Historical antecedents of trade credit insurance (and even of credit derivatives, more indirectly) date back at least to the 1860s, when Johns Hopkins endorsed the notes of persons and firms whom he judged to be worthy credit risks, for a price (of up to 5%), making it easier for a note bearer to discount a note, that is, to sell it to another firm or to a bank. This helped to increase the salability of commercial paper, which stimulated trade, especially in a world before credit cards.
The early history of trade credit insurance is rooted in the 1860s, when Johns Hopkins started offering endorsements for trustworthy borrowers in exchange for a premium. This innovation increased the attractiveness of commercial paper, stimulating trade, especially before the advent of widespread credit card usage.