Solunion holds its first Annual Caution Meeting with mediators

Roadmap to face the current context

Business insolvencies will increase around the world and in Spain they could increase by 50% year-on-year in the last quarter of the year.

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solunion, the insurance company Credit, Surety and services associated with commercial risk management, held its first Annual Surety Meeting with mediators on November 14.

 

The event was aimed at the main market brokers, with whom Solunion shared some of the challenges faced by the Surety industry and the company's roadmap to face the current context, marked by instability and uncertainty. .

 

Massimo Reale, General Director of Solunion Spain, opened the event by highlighting the growth of the sector in the company and emphasizing Solunion's vocation for support, which, thanks to its capacity to issue guarantees for large projects, supports the development of Spanish companies both in the national market and abroad. of our borders.

 

The fall in confidence and consumption due to the economic context could affect the evolution of the Surety industry

 

Challenges for the surety branch

 

The energy crisis, persistent inflation, a very restrictive monetary policy and the lower growth of China These are some of the components that will mark the context that the Surety industry will have to face in the coming months and that anticipate a global economic slowdown that will affect confidence and consumption.

 

These are some of the challenges facing the industry, shared in the round table We are impulse: evolution and future of Surety in Solunion, in which Juan Jose Montes, Corporate Director of Solunion Surety; Jorge González, Surety Director of Solunion Spain; Rocío Tello, Commercial Underwriter of Surety Spain, and Jochen Wilmes Risk Director of Solunion Spain, they also talked about the company's plans to face the future.

 

According to what has been discussed in this forum, business insolvencies will increase around the world and in Spain they could increase by 50% year-on-year in the last quarter of the year. Paper, metal, transportation and food would be the most affected sectors. At Solunion they also expect a heterogeneous evolution of the industrial sectors. Metal, paper or chemistry would be some of the most affected, mainly due to their energy dependence and their exposure to the volatility of raw materials.

 

On the contrary, some sectors that are especially important for the industry Caution, such as construction, the energy sector or services, are in a reasonable situation with respect to the context.

 

Transparency and teamwork between the insurer and the broker: keys to success Solunion will continue to bet on Surety both in Spain and in its operations in Latin America, the largest market after the United States. “We are there to stay, with a determined commitment to the future for which having you will be key,” Juan José Montes expressed to the attending runners.

 

Solunion highlighted the importance of its Surety service model based on three fundamental axes: flexibility, its great capabilities thanks to the support of its shareholders, and permanent adaptation. In addition, he praised the figure of the broker within its multichannel model that works “thanks to transparency, and a frank relationship and close collaboration between us,” according to Jorge González.

 

The relevance of Team Strength, one of the main values ​​of the company and the basis of Solunion's relationship with mediation, was present throughout all the interventions and was one of the guiding threads of the interview that Jorge Martínez Aspar , former motorcycling world champion and director of Aspar Team (a team sponsored by Solunion), offered at the event.

 

The day also included the participation of Sean McGroarty, Global Head of Surety at Allianz Trade, one of the shareholders of Solunion, who explained his value proposition and gave an account of the good moment that the Surety branch is experiencing in the company.