Dun & Bradstreet Announces Sale of American Credit Indemnity.

MURRAY HILL, N.J.--(BUSINESS WIRE)--May 29, 1996--The Dun & Bradstreet Corporation announced today that it has entered into a definitive agreement to sell its subsidiary, American Credit Indemnity Company (ACI), the largest insurer of accounts receivable in North America, to ACI Holding Inc., a corporation organized by Compagnie Financiire SFAC (SFAC), based in Paris, and Securitas Capital, LLC (Securitas).

SFAC, which acquired a 5 percent ownership interest in ACI in 1992, is the largest credit insurer in Europe. Securitas makes private equity investments in the insurance industry worldwide.

The purchase price was not disclosed. The transaction, which requires regulatory approval, is expected to close in the third quarter.

In January, D&B announced it would divest ACI as part of its plan to split into three independent publicly traded companies: Cognizant Corporation, focused on high-growth information markets; the "new" Dun & Bradstreet Corporation, dedicated to financial information services; and AC Nielsen, delivering marketing information, research and analysis worldwide.

Baltimore-based ACI, founded in 1893, insures both domestic and international receivables through a network of sales and service offices in the U.S. and Canada. In 1995, ACI's gross premiums totaled $81.4 million.

Jean Lanier, chief operating officer of SFAC, commented: "As a minority shareholder alongside Dun & Bradstreet, we have known and observed ACI for a number of years and we greatly appreciate the professionalism and commitment of all the employees. We look forward to working more closely with the people at ACI in order to take on the exciting challenge provided by the historically modest development of the US credit insurance market. We are also glad that our already close relationship with Swiss Reinsurance will be strengthened by this new joint venture with Securitas. Following this transaction, we also intend to maintain and develop our existing cooperation with D&B in the field of financial information and accounts receivable risk coverage."

Juan Ocampo and John Hendrickson, managing directors of Securitas, jointly stated: "Securitas is extremely pleased to have the opportunity to work jointly with SFAC, the leading credit insurer in the world, in expanding the strong platform which exists at ACI. Under D&B's ownership, ACI's senior management team has done an outstanding job of positioning the company to achieve substantial growth in the future through the establishment of a premier group of agents and the development of several new products including export credit and securitization. Securitas looks forward to assisting ACI in the next stage of its development."

In 1995 SFAC reported total assets of $2.9 billion, net assets of approximately $600 million, and premium income of approximately $600 million for the year. The principal shareholders of SFAC include Groupe AGF (49.9 percent), Swiss Reinsurance Company (20 percent), SAFR (14.2 percent), and SCOR (6.8 percent). In April SFAC completed the acquisition of Trade Indemnity Group plc, the leading credit insurer in the United Kingdom.

Securitas manages an independent merchant banking program sponsored by CS Holding and Swiss Reinsurance Company. Securitas was formed in 1995 with $500 million of capital committed to making private equity investments in the insurance industry exclusively, on a worldwide basis.

CS Holding, the parent of Credit Suisse, is one of the world's leading financial services groups with operations in wholesale, investment and private banking; asset management; life insurance; and information technology. CS Holding has over $325 billion in assets. Swiss Reinsurance Company is the world's second largest reinsurer with more than $11 billion in annual premium income and $7.8 billion of capital and surplus.

The Dun & Bradstreet Corporation is the world's leading marketer of information, software and services for business decision making, with worldwide revenue of $5.4 billion.

CONTACT: David Monfried

908-665-5377