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.
In the equally owned joint venture, MAPFRE and EULER HERMES will be integrating their existing credit insurance activities in Spain, Argentina, Chile, Colombia and Mexico with a consolidated turnover of €135 million 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’ world leadership in credit insurance and unparalleled risk underwriting expertise with MAPFRE’s excellent competitive position and wide distribution network in the respective markets. As Antonio Huertas, Chairman of MAPFRE, explains “the joint venture is the result of an ambitious project.