Vienna-based Garant has opened its capital at 50% to Belgian public credit insurer ONDD. Established in 1958 by Ingosstrakh, the leading insurance company in Russia, Garant represents a distinctive Euro-Russian partnership in the European credit insurance market.
This new step follows on from Garant’s recent opening of a Swiss branch in Geneva and constitutes an integral part of its strategy to strengthen its close connections with its international customers who are eager to be provided with security in their financial or commercial transactions, particularly in emerging countries.
Garant’s strength, as a provider of credit and political risk insurance, lies in its unprecedented expertise in emerging markets, tomorrow’s major powers, claims the firm.
Louis Habib-Deloncle, Garant’s chairman of the managing board and a pioneer of the private market for political risk insurance in continental Europe, is satisfied with this new partnership, saying, “The entry of ONDD in our capital is a major step forward in our global strategy of cooperation begun in 2003”.
“It is also a strong sign of recognition of the know-how and reliability of the European Garant group, which has been operating in the area of credit and political risk insurance for 50 years. This way Garant shows its willingness to accompany its customers in their international development strategy by insuring their exposure in emerging countries, thanks to the combined synergies and expertise of Ingosstrakh, ONDD and Garant.”