Euler Hermes / MAPFRE joint venture Solunion launched single operations platform to manage trade risks and unify its credit insurance offerings

22-7-2013 — /EuropaWire/ — Solunion, the joint venture owned equally by Euler Hermes, the global leader in trade credit insurance, and MAPFRE, the international insurance company market leader in Spain and in Latin America, has completed the integration of its teams in Spain with the launch of a single platform to manage trade risks and unify its credit insurance offerings to new clients.

Just five months after launching operations on January 29th 2013, Solunion now presents a single face to the market as an independent company in offering its experience, know-how and knowledge about companies, markets and industry sector activity to policyholders and partners.

Pascal Personne, CEO of Solunion in Spain, explains: “We’re very pleased have launched this platform to our clients so quickly, despite the inherent complexity of joint venture processes. Internal cooperation as well as strong market feedback, collaboration and confidence, were decisive factors in the success and speed of this operational integration. As a result we’re now able to be more responsive to our clients’ needs. And we’ll continue to innovate in order to offer them high quality added value and competitive products.”

The new operating platform offers Solunion policyholders  direct access to the extensive Euler Hermes global trade risk database. Solunion economists and a global network of analysts, monitor country, sector and clients risk permanently in order to offer clients the greatest possible coverage. More than 1,500 underwriting experts continually monitor the  portfolio quality.

Solunion has unified also its new client policy offering under a single product –  the Global Policy – and provides its partners and policyholders with the advanced online technology of Eolis, a portal for managing policies directly and in real-time.

About Solunion
Solunion Seguros de Crédito offers credit insurance solutions and services for companies in Spain and Latin America. Established in 2013 with initial activities in Spain and Argentina, it is a joint venture owned equally by MAPFRE, an international insurance company with presence on the five continents,
market leader in Spain and, of non-life insurance, in Latin America, and Euler Hermes, the global leader in trade credit insurance and a leader in bonding and collections. Solunion offers clients an international network of risk monitoring from which it analyzes the financial stability of more than 40 million companies. An extensive distribution network responds to the needs of companies of all sizes in a wide range of trade sectors.
www.solunionseguros.com

About Euler Hermes
Euler Hermes is the worldwide leader in credit insurance and one of the leaders in the areas of bonding, guarantees and collections. With 6,000+ employees in over 50 countries, Euler Hermes offers a complete range of services for the management of B-to-B trade receivables and posted a consolidated turnover of € 2.4 billion in 2012.

Euler Hermes has developed a credit intelligence network that enables it to analyze the financial stability of 40+ million businesses across the globe. The Group insured worldwide business transactions totalling € 770 billion exposure end of December 2012.

Euler Hermes, a subsidiary of Allianz, is listed on NYSE Euronext Paris (ELE.PA) and is rated AA- by Standard & Poor’s.

For more information visit www.eulerhermes.com or follow us on Twitter @eulerhermes.

About MAPFRE
MAPFRE is a multinational group with presence in more than 45 countries on the five continents, developing mainly insurance, reinsurance and services activities. It is the leading insurance company in Spain and number one in the Non-Life insurance business in Latin America. MAPFRE, which ranks
as the sixth largest Non-Life European company, has over 35,500 employees and more than 23 million customers worldwide. In 2012, its net result exceeded €665 million and its revenues amounted to over €25,000 million. MAPFRE is listed on the Madrid and Barcelona stock exchanges, and forms part of the IBEX 35. www.mapfre.com

For further information, please contact:
Solunion – Communication Department
Eva Muñoz
Phone. +34 91 417 80 11
eva.munoz@solunionseguros.com
Avda. General Perón, 40
28020 Madrid – Spain

Cautionary note:
The statements contained herein may include statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. In addition to statements which are forwardlooking by reason of context, the words “may”, “will”, “should”, “expects”, “plans”, “intends”, “anticipates”, “believes”, “estimates”, “predicts”, “potential”, or “continue” and similar expressions identify forward-looking statements. Actual results, performance or events may differ materially from those in such statements due to, without limitation, (i) general economic conditions, (ii) performance of financial markets, including emerging markets, and including market volatility, liquidity and credit events (iii) the frequency and severity of insured loss events, including from natural catastrophes and including the development of loss expenses, (iv) persistency levels, (v) the extent of credit defaults, (vi) interest rate levels, (vii) currency exchange rates including the Euro/U.S. Dollar exchange rate, (viii) changing levels of competition, (ix) changes in laws and regulations, including monetary convergence and the European Monetary Union, (x) changes in the policies of central banks and/or foreign governments, (xi) the impact of acquisitions, including related integration issues, (xii) reorganization measures, and (xiii) general competitive factors, in each case on a local, regional, national and/or global basis. Many of these factors may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences.

The company assumes no obligation to update any forward-looking statement.

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