Euler Hermes, a provider of credit insurance services and solutions, and Rosno, which offers professional private credit insurance services, have extended their cooperative venture in Russia.

Euler Hermes and Rosno, both members of the Allianz group, have been cooperating in Russia since 2004. The two companies are now extending their partnership. Following the opening of an Euler Hermes representative office in Russia at Rosno’s premises, the foundation of the company ‘Euler Hermes Credit Management’ represents a further step on the way to expanding private credit insurance cover both for Russian firms and for companies exporting to Russia.

According to the companies, the demand for private credit insurance services is rising. Since last year alone, the number of limit requests relating to Russian companies received by Euler Hermes and Rosno was up 56%. The volume of coverage has seen a similar rise, to E1.9 billion in 2008.

A precondition for a further extension of credit insurance cover is a qualified audit of Russian risks. The foundation of Euler Hermes Credit Management is a key requirement in this regard. It allows to combine the long-standing international insurance experience of the two major market players, the companies concluded.