Euler Hermes and MAPFRE Form ‘Solunion’; a New Credit Insurance Venture

Euler Hermes and MAPFRE jointly announced the launch of “Solunion”- the brand name of their new credit insurance joint venture in Spain and four Latin American countries. Each partner owns 50 percent of the company, which is set to launch operations at the beginning of 2013 in Spain and Argentina. Chile, Colombia and Mexico will follow soon after, subject to local regulatory approvals.

“Solunion represents a major milestone in the largest strategic growth project we have undertaken in recent years,” stated Wilfried Verstraete, Chairman of the Euler Hermes Management Board. “Solunion will support our customers’ goal of safe and profitable growth, and further increase our service quality and trade risk cover in these key markets.”

Antonio Huertas, Chairman and CEO of MAPFRE, described Solunion as “an ambitious and firm commitment to the companies which have placed their trust in us for many years. It will have a privileged leadership position stemming from the soundness of both partners, which will clearly benefit our customers.”

The bulletin also noted that the new firm’s “purple logo merges the corporate colors of Euler Hermes (blue) and MAPFRE (red). The logo represents two insurance groups joining forces to offer business security to their customers. The logo is accompanied by the tagline ‘Experts in Credit Insurance,’ reflecting Solunion’s shareholders’ strengths: risk expertise, service quality and global presence.

“From early 2013, Solunion will offer trade credit management solutions to companies of all sizes. The joint venture will combine the global credit insurance leadership and credit risk underwriting expertise of Euler Hermes with MAPFRE´s recognized position and wide distribution network in the five target markets.”

Fernando Pérez Serrabona, currently General Manager of MAPFRE CAUCIÓN Y CRÉDITO, will become CEO of Solunion. At the local level, there will be four Chief Executive Officers: Pascal Personne will be responsible for Spain, Juan Antonio Garcia Serrano for Argentina and Chile, Alejandro Miguel Santamaría for Colombia, and Jörg-Uwe Lerch for Mexico.

Currently, Pascal Personne is Director of Market Management, Commercial and Distribution at Euler Hermes for the Mediterranean countries-Middle East and Africa region, Juan Antonio García Serrano is Technical Chief of the Northern Region at MAPFRE CAUCIÓN Y CRÉDITO, Alejandro Miguel Santamaría Caicedo holds the position of CEO of Crediseguro the Colombian subsidiary of MAPFRE CAUCIÓN Y CRÉDITO, and Joerg-Uwe Lerch, CEO for Latin America at Euler Hermes.

Sources: Euler Hermes and MAPFRE