SOLUNION strengthens its presence in Latin America with the start of operations in Uruguay

SOLUNION, a company specializing in credit insurance, has formally begun operations.
in Uruguay to offer Uruguayan companies solutions and services geared towards
develop their business operations securely, giving them access to its international risk control and debt collection management network.

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“The vast majority of trade in Latin America is conducted between partners within the same continent. To offer the best service to our clients and respond to the increasing demand for credit insurance from local companies to support their international growth, we are strengthening our presence in Latin America by developing our business in Uruguay,” says Fernando Pérez-Serrabona, CEO of SOLUNION. “The current growth of the Uruguayan economy is a good indicator of the strong potential of credit insurance in this country.”

 

 

SOLUNION It will develop its operations in Uruguay through its Argentine subsidiary, which will be responsible for managing the policies of Uruguayan companies. The issuance will be handled by MAPFRE Uruguay. MAPFRE is a 50 percent shareholder of SOLUNION with Euler Hermes.

 

Uruguay is a growing economy that presents interesting opportunities for the development of credit insurance. SOLUNION estimates GDP growth of 2,9% in 2015.

 

Public debt under control, on the one hand, and its ample reserves and other financial assets managed by the Central Bank, on the other, provide strong support for the country. Furthermore, the stability of social and economic policies maintains high levels of investor confidence, as does easy access to capital markets.

 

Infrastructure needs are a significant focus of foreign direct investment, which is also attracted by Uruguay's relatively stable business climate, rule of law, and low level of corruption.

 

SOLUNION began operating in Spain and Argentina in January 2013, the result of the merger of the portfolios of MAPFRE CAUCIÓN and CRÉDITO and Euler Hermes in these countries. A year later, the subsidiaries in Chile, Colombia, and Mexico joined the Group.