MADRID - 4 MAY 2015 - Solunion, the trade credit insurance joint venture created by Euler Hermes and MAPFRE, has formally commenced operations in Uruguay, offering local companies solutions and services designed to develop their business securely, providing access to its international risk control and recovery management network.
"The vast majority of trade in Latin America takes place between partners on the same continent,” comments Fernando Pérez-Serrabona, managing director of Solunion. “We are strengthening our Latin American presence by developing our business in Uruguay in order to offer the best service to our customers and meet the increasing demand for credit insurance from local businesses and to support their international growth. The growth phase the Uruguayan economy is experiencing is a good indicator of the strong potential for credit insurance in this country."
Solunion estimates Uruguay GDP growth at 2.9% in 2015. Controlled public debt, together with extensive reserves and other financial assets managed by the central bank, give the country a strong base. Additionally, stable social and economic policies have kept investor confidence at a high level, as has the ease of access to capital markets. Infrastructure requirements should be a significant focus for direct foreign investment, which will also be attracted by the relatively stable business climate, the legal system, and the low level of corruption in Uruguay.
Solunion will develop its Uruguay operations through its Argentinian subsidiary, which will be responsible for managing the policies of Uruguayan companies. Policy issuing with clients will be coordinated by MAPFRE Uruguay.