MONTREAL, May 14 /CNW Telbec/ - In the Budget 2009, the Government of
Canada announced that it would be making funds available to create additional
capacity in the domestic credit insurance market. Euler Hermes Canada, in
co-operation with the Government of Canada through Export Development Canada
(EDC), is now ready to deliver this additional capacity to Canadian
This new facility will allow Euler Hermes Canada's clients to access the
additional capacity using their existing policy arrangements. Additional
insurance matching existing coverage, up to a maximum of CAD$1million per
request, will be available.
Accounts receivable insurance is a valuable tool in helping businesses to
trade with confidence on credit terms. This new facility will give Canadian
businesses additional capacity to offer trade credit and in many cases
increase the level of bank financing available to them.
"By working with the private sector insurers the Government has leveraged
the expertise and infrastructure available to deliver this additional capacity
quickly and at little additional cost to the Canadian taxpayer," said Paul
Flanagan, Chief Executive Officer, Euler Hermes Canada.
"We believe that this demonstrates the ability of the private sector to
react quickly and provides a model for future co-operation," he added.
For more information on Euler Hermes Canada products and services, visit
Euler Hermes is the worldwide leader in credit insurance and one of the
leaders in the areas of bonding, guarantees and collections.
With 6,200 employees in over 50 countries, Euler Hermes offers a complete
range of services for the management of B-to-B trade receivables and
posted a consolidated turnover of (euro)2.2 billion in 2008.
Euler Hermes has developed a credit intelligence network that enables it
to analyse the financial stability of 40 million businesses across the
globe. The group protects worldwide business transactions totalling
Euler Hermes, subsidiary of AGF and a member of the Allianz group, is
listed on Euronext Paris. The group and its principal credit insurance
subsidiaries are rated AA- by Standard & Poor's.
For more information visit Euler Hermes Canada at www.eulerhermes.ca
These assessments are, as always, subject to the disclaimer provided
below. Cautionary Note Regarding Forward-Looking Statements:
Certain of the statements contained herein may be statements of future
expectations and other forward-looking statements that are based on
management's current views and assumptions and involve known and unknown risks
and uncertainties that could cause actual results, performance or events to
differ materially from those expressed or implied in such statements. In
addition to statements which are forward-looking by reason of context, the
words 'may, will, should, expects, plans, intends, anticipates, believes,
estimates, predicts, potential, or continue' and similar expressions identify
forward-looking statements. Actual results, performance or events may differ
materially from those in such statements due to, without limitation, (i)
general economic conditions, including in particular economic conditions in
the Allianz Group's core business and core markets, (ii) performance of
financial markets, including emerging markets, (iii) the frequency and
severity of insured loss events, (iv) mortality and morbidity levels and
trends, (v) persistency levels, (vi) the extent of credit defaults (vii)
interest rate levels, (viii) currency exchange rates including the Euro-U.S.
Dollar exchange rate, (ix) changing levels of competition, (*) changes in laws
and regulations, including monetary convergence and the European Monetary
Union, (xi) changes in the policies of central banks and/or foreign
governments, (xii) the impact of acquisitions, including related integration
issues, (xiii) reorganization measures and (xiv) general competitive factors,
in each case on a local, regional, national and/or global basis. Many of these
factors may be more likely to occur, or more pronounced, as a result of
terrorist activities and their consequences. The matters discussed herein may
also involve risks and uncertainties described from time to time in Allianz
AG's filings with the U.S. Securities and Exchange Commission. The Group
assumes no obligation to update any forward-looking information contained
For further information:
For further information: Paul Flanagan, CEO, Euler Hermes Canada, (514)
876-7050, firstname.lastname@example.org; Louis Planté, Marketing Director,
Euler Hermes Canada, (514) 876-7044, email@example.com