Markel forms strategic alliance with UAE's Etihad Credit Insurance
Markel International has signed a memorandum of understanding (MoU) with UAE export credit company Etihad Credit Insurance (ECI).
Under the MoU, ECI and Markel will mutually design bespoke comprehensive conventional trade credit insurance solutions and services for business in the UAE businesses.
"The newly-signed MoU reflects our eagerness to earmark our presence in the Middle East region, particularly in the UAE – complementing our continuing efforts to expand our geographic reach," said Ewa Rose, managing director of trade credit, political risk and surety at Markel International.
"The UAE is currently the largest market for trade credit insurance in the MENA region," Rose added. "This has also been the strategic location where a majority of the credit insurers have their base and use it as a hub to support businesses in the region. The UAE offers stable economic and political environment, ease of doing business, relatively healthy regulatory and legal environment and geographical positioning, making it a trading hub for the region with access to quality talent.”
The partnership will allow ECI, a federal government owned entity, to fulfill its mandate of assisting UAE businesses to drive in more growth and trade activity while also reinforcing its commitment to support the country’s non-oil diversification strategy.
Massimo Falcioni, CEO of ECI, said: "This new alliance is expected to strengthen our continuing efforts in supporting the growth and development of local businesses here in the UAE, especially those in the fields of export, equipping them with the necessary business tools and solutions needed in making them globally competitive. In addition, working closely with Markel International will reinforce our efforts in achieving the goals and objectives of the country's non-oil diversification strategy."
Saed Al Awadi, CEO of Dubai Export and Development Corporation, and chairman of the executive committee at ECI, added: "ECI is building a comprehensive platform of partnerships in order to support UAE businesses. These collaborations will allow ECI to explore opