GIEK has entered into agreements with several other ECAs. These agreements work as a basis for cooperation in individual projects, but is not a prerequisite for such cooperation. GIEK may participate and take risk in joint projects where no general agreement have been entered into between the parties involved.
The simplest method for covering export from several countries is to include the foreign deliveries directly in the GIEK guarantee. The extent to which such a process is applied depend on the Norwegian content of the contract in question, as well as an assessment of the risk and the amount for which coverage is sought.
Reinsurance agreements
A reinsurance agreement is typically entered into as a general framework agreement to be applied to actual projects. In a reinsurance agreement, the main insurer will normally be the ECA in the country from which the largest portion of the deliveries to be covered originate. The main insurer issues a guarantee which covers the whole project and in turn receives guarantee(s) (reinsurance) from the guarantee institute(s) in the countries from which the sub-contracted deliverie(s) originate. The guarantee conditions of the main insurer will typically apply to the ECA(s) issuing the reinsurance.
GIEK has reinsurance agreements with:
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Atradius (Netherlands)
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Cesce (Spain)
- Coface (France)
- Cosec (Portugal)
- ECGD (UK)
- EGAP (Czech Republic)
- EKF (Denmark)
- EKN (Sweden)
- Euler Hermes (Germany)
- Finnvera (Finland)
- Kredex (Estonia)
- OeKB (Austria)
- SACE (Italy)
Memorandum of Understanding with:
- Sinosure (China)
Joint guarantees
In a joint guarantee, each ECA covers its own national portion with a separate guarantee and the cooperation is chiefly in the exchange of information, as well as in cooperation in the event of a default.
GIEK has joint guarantee agreements with:
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EKF (Denmark)
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EKN (Sweden)
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Finnvera (Finland)
