Member in the spotlight: COSEC

An interview with Vassili Christidis, CEO of COSEC

What are some highlights in the history of COSEC?

After COSEC´s foundation, in 1969, the company evolved and started to operate in the insurance and surety branch, and in 1975 COSEC was nationalized. A year later, in 1980, COSEC - Companhia de Seguro de Créditos, S.A. statutes were approved. At this time, the Public Investment Bank became the largest shareholder. Some years later, in 2001 the cooperation with the Euler Hermes Group1 starts and in 2007 Euler Hermes becomes COSEC’s shareholder together with BPI, sharing 50% of the credit insurer’s capital.

Over the following years, several awards were given to COSEC by Exame Magazine; by World Finance Insurance Awards; by SIC Notícias. In 2017, COSEC starts the internal innovation program COSEC 2020 and launches Dynamic Guarantee, an innovative online solution for risk classification and coverage. In 2018, the COSEC mobile app is launched, which allows managing Credit Insurance policies anywhere in the world.

COSEC is a leading insurer in Portugal; What do you think makes COSEC stand out? What are particularities of the market in Portugal?

In terms of size, Portugal is a small country - less than 11 million inhabitants - with an economy which, in this postpandemic period, is growing, sometimes above the eurozone average. Industry and services are the two main areas of economic activity, and industry, it should be noted, has a strong internationalisation and export side.1

Footwear, clothing, molds and other components for heavy industry are some of the industries in Portugal that, being exported, benefit from the support of credit insurers. Our solution offers protection, assessment of the customers’ risk situation, and information to help companies improve their credit decisions. In the case of late payment or non-payment, COSEC acts as soon as it is notified, and if uncollectible, it provides compensation. For our clients, this represents a financial guarantee, ensuring that they will receive payment for their credit sales.

We know the market very well and we can proudly say that we have been doing an excellent work for decades. The accompaniment and support we give Portuguese companies, responding with the best solution for their needs, is what makes us the market leader with an increasing market share. This, we believe, is also why many Portuguese companies have a long relationship with us and why new companies talk to us every day to support their activities.

1 Allianz Trade is the trademark used to designate a range of services provided by Euler Hermes

COSEC was founded in 1969, initially as the ECA service provider to the Portuguese State. Nowadays, it is the leading Insurer in Portugal in Credit Insurance and Bond Insurance. COSEC has in-depth knowledge of global markets, using important business intelligence systems and offers products to better satisfy its client’s needs. The first solution is the Credit Insurance - Global Offer, which is short-term commercial credit insurance that covers credit sales so that your cash flow is safeguarded, avoiding bad debts. And finally, we have another solution: COSECAllianz Trade World Program. This one is a global credit insurance designed for large companies operating in two or more countries, and it allows global companies to be protected against risks arising from trade credits or political risk situations, while also offering a local debt collection service.

When did COSEC join ICISA and what is most appreciated being part of our association?

COSEC is a member of ICISA as early as the 1970’s. This is a collaboration that makes us very proud, since ICISA comprises the world’s leading Credit and Surety Insurance companies. It is very positive to feel that we are united and that we have the support of an association of this relevance to discuss important topics in this field. We also consider that it is critical to be part of some processes to contribute to the evolution of our operation sector.