Bond Insurance

Bond insurance is the insurance industry’s equivalent to the aval guarantee offered by banks. Bond insurance has two major advantages: no restriction on the credit lines provided by the bank and a high degree of flexibility, especially when it comes to specific challenges.

Your advantages

does not negatively impact credit facility/credit rating

also suited to “difficult” industries and business situations

As the market leader in bonds, we know the German and Austrian insurance markets better than anyone. Our database and the numerous exclusive services we offer guarantee you maximum market transparency at all times, and the right terms for your needs. Whether you are looking for a new contract or would like to optimize an existing policy: We would be happy to advise you personally.

Many purchasers require their suppliers to provide a guarantee- for example, in the form of sureties. Typically, such guarantees are provided by banks as ‘avals’. However, the amount of bank guarantees made available to you counts against your overall credit line and therefore restricts your financial room to manoeuvre. Bond insurance provides all the same guarantees but it does not impact your liquidity. This makes this option particularly interesting for businesses in sectors from which banks are withdrawing. Companies that have just undergone – or are in the middle of – restructuring are particularly unattractive to banks because of the higher equity capital requirement. Insurers, on the other hand, do not have the same equity capital requirements. As such, they are prepared to take on more risk. In doing so, they look not just at the probability of default but also at the individual types of guarantee available. This leads to significant differences in the evaluation of collateral you need to provide.

While the cost of your bond insurance depends, to the most part, on your own rating, importance is also attached to your business forecast. Banks, on the other hand, look more at your past financial performance. This means insurers may well assess your business more positively than your banks.

However, even if your creditworthiness is not an issue, some banks are not willing, or are no longer able, to provide enough equity capital to cover the entire amount required. In such cases, they are happy to take on a part of the guarantee and leave the rest to an insurer. What is more, banks cannot provide for certain cost structures, such as the consortiums common in some industries, for example the construction industry. Insurance companies, on the other hand, are as unperturbed by such structures as by certain countries and industries.

They also offer a lot of flexibility in fronting matters: For example, if a German insurer doesn’t hold a license for a certain country then one of the insurers or banks in the country in question issues the surety or guarantee on behalf of the European insurer. Insurance companies also accept fronting by banks if the customer insists on a bank aval. Fronting is possible anywhere in the world and does not involve high fees. Fronting partners do not charge commitment fees either.

Generally, bond providers offer maturities of up to ten years. That said, 10-year maturities are the exception: In investment-heavy industries, such as the energy sector, sureties are often linked to the commercial contract periods, which are usually shorter.

Christian Bos

Christian Bos

Branch Manager
+31 20 8880621
Languages: Dutch / English / German / French

Personal Info

Why Gracher is your leading partner for bond insurance /surety companies:

  • access to all the relevant bond insurers
  • ability to compare the terms and conditions of individual guarantees to find the best price, using our free software tool “Surety Manager” which draws information from current loan commitments in surety and bank contracts
  • the best price on a complete loan commitment for new contracts, as well as for the renegotiation of existing contracts using the “Gracher database”, which holds records of over 3,500 data sets
  • minimum risk of liability to executive and supervisory boards through legally sound contracts (running review of contracts using our exclusive “Master Cover” tool)
  • on-the-ground support wherever you are through our membership of the global “Surety Alliance”
  • experience in providing solutions combining syndicates of surety insurers and banks
  • expertise in matters concerning vertical and horizontal consortiums, as well as sub-contractor avals
  • collateral pool expertise
  • all variants of bond insurance – including for industry-specific solutions
  • up to date on regulatory changes
  • cost and time savings through optimized processes

Bond insurers flexible in fronting

They also offer a lot of flexibility in fronting matters: For example, if a German insurer doesn’t hold a license for a certain country then one of the insurers or banks in the country in question issues the surety or guarantee on behalf of the European insurer. Insurance companies also accept fronting by banks if the customer insists on a bank aval. Fronting is possible anywhere in the world and does not involve high fees. Fronting partners do not charge commitment fees either.
Generally, bond providers offer maturities of up to ten years. That said, 10-year maturities are the exception: In investment-heavy industries, such as the energy sector, sureties are often linked to the commercial contract periods, which are usually shorter.

Personal Info

Alfons Maria Gracher

married, three children

Trained bank clerk, degree in business administration and, since 2000, managing partner of Gracher Kredit- und Kautionsmakler GmbH und Co. KG, Germany’s largest surety service provider.

An expert in his field and a member of the Chamber of Industry and Commerce (IHK) finance committee, he is consulted on such matters as the implementation of European Commission directives and regulations.

He is also a co-founder and board member of (the international credit broker association) BARDO e.V., established in 2013, and heads its surety committee. As a founding member of Surety Alliance, he is well-connected internationally.

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Viktor Margaritopoulos

Degree in business administration

Born 1980, partner, 1 child

A successful 15-year career in sales and consulting, working in the insurance, manufacturing, banking, financial sectors for companies including Deutsche Bank Privat und Geschäftskunden AG and Euler Hermes Deutschland.

