Garant, owned 50:50 by Russian federal insurance agency Ingosstrakh and Belgian export credit agency (ECA) ONDD, has signed two cooperation agreements respectively with Sace BT, the short-term credit insurance company of Sace Group and Sace Spa, the Italian ECA.
These agreements encompass a widespread cooperation on underwriting, reinsurance and credit recovery in the respective countries. They should thus enable the exchange of information on debtors, loss records, and provide greater capacity for larger risks.
This is a new milestone in Garant’s strategy to promote a network of partners dedicated to credit and political risk coverage for international operators trading with – or investing in – the emerging markets, claims the firm.
To meet the requirements of some large corporations and rating agencies, Garant has strengthened its financial security by completing its reinsurance programme with a new stop loss protection signed by its Belgium shareholder, ONDD, giving its customer base a greater degree of comfort in its ability to carry their risks.
In the meantime, AA+ rated ONDD will continue to front policies for Garant’s clients within the framework of their initial cooperation on a selective basis while Garant is in the process of obtaining a rating.