Allianz group company Euler Hermes is to form a partnership with Mitsui Sumitomo Insurance Co to provide export credit insurance in Japan. The move comes as a follow up to the two companies receiving licenses to conduct export insurance business in the Far East nation.
Euler Hermes is the world’s largest credit insurer and has been offering domestic trade credit insurance in Japan since 2002. Mitsui Sumitomo is one of the biggest Japanese non-life insurers and the number one domestic credit insurer in Japan.
Euler Hermes and Mitsui Sumitomo will provide internationally operating companies in Japan with solutions for export credit risk management and insurance coverage. The two companies will offer export trade credit insurance, which covers short-term (up to one year) commercial risk such as buyer’s insolvency and protracted default. Political risk may be covered upon client request.
This latest alliance adds to an already mature relationship between Euler Hermes and Mitsui Sumitomo, as both companies have been cooperating on business ventures for over five years outside of Japan.