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Coface launches €30M share buyback

Coface SA will start buying back its own shares for a targeted amount of €30 million as it looks to improve the capital efficiency of its business model.

The share buyback will be effective from Feb. 15 until October at the latest, and will be conducted within the framework approved in the annual general meeting of May 17, 2017. The company said alongside the announcement that it had a solvency ratio of 166%, above its target.

The French insurer will appoint an investment services provider to execute the buyback in the open market, and is expected to cancel the repurchased shares.