Press Release - Budapest, 10. September, 2019
HUNGARIAN EXPORT CREDIT INSURANCE PRIVATE LIMITED COMPANY SIGNS FACULTATIVE REINSURANCE BROKER AND HUNGARIAN EXPORT-IMPORT BANK PRIVATE LIMITED COMPANY SIGNS INSURANCE BROKER FRAMEWORK
AGREEMENT WITH MARSH
Budapest, 10. September, 2019 – Hungarian Export Credit Insurance Private Limited Company and Hungarian Export-Import Bank Private Limited Company (hereinafter together as: EXIM or EXIM Hungary) today announce the appointment of Marsh, the world’s leading insurance broker and risk adviser, as facultative reinsurance and insurance broker. Under the terms of the Framework Agreements the EXIM has mandated the Political Risk and Structured Credit Practice within Marsh JLT Specialty as facultative reinsurance and insurance broker for its medium and long term commercial and political risks with private and public debtors.
EXIM Hungary is collaborating with Marsh to get closer to available (re)insurance capacity in the private insurance and reinsurance market.
Gergely Jákli, CEO of EXIM Hungary commented: ”EXIM’s Framework Agreements with Marsh form part of our strategy to pursue an active portfolio rebalancing and diversification policy, which includes the continuous monitoring of our portfolio risk concentration and risk sharing operations. In 2018 the volume insured by EXIM Hungary reached EUR 495 million, promoting Hungarian exporters in their foreign business. We continue to intensify the co-operation with reinsurers and insurers in our work to support Hungarian export companies doing business across the globe.”
Abbey Sturrock, Public Agency Leader, Political Risk and Structured Credit Practice, Marsh JLT Specialty, added: “Increasingly, Export Credit Agencies are accessing private market (re)insurance capacity for a variety of reasons including, amongst others, managing country limits and sector concentrations. Marsh JLT Specialty is excited to work with EXIM Hungary, in both a direct insurance and facultative reinsurance capacity, in order to find new risk management solutions for EXIM. Our collaboration will ultimately help support Hungarian exporters and investors and their interests abroad.”
EXIM Hungary assists Hungarian companies - midcap and small corporates - in attracting customers abroad to purchase Hungarian goods and services and benefit from Hungarian investment by helping raise financing and by insuring companies and their lenders against the financial and political risks of trading and investing in foreign markets.