Baez

What Baez does

Baez EAD (Българска Агенция за Експортно Застраховане / Bulgarian Export Insurance Agency) is a 100% state-owned export credit insurance company founded in 1998 and headquartered in Sofia, Bulgaria, operating under the supervision of the Financial Supervision Commission (License No. 41/14.09.1998). It is the sole insurance company in Bulgaria with full state ownership of capital, positioning it as the national export credit agency inside the system of the Ministry of Economy and Industry. The company provides trade risk insurance (covering buyer insolvency and payment delays domestically and abroad), micro and small enterprise insurance, financial-institution insurance (credit, financing, factoring, and SME Financial Partners coverage of 30-70% of approved loan amounts), investment insurance against political and commercial risks abroad, guarantee/surety bond insurance, and a recently introduced 'Green Guarantees' product line. Coverage terms include 90% loss indemnification on insured receivables, 12-month policies renewable up to 48 months per credit, preliminary approvals within 5 working days for SME Financial Partners, and maximum insured exposure of BGN 1 million (micro/small) and BGN 2 million (medium) per SME credit.

The firm's analytical infrastructure is built on proprietary rating and scoring models for commercial risk at debtor and portfolio levels. These models were developed in-house by senior management and enhanced through a collaboration with Wiserfunding — the SME scoring platform created by Professor Edward Altman and Gabriele Sabato. This quantitative underwriting layer supports the firm's pricing and risk selection across export credit, working capital loans, and surety bonds.

Baez distributes its insurance products through a hybrid GTM model combining insurance intermediaries (brokers and agents earning commissions), direct sales at its Sofia headquarters, bank-channel partnerships (particularly for SME Financial Partners), and institutional partnerships with the Bulgarian Chamber of Commerce and Industry (БТПП) and the Bulgarian Forum of Business Leaders. Premium income is the primary revenue stream and is largely subscription/recurring in nature; pricing is individualized by debtor risk profile, country of buyer, and credit limit, with no public rate schedule. The 2024 financial profile shows revenues of approximately 13,326 thousand BGN and balance-sheet assets of 40,696 thousand BGN, against state-backed insurance capacity of approximately 800 million BGN allocated through the Bulgarian state budget. In 2024, the company pursued an aggressive cross-border expansion strategy through MOUs with AOFI (Serbia), KUKE (Poland), EXIM Bank Romania, and ECG (Greece), and was recognized with the CFI.co 'Excellence in Export Credit Insurance & Risk Mitigation 2024' award for CEE and the Banker of the Year 'Trusted Partner of Banks in Credit Risk Sharing' special award.

Name

Baez

Legal name

БЪЛГАРСКА АГЕНЦИЯ ЗА ЕКСПОРТНО ЗАСТРАХОВАНЕ ЕАД (Bulgarian Export Insurance Agency EAD)

Website

https://baez.bg

Company type

Private

Founded year

1998

Operating status

Operating

Headcount range

11–50 employees

Short description

Baez EAD is Bulgaria's sole 100% state-owned export credit insurance company, providing trade risk, working capital, investment, and surety-bond insurance to Bulgarian exporters, SMEs, financial institutions, and investors via broker, bank, and direct channels since 1998.

Ownership category

akta.pro rank

Headquarters

HQ city

Sofia

HQ country

Bulgaria

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Insurance Premiums - Trade Risk Insurance: БАЕЗ ЕАД earns premium income from insurance policies covering commercial risk (buyer insolvency and payment delays), working capital loans, and investment insurance. Premiums are paid upfront upon policy signing and are based on credit limits, debtor risk profiles, and geographic exposure.
2. Insurance Premiums - Financial Institution Products: Specialized insurance solutions for financial institutions, including credit and financing insurance, factoring insurance, and SME financial partner insurance. Revenue generated through premium payments from banks and financial institutions.
3. Insurance Premiums - SME Financial Partners: Insurance coverage for SME financial partners (banks, financial institutions, and SMEs) providing 30-70% coverage on approved credit amounts, with credit limits up to BGN 1 million for micro/small and BGN 2 million for medium enterprises.
4. Surety Bond (Guarantee) Insurance: Insurance for guarantees (surety bonds) to support public procurement contracts, enabling companies to secure contract performance without blocking working capital.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels7 records

Core offering

Baez (БАЕЗ ЕАД) is Bulgaria's sole state-owned export insurance company, providing credit and investment insurance for export transactions and related risks. Its core products cover trade risk insurance (buyer insolvency and payment delays), insurance for financial institutions (factoring, credit, financing, SME Financial Partners), investment insurance abroad, guarantee/surety bond insurance, micro and small enterprise insurance, and green guarantees, with 90% coverage of insured losses for trade risk.

