Euler Hermes launches South Africa operations

JOHANNESBURG – 13 APRIL 2015 - Euler Hermes, the worldwide leader in trade credit insurance, is launching services for  the South African market, strengthening its presence on the African continent as well as growth markets overall.

Based in Johannesburg, Euler Hermes operations include a re-insurance agreement with Allianz Global Corporate & Specialty (AGCS) South Africa Limited.  The collaboration combines Euler Hermes global market presence and trade credit expertise with AGCS’s existing South African business relationships and in-depth knowledge of the local business community. 

“Our strong financial position, best-in-class operating model and customer-centric organization will shape the strong presence we are building in South Africa,” said Michele Pignotti, Euler Hermes head of Mediterranean Countries, Middle East and Africa (MMEA) region. 

Euler Hermes South Africa will be led by Gregory Nosworthy, recently appointed country manager. Nosworthy brings to Euler Hermes and its clients more than 25 years of trade credit risk, insurance and management consulting experience in South Africa. For the past 20 years he served as managing director of LCM Credit Risk and Top Cover, a Johannesburg-based company he co-founded and co-owned to provide clients with credit risk, underwriting and management solutions. He began his career in 1985 as a senior underwriter at Credit Guarantee Insurance Corporation, and in 1990 joined Credit Underwriting Agency Ltd (CUAL) as senior portfolio manager.

“As global market leader, Euler Hermes is well-positioned to play a leading role in South Africa,” said Gregory Nosworthy. “The value we will bring to businesses operating here includes our worldwide expertise in risk assessment, deep knowledge of the markets, tailored solutions and premium client service. That proprietary intelligence network tracks and analyzes daily changes in corporate solvency among small, medium and multinational companies active in markets representing 92% of global GDP.”

Euler Hermes South Africa is the newest operation in the Euler Hermes MMEA region that currently employs over 650 people and covers 14 countries.
A reinsurance agreement is in place between Allianz Global Corporate & Specialty (AGCS) South Africa Limited and Euler Hermes to develop the business of credit insurance in South Africa. Both companies are part of the Allianz group. All trade credit insurance in South Africa will be provided by AGCS South Africa (FSP No 16722). AGCS South Africa, with Euler Hermes’s world market knowledge and risk services expertise supplied via Euler Hermes Services South Africa Pty Limited, will collaborate to provide clients with  world class credit insurance solutions.