The Italian government has set up a reinsurance programme designed to support the guarantees provided by credit insurers in the field of supplier credits.
The scheme has been formalised through the signature of a reinsurance treaty between Coface and SACE S.p.A, the state export credit agency that covers the 2020 guarantees extended by Coface.
Thanks to the deal, Coface says it has been able to maintain a high level of existing guarantees, and grant additional cover despite a considerably increased risk of default.
Coface adds that it is committed to supporting Italian companies in their trade, both on their domestic and export markets.
Furthermore, the group has been maintaining a targeted approach regarding the management of the risks carried by its customers, and taking into account the specific situation of each company in relation to its sector of activity.
“It was essential to find solutions to support companies, also bearing in mind that the use of credit insurance provides companies with a significant competitive advantage in terms of coverage from non-payment risk, more sustained growth on foreign markets, reduction of credit management costs and easier access to bank credit and factoring,” said Ernesto De Martinis, CEO of Coface in Italy and Head of Strategy for the Mediterranean & Africa Region.