Bulgarian Export Insurance Agency JSC

Opportunities for development and prevention of your business

Bulgarian Export Insurance Agency /BAEZ/ JSC has been providing specific B2B insurance solutions in Bulgaria for more than 25 years (since 1998) in the conditions of a dynamic economic environment.

Field of Expertise:

Founded in 1998 in Sofia, Bulgaria, BAEZ is the only public export credit agency (ECA) of Republic of Bulgaria. The company’s sole shareholder is the state – Republic of Bulgaria. BAEZ’s activity is regulated by a special Export Insurance Law and by the Insurance Code, with the purpose to guarantee the implementation of government’s strategy in the area of trade and more specifically to:

• increase the export potential of Bulgarian goods and services on international markets;
• provide support to Bulgarian investments abroad;
• facilitate access to financing of customers from SME segment.

Through the synergy of integrated skills and insurance services, we offer special operating model in Bulgarian export industry, devoted to the economic development of the country. Our aspiration is for BAEZ to act as a catalyst in order to bring out the full capacity of the Bulgarian export potential.

BAEZ provides exclusive insurance business solutions for protection of financial losses due to commercial and political risk, both for B2B and financial institutions, that finance business projects. We offer specific support for growth of the Bulgarian production and the export trade system. Our main target auditory are Bulgarian export-orientated companies, especially SMEs or companies, that carry out an activity in the field of a significant interest to the national economy.

We also open international horizons by helping any business, regardless of size, to export its products safely, reducing any risk and exposure that international activity entails to the maximum extent possible.

In 2023, the company has been provided insurance coverage for more than 79 countries, from over 6 continents. According to the National Statistical Institute database, for the same period 2/3 of Bulgaria’s export is concentrated in EU member states. BAEZ has provided coverage for debtors from each of them, which additionally has a positive impact to the national export volume.

BAEZ’s business insurance solutions:

• Commercial and political risk insurances (incl. factoring);
• Insurances of loans and financing (pre-export or working capital loans);
• Political risk insurance of Bulgarian overseas investments;
• Letter of credits insurances;
• Surety bonds.

*Preferences for insurances/surety bonds, related to the realization of ESG projects.

Notable remarks in BAEZ growth and brief history:

1997 – The Council of Ministers of the Republic of Bulgaria, decided the State to establish an insurance company with the purpose of implementing the national strategy in the area of foreign trade, supporting Bulgarian investments abroad, developing Bulgarian export potential and increasing the competitiveness of the export of Bulgarian goods and services to international markets.
1998 – On 29.10.1998 Sofia City Court registered Bulgarian Export Insurance Agency JSC as a joint-stock company with state participation.
2004 – BAEZ was transformed into a sole proprietorship with the sole shareholder the Republic of Bulgaria, represented by the Minister of Economy and Energy. The capital of the company was BGN 10,000,500, divided into 100,005 registered shares with a nominal value of BGN 100 each (1 EUR = 1.95583 BGN).
2018 – The Interdepartmental Council for Export Insurance was abolished as a decision-making body and was replaced by the Supervisory Board of BAEZ, which changed the management system from one-tier to two-tier.
2020 – BAEZ received a license for a new class of insurances on own account – Surety Bonds.
From 27.03.2020 to 31.03.2022 – BAEZ was an exclusive provider for Bulgaria of a temporary measure of state support in response to the epidemic situation of COVID – 19, as per all risks related to exports to countries with marketable risk are considered as temporarily non-marketable. For this purpose, BAEZ temporarily extended its insurance coverage for exports to these countries with political risk as an additional preference.

BAEZ’s Awards:

2022 – BAEZ was awarded with the Prize „Insurer of the year 2022” in category “Most dynamically developing company for 2022”. Organizers of the event „Insurer of the year” are the University of Insurance and Finance (VUZF), Association of Bulgarian Insurers (ABZ), Bulgarian Association of Supplementary Pension Security Companies (BASPSC), Foundation “Prof. d-r Veleslav Gavriiski” and Bulgarian Association of Insurance Brokers (BAIB).

Partnerships and memberships:

Since 1997 BAEZ is a full member of the prestigious internation organization Berne Union (BU) – leading global association for the export credit and investment insurance industry. The main goal of this membership is professional exchange of know-how, case-study and reports with other experienced ECA, private insurers, EXIM or multilateral insurance corporations, focusing on facilitation of cross-border trade by supporting international acceptance of principles in export credit and foreign investments.

BAEZ is a full member of Confederation of Employers and Industrialists in Bulgaria (CEIBG) and a full member of Association of Bulgarian Insurers (ABZ).

Since December 2022 BAEZ is a member of The Investment Council of Bulgarian Chamber of Commerce and Industry (BCCI).

Since May 2023 BAEZ is an associated member of Bulgarian Association of Electrical Engineering and Electronics (BASEL).

May 2023 BAEZ has signed an Agreement for Cooperation with Bulgarian Industrial Association.

June 2023 BAEZ has signed an Agreement for Cooperation with Bulgarian Association of Electrical Engineering and Electronics.