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Cartan Trade and Intact Insurance strengthen strategic partnership with ambitious growth plans across Europe

Trade Credit customers and brokers to benefit from Intact Insurance’s financial strength and Cartan Trade’s leading underwriting platform.

Cartan Trade, the specialist in trade credit insurance, today announced a major reinforcement of its strategic partnership with Intact Insurance, a global provider of property and casualty insurance. As part of Intact Insurance’s European growth strategy, the insurance carrier is now the majority shareholder in Cartan Trade.

Under this new agreement, effective May 1, Cartan Trade will officially become the dedicated underwriting platform for Intact Insurance’s trade credit insurance activities across Europe. This will enable Cartan Trade to offer solutions backed by the financial strength and AA- by Fitch rating of Intact Insurance, an asset particularly valued by banks and financial institutions seeking high-quality risk mitigation and reliable counterparties.

The agreement reflects strong confidence in Cartan Trade’s business model and growth potential.

Since its launch four years ago, Cartan Trade has demonstrated its ability to build a profitable portfolio, with consistent annual growth of around 30%. The company has developed recognised expertise in credit risk management for corporate and financial institutions, supported by a disciplined approach to risk and a scalable, data-driven technology platform.

“This transaction marks a major milestone for Cartan Trade and recognises the work achieved by our teams since the company’s launch,” said Sébastien Guidoni, Chief Executive Officer of Cartan Trade. “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 Insurance will also benefit from Cartan Trade’s technology platform and innovation capabilities.”

For several years, Intact Insurance has been supporting and contributing to the growth of Cartan Trade, with an investment that has continued to strengthen over time. SCOR, through its fund SV One SAS, which has supported Cartan Trade since its early stages, will remain a shareholder and involved alongside the management team.

The partnership strengthens Cartan Trade’s financial position and enables it to support its clients over the long term, while preserving its entrepreneurial culture and agility.

The agreement will be implemented progressively, with a continued commitment to serving its clients and broker partners.

About Cartan Trade

Founded in 2022, Cartan Trade is a specialist trade credit insurance platform serving corporates and financial institutions.

The company supports its clients in securing their commercial transactions in France and internationally through a comprehensive range of fully digital solutions.

In four years, Cartan Trade has achieved average annual growth of around 30%, while building a profitable and well-disciplined portfolio. With recognised expertise in credit risk management and a scalable technology platform leveraging data and automation, the company combines disciplined underwriting, a strong performance culture and innovation.

Working with more than 70 broker partners, Cartan Trade supports nearly 450 companies across Europe and continues to expand with a clear ambition: to deliver reliable, modern and sustainable trade credit insurance solutions that support the growth of its clients.

About Intact Insurance

Intact Insurance is a member company of Intact Financial Corporation (TSX: IFC), a global provider of property and casualty insurance founded on core values and a belief that insurance is about people, not things. Intact’s success is fueled by its 32,000 employees worldwide who embody the company’s purpose: to help people, businesses and society prosper in good times and be resilient in bad times. To achieve its ambitions, Intact seeks to ensure customers are its advocates, its people are engaged and the company is one of the most respected.

Intact is the largest provider of property and casualty insurance in Canada and has successfully exported its strengths across North America, the UK and Europe. Its growing commercial and specialty solutions network now spans over 150 countries. With a customer-driven mindset, Intact has expanded its operations to include insurance distribution, restoration and prevention.

Intact solidifies its outperformance by leveraging its competitive advantages: global leadership in data and AI for pricing and risk selection; deep claims expertise and integrated supply chain network; and strong capital and investment management. Intact’s total annual operating Direct Premiums Written has tripled over the last decade to CAD $25 billion. Explore Intact’s offerings at https://www.intactfc.com/

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Cartan Trade announces a reorganisation of its shareholding structure and the completion of a €9 million capital raise to accelerate its technological and international development. This change in shareholding reflects renewed investor confidence in Cartan Trade’s potential and further strengthens the presence of major insurance players in its capital structure.

Cartan Trade is entering a new strategic phase, now backed by two key shareholders: SCOR, through its fund SV One SAS, and Intact Corporation financière (TSX : IFC), with the continued support of Bpifrance through its fund Large Venture. Quattro Holding, a founding shareholder instrumental in the creation of Cartan Trade, has sold its stake to Intact, the Canada’s largest general insurance provider, one of the world’s leading specialty insurance providers, and a leader in commercial insurance in the United Kingdom and Ireland.

