Euler Hermes

Financial Services
FP: ELE
France
Euler Hermes
Allianz

"German Economy and Energy Minister Brigitte Zypries said Euler Hermes–a leading provider of trade credit insurance–is interested in covering investments in Iran, especially in energy and electricity sectors." (June 28, 2017).

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The Head of Underwriting and Financial Institutions is listed as a speaker for Euler Hermes, at the 3rd Banking and Business Forum Iran-Europe, taking place in Frankfurt Germany from November 16-17, 2016. (Euro Finance Week, Speakers).

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"Iran has signed initial agreements with Germany’s Hermes insurance firm and Swiss Export Risk Insurance (SERV) to provide cover for transactions with Europe, IRNA news agency says. The Export Guarantee Fund of Iran (EGFI) signed the agreements in Lisbon on the sidelines of the annual meeting of Bern Union, an association of private and state export credit insurers from around the world, it reported Wednesday. Under the agreement, the Iranian and European sides will cooperate on “exchange of economic, trade and banking information, reinsurance coverage, coinsurance, and training.” IRNA quoted EGFI Managing Director Kamal Seyyed-Ali as saying that European export credit insurers were increasingly interested in financing projects after the lifting of sanctions on Iran." (Press TV,  "Iran signs deals with German, Swiss insurers," 10/26/2016).

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"Western insurers are slowly reaching deals with Iran as they seek to re-enter a multi-billion dollar market although the pace of business is hampered by banking restrictions ten months on from the lifting of international sanctions...European export credit agencies are guaranteeing trade finance for Western companies doing business with Iran. Germany's state run export credit group Hermes has concluded trade finance deals covering goods worth several million euros. "About a dozen transactions have been approved so far," a Hermes spokesman said. "The demand is there from the exporters' side but they need a lot of information. There is a continuous and rising flow of applications (for export credit guarantees)."  (Reuters, "Cautious Western insurers rebuild business ties with Iran," 10/21/2016).

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Euler Hermes is a subsidiary Allianz of Germany.

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"The German Euler Hermes credit institution has agreed to establish a $5 billion credit line for Iran, Mohammad Khazai deputy minister of economy said Saturday. The credit is to be granted over 2-3 years. Hermes had previously guaranteed some loans for Iran but the country was unable to meet its commitments due to the international sanctions and lack of access to SWIFT interbank messaging service. 'We have agreed to pay Hermes over $500 million over the course of one year as soon as the economic sanctions are eased,' Khazai told Fars News Agency... 'We have held some preliminary talks with EKF, Denmark's official export credit agency, the Italian SACE group, the German Euler Hermes and the UK's Export Finance to prepare the grounds for persuading international banks and lending institutions to grant credit to and establish credit lines for Iran.'" (Financial Tribune, "Return of Int’l Credit," 12/27/15)