International credit insurer and Allianz Group member Euler Hermes has opened offices in Riga, Tallinn and Vilnius. The trio of new offices represent the company's first direct foray into the Baltic states of Latvia, Estonia and Lithuania.
The establishment of its own branches and service companies in the Baltic nations fulfils Euler Hermes strategic plan to substantially extend its presence in the growth markets of central and eastern Europe, where there is mounting demand for credit insurance cover.
Previously, Euler Hermes’ only operation in the three north eastern European countries was via a joint venture with a local insurance provider in Lithuanian, which it has been engaged in since 2001.
We are very pleased to be able to support the dynamic economic growth of the three Baltic nations, which are the EU countries with the highest rate of expansion, with local companies of our own, says Jochen Dumler, management board member in charge of International Business at Euler Hermes Kreditversicherung in Germany.