Alliance supports Italian exports and investments in emerging markets
Schaumburg, Ill., February 10, 2009 – Zurich in North America's Surety, Credit & Political Risk group today announced the successful completion of an initial transaction with SACE, a leading credit insurance group controlled by Italy's Ministry of Economy and Finance. This transaction was made possible through a joint agreement establishing a framework for a public/private collaboration that enhances opportunities for Italian companies dealing in emerging markets through the provision of political risk and trade credit insurance. Under the terms of the agreement, Zurich will offer reinsurance or co-insurance facilities to SACE for transactions where SACE has reached their exposure limits for a particular country or obligor.
In this initial transaction, Zurich reinsured a SACE political risk insurance policy for coverage in Turkey.
“Zurich can help export credit agencies like SACE meet their objectives of promoting exports and increasing trade flows by providing reinsurance or primary coverage on new and/or existing transactions. In this instance, Zurich's ability to reinsure this transaction for SACE will enable it to continue supporting their Italian customers," said Daniel Riordan, president of Zurich’s Surety, Credit & Political Risk unit. "With Zurich’s broad experience and capabilities and SACE’s depth of market knowledge, this is a very effective public/private collaboration which strengthens the ability of both parties to serve the needs of companies operating in emerging markets.”
“This is the type of agreement that enables us to better serve our mission as facilitators of business for Italian companies in the world,” said Alessandro Castellano, chief executive officer of SACE. “A role that becomes even more important in the current environment of global economic downturn and makes SACE a key competitive tool for Italian companies.”
Zurich in North America's Surety, Credit & Political Risk group is a leading provider of contract and commercial surety, trade credit and political risk insurance products worldwide. Surety, Credit & Political Risk serves customers through underwriting offices located in 35 cities throughout North America, as well as Barcelona, Beijing, Frankfurt, Hong Kong, London, Paris, Sao Paulo, Singapore, Sydney, Tokyo and Zurich.
Zurich provides surety bonds, political risk and trade credit insurance for financial institutions, multinational corporations, investors, exporters, contractors and infrastructure developers in North America and emerging markets.
Zurich is a member of the Berne Union, an international union of credit and investment insurers.
SACE is Italy’s leading provider of credit management, assisting Italian companies exporting and investing overseas by providing a range of short, medium and long-term finance and insurance services. With four international offices in Hong Kong, Moscow, Johannesburg and Sao Paulo, the Group offers insurance cover in more than 155 countries and insures commercial transactions and financing world-wide for an overall value of approximately € 37 billion.
Through a comprehensive range of insurance, financing and credit-management products, the SACE Group can guarantee more stable cash flows, thereby transforming counterpart insolvency risks into development opportunities. In addition to credit insurance, SACE provides integrated credit management solutions, such as the protection of investments, sureties and financial guarantees for commercial and financial transactions, as well as offering arrangements for project and structured finance. SACE SpA has obtained an Aa2 rating from Moody's.
About Zurich Financial Services
Zurich Financial Services Group (Zurich) is an insurance-based financial services provider with a global network of subsidiaries and offices in North America and Europe as well as in Asia Pacific, Latin America and other markets. Founded in 1872, the Group is headquartered in Zurich, Switzerland. It employs approximately 60,000 people serving customers in more than 170 countries. In North America, Zurich (www.zurichna.com) is a leading commercial property-casualty insurance provider serving the global corporate, large corporate, middle market, specialties and programs sectors.
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Media contacts
Steve McKay
Zurich
(847) 706-2265
steven.mckay@zurichna.com
Maddalena Cavadini
SACE
(39) 06 6736-448
m.cavadini@sace.it
