Euler Hermes links with Mapfre
Spanish insurance giant Mapfre and Allianz-owned Euler Hermes have signed a memorandum of understanding to build a strategic alliance aimed at jointly developing their credit and bond insurance business in Spain, Portugal and Latin America.
The 50/50 joint venture will pool their existing local businesses, worth about €200m. The pair claim the expertise of Euler Hermes and Mapfre's market dominance will be a winning combination.
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