Following local regulatory approvals, Solunion will consolidate the former Chile, Colombia and Mexico activities of its joint venture shareholders Euler Hermes and MAPFRE. Solunion provides credit insurance solutions with the world’s largest risk database and the widest commercial distribution network in Latin America, to businesses in those countries.
Through the consolidations, Solunion becomes the leading credit insurance provider in both Colombia and Mexico, and one of the top three in Chile. Its market leadership positions it well to address strong regional demand for credit insurance and to provide more localized services to policyholders.
“Latin America is very important to Solunion,” said Fernando Pérez-Serrabona, Solunion CEO.
“Its economic dynamism, and strong domestic and export growth potential, make it a strategic element in our 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.”
Solunion began operations in Spain and Argentina in January 2013, as a joint venture combining the credit insurance activities of Euler Hermes and MAPFRE in both countries. Its goal is to become the preferred provider of credit insurance and associated services in both Spain and Latin America.
“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,” said Ludovic Sénécaut, chairman of Solunion. “Our clients are the focus of our activity. We offer them expertise to make better decisions and greater confidence about growing safely.”
Solunion’s local management teams will be led by Juan Antonio García Serrano CEO in Chile and Argentina, Alejandro Santa María CEO in Colombia, and Joerg-Uwe Lerch CEO in Mexico.
Headquartered in Madrid, Solunion offers a complete credit insurance service based on the expertise of its team, the leadership and knowledge of its shareholding partners, tailored solutions, and a local presence to support effective risk evaluation closest to the source of the risk. Solunion benefits from Euler Hermes’ global commercial risk underwriting network and offices in more than 50 countries, and from MAPFRE’s wide and diversified commercial distribution network in Spain and Latin America.