Companhia de Seguro de Créditos | Export Credit Agency (ECA) in Portugal

Export Finance and Insurance Corporation

Companhia de Seguro de Créditos | Export Credit Agency (ECA) in Portugal

COSEC is the leading insurer in Portugal in the Credit and surety branches, offering the best solutions to support the management and control of credits in the domestic and foreign markets. COSEC is also responsible, on behalf of the Portuguese State, for the coverage and management of credit, surety and investment risks, especially for countries at greater risk .

The shareholder structure of COSEC brings together the solidity of Banco BPI, one of the largest Portuguese financial groups, and the experience of Euler Hermes, the largest credit insurance group in the world.

A summary of Companhia de Seguro de Créditos

Summary video of Companhia de Seguro de Créditos and how it operates in Portugal. Credit Insurance allows the management of credit to customers and covers non-payment of credit sales of goods and services carried out in Portugal and / or abroad. It is aimed at the business market (Business to Business) and offers a support service to minimize non-compliance and optimize the company’s risk management.

– Video Original da Euler Hermes, acionista da COSEC –

Companhia de Seguro de Créditos – Benefits of using an ECA in Portugal

Officially Supported Export Credit Insurance is an essential tool – to promote and support Portuguese export transactions. –

The State Guarantee products managed by COSEC provide cover and allows -exporters to increase – their exports, by covering the credit risks associated with transactions, especially to emerging economies and developing countries. Export credit -insurance protect exporters against bad debt losses arising from commercial or political reasons and in many cases, – are a prerequisite for the necessary funding of a transaction to be made available.

What types of products and services does Companhia de Seguro de Créditos offer in Portugal?
  • Short-Term Export Credit Scheme: for companies exporting for higher risk countries, with payment terms up to 2 years.
  • Supplier Credit Cover: for companies that want to cover exports with medium and long payment terms.
  • Buyer Credit Cover: designed for banks financing medium and long-term export transactions.
  • Investment Insurance Abroad: provides cover for political risk insurance for the Portuguese investors against the main political events of Expropriation, War and Transfer
  • Bond Insurance: Bonding Insurance may apply to any legal or contractual obligation entered by the Portuguese exporter under an export contract.
History of Companhia de Seguro de Créditos

COSEC was founded in December 1969 as a credit insurance company owned by public entities. Following the nationalization period in 1975, COSEC was transformed into a public company and in 1992 was fully privatized.. Presently, COSEC is a privately owned company with two shareholders, EULER HERMES (since 2007) and the Portuguese Bank BPI (1996), both with 50% of the capital shares. 

COSEC became member of Berne Union in 1977 and since then has played an active role in this international association of credit insurers. COSEC has been part of the Management Committee for several times and in 2016 hosted the General Assembly of the Berne Union, for the first time in Lisbon, with the presence of 82 export credit insurers from all over the world. 

In 2019, COSEC celebrated its 50th anniversary with a series of conferences and other cultural initiatives, such as a protocol signed with the Ministry of Culture by which the company’s art collection was entrusted to a museum where it can now be enjoyed by the public in general, – and held an international conference dedicated to the activity of State Guarantee Insurance and the celebration of COSEC’s 50 years as an Export Credit Agency (ECA).  

COSEC is the leading credit insurer for credit and bond insurance, in Portugal.

Finished Goods – Our innovative structuring capabilities allow us to put together complex finance structures, even if the end goods are finished

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Soft Commodities / Grains – We’ll work with traders and producers to help them increase their trade flows in the jurisdications they’re operating in

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Metals – From scrap metal to alloys, we help traders and distributors access trade, receivable or PO finance for iron, steel and non-ferrous metals

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Key Stats


COSEC - Companhia de Seguro de Créditos, SA




COSEC is the leading insurer in Portugal in the areas of credit and bond insurance, offering the best solutions to support credit management in the domestic and foreign markets. COSEC is also the Portuguese Export Credit Agency managing, on behalf of the Portuguese State, the officially supported insurance against commercial and political risks associated with the export and investment of Portuguese companies abroad.

CEO Information:

Maria Celeste Hagatong – Chairman and Responsible for ECA’s activities and Vassili Christidis - CEO








Sede: Av. da Liberdade, 249 – 5.º piso – 1250-143 Lisboa

About the Author

Trade Finance Global (TFG) assists companies with raising debt finance. While we can access many traditional forms of finance, we specialise in alternative finance and complex funding solutions related to international trade. We help companies to raise finance in ways that is sometimes out of reach for mainstream lenders.

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