Cartan Trade extends its gratitude to Quattro Holding for its support from the outset, which enabled the company to achieve key strategic milestones in its development, particularly through its expertise in IT architecture and the design of a comprehensive risk underwriting system.

“These developments mark a decisive milestone for Cartan Trade. With SCOR and Intact as our principal shareholders, we are entering a new acceleration phase to deliver on our roadmap, expand our capabilities, and further support the needs of our clients and broker partners”, said Sébastien Guidoni, CEO of Cartan Trade.

Cartan Trade positions itself as an alternative player in the credit insurance market, distinguished by its agile, simple, and innovative insurance solutions, tailored to every business need and designed to support the commercial growth of companies of all sizes.

Initially focused on SMEs, the company has successfully broadened its client base to include banks, financial institutions, mid-sized companies and large corporates, on which it now intends to capitalize on.

 

Sustained growth prospects and strong financial performance

Backed by solid growth prospects and a renewed governance structure, Cartan Trade expects to close 2025 with a 30% increase in premiums, reaching €40 million, while maintaining a controlled loss ratio ; a remarkable performance in the current economic climate and within an oligopolistic market. The company’s portfolio now includes 400 active policies and €12 billion in committed cover across a diversified range of sectors.

An ambitious geographic expansion strategy

Already present in France, the United Kingdom, the Benelux, and Italy, Cartan Trade continues its international expansion. Its next strategic priorities include the London Market, Spain, and Northern Europe, supported by strong, long-term partnerships with specialized brokers and the expertise of its underwriting teams.

“Tech” as a growth driver

In its scale-up phase, Cartan Trade is deploying an ambitious digital roadmap, integrating automation and digitalisation throughout the customer journey to enhance user experience and service quality. Future developments will focus on leveraging data and emerging technologies to build proprietary underwriting and risk monitoring tools, which form the cornerstone of performance for a modern credit-insurer.

 

 

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At the Helm: Sébastien Guidoni, a Leader with a Unique Background Shaped by Engineering, Finance, and International Experience
His journey is that of a man driven by challenges and impact.

A Distinctive Path Guided by Curiosity and Ambition

Originally from Corsica, Sébastien Guidoni has carved out an unconventional career path that reflects his bold and determined personality. From preparatory classes in Paris to Grenoble Institute of Technology, he nurtured a passion for solving complex problems:

“I loved understanding, breaking things down, improving them. Engineering was a natural fit for that.”
During his time as president of his school’s Junior Enterprise, he also discovered a strong interest in leadership and strategy.

After an initial experience at Altran, he took a calculated risk by moving into finance—despite the doubts of those around him. At AGF Bank and later at AXA, where he spent 13 years, he thrived across three continents—Europe, Africa, and South America—building expertise in managing high-stakes situations.

“I’ve always enjoyed operating in different, sometimes unpredictable environments. I encountered unique cultures, learned to anticipate issues, and to solve them effectively.”

Between surf sessions and nature getaways with his family, Sébastien developed a management approach that blends emotional intelligence with strategic foresight. It’s this combination that makes him a leader who can turn challenges into growth opportunities.

Cartan Trade: An Ambitious Venture

Back in France, after advising and helping structure the HR operations of another startup, Sébastien decided to fully commit to a high-potential project. He joined Cartan Trade in 2023 to support its transformation and quickly became CEO.

“Autonomy and creativity have always felt natural to me. Leading a startup is a constant challenge, but that’s exactly what drives me every day.”

Cartan Trade positions itself as an innovative player in trade credit insurance, bringing fresh capacity to a market long dominated by three major players. By combining traditional credit insurance with simple, modern, digital solutions, the company equips SMEs, mid-caps, and banks with practical tools to secure transactions and fuel growth.

Backed by prominent financial partners such as SV One SAS (SCOR Group), Bpifrance, Intact Financial Corporation, and Bpifrance Le Hub as its operational partner, Cartan Trade offers coverage against payment defaults while facilitating access to tailored financing. Within just two years, the company has doubled its revenues and established a presence in several European markets.

Structuring and Scaling Cartan Trade

When Sébastien Guidoni joined Cartan Trade, the company was undergoing a transformation.

“There was a clear need to strengthen the team in order to manage revenue growth and reduce cash burn. The transition was quick, but it felt natural—for me, for management, and for the investors.”
His mission was clear: to structure the company and redefine a winning strategy.

From day one in October 2023, he implemented strategic adjustments that restored confidence among teams and partners.
“It’s like joining a new team as a player—you have to quickly find your footing while bringing fresh energy.”
This repositioning stabilized Cartan Trade’s operations and fine-tuned its business model for accelerated growth.

