Euler Hermes and Mapfre enter joint venture in Spain and Latin America

​Mapfre and Euler Hermes have entered a 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, once approvals from the regulatory authorities in the various countries have been obtained.

​Mapfre and Euler Hermes will be integrating on a 50/50 basis their existing credit insurance activities in Spain, Argentina, Chile, Colombia and Mexico with a consolidated turnover of €135 million in 2011.

Both Mapfre and Euler Hermes underline the benefits of the agreement for their customers as well as for the development of their respective businesses. The joint venture will combine Euler Hermes’ world leadership in credit insurance and unparalleled risk underwriting expertise with Mapfre’s excellent and wide distribution network in the relevant markets. As Antonio Huertas, Chairman of Mapfre, explains “the joint venture is the result of an ambitious project. We are creating a strong new platform committed to leadership”. Wilfried Verstraete, Chairman of the Euler Hermes Board of Management adds “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.” 

 

For further information, please contact:

Euler Hermes
Euler Hermes Group Communications: Bettina Sattler
Phone +33 (0)1 8411 6141 (Paris); bettina.sattler@eulerhermes.com

 
Euler Hermes Crédito Communications, Eva Muñoz
Phone +34 91 417 80 11 (Madrid); eva.munoz@eulerhermes.com

Mapfre
Mapfre Corporate Communications: Susana Díaz
Phone + 34 91 581 81 96; + 34 91 581 87 14; fax 91 581 83 82; susanadiaz@Mapfre.com