COSEC

What COSEC does

COSEC is a Portuguese credit insurance and surety bond provider headquartered in Lisbon, founded in 1969, with an additional office in Porto and a workforce of 101–250 employees. The company operates as the national Portuguese arm of Allianz Trade, the global credit insurance brand of Euler Hermes, with the COSEC name retained for the local market. Its core products are organized into two main lines: Seguro de Crédito (Credit Insurance), offered in five tiered variants covering single-risk transactions, small businesses, medium and large enterprises, multinational corporations, and mid-sized multinationals; and Seguro Caução (Surety Bonds), covering construction contracts and supplies, payment obligations, customs-related bonds, and miscellaneous surety needs. Together these offerings address B2B trade credit risk, receivables protection, cash flow management, fraud insurance, and debt collection support for Portuguese businesses ranging from SMEs to multinationals.

The underlying technology stack is anchored by COSEC_Core, a digital client platform accessed via net.allianz-trade.pt, which serves as the policyholder servicing portal and integrates COSEC into the broader Allianz Trade global digital ecosystem. Self-reported operational metrics indicate a high-throughput service operation: 97% of credit decisions are delivered in under 48 hours, more than 10,000 guarantees are issued per month, and 493,157 guarantees have been granted cumulatively as of December 2025. The platform inherits Allianz Group-level infrastructure, including global underwriting data assets and the Allianz partnership with the Olympic and Paralympic Movements for brand positioning.

COSEC's business model is that of a regulated insurance carrier earning premium revenue on credit insurance policies and surety bonds, distributed through direct sales and intermediated channels in Portugal. As a subsidiary of Allianz Trade (Euler Hermes), its distribution benefits from the parent's international reach for multinational clients while serving local SME and mid-market customers through dedicated product tiers. No public pricing disclosures are available. The customer base is diversified across business size segments and industries, with explicit product architectures for SMEs, mid-large enterprises, and multinationals, and a separate surety bond franchise targeting contractors and project managers. No equity funding, M&A, or independent ownership structure is disclosed in the source data, consistent with COSEC's status as an operating subsidiary within a global insurance group.

Name

COSEC

Website

https://cosec.pt

Company type

Private

Founded year

1969

Operating status

Operating

Headcount range

101–250 employees

Short description

COSEC is a Lisbon-based credit insurance and surety bond provider founded in 1969, serving Portuguese SMEs, mid-large enterprises, and multinationals as the local arm of Allianz Trade (Euler Hermes).

Ownership category

akta.pro rank

Product category

Trade Credit Insurance

NAICS

Insurance Carriers and Related Activities (524)

SIC

Fire, Marine & Casualty Insurance (6331), Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Supply Chain Finance (Trade Credit, PO/Inventory Financing) (FSAKAGAE)

Keywords

• Credit insurance
• Surety bonds
• Trade credit management
• Debt collection
• Risk management

Headquarters

HQ city

Lisbon

HQ country

Portugal

HQ region

Europe

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Marketing channels1 record

Core offering

COSEC, operating as Allianz Trade in Portugal, provides B2B credit insurance (Seguro de Crédito) and surety bond (Seguro Caução) products. The company protects businesses against commercial credit defaults, supports contractors and project managers with financial guarantees, and serves small businesses, mid-large enterprises, and multinational corporations with tailored risk mitigation solutions. Supporting capabilities include risk management, cash flow management, accounts receivable protection, business fraud insurance, and debt collection services.

Product overview

COSEC (as part of Allianz Trade) operates as a unified platform offering credit insurance and surety bond products. The core offerings include Seguro de Crédito (Credit Insurance) with segment-specific variants for small businesses, medium-large companies, and multinationals, and Seguro Caução (Surety Bonds) covering contracts, payments, customs, and miscellaneous needs. These products work together to provide comprehensive risk management, accounts receivable protection, cash flow management, business fraud insurance, and debt collection services.

Differentiator

Problem solved

Functional benefit

Products and services

• Seguro de Crédito (Credit Insurance) Credit insurance product protecting B2B trade credit, enabling companies to grow with confidence by mitigating risks associated with customer defaults and ensuring financial stability. Offered in dedicated variants for small businesses, medium and large enterprises, single-risk transactions, multinationals, and medium-sized multinationals.
• Seguro Caução (Surety Bonds) Surety bond services providing financial stability and expertise for contractors and project managers. Covers construction contracts and supplies, payment obligations, customs-related guarantees, and miscellaneous surety needs.

Quantifiable outcome

• 57 cooperatives participated in the capital access summit

Named customers2 records

Segments1 record

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Federal Home Loan Bank of New York (FHLBNY)coreStrategic or Co-development Partner · 27 April 2026COSEC and FHLBNY convened a capital access summit for Puerto Rico's mortgage-lending cooperatives. The partnership aims to provide a pathway for credit unions to evaluate and apply for membership in the federal system, with membership providing access to grants and subsidies supporting affordable housing and community development.

Scale indicators1 record

Expansion highlights4 records

Direct peers

• Atradius: Major global trade credit insurer providing credit insurance, surety, collections, and credit management solutions. Competes head-to-head with COSEC for Portuguese SME and mid-market credit insurance mandates.
• Credendo: European trade credit insurer headquartered in Belgium, active across continental Europe. Comparable regional peer with similar mid-sized positioning and surety/credit insurance offerings.
• Coface: One of the world's largest trade credit insurers, offering credit insurance, surety bonds, and debt collection globally. Directly competes with COSEC / Allianz Trade in the Portuguese market and across the broader EMEA region.

Broad incumbents

• Allianz Trade (Euler Hermes): The parent brand under which COSEC operates globally; the worldwide leader in trade credit insurance. Relevant as the direct parent/affiliation rather than an independent competitor, but defines the strategic context for COSEC.
• Zurich Insurance Trade Credit: Provides trade credit insurance as part of its broader commercial insurance portfolio. Overlaps with COSEC in serving mid-market and large Portuguese corporates seeking bundled insurance relationships.
• AIG Trade Credit: Offers trade credit insurance and surety solutions through a global platform. Competes with COSEC for Portuguese corporate accounts requiring large-line, cross-border credit insurance capacity.
• Liberty Mutual Trade Credit: Operates a trade credit insurance business serving multinational corporates. Comparable to COSEC for Portuguese clients with global credit insurance needs.
• Surety bonding — Travelers: One of the largest U.S. surety bond writers with growing European presence. Comparable as a surety bond specialist overlapping with COSEC's Seguro Caução product line, particularly for construction and customs bonds.
• Chubb Trade Credit: Global insurer offering trade credit and political risk insurance. A relevant comparator for COSEC's surety and credit insurance offerings in the Portuguese and broader European markets.

Others

• BNP Paribas Trade Credit Insurance: Bank-affiliated distributor and arranger of trade credit insurance solutions for European corporates. Adjacent comparator relevant to how Portuguese corporates access credit insurance products alongside COSEC.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

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 COSEC