The SID – First Credit Insurance Company’s registered activities as defined in the Articles of Association comprise underwriting and exercising of non-life insurance business in the class of credit insurance. SID – First Credit is located in Slovenia and covers short-term receivables from private law entities (normally suppliers’ credits with maturity of up to 180 days or exceptionally of up to one year). The company underwrites commercial and non-commercial risks of companies selling abroad or/and in Slovenia on deferred payment and, normally, on open account. By providing financial security at trading goods and services, SID – First Credit promotes trade and economic development.
The owner of the company started the process of disposing of the company in 2017 in which it is selling up to 100 % stake. On September 6th the owner has signed share purchase agreement with COFACE group. The closing of the transaction is expected in early 2019.
The Management Board consists of Mr. Sergej Simoniti, Mr. Denis Stroligo, and Mr. Igor Pirnat, Msc., all have long experience in insurance industry.
The company entered the insurance business on 1 January 2005, when it took over the portfolio of short-term credit insurance that had been previously conducted by SID. The founder and sole owner of SID – First Credit is SID – Slovene Export and Development Bank Inc., Ljubljana. The paid-up share capital of the insurance company amounts to EUR 8,412,618.92.
Highlights in 2018 / 2019
In 2018, the Slovene economy is still growing. The business environment continues to be very demanding in terms of competition. As a consequence, the volume of business insured grew at much higher rate comparing to growth rate of written premium.
The company is positioning itself more actively in the Slovenian market and in the region. Besides traditional segment of large Slovenian exporters, the company is targeting also other segments of Slovenian market. In addition, the company is actively building its presence in Western Balkans region.
Board of Directors from 1.1.2018
Sergej Simoniti, Chairman of the Management Board
Igor Pirnat, M.Sc., Member of the Management Board
Denis Stroligo, Member of the Management Board
SID – Prva kreditna zavarovalnica d.d., Ljubljana
SID – First Credit Insurance Company
Davcna ulica 1
Phone +386 1 200 58 00
Fax +386 1 425 84 45