SACE (company)
 | |
Native name | SACE S.p.A. |
|---|---|
| Company type | Società per azioni |
| Industry | Insurance industry |
| Founded | 1977 (SACE) 2017 (SACE SIMEST) 2022 (SACE) |
| Founder | Government of Italy |
| Headquarters | , |
Area served | Italy |
Key people | |
| Products | Financial services |
| Owner | Italian Ministry of Economy and Finance (MEF) (100%) |
Number of employees | 943[1] (2022) |
| Parent | Ministry of Economy and Finance |
| Website | www |
SACE is the Italian insurance-financial group specializing in supporting businesses, industries, and the Italian economic tapestry and fabric.[2] It is wholly-owned by the Italian Ministry of Economy and Finance (MEF) since March 2022 and governed by Filippo Giansante (Chairman) and Alessandra Ricci (CEO).[3]
Founded in 1977, the SACE group operates with Italian companies that export and grow in foreign markets, also supporting the banking system to facilitate companies’ access to credit. The group is active in supporting liquidity and investments for competitiveness and sustainability within the framework of Italy’s Green New Deal, starting with the domestic market.[4]
The Group assumes insurance and/or reinsurance for the risks to which Italian companies are exposed in their international transactions and foreign investments.
Along with all the group companies – SACE FCT which operates in factoring, SACE BT active in Credit, Bonds and Other Property Damage, and SACE SRV, specialized in credit recovery and information asset management activities – SACE serves over 40,000 companies, especially SMEs, supporting their growth in Italy and in more than 200 countries worldwide.[5]
In Italy, it operates with 14 branches and 66 offices. Globally, it is active with 14 offices (Hong Kong, Mumbai, Shanghai, Cairo, Johannesburg, Dubai, Istanbul, Mexico City, São Paulo, Ho Chi Minh, Belgrade, Riyadh, Bogotá, Singapore[6]). Its portfolio of insured operations and guaranteed investments amounts to 164 billion euros.[7]
History
[edit]- 1977 - establishment of Sezione speciale per l'Assicurazione del Credito all'Esportazione - SACE as public entity under the surveillance of the Italian Ministry of the Treasury
- 1990 - establishment of Società Italiana per le Imprese Miste all'Estero - SIMEST as public entity under the surveillance of the Italian Ministry of Foreign Trade
- 1998 - Sezione speciale per l'Assicurazione del Credito all'Esportazione - SACE was transformed into Istituto per i Servizi Assicurativi del Commercio Estero - SACE as an entity with legal personality under public law, under the supervision of the Ministry of the Treasury, Budget and Economic Planning
- 2004 - SACE is transformed into a joint-stock company, whose capital is wholly-owned by Ministry of Economy and Finance and enters the short-term credit insurance market
- 2005 - SACE enters the surety market
- 2010 - SACE enters the factoring market
- 2012 - SACE is acquired by Cassa Depositi e Prestiti
- 2016 - SACE and SIMEST constitute a hub for exports and internationalization with their One-door initiative
- 2017 - establishment of SACE SIMEST
- 2022 - In March 2022, the "SACE Decree" (Decree Law n. 23/2020) defined the reorganization of the SACE Group, under which SACE transferred its stake in SIMEST to Cassa Depositi Prestiti and the latter transferred its 100% stake in SACE to the Ministry of Economy and Finance.
Activity
[edit]SACE, 100% controlled by the Italian Ministry of Economy and Finance (MEF), offers a complex range of instruments for credit insurance, investment protection, the provision of sureties and financial guarantees. The credit insurance is the reduction or transfer to third parties of the risks of insolvency. The insurance includes, from an economic-financial, managing and funding the loan. The risks of construction are all factors capable of damaging a particular company or that she herself may be damaged.
Share ownership
[edit]- SACE holds 100% of the shares of SACE BT S.p.A. and of SACE Fct S.p.A.
- SACE BT S.p.A. in turn holds 100% of the capital of SACE SRV s.r.l.
See also
[edit]References
[edit]- ^ "Annual Review 2022" (PDF). Retrieved 21 June 2023.
- ^ "Bloomberg - Company Overview". Bloomberg News. Retrieved 24 October 2016.
- ^ "SACE, assemblea nomina Giansante Presidente e designa Ricci quale Ad".
- ^ "SACE - Sponsor - World Manufacturing Foundation".
- ^ "SACE - About Us".
- ^ Subhani, Ovais (9 May 2024). "Italy opens new trade office in S'pore to boost business ties with South-east Asia". The Straits Times. ISSN 0585-3923.
- ^ "SACE SIMEST (CDP Group) opens in Shanghai".
