Coface Group, the credit insurance subsidiary of Natixis, has appointed the French bank’s CEO, Laurent Mignon as chairman of the board. He takes over from François David, whose mandate has ended.
In 2011, the group posted a consolidated turnover of EUR1.6bn (US$2.04bn) and employs 4,600 staff in 66 countries. It provides insurance services to corporates around the world to mitigate the risk of financial default, both in domestic markets and for export. Each quarter, Coface publishes its assessments of country risk for 157 countries, based on its assessment of companies’ payment behaviour and on the expertise of its 250 underwriters.
In France, Coface manages export public guarantees on behalf of the French state.
Commenting on his appointment, Mignon said:
I would like to pay tribute to the remarkable work carried out by François David who was chairman of Coface for more than 18 years. During these years, Coface expanded into 66 countries and became a worldwide leader at the service of companies and their international development.”
Before joining Natixis in 2009, Mignon, who is 48, was chief financial officer at Canadian investment managers AGF.