Zurich in North America, a part of Zurich Financial Services Group, said that its International Surety, Credit & Political Risk group has executed an alliance agreement with Sace, Italy’s insurance and financial group controlled by the Italian Ministry of Economy and Finance.
According to Zurich, the agreement establishes a framework for a public/private collaboration in order to enhance the availability of surety for Italian contractors involved in projects in major global markets.
Under the terms of the agreement, Zurich and Sace will collaborate to provide reinsurance, co-insurance, and surety facilities to create new surety solutions to Italian companies operating outside of Italy.
Zurich North America Commercial head of International Surety, Credit & Political Risk Michael Bond said Zurich’s broad international surety experience and global capabilities, combined with SACE’s product range and strong position in the Italian marketplace, strengthens the ability of both parties to serve the needs of companies operating in markets across the globe.
“In this instance, Zurich’s ability to leverage SACE’s already strong surety bond capabilities will enable it to support its customers in a more meaningful way in markets where Zurich operates, Bond said.
This agreement is a direct result of the long collaboration between Zurich and SACE on the political risk business and demonstrates the benefits to both companies of that relationship.
Sace COO Raoul Ascari said this relationship with Zurich increases the reach and effectiveness, enhancing Sace’s role as a business facilitator worldwide. By working together, Zurich and SACE will be able to provide Italian companies with surety peculiar capabilities that alone, would be difficult to do.