Solunion, joint venture of Euler Hermes and MAPFRE, introduced to Chilean businesses

The Solunion vision and services for Chilean clients, brokers and industry partners were the focus of an industry gathering in Santiago de Chile on 27 March 2014 with senior executives of Euler Hermes, MAPFRE and Solunion. The event follows Solunion’s official launch in Chile in January 2014.

Solunion’s CEO Fernando Pérez-Serrabona described the Solunion launch in Chile as central to the company’s strategy in the region: “Chile is one of Latin America’s most dynamic economies, with strong growth and major market potential.  We are confident we can contribute both to their long-term success and build toward our goal of becoming the region’s leading trade credit insurer.”

Following a presentation of the newly-launched company’s services, Juan Antonio García Serrano, CEO of Solunion Chile and Argentina, said, “We look forward to working with  Chilean businesses and industry partners to provide effective credit insurance solutions that support their domestic and export potential. We want to accompany them, be their partner and help them grow safely and sustainably through our deep risk experience and global expertise.”

Following an annual growth in Chile of +4.1% in 2013, Euler Hermes expects a slight moderation in 2014 to +3.7%, due to weaker domestic demand and exports caused by  stagnating copper prices and slow Chinese demand.  Growth is then expected to increase to +4% in 2015.

Solunion began operations in Spain and Argentina in January 2013, expanding in Latin America in January 2014 with operations in Chile, Colombia and Mexico.