Euler Hermes Officially Begins Operations In Argentina

Euler Hermes, the worldwide leader in trade credit insurance, has announced the official launch of its newest Latin American subsidiary - Euler Hermes Argentina.

Located in Buenos Aires, Euler Hermes Argentina will provide a host of products and services to Argentinian clients and give access to the Group's international network. In parallel, Euler Hermes clients worldwide will benefit from the new local risk underwriting presence in the region.

"Argentina is a very important market for both the Euler Hermes Group and our clients that are looking to trade to and from Latin America," said Arjan van de Wall, Euler Hermes ACI Senior Vice President and Director of International Development, Marketing and Strategy. "The Latin American region has a very high economic growth potential and offers enormous opportunities for exporters."

Today, Argentina has the second largest GDP in Latin America after Brazil, and a very dynamic economy with an average growth rate of 9% over the last four years.

"With most of the trade flow in the Americas going from north to south, and vice versa, we deemed it imperative - in order to better serve our clients - for us to have representatives in close proximity to the risk source," adds van de Wall. "By the end of 2007, our Group will be present in countries representing 75% of Latin American GDP."

Euler Hermes Argentina is the Group's third subsidiary in Latin America behind the establishment of business units in Mexico and Brazil in 1999.