DUBAI, UAE - 15 MAY 2013 - Euler Hermes, the worldwide leader in credit insurance, today announced a 54% growth in its GCC portfolio in 2012, and expects the growth momentum to continue in 2013.
"Companies based in the GCC area are increasingly aware that the uneven global environment requires adopting risk management tools such as credit insurance that can protect financial strength in the long run," said Massimo Falcioni, CEO, Euler Hermes GCC.
The figures were announced at today's press briefing in Dubai with Wilfried Verstraete, Chairman of the Board of Management, Euler Hermes Group in attendance, that also discussed the company's Mediterranean Countries, Middle East and Africa (MMEA) regional growth strategy.
Verstraete declared: "While economic difficulties continue in the Eurozone, Euler Hermes investments in growth markets continue to bear fruit. Our global turnover at the end of March 2013 stands at € 619.3 million, up 5% versus the first quarter of 2012. The Middle East together with the Americas and Asia are the primary growth drivers."
He added that excellent results were also achieved by the MMEA region, which recorded 11% growth in Q1 2013 vs. Q1 2012.
"Euler Hermes's future growth is closely linked to the Group's ability to seize opportunities arising from changes in the global economy, including in the GCC countries," said Michele Pignotti, head of the company's MMEA region. "The 2013 Euler Hermes development strategy for this region is based on a robust risk appetite and investments to promote credit insurance that protects companies from unpaid invoices."
During the press briefing Falcioni highlighted the GCC as an important crossroad in new global trade routes, due to its openness to trade.
"GCC countries are actively investing in skilled services and innovative industries to prepare for a future that is less reliant on oil and natural gas reserves," he said. "We are ready to support new customers through a multi-channel distribution strategy within the six Gulf countries, leveraging the increased interest and demand for credit protection in domestic and export trade."
Euler Hermes has set up its operations in Dubai in September 2007, sponsored in the UAE by Alliance Insurance PSC whose chairman of the board is HH Sheikh Ahmed Saeed Al Maktoum. With operational offices in Jeddah and Riyadh, Euler Hermes is also present in Bahrain, Kuwait, Oman and Qatar.
Euler Hermes will be the lead sponsor of the first Trade Credit Insurance Summit to be held in Dubai, on September 23-25, 2013.
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 totaling € 770 billion exposure by the 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.ae.eulerhermes.com or follow us on Twitter @eulerhermes.
About Alliance Insurance PSC
Alliance Insurance PSC was established in 1975, to accommodate the needs of a growing region and provide the expertise in risk management and financial services. With the gained confidence of our customers, Alliance Insurance PSC has prospered to become a leading market force.
Today, after more than three decades of experience and expansion, the company has its rightful place as one of the leading composite Insurance companies in the U.A.E.
Alliance Insurance PSC provides a complete range of life and general insurance products and services. The same skills and philosophy that built Alliance's reputation remain in place backed by continuing commitment to excellence, and providing clients with the highest quality of service. Its team of insurance professionals design competent insurance portfolios to meet the specific needs of clients, whether they are individuals, corporations, or government bodies.
For further information, please contact:
Euler Hermes GCC
Euler Hermes MMEA
Iphigenia von Moock - +971 4 2116049 (Dubai)
Guglielmo Santella - +39 335 8496775 (Milan)
iphigenia.vonmoock@eulerhermes.com
guglielmo.santella@eulerhermes.com
Euler Hermes Group
Bettina Sattler - +33 (0)1 8411 6141 (Paris)
bettina.sattler@eulerhermes.com
Cautionary Note Regarding Forward-Looking Statements
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 forward-looking 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, including in particular economic conditions in the Euler Hermes Group's core business and core markets, (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.
© Press Release 2013