Mentor and lecturer for insurance and business administration at DHBW Mannheim, as well as other higher-education establishments.

Member of the insurance committee at the Saarland Chamber of Industry and Commerce.

Member of Arbeitskreis Wirtschaft e.V..

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Horst Wingenter

Coming soon.

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Christian Wolber

After training as a bank clerk, Wolber obtained a Bachelor in International Business in Maastricht, completing part of the course in Ecuador. He also completed a Masters in Banking & Finance at HSG St. Gallen.

He then spent 12 years in London, initially at Barclays Capital and then at Citigroup. At both institutions, he worked in leveraged finance, structuring and placing financing solutions for corporate and private equity clients. He then moved to Ondra Partners (also in London) where he worked in debt advisory.

Wolber now heads Gracher’s finance consulting business. In addition to his longstanding experience within the financing sector, he also has an extensive network of contacts among financing partners – banks, credit funds (private debt), mezzanine financing providers, and a wide variety of alternative credit providers.

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Carl E Hoestermann

Attorney

born 1961, married, 3 children

1992 Deutsche Bank management trainee program in Frankfurt and subsequent role as assistant to the board of management at the Duisburg branch. Thereafter, branch director of two large Deutsche Bank branches.

At the end of 1997, moved to HOCHTIEF AG in Essen as Head of Corporate Finance, Investor Relations and Asset Management. Responsibility for numerous projects, both national and international.  From 2004 onwards, also Deputy Chairman at HOCHTIEF Pension Trust e.V., the group’s investment vehicle for financing German pension liabilities.

Longstanding management and project experience at international level, including negotiation of high-volume surety facilities for operating subsidiaries in the USA and Canada.

Personal Info

Wolfgang Bäumer

After graduating from high school, trained as a bank clerk at a savings bank, where he was subsequently employed in the bank’s credit department.

He then studied law in Bonn, passing the bar, and went on to work in Deutsche Bank AG’s corporate banking division.

From here, he moved into property leasing at subsidiaries of Dresdner Bank and Commerzbank and was responsible for structuring and financing numerous large projects – focusing, in particular, on compliance with international accounting rules.

Joined Gracher in 2013, focusing on the construction industry and property developers.

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Christoph Spuller

Coming soon.

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Edwin Jacobs

Coming soon.

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Kontantin Narykov

Coming soon.

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Lana Srdanovic

Diplom-Ökonomin

geb. 1982, verheiratet, 1 Kind

2005 begann ihre Kariere zuerst als Sachbearbeiterin und später als Junior Specialist Corporate Finance bei der Repräsentanz der LHB Internationale Handelsbank AG aus Frankfurt, Standort Belgrad. Ab 2012 war sie tätig als Firmenkundenbetreuerin bei der Dunav Banka AD in Belgrad mit dem Fokus auf Bankgarantien. Im Jahre 2015 wechselt Frau Srdanovic zur ProCredit Bank AG in Frankfurt am Main und nahm dort, ebenfalls im Vertrieb, Tätigkeit als Business Client Advisor, später als Senior Business Client Advisor auf. Mit komplexen Aufgabenstellungen wie Kreditrisikoanalysen oder der Begleitung von Kreditanträgen ist sie bestens vertraut.

Aufgrund ihres bisherigen beruflichen Werdegangs verfügt Frau Srdanovic über mehr als 15 Jahre Erfahrung im Firmenkunden Geschäft.

Seit September 2021 verstärkt Frau Srdanovic als Senior Beraterin das Sales-Team bei der Gracher Kredit- und Kautionsmakler GmbH & Co. KG vom Standpunkt Frankfurt aus und wird von dort den Kunden zur Verfügung stehen.

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Andreas Berg

After completing his education as an insurance specialist in the Signal Iduna Group / Hansa-Invest and Donner & Reuschel Privat Bank in 2001, his focus was initially on advising the local craftsmen (master craftsmen) in the areas of financing and on the concept of optimal insurance protection.

Due to his previous professional career, Andreas Berg has more than 20 years of experience with medium-sized companies.

Since 01.10.2017 Mr. Berg has been part of the surety team at Gracher for the area of North Rhine-Westphalia.

Personal info

Luba Nikiforova

Dipl. Economist, born 1981, 1 child

Studied Economics with a focus in Finance at the Ruprecht-Karls-University Heidelberg followed by a MSc in European Politics and Governance at the London School of Economics and Political Science.

For 15 years working as a business development expert in various fields in Bulgaria – electricity trading, renewable energy, energy efficiency, EU financing. Was responsible for the optimization of electricity costs for an energy-intensive industrial company, which became the first Bulgarian industrial consumer to cover its own electricity needs through active electricity trading activity and thus achieved significant financial savings.

Since May 2020 working at Gracher as Specialist Standard Surety Bonds.

