Sace has announced an increase of insured transactions in 2009, up more than 20% from the previous year.
Italy’s ECA backed transactions for approximately €33.6bn (US$44.9bn) during 2009 and had to deal with a sharp increase in insolvency rates, and subsequent claims, which accounted for €162mn (US$ 216.4mn), a 137% increase from 2008.
Even with the significant increase in claims, Sace reports pre-tax profits of €639.1mn (US$853.5mn), which it attributes to the rise in gross written premiums, which stood at €430.5mn (US$574mn), and the operating result, which amounted to €511mn (US$682.6mn).
Sace’s chief executive officer, Alessandro Castellano, says: “Against a background of extreme volatility and a significant reduction in liquidity, we have confirmed our role in reducing the credit risk and making it easier for Italian companies to have access to credit.”
Sace’s initiative to improve Italian businesses’ exporting opportunities, named the Export Banca scheme, also became operational last year, as Castellano explains: “The aim [of the scheme] is to strengthen the capabilities of the banking system and improve credit terms, thus helping Italian companies become more competitive.
“The positive result for 2009 sets the scene for Sace to continue to support the internationalisation of Italian enterprises and confirm its focus on emerging economies, which continue to enjoy strong growth."
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