SACE
| SACE SpA
|
|
|---|---|
 |
|
| legal form | Società per azioni |
| founding | 1977 |
| Seat |
Rome , Italy
|
| management |
|
| Number of employees | 969 |
| Branch |
Insurance , financial services |
| Website | www.sace.it |
| As of December 31, 2018 | |
The SACE SpA is an Italian credit insurance company with headquarters in Rome . The limited company , which specializes in export credit insurance and export risk guarantees , is wholly owned by Cassa Depositi e Prestiti , which in turn is 80 percent owned by the Italian Ministry of Economy and Finance . SACE is an important instrument of Italy's foreign trade policy .
history
The first major Italian credit insurer was the Società Italiana Assicurazione Crediti (SIAC), founded in 1927 , which was taken over by today's Euler Hermes in 1998 .
SACE was established by law in 1977 as a section for export credit insurance (Sezione per l'Assicurazione del Credito all'Esportazione) of the national insurance company Istituto Nazionale Assicurazioni (later taken over by Assicurazioni Generali ). In 1998 it became independent as an institution under public law as the Istituto per i Servizi Assicurativi del Commercio Estero . In 2004 it was converted into a stock corporation, with the company name being reduced to the acronym SACE. As a state-owned company, SACE was wholly owned by the Italian Ministry of Economy and Finance.
In 2005, SACE acquired the French insurance company SMABTP (Société mutuelle d'assurance du bâtiment et des travaux publics) and 70 percent of the Italian Assedile . In the course of these acquisitions and an internal reorganization, SACE founded various subsidiaries. In the following years, SACE opened offices in Moscow , Hong Kong , Istanbul , Bucharest , Mumbai and Mexico City and expanded its business area. At the end of 2012, as part of a reorganization of state holdings, Cassa Depositi e Prestiti took over SACE shares from the Ministry of Economic Affairs and Finance.
subsidiary company
The following subsidiaries are 100 percent owned by SACE:
- SACE BT, specializing in short-term credit insurance and risk protection in the construction sector (successor to SMABTP and Assedile )
- SACE FCT, a factoring company founded in 2009
- SACE SRV, active in the field of credit checks , ratings and debt collection
The company SIMEST, which specializes in foreign trade support, is 76 percent owned by SACE.
Company figures
In 2017, the group of companies generated an annual profit of 482 million euros . In 2017, the company had around 20,000 customers in 198 countries.
Web links
- SACE SpA website (Italian, English)