Product overview

Baez (Българска Агенция за Експортно Застраховане) is Bulgaria's sole state-owned export insurance company, providing a comprehensive portfolio of insurance products for trade risk management. The core offering includes Trade Risk Insurance, Financial Institution Insurance, Investment Insurance, Guarantee Insurance, and specialized SME coverage. The agency covers 90% of insured losses from non-payment risks, supporting Bulgarian companies in both domestic and international markets through credit limit guarantees, buyer reliability verification, and accounts receivable management. Recent additions include credit and financing insurance for working capital loans and pre-export financing with state risk-sharing.

Differentiator

Problem solved

Functional benefit

Brands

• ЗЕЛЕНИ ГАРАНЦИИ НА БАЕЗ ЕАД: Green guarantees program offered by БАЕЗ ЕАД, representing environmentally-focused insurance products.

Products and services

• Trade Risk Insurance (Застраховка на търговски риск) Insurance coverage for commercial trade risks, protecting against buyer insolvency or payment delays when goods and services are delivered on deferred payment terms, both domestically and internationally. The product covers 90% of insured losses and targets Bulgarian exporters and domestic traders.
• Micro and Small Enterprise Insurance (Застраховка на микро и малки предприятия) Specialized insurance solutions tailored for micro and small Bulgarian enterprises, providing coverage for trade receivables and commercial risks with preferential pricing and facilitated service.
• Financial Institutions Insurance (Застраховки за финансови институции) Insurance solutions for banks and financial institutions covering credit risks, financing arrangements, factoring operations, and the SME Financial Partners product line (factoring insurance, credit and financing insurance, SME Financial Partners insurance). Targets Bulgarian banks and factoring companies seeking to share credit risk on loans to exporters and SMEs.
• Investment Insurance (Застраховка на Инвестиции) Insurance coverage for Bulgarian investments abroad, protecting investors against political and commercial risks (including political risk, expropriation, and commercial risks) in foreign investment destinations.
• Guarantee Insurance / Surety Bonds (Застраховка гаранции) Surety bond insurance enabling Bulgarian companies to secure public procurement contracts and other guarantee obligations without blocking working capital, providing guarantee fulfillment at competitive prices.
• Green Guarantees (ЗЕЛЕНИ ГАРАНЦИИ) Environmentally-focused guarantee insurance product line by БАЕЗ ЕАД supporting sustainable and green business initiatives in Bulgaria.
• SME Financial Partners Insurance (Застраховка МСП Финансови партньори) Insurance coverage of 30–70% on approved loans to micro, small and medium Bulgarian enterprises, with maximum credit limits of BGN 1 million for micro/small firms and BGN 2 million for medium enterprises. Policy term 12 months with renewal option up to 48 months per credit and preliminary approval within 5 working days; covers borrower insolvency and payment delays.

Quantifiable outcome

• 90% of insured losses covered against non-payment risk
• +3 more outcomes

Named customers7 records

Segments6 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eight partnerships are on record, tiered minor and core.

