Zurich Surety, Credit in Alliance with Korea Export Insurance Corp.

Zurich announced that its North America Surety, Credit & Political Risk group has completed a Memorandum of Understanding (MOU) with the Korea Export Insurance Corporation (KEIC), an export insurance agency supported by the Ministry of Commerce, Industry and Energy of the Korean government.

Zurich said the “MOU establishes a framework for a public/private collaboration that is anticipated to enhance opportunities for Korean investors, exporters and contractors and promote international trade in established and emerging markets across the world.”

Daniel Riordan, president of Zurich’s Specialties unit, pointed to the experience Zurich and the KEIC have in the field of trade credit, and said the agreement would strengthen “the ability of both parties to serve the needs of companies operating in markets across the globe.

“In this instance, Zurich’s ability to support KEIC in political risk, credit insurance as well as surety bonds will enable it to support its Korean customers in a more meaningful way.”

Under the terms of the MOU, Zurich and KEIC will work jointly to leverage and enhance existing political risk, export credit insurance and surety capabilities in order to better serve the needs of Korean investors, exporters and contractors. Zurich will provide reinsurance, co-insurance, and surety facilities in conjunction with KEIC to help facilitate international trade and manage the risks associated with these transactions.

“Korean companies continue to expand their investments and operations in international markets,” said KEIC President Ryu Chang-moo. “This MOU with Zurich enables KEIC to fulfill our mission to support Korean exports, overseas investment, and other overseas business activities.”

Source: Zurich (North America) – www.zurichna.com