Euler Hermes and MAPFRE today announced “Solunion” as the brand name of their new credit insurance joint venture in Spain and four Latin American countries. Solunion, owned 50/50 by the two partners, is to launch operations at the beginning of 2013 in Spain and Argentina. Chile, Colombia and Mexico will follow soon after, subject to local regulatory approvals.
“ Naming Solunion represents a major milestone in the largest strategic growth project we have undertaken in recent years ,” said Wilfried Verstraete , chairman of the Euler Hermes management board. “Solunion will support our customers’ goal of safe and profitable growth, and further increase our service qua lity and trade risk cover in these key markets.”
“ Solunion is an ambitious and firm commitment to the companies which have placed their trust in us for many years. It will have a privileged leadership position stemming from the soundness of both partners, which will clearly benefit our customers,” comments Antonio Huertas, chairman and CEO of MAPFRE.
The name “Solunion” represents a company that is solutions-focused and believes in the importance of working together closely with its customers. Solunion’s purple logo merges the corporate colors of Euler Hermes (blue) and MAPFRE (red). The logo represents two insurance groups joining forces to offer business security to their customers. The logo is accompanied by the tagline “Experts in Credit Insurance”, reflecting Solunion’s shareholders’ strengths: risk expertise, service quality and global presence.
From early 2013, Solunion will offer trade credit management solutions to companies of all sizes. The joint venture will combine the global credit insurance leadership and credit risk underwriting expertise of Euler Hermes with MAPFRE´s recognized position and wide distribution network in the five target markets.
As agreed by both shareholders Fernando Pérez Serrabona, currently managing director of MAPFRE Caución y Crédito, will become chief executive officer of Solunion. At the local level, there will be four CEOs: Pascal Personne will be responsible for Spain, Juan Antonio Garcia Serrano for Argentina and Chile, Alejandro Miguel Santamaria for Colombia and Jörg-Uwe Lerch for Mexico.
Currently, Pascal Personne is director of market management commercial and distribution at Euler Hermes for the Mediterranean countries-Middle East and Africa region. Juan Antonio García Serrano is technical chief of the Northern Region at MAPFRE Caución y Crédito. Alejandro Miguel Santamaría Caicedo holds the position of CEO of Crediseguro the Colombian subsidiary of MAPFRE Caución y Crédito, and Joerg-Uwe Lerch is currently CEO for Latin America at Euler Hermes.
For further information, please contact:
Euler Hermes Group Media Relations (Paris):
Bettina Sattler Phone +33 (0)1 8411 6141
Euler Hermes Crédito (Madrid)
Eva Muñoz Phone +34 91 417 80 11
MAPFRE Corporate Communications (Madrid)
Phone + 34 91 581 81 96 + 34 91 581 87 14
Fax 91 581 83 82