Cartan Trade is set to serve as the dedicated underwriting platform for Intact Insurance’s European trade credit insurance business, after the Canadian giant became its largest shareholder.
Intact – which previously held a 44% stake in Paris-headquartered Cartan – now owns 80% of the company after acquiring shares from French re/insurer Scor, the company said in a statement.
Bpifrance, the French public finance institution and export credit agency, has also sold its 8% holding in the company to Intact, a Cartan spokesperson said. Scor, formerly Cartan’s largest shareholder, holds the remaining shares.
From May 1, Cartan will act as a manging general agent for Intact, which has an AA- credit rating, the company said. The partnership replaces the current one with Scor, which has an A+ rating.
“This transaction marks a major milestone for Cartan Trade and recognises the work achieved by our teams since the company’s launch,” said Cartan chief executive Sébastien Guidoni. “Intact Insurance shares our long-term vision and has confidence in our strategy. This agreement creates new synergies and new opportunities to gain market share in Europe.
Intact “will also benefit from Cartan Trade’s technology platform and innovation capabilities”, Guidoni added.
Intact first invested in Cartan Trade in 2022, and last year bought the shares of founding shareholder Quattro Holding.
Cartan, founded in 2022, said it supports nearly 450 companies in Europe through a network of 70 brokers. It also provides credit insurance to financial institutions.
