WECOYA acquires Norwegian ATLAS Garanti
WECOYA expands into another European market with the acquisition of Norwegian ATLAS Garanti AS, strengthening expertise in credit and finance ·
- Market expansion: WECOYA enters the Norwegian market, extending its European footprint. ·
- Innovative financial solutions: ATLAS provides flexible alternatives to traditional bank guarantees, freeing up balance sheet assets and increasing working capital.
- Strategic growth opportunity: The acquisition enhances WECOYA’s ability to deliver tailored financial tools to empower businesses across Europe.
Oslo/Hamburg, 17 January 2025 – WECOYA is proud to announce its strategic entry into the Norwegian market with the acquisition of ATLAS Garanti AS, a leading provider of credit and risk assessment services for the Norwegian business community. This acquisition significantly enhances WECOYA’s expertise in credit and financial solutions, further solidifying its position as a leader in innovative underwriting and guarantee solutions across Europe.
ATLAS specialises in delivering tailored guarantee solutions for businesses, with a focus on the building, construction, and infrastructure industries. Their range of offerings includes guarantees under the Residential Construction Act and Norwegian Standard, as well as customs and tax guarantees. These solutions present a flexible alternative to traditional bank guarantees by freeing up balance sheet assets, providing businesses with increased working capital and financial flexibility.
‘Entering the Norwegian market is a major milestone for WECOYA,’
said Tim Lamm, Managing Director International of WECOYA, ‘and with Atlas’ integration and on-boarding to WECOYA, we enable WECOYA NORDICS & BALTIC to supply credit and surety products also in Denmark, Norway and Sweden. ATLAS’ deep market expertise, innovative guarantee solutions, and a strong reputation in the industry enable us to expand our footprint and to provide value-driven solutions to our clients across Europe. Together, we will continue to empower businesses with the financial tools they need to succeed in competitive markets.’
Unlike traditional bank guarantees, ATLAS’ products allow businesses to maintain their capital base without tying up assets as collateral. This flexibility is especially beneficial in capital-intensive industries, where efficient financing tools are essential for growth and stability.
Rolf Granhaug, founder and CEO of ATLAS, expressed his enthusiasm about joining WECOYA: ‘Becoming part of WECOYA marks an exciting new chapter for ATLAS. Our combined strengths will enable us to bring even more innovative and effective guarantee solutions to our clients. With WECOYA’s extensive network and resources, we look forward to driving growth and delivering even greater value to the Norwegian business community.’
ATLAS currently employs 11 highly skilled specialists who have deep expertise in their respective fields. The team designs and delivers bespoke underwriting programs that can operate independently or in conjunction with traditional bank credit, offering customers a safe and predictable financial framework.
The acquisition of ATLAS aligns seamlessly with WECOYA's strategic vision of delivering cutting-edge financial solutions that empower businesses to thrive in dynamic markets. Guarantee facilities, as offered by ATLAS, provide a cost-effective way to finance contractual obligations while increasing liquidity and operational efficiency.
About WECOYA: The WECOYA UNDERWRITING GmbH is a subsidiary of the GGW Group GmbH. It consolidates its MGA activities across the following lines: WECOYA MARINE, WECOYA PRIVATE & COMMERCIAL, WECOYA MOBILITY, WECOYA CEE, WECOYA SERVICES & CLAIMS, and WECOYA NORDICS & BALTIC. Operating from locations in Germany, Austria, Denmark, and Turkey, WECOYA handles risk assessment, the development of coverage concepts, and the issuance of binding quotes on behalf of its clients. Additionally, WECOYA manages the drafting and signing of insurance certificates and contracts, as well as the complete claims handling process and settlement on behalf of insurers.
Press contact:
Nadja Benz
E-Mail: nadja.benz@ggwgroup.de