Euler Hermes to launch new major exporters unit

Credit insurer Euler Hermes has announced plans to launch a new unit, Transactional Cover, dedicated to creating credit insurance solutions for major exporters and bank trade related financing. The new unit will start operating on October 1.

The new department will form part of Euler Hermes World Agency, a division dedicated to large multinational corporations. Euler Hermes Transactional Cover will offer a full range of cover against interruption of trade, debtor insolvency and abusive exercise of bonds, as well as confiscation, expropriation and nationalisation. It will complement the offer already existing in Germany.

Euler Hermes said the cover will be flexible to adapt to clients’ needs and will have a duration of up to seven years.

Isabelle Girardet will head the Transactional Cover department with Pierre Lamourelle as Deputy Head. The Transactional Cover team will be based initially in Paris and gradually extended to other financial centres. The unit will distribute its offering worldwide through Euler Hermes’ international network.

Isabelle Girardet spent 15 years with Reliance Insurance in the US and UK, and has also worked in France at credit insurer Atradius, which she joined in 2003 as head of the Global department for France. In 2005, she set up the credit and political risk division for France and then moved on to head the Southern European region in 2006.

Pierre Lamourelle began his career as an underwriter with Coface before moving to Unistrat as Underwriting Manager for Northern, Central and Eastern Europe. In 2006, he became head of the French underwriting team at Atradius’s credit and political risk division.