Euler Hermes unveils new CEOs for Southeast Asia and China

Trade credit insurer Euler Hermes has announced two senior executive appointments in its Asia Pacific region.

Clemens Philippi has been appointed chief executive officer of Euler Hermes ASEAN, with responsibility for the company’s activities in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. He will be based in Singapore.

Philippi was previously the deputy chief executive officer for Allianz Global Corporate & Specialty (AGCS) Japan before being promoted to regional head of market management. Prior to joining Allianz, Philippi held various senior positions in Aon Luxembourg and London.

Benoit Ganzmann has been appointed chief executive officer of Euler Hermes China, based in Shanghai. Ganzmann previously worked for Euler Hermes in China for several years before being promoted regional risk director in 2015.

Ganzmann succeeds Victor Jiang who joined Allianz China General Insurance as chief transformation officer in July.

Both Philippi and Ganzmann will report to Holger Schaefer, head of Euler Hermes APAC region.

Schaefer said: "With his wealth of experience, Clemens is a valuable addition to the leadership team as we progress our strategic growth in Singapore and key markets in Southeast Asia. For the China market, we will draw on Benoit’s experience in credit and risk management as well as his strong country knowledge. He will also work closely with our CPIC Euler Hermes joint venture team."

The appointments underpin Euler Hermes’ long-term growth strategy in APAC, according to the statement. The focus of the new CEOs will be on customer centricity, transformation and profitability.

Wilfried Verstraete, chairman of the Euler Hermes Board of Management, said: "As a leading and dynamic multi-product hub, ASEAN is a key part of our growth strategy. China’s large-scale credit insurance market has significant growth potential. As well as being the second largest economy, China is the largest exporter in the world since joining World Trade Organization (WTO) in 2001.

"With the roll-out of its Belt and Road Initiative, and the fact that more Chinese companies are becoming global in reach, the need for credit protection is expected to rise considerably. Building on this opportunity, these appointments will help reinforce our market leadership and deliver our promise to be the most trusted insurer for our clients and partners across the region."

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