Institution details
COSEC - Companhia de Seguro de Créditos, SA (Cosec)
Key facts
- Established in 1969
- Ownership: Private
Part of the OECD
Part of the Berne Union
- Avenida da Liberdade 249, 6º piso
- +351217913700
- https://www.cosec.pt
Latest update: 03/12/2021
rating type | rating agency | type | rating |
---|---|---|---|
Institution rating | S&P | Foreign currency | BBB- |
Country rating | S&P | Local currency | BBB- |
Products
- Buyer credit
- Supplier credit
- Other products
Buyer credit
- Available to private and public buyers of Portuguese exporters
- Tenor, risks covered, and premium determined case-by-case
- Fees:
- Application fee
- Offer fee is charged for handling applications for export credit policies at the issuance of the offer and at each offer renewal every 6 months
- Premium according to OECD rules
Supplier credit
- Covers Portuguese exporters pre-shipment (manufacturing risk cover) and post-shipment (credit risk cover)
- Manufacturing risk cover: Covers the net loss of the Portuguese exporter in case of cancellation or suspension of a manufacturing process
- Only available in EUR
- Premium is excluded from cover - Export Credit Risk COSEC: Covers the losses of the Portuguese exporter due to a political or commercial event
- Available in EUR and certain foreign currencies - Types of cover:
- Individual policy (single-contract)
- Line of credit: Multiple transactions to the same foreign buyer or bank
- Monthly shipping notifications required - Policy may be assigned to financial institutions
- Fees:
- Application fee
- Offer fee is charged for handling applications for export credit policies at the issuance of the offer and at each offer renewal every 6 months
- Premium according to OECD rules
Other products
- Investment insurance abroad: Covers Portuguese investments (equity, shareholder loans, and bank loans) against expropriation, war, currency transfer, currency inconvertibility, and breach of contract
- Bonds:
- Tender bonds
- Advance payment bond
- Performance bond
- On-demand bonds
- Counter-guarantees and counter-indemnities
Modality | Tenor | Cover type | coverage |
---|---|---|---|
Insurance | Short/medium/long-term | Comprehensive | 95%-99% |
Insurance | Short/medium/long-term | Comprehensive | 90%-95% |
Insurance | Short/medium/long-term | Risk transfer | 70%-95% |
Guarantee | Short/medium/long-term | Comprehensive | Up to 100% |
Performance highlights
What's new?
- Caixa Geral de Depósitos (CGD) and COSEC established a distribution protocol aimed at selling COSEC credit insurance products through CGD commercial networks
- COSEC, IAPMEI, and Turismo de Portugal signed a protocol that aims to provide benefits to PME Líder and Excelência companies
- COSECnet online communication tool manages policies
- COSEC provides insurance on its own account (not in the capacity as an ECA), for domestic and foreign commercial risks
- All applications are presented to COSEC and then submitted to the Ministry of Finance for approval