Mapfre and Euler Hermes Enter Joint Venture in Spain and Latin America
Mapfre and Euler Hermes have signed a 50/50 joint venture to develop their credit insurance business in Spain and four Latin American countries. The joint venture will launch its operations in the beginning of 2013, subject to regulatory approvals. Mapfre and Euler Hermes will be integrating their existing credit insurance activities in Spain, Argentina, Chile, Colombia and Mexico with a consolidated turnover of €135m based on 2011 figures.
Both Mapfre and Euler Hermes underline the benefits of the agreement for their customers as well as for developing business. The joint venture will combine Euler Hermes’ leadership in credit insurance and unparalleled risk underwriting expertise with Mapfre’s wide distribution network in the respective markets.
Wilfried Verstraete, chairman of the Euler Hermes board of management, said: “By bundling our complementary strengths we will be able to serve even better our Spanish and Latin American customers, while carrying through our growth strategy.”