EULER HERMES : Euler Hermes, HSBC forge global trade credit insurance agreement

    EULER HERMES : Euler Hermes, HSBC forge global trade credit insurance
                                  agreement

       Euler Hermes, HSBC forge global trade credit insurance agreement

PARIS - 02 May 2013 - With the rate of corporate failures increasing amid
challenging economic conditions, Euler Hermes announced today that it has
become the exclusive supplier of trade credit insurance solutions to HSBC
Commercial Banking customers.

Under the terms of the global distribution agreement, HSBC customers trading
on 'open account' will enjoy favorable access to Euler Hermes'
industry-leading protection against non-payment of receivables debt. Whether
trading with established customers or seeking counterparties in new markets,
insured companies will know their cash flow is secure even as insolvencies
rise by a forecast 8%^[1] this year.

"This pioneering partnership between Euler Hermes and HSBC is the first of its
kind, on such a global scale, in the trade credit insurance market," said
Wilfried Verstraete, chairman of the Euler Hermes board of management. "There
is a clear business synergy between Euler Hermes and HSBC. Demand for
trade-related insurance is being driven by increased sector and geographic
risks, and because today more than 80%^[2] of trade is conducted on an open
account basis. Together, we can offer HSBC customers the combined benefit of
our global leadership and strong local expertise."

Euler Hermes helps insured companies to establish and maintain a trading
relationship - from initial counterparty vetting using its database of more
than 40 million businesses, to prompt claims payment in the event an approved
counterparty defaults. Counterparty risk in both developed and emerging
markets is monitored throughout the life of each policy.

"Trade credit insurance is important to our customers because it enables
commerce by boosting confidence and because it protects balance sheets against
unexpected shocks," said Mark Hussein, HSBC's global head of commercial
insurance and investments. "It's complementary to HSBC's range of Trade and
Receivables Finance solutions, so we're delighted to be expanding our
relationship with Euler Hermes at a time when businesses particularly need
financial security."

HSBC and Euler Hermes, a subsidiary of Allianz SE, have been strategic
partners in Brazil, Mexico, the United Arab Emirates and the United States
since 2008. The partnership has also recently been launched in Hong Kong and
the United Kingdom.

"Today, HSBC has chosen Euler Hermes as a global partner for our market
leadership, century-long standing, global capabilities and excellent client
service as well as our outstanding financial strength3 backed by Allianz,"
explained Wilfried Verstraete.

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CONTACTS

Euler Hermes Group Media Relations   Ogilvy Public Relations Worldwide
Bettina Sattler - +33 (0)1 8411 6141 Lorenzo Ricci - +33 (0)1 5367 1283
bettina.sattler@eulerhermes.com      lorenzo.ricci@ogilvy.com

Euler Hermes  is the  worldwide leader  in  credit insurance  and one  of  the 
leaders in  the areas  of  bonding, guarantees  and collections.  With  6,000+ 
employees in  over 50  countries,  Euler Hermes  offers  a complete  range  of 
services  for  the  management  of  B-to-B  trade  receivables  and  posted  a 
consolidated turnover of €2.4  billion in 2012. Euler  Hermes has developed  a 
credit intelligence network that enables it to analyze the financial stability
of 40+  million  businesses across  the  globe. The  Group  insured  worldwide 
business transactions totaling  €770 billion  exposure end  of December  2012. 
Euler Hermes, subsidiary of Allianz, is listed on Euronext Paris. The Group is
rated AA- by Standard & Poor's.

For more  information  visit  www.eulerhermes.com  or  follow  us  on  Twitter 
@eulerhermes

Cautionary note regarding forward-looking statements: The statements contained
herein may include statements of future expectations and other forward-looking
statements that are based  on management's current  views and assumptions  and 
involve known  and unknown  risks and  uncertainties that  could cause  actual 
results, performance or events  to differ materially  from those expressed  or 
implied  in   such   statements.  In   addition   to  statements   which   are 
forward-looking by  reason  of context,  the  words "may",  "will",  "should", 
"expects",  "plans",   "intends",  "anticipates",   "believes",   "estimates", 
"predicts",  "potential",  or  "continue"  and  similar  expressions  identify 
forward-looking statements. Actual results,  performance or events may  differ 
materially from  those in  such  statements due  to, without  limitation,  (i) 
general economic conditions,  including in particular  economic conditions  in 
the Euler Hermes Group's core business  and core markets, (ii) performance  of 
financial  markets,   including  emerging   markets,  and   including   market 
volatility, liquidity and credit  events (iii) the  frequency and severity  of 
insured loss events,  including from  natural catastrophes  and including  the 
development of  loss expenses,  (iv)  persistency levels,  (v) the  extent  of 
credit defaults,  (vi) interest  rate levels,  (vii) currency  exchange  rates 
including the  Euro/U.S.  Dollar  exchange rate,  (viii)  changing  levels  of 
competition,  (ix)  changes  in  laws  and  regulations,  including   monetary 
convergence and the European  Monetary Union, (x) changes  in the policies  of 
central banks and/or  foreign governments,  (xi) the  impact of  acquisitions, 
including related  integration  issues,  (xii)  reorganization  measures,  and 
(xiii) general  competitive  factors,  in  each case  on  a  local,  regional, 
national and/or global  basis. Many  of these factors  may be  more likely  to 
occur, or  more pronounced,  as a  result of  terrorist activities  and  their 
consequences.
The company assumes no obligation to update any forward-looking statement.

-------------------------

[1]Source: Euler Hermes. Follows 1% increase in 2012.

[2]Source: HSBC
3 Euler Hermes rated AA- by Standard & Poor's

Euler Hermes, HSBC forge global trade credit insurance agreement

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