Zurich's North America Surety, Credit & Political Risk group has signed a memorandum of understanding with the Korea Export Insurance Corporation (KEIC), under which two companies will work jointly to leverage and enhance existing political risk, export credit insurance and surety capabilities.
The MOU establishes a framework for a public/private collaboration that is anticipated to enhance opportunities for Korean investors, exporters and contractors and promote international trade in established and emerging markets across the world.
The company said that it will provide reinsurance, co-insurance, and surety facilities in conjunction with KEIC to help facilitate international trade and manage the risks associated with these transactions.
Daniel Riordan, president of specialties unit at Zurich, said: “Zurich’s broad experience and capabilities, and KEIC’s depth of knowledge on matters relating to export transactions makes this a very effective public/private collaboration which strengthens the ability of both parties to serve the needs of companies operating in markets across the globe.
“In this instance, Zurich’s ability to support KEIC in political risk, credit insurance as well as surety bonds will enable it to support its Korean customers in a more meaningful way.”