Euler Hermes, a France-based credit insurer, has said that it will launch a new service through a department dedicated to exporters, by enhancing its political and trade risk cover.
According to Euler Hermes, it is setting up a Transactional Cover unit to provide tailored credit insurance solutions for exporters and bank trade related financing as from October 1, 2010. The new department will form part of Euler Hermes World Agency, a division dedicated to multinational corporations.
The Transactional Cover will offer a full range of cover against interruption of trade, debtor insolvency and abusive exercise of bonds, and also confiscation, expropriation and nationalisation. It will complement the offer already existing in Germany.
The company said that the insurance offer will be particularly efficient so as to adapt to clients’ needs and business trends, with a cover duration of up to seven years.
Euler Hermes said that Isabelle Girardet will head the Transactional Cover department with Pierre Lamourelle as deputy head. The Transactional Cover team will be based initially in Paris and gradually extended to other financial centres, and will roll out their offer worldwide through its international network.