Press Releases and News

The Board of Directors of SACE approved the draft financial statements of the parent company SACE SpA and the consolidated financial statements of the SACE group as at 31st December 2010. Volumes insured by the group in 2010 continued the buoyant trend seen in recent years, and there was a significant increase in the number of medium-value transactions in support of SMEs. Gross premiums rose by 23.8% to € 532.8 million, while claims paid increased by 12% to € 181.5 million. Net income amounted to € 409.8 million (-10.9% compared to 2009).

SACE has backed € 500 million of the loan for the second phase of the Nord Stream project, in which the Italian firm Saipem has been awarded the contract to design and lay the second submarine gas pipeline linking Russia and Germany via the Baltic Sea.

SACE has secured a US$ 300 million long-term financing granted to the Brazilian company Vale S.A., the world’s largest producer of iron ore and iron ore pellets and the world’s second largest producer of nickel. Vale also produce manganese, ferroalloys, thermal and coking coal, bauxite, alumina, copper, cobalt, platinum group metals, and fertilizer nutrients.

Sace continues to be fully operational in all markets with high growth potential despite marked instability; insurance conditions for North Africa remain unchanged but the region is "under observation". The number of countries where SACE can offer insurance cover has risen from 181 to 183, with a more flexible approach in 19 Sub-Saharan countries.