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Euler Hermes, Africa Trade Insurance Sign Information Accord

Aug. 24 (Bloomberg) -- Euler Hermes Kreditversicherungs AG, the German credit insurer owned by Allianz SE, signed an accord with the African Trade Insurance Agency to share information, ATI Chief Executive Officer George Otieno said.

The two agencies will begin by doing joint business in Ghana, Otieno said yesterday in an interview in Nairobi, Kenya’s capital.

“We are coming together for 10 member states and we are moving on to 15 this time next year,” Otieno said.

ATI, part of the African Union, was created in 2001 by the Common Market for Eastern and Southern Africa, the continent’s biggest trading bloc, to promote trade and investment by providing political and credit-risk insurance.

Last year Euler Hermes provided credit worth 1 billion euros ($1.4 billion) for exports to sub-Saharan Africa, Managing Director Andreas Klasen said yesterday.

“What we want to do is increase business opportunities for German companies,” Klasen said. “In the first six months of this year were have covered around 500 million euros, new cover for sub-Saharan Africa.”

To contact the reporter on this story: Eric Ombok in Nairobi at eombok@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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