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Özay Süerdem

Following his apprenticeship as a banker at SEB, Mr. Süerdem completed his bachelor’s and master’s degree at FOM in ‘Business Administration’ (focus: Finance) as well as ‘Finance & Accounting’ in Cologne. During this period, Mr. Süerdem worked in various positions in banking and financing industry of banks and financial institutions as senior consultant, credit analyst, customer consultant and sales assistant.

Most recently, Mr. Süerdem worked for Big4 companies in consulting and auditing the credit business of banks. In addition to various credit-related consulting projects, his primary tasks included the risk assessment of complex credit engagements (especially project & leveraged finance). At Gracher, Mr. Süerdem is a specialist in all aspects of corporate financing and works closely with Mr. Wolber. His field of activity includes both analysis and consulting activities.

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Kai Grove

born 1976, married, 3 children

In 1996, after completing military service, he began his training at the Kreissparkasse Wesermünde-Hadeln. After successfully completing his degree, Mr. Grove worked in the Corporate Clients department as a loan officer, in the corporate client secretariat and as a financial analyst. During this time, further training to become a savings bank specialist and savings bank business administrator took place. In 2007, Mr. Grove switched to sales as a corporate client advisor. Here he advised start-ups, self-employed, freelancers, commercial and corporate customers on all topics from the banking and insurance industry.

In 2013, Mr. Grove started working as a corporate account manager at MMV Leasing GmbH in Hamburg. From April 1, 2015, he was employed as district manager at the newly opened Bremen site, and on January 1, 2017, he was appointed deputy branch manager. In 2017, Mr. Grove switched to abcfinance GmbH, where he began working as an account manager, also in sales leasing, and later as a key account manager or specialist in sales financing. In sales leasing, sales financing concepts for specialist retailers are developed and implemented.

Due to his previous career, Mr. Grove has more than 20 years of professional experience in corporate and B2B business.

Since July 1st, 2020, Mr. Grove has been part of the deposit team at Gracher Kredit- und Kautionsmakler GmbH & Co. KG in northern Germany.

Personal info

Christian Bos

Christian Bos has accumulated over 10 years experience in the Bonding industry with Nationale Borg and Atradius Bonding. Being highly client orientated Christian Bos has experience in creating and looking for creative solutions to bring parties together.
With an extensive network in banking, insurance companies and a European business focus he will look for national and international business opportunites for the Gracher Group.
Specialities are customer focus, cross selling and international business with multinationals.

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Thomas Hottmann

Coming soon.

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Dr. phil. Thomas Möldner

Divorced, one child
Studied English and Slavic languages and literature, doctorate in 1992 in the field of English linguistics.

Has worked in the banking industry since 1993: Credit business, credit brokerage, process optimisation.
2021 Joined Gracher Kredit- und Kautionsmakler GmbH und Co. KG as senior deposit officer.

 

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Carsten Schack

Born 1979, married, two children
Banker, graduated in business administration and certified credit risk manager from the Frankfurt
School of Finance & Management. Carsten Schack's professional career began at the Volksbank Bonn Rhein Sieg eG with an internship as a bank employee and then studies in the corporate client sector. After successfully completing his studies, Schack took a job as a corporate client advisor for regional medium-sized companies. He then gained his first experience in factoring at VR FACTOREM GmbH as a key account manager, before gaining his first experience in factoring at HSBC. Schack then switched to Coface Finanz GmbH and was responsible for the Cologne area as a Senior Region Manager Trade Receivables Finance. In 2018, he assumed the role of Senior Region Manager in Deal Structuring at Coface Finanz GmbH until he switched back to sales at ABN AMRO Commercial Finance. There he was responsible for acquiring new clients and maintaining and developing various sales channels for asset-based finance products such as factoring, leasing and inventory financing.

Basically, the Rhineland resident has more than 20 years of experience in finance and credit.

At Gracher, Mr. Schack takes care of factoring and purchase financing. In addition to his experience in finance and credit, he has an extensive network consisting of credit insurers, factoring companies, financial institutions and procurement financiers.

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André Ofenloch

born 1974, partner, two children

Qualified insurance broker and degree in business administration.

André Ofenloch began his carrier as an analyst and underwriter in 1993, working in the Creditline division of Allgemeinen Kredit AG (later Coface Deutschland AG). In 2003, he moved to Coface’s new factoring subsidiary Coface Finanz GmbH, starting out as an account manager in commercial factoring. From 2006 onwards, he became the authorized head of the Business Development, Institutional Clients/Refactoring and Reverse Factoring divisions. In 2014, he was made head of sales for the company’s factoring business, managing a 15-strong decentralized sales team up until the end of 2018. Parallel to this, he also became head of the newly established New Client Structuring and Onboarding division, where he remained until the end of 2019.

At Gracher, Ofenloch oversees the factoring and receivables & purchase financing business. In addition to a wealth of experience drawn from a long career in financing and credit insurance, Ofenloch also has an extensive network of contacts in credit insurance, factoring, banking and purchase order financing.