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%^ 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%^ 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. #### CONTACTS Euler Hermes Group Media Relations Ogilvy Public Relations Worldwide Bettina Sattler - +33 (0)1 8411 6141 Lorenzo Ricci - +33 (0)1 5367 1283 firstname.lastname@example.org email@example.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. ------------------------- Source: Euler Hermes. Follows 1% increase in 2012. Source: HSBC 3 Euler Hermes rated AA- by Standard & Poor's Euler Hermes, HSBC forge global trade credit insurance agreement ------------------------------------------------------------------------------ This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: EULER HERMES via Thomson Reuters ONE HUG#1698830
EULER HERMES : Euler Hermes, HSBC forge global trade credit insurance agreement
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