MAPFRE and Euler Hermes sign 50/50 joint venture

Spanish insurance company MAPFRE and credit insurance group Euler Hermes have signed a joint venture to develop the credit insurance business in Spain and four Latin American countries.

The deal is subject to regulatory approvals and will be operational at the beginning of 2013.

In the equally owned joint venture, the groups will be integrating their existing credit insurance activities in Spain, Argentina, Chile, Colombia and Mexico with a consolidated turnover of €135m in 2011.

“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,” said Wilfried Verstraete, chairman of the Euler Hermes board.

Antonio Huertas, chairman of MAPFRE, added that the joint venture is the result of an ambitious project. “We are creating a strong new entity committed to leadership,” he said.

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