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News

01.11.2013

EXIAR and GARANT enter into cooperation agreement for covering credit and political risks


Friday, 1 November 2013 – Export Insurance Agency of Russia and GARANT have signed a cooperation agreement in Moscow in order to enhance their capabilities to cover trade export transactions and investments worldwide. This new partnership gives a framework for mutual exchange of information, technical cooperation in risk and claim management, and debt collection. It will also lead to opportunities in facultative reinsurance arrangements.

“We consider very important the cooperation agreement with EXIAR, not only because our company Garant has historical links with Russia, but also because we strengthen our presence and expertise in a central market for the world economy, says Louis Habib-Deloncle, CEO of Garant. An increasing number of Russian companies are established in third countries, such as Switzerland where Garant is operating, and this new cooperation is expected to expand opportunities for Russian and international corporates. “

“For EXIAR the cooperation with Garant, domiciled in Switzerland and Austria, creates a number of opportunities. Thanks to this agreement EXIAR could provide the additional support for Russian exporting companies basing in EU and doing business abroad, says Petr Fradkov, CEO of EXIAR.”

The cooperation Agreement was officially signed by Petr Fradkov, Chief Executive Officer on behalf of EXIAR and, Louis Habib-Deloncle, Chairman of the Managing Board and Dmitri Lokshin, Member of the managing Board on behalf of Garant.

About EXIAR

OJSC Russian Agency for Export Credit and Investment Insurance (EXIAR) is the Export Credit Agency of the Russian Federation. Moscow-based EXIAR was founded in October 2011, as a subsidiary of Vnesheconombank, to protect the foreign accounts receivable of Russian exporters against commercial and political risks and foreign investments of Russian companies against political risks. The Agency’s charter capital is 30 billion rubles.

About GARANT

Backed by fifty years of experience, Garant AG has specialized in credit and political risks with a strong focus on political risk coverage in emerging countries. Garant offers trade insurance solutions in over 160 countries. 95% owned by the Belgian Export Credit Agency, Office National du Ducroire (ONDD), Garant is rated A- with stable outlook by the rating agencies AM BEST and FITCH.

Based in Austria and Switzerland, Garant is involved in several co-operation agreements with foreign banks and insurance companies worldwide as well as bilateral reinsurance agreements with ECAs from OECD and non OECD countries.

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