A Market Vision Rooted in People and Technology

For Sébastien, credit insurance isn’t just about numbers and algorithms.

“We can disrupt this market, but not just through technology. What really makes the difference is people.”
He’s committed to building a team with diverse, complementary skill sets, where everyone contributes unique value.

That said, technology remains a core pillar of Cartan Trade’s model:
“Data helps us detect weak signals, anticipate risks, and deliver tailored solutions. Over the next 10 to 15 years, these signals will become even more critical.”

Tomorrow’s Challenges

Despite its impressive growth, Cartan Trade still faces major challenges:

“We need to build the right company culture, manage the scarcity of resources typical of startups, and most importantly, bring everyone along for the journey—teams, investors, partners.”

The tech challenge is equally vital:

“To go from €10 million to €30 million in revenue, our model has to scale. Within the next three years, we need to prove that scalability and reach breakeven so we can accelerate from there.”

Another key challenge is international expansion. While the company has already grown in France, Italy, and the Benelux, it’s aiming to widen its reach. This ambition relies on a dual strategy: controlled expansion and the ability to adapt to local economic realities.

The Ultimate Goal? Becoming a Market Leader

“Within 10 years, we want to be seen as a consolidator, not the consolidated. I’m setting the bar high—but I know my team can do it.”

Combining strategy, resilience, and long-term vision, Sébastien Guidoni continues to chart his path, ready to reshape an evolving industry—through innovation, collaboration, and a compelling ability to rally teams and partners behind a shared mission.


Please find the original interview in BPI Le HUB

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Paris, March 14th, 2025 – At Cartan Trade’s office, our Board of Directors met to review our transformation and our ability to accelerate the deployment of our 3D strategy: Drive, Disrupt & Develop.

The Board members have validated our strategic directions and reaffirmed their confidence in our project. As part of this momentum, we are strengthening our leadership team with key appointments to accelerate our growth and successfully execute our strategy:

Florence TITIN-SNAIDER joins our team as Chief Business Officer, becoming part of Cartan Trade’s Executive Committee. With 15 years of experience in credit insurance in senior management roles and as an entrepreneur, Florence will bring her deep expertise in credit insurance contracts and processes to accelerate the development of our product and service offerings.

Olivier DAVID will join Cartan Trade on 17 March 2025 as Head of France. With 30 years of experience in financial and geopolitical risk insurance—including 19 years at Atradius in London and Paris as Special Products Director—Olivier will add significant value in driving both revenue growth and profitability in France and across the group. He will also become a member of Cartan Trade’s Executive Committee.

Vladimir MALENIC, who has been leading business development in France for nearly three years, will see his role evolve. He is expanding his commercial underwriting responsibilities as Chief Underwriting Officer and is joining the Underwriting Committee. He will contribute to structuring our underwriting processes across the organization, balancing growth ambitions with rigorous risk management.

Furthermore, we are evolving our risk underwriting department with the creation of two distinct regions to better address local requirements and enhance our efficiency:
Gaël UMANO becomes Head of Risk for the UK & Northern Europe, leveraging on his expertise to support our clients and strengthen our approach.

Hugo POINSOT expands his responsibilities to become Head of Risk for Southern Europe, overseeing all underwriting activities in this region.
With their strong technical skills and client-focused mindset, they will help address our clients’ needs while further structuring our underwriting activities.


These appointments strengthen our industry expertise and provide the necessary resources to achieve the ambitious targets set out in our 2025-2028 plan, focusing on the following priorities:
Expanding our “Core Trade Credit” pillar by offering WTO, Top-Up, and Single Risk solutions to mid-sized and large enterprises. We will differentiate ourselves through a simplified offering and a continuous focus on improving service quality.

Strengthening our presence with financial institutions, through our “Trade Finance” pillar, capitalizing on the strong momentum of European financial players and the growing needs of businesses.

Addressing more specialised challenges, through our “Dedicated Solutions” pillar, tailored to large corporate clients, syndications, or specific risk segments where we have strong expertise.

At the same time, we are accelerating our projects towards the integration of new technologies (AI, Machine Learning) to reduce costs, speed up data processing, and enhance our risk management capabilities.

To extend our congratulations to Florence, Olivier, Vladimir, Gael and Hugo, and wish them every success in their new roles.
To thank the entire team for Their dedication and commitment, which will be essential in achieving our growth objectives for 2025 and beyond. Together, we will drive our success and turn our ambitions into reality.

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