Euler Hermes Sees Bulgaria’s Growth Picking Up Pace, Opens Sofia Office

Business | February 10, 2015, Tuesday // 17:59|  views

France-based trade credit insurance provider Euler Hermes said it has opened an office in Sofia to provide its services to Bulgarian clients.

Euler Hermes Bulgaria will also contribute local business intelligence and underwriting skills to the insurer’s international network.

“Our global objective is to grow and protect our clients in their domestic and export markets,” Ludovic Senecaut, CEO of Euler Hermes Northern Europe Region, said in a statement.

To meet this objective, Euler Hermes is seeking economies like Bulgaria’s which demonstrate domestic growth potential and export opportunities, Senecaut added.

According to Ludovic Subran, group chief economist at Euler Hermes, the company expects “private Bulgarian consumption and investment to remain robust this year and exports to recover, supported by both lower oil prices and a weaker lev pegged to the euro."

"As a result, the gradual economic uptrend should continue and economic sentiment improve. Euler Hermes forecasts real GDP growth in Bulgaria of 2% in 2015, followed by 2.5% in 2016," Subran said in the statement.

Senecaut went on to say that the new office in Bulgaria is an important strategic step for Euler Hermes in the Northern Europe Region.

“We believe Bulgaria offers many business opportunities that will strengthen our position and growth in the coming years,” Senecaut opined.

Worldwide, the company has more than 52,000 clients and EUR 789 B business transactions protected.

Euler Hermes, member of Allianz Group, posted a net income of EUR 313.7 M in 2013, up 2.7%. Its consolidated full-year revenues increased by 3.7% at actual exchange rates to EUR 2.5 B.




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Tags: Bulgaria, Euler Hermes, trade credit insurance, Subran, Senecaut, Allianz


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