Solunion, a provider of trade credit insurance solutions in Spain and Latin America, will integrate the former Chile, Colombia and Mexico activities of its joint venture shareholders Euler Hermes and Mapfre, to boost operational efficiency.

Once the combination completes, which is pending local regulatory approvals, Solunion will become one of the leading credit insurance provider in both Colombia and Mexico, and one of the top three in Chile.

Solunion CEO Fernando Pérez-Serrabona said that Latin America is very important to Solunion and its economic dynamism, and strong domestic and export growth potential, make it a strategic element in its international presence.

"In Chile, Colombia and Mexico, we look forward to bringing the benefits of our localized customer service approach, tailored solutions and efficient credit risk management expertise to companies of all sizes," Pérez-Serrabona added.

Solunion chairman Ludovic Sénécaut commented, "Solunion’s knowledge of each country’s legal, economic and business environment, combined with locally-based risk analysts supporting a wide and integrated commercial network, bring unique benefits to our policyholders."

As a credit insurance JV between Euler Hermes and Mapfre, Solunion started its operations in Spain and Argentina in January 2013.