The Brazilian credit insurance unit of German insurer AGF, Euler Hermes, plans to offer credit insurance for export operations in January, after receiving authorisation from the government, Euler's Brazil manager Marc Cambourakis said.
To date the company has only operated with guarantees for payments between companies within Brazil. Euler Hermes expects to bill 5 million reais (US$1.7m) in 2004 on the new service, Cambourakis said.
He added that it has taken the government between two and three years to issue authorisation for Euler Hermes to offer credit insurance for exports.
Euler Hermes will cover mid-sized and large exporting companies for payments due from foreign clients. One of the company's competitive advantages is its client portal, which gives automatic replies for credit limit queries, Cambourakis said.
