By Luc Gillijns
Euler Hermes, the largest credit insurer worldwide, has announced the official launch of a new department called Transactional Cover. This department will be up and running by October 1, 2010, and will examine, case by case, whether or not Euler Hermes can provide cover for risks associated with large and complex export transactions and export financing.
This insurance may relate to non-payment risk as well as to a number of other contractual obligations, such as non-delivery risk, political risks or unfair calling of bank guarantees. The new department falls under the authority of Euler Hermes World Agency, which is lead by Roland van Malderghem.
Other news comes from insurance company CHUBB. Paradoxically to Euler Hermes' decision, CHUBB has decided to withdraw completely from the credit and political risk insurance business worldwide. CHUBB doesn't consider this as their core business any longer.
(Luc Gillijns is an ICBA Belgium broker and Managing Director of Trade Insure NV, Belgium's leading specialist trade credit insurance brokerage. ICBA is the world’s largest team of independently-owned, specialist trade credit insurance brokerages. Partners combine local service with global coordination to provide credit and political risk insurance solutions for multinational companies.)