Trade credit insurer Euler Hermes, a member of the Munich-based Allianz Group, said it has opened an office in Dubai.
The insurer said it opened the office in cooperation with its local partner Alliance Insurance, which does substantial business in the United Arab Emirates.
The insurer said it will offer an extensive range of credit insurance solutions to companies in the Gulf Cooperation Council. The GCC consists of the United Arab Emirates, Saudi Arabia, Qatar, Bahrain, Oman and Kuwait. Besides Alliance, it will also work with Al Buhaira Insurance, Assurance Saudi Fransi and Qatar Insurance Company.
The company said it would have its own underwriting team in the region.
Clemens von Weichs, chairman of the Euler Hermes Group, said in a statement that because of the “impressive” economic growth in the Gulf region, the carrier sees “a strong need for our products and services.”
Euler Hermes deals globally in credit insurance, bonding and guarantees. The carrier has 5,500 employees in 49 countries.
Additional information on the carrier is available at www.eulerhermes.com/usa.
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