposition in merger 26/2023 - EH / COSEC.
2023-05-31
Euler Hermes notifies the acquisition of exclusive control over COSEC.
Click here to see your activities