More NewsMapfre and Euler Hermes Enter Joint Venture in Spain and Latin America

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.”

Related Articles

Preparing for GDPR? Here’s four things to consider

More News Preparing for GDPR? Here’s four things to consider

2m Elliott Wiseman
Cash flow in focus for investors

Cash Management Cash flow in focus for investors

3m Conor Deegan
Treasury TV: Karen Pugsley, Domino's Pizza Group

More News Treasury TV: Karen Pugsley, Domino's Pizza Group

3m Victoria Beckett
Treasury TV: Yeng Butler compares US and European MMF reforms

Compliance Treasury TV: Yeng Butler compares US and European MMF reforms

3m Victoria Beckett
Treasury TV: Tim de Knegt, The Port of Rotterdam

10 Minutes With The Treasury Treasury TV: Tim de Knegt, The Port of Rotterdam

4m Victoria Beckett
Banks are selling clients short with short dated cash deposit U-turns

Banking Banks are selling clients short with short dated cash deposit U-turns

4m Victoria Beckett
What does sterling’s Brexit boost mean for UK manufacturers?

More News What does sterling’s Brexit boost mean for UK manufacturers?

4m Tasja Botha
FX for corporates: 5 best practices for treasurers

Economy FX for corporates: 5 best practices for treasurers

4m Mateo Graziosi