• Bulgarian Forum of Business LeadersminorStrategic or Co-development Partner · 18 September 2025БАЕЗ ЕАД was approved as a member on September 18, 2025. The Forum is a non-governmental organization uniting over 150 leading Bulgarian and international companies committed to responsible, transparent, and ethical business practices and corporate social responsibility. Membership aims to expand business contacts with established business leaders for idea exchange and best practice sharing.
• KUKE S.A. (Poland)coreStrategic or Co-development Partner · 1 October 2024Memorandum of Cooperation signed in October 2024 at the Berne Union meeting in Hamburg. KUKE is Poland's official export credit agency (established 1991). The goal of cooperation is to better control risk to maintain lower insurance prices for Bulgarian and Polish companies in their respective markets, supporting their export competitiveness.
• Wiserfunding (Platform by Professor Edward Altman and Gabriele Sabato)coreTechnology or Integration · 1 October 2024Collaboration started in October 2024 to fine-tune and enhance БАЕЗ's rating and scoring models for risk assessment of export credits, working capital loans, and surety bonds. Wiserfunding was created to help lenders capitalize on the untapped potential of the SME market, combining academic expertise with decades of market experience in a tech solution.
• AOFI – Serbian Export Credit and Insurance Agency JSCcoreStrategic or Co-development Partner · 25 September 2024Memorandum of Cooperation signed on September 25, 2024, during a meeting hosted by БАЕЗ. AOFI is the official export credit insurance agency of Serbia (established 2005). Areas of cooperation include: promoting trade and supporting bilateral business relations between Serbia and Bulgaria; exploring mutual opportunities for insurance, reinsurance, and co-insurance services; sharing expertise and best practices in commercial risk insurance, risk management, country risk assessment, and claims.
• Export Credit of Greece S.A. (ECG)coreStrategic or Co-development Partner · 1 August 2024Memorandum of Cooperation signed with Greece's export credit insurance agency. Both agencies committed to close cooperation to support exporters in their respective markets and explore joint initiatives.
• EXIM Bank RomaniacoreStrategic or Co-development Partner · 1 June 2024Memorandum of Cooperation signed in June 2024 during a joint meeting in Romania. EXIM Bank Romania is a Romanian commercial bank with majority state ownership, ranking among the top 10 largest credit institutions in Romania by assets. It also operates as a Romanian export credit and guarantee agency. The agreement aims to develop a joint framework to facilitate and promote bilateral trade relations and investment supporting the companies they insure.
• Bulgarian Chamber of Commerce and Industry (БТПП)coreStrategic or Co-development Partner · 27 June 2023Partnership agreement to build more effective cooperation and ensure wider visibility of business services provided by both organizations. The cooperation aims to better promote export insurance services to Bulgarian companies through БТПП's extensive member network.
• Euler Hermes Forderungsmanagement GmbH (Germany)minorStrategic or Co-development Partner · 15 April 2009Framework agreement for debt collection signed on April 15, 2009. Enables БАЕЗ for better management of non-payment risk of counterparties under insurance policies, providing fuller assistance to insured parties in case of payment delays, and more effective exercise of regression rights for claims involving counterparties registered in Germany and countries where the partner operates.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Coface SA: French-headquartered global trade credit insurer underwriting buyer non-payment risk for exporters and SMEs worldwide — directly comparable to Baez's core trade risk insurance and SME credit insurance products.
• Euler Hermes (Allianz Trade): World's largest trade credit insurer, now operating as Allianz Trade, offering export credit, surety, and receivables management — closely mirrors Baez's product portfolio and target customer base.
• Atradius: Global trade credit insurance, surety, and collections provider serving exporters and financial institutions — competes directly with Baez on trade risk, factoring, and SME financing insurance.

Regional players

• KUKE S.A. (Poland): Poland's official export credit agency (est. 1991). Comparable as a state-backed CEE ECA offering trade credit, investment, and surety insurance; already a MoU partner of Baez.
• AOFI (Serbian Export Credit and Insurance Agency): Serbia's official ECA established 2005. Direct regional peer with similar mandate for export credit insurance and investment guarantees; Baez MoU partner signed Sept 2024.
• EXIM Bank Romania: Romanian state-majority bank operating as both a commercial bank and export credit/guarantee agency — directly comparable ECA function in an adjacent CEE market; MoU partner of Baez.
• Export Credit of Greece S.A. (ECG): Greece's official export credit insurance agency offering credit insurance, guarantees, and investment insurance — parallel institutional role to Baez in the region; MoU partner.

Broad incumbents

• CESCE (Spain): Spanish state-backed export credit manager and credit insurer covering trade credit, surety, and political risk — broader portfolio but functionally analogous to Baez as a national ECA.
• MIGA (Multilateral Investment Guarantee Agency): World Bank Group member offering political risk insurance and credit guarantees to investors in developing countries. Comparable as an institutional counterparty for investment insurance products Baez offers to Bulgarian companies operating abroad.
• UK Export Finance (UKEF): UK's official export credit agency providing loans, guarantees, and insurance for exporters — broader mandate but functions as a national ECA comparable to Baez's institutional role.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/BAEZ.BG
• LinkedInlinkedin.com/company/bulgarian-export-insurance-agency-baez-

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Baez