Euler Hermes launches in South Africa

Credit insurance company Euler Hermes is set to launch in the South African market, strengthening its presence on the African continent.

Based in Johannesburg, operations include a re-insurance agreement with Allianz Global Corporate & Specialty (AGCS) South Africa.

Gregory Nosworthy will lead the South African operation as country manager. Nosworthy joins from

LCM Credit Risk and Top Cover, a Johannesburg-based company he co-founded and co-owned to provide clients with credit risk, underwriting and management solutions.

“Our strong financial position, best-in-class operating model and customer-centric organization will shape the strong presence we are building in South Africa,” said Michele Pignotti, Euler Hermes head of Mediterranean countries, Middle East and Africa (MMEA) region.

Euler Hermes South Africa is the newest operation in the Euler Hermes MMEA region that currently employs over 650 people and covers 14 countries.

Nosworthy added: “As global market leader, Euler Hermes is well-positioned to play a leading role in South Africa. The value we will bring to businesses operating here includes our worldwide expertise in risk assessment, deep knowledge of the markets, tailored solutions and premium client service. That proprietary intelligence network tracks and analyses daily changes in corporate solvency among small, medium and multinational companies active in markets representing 92 percent of global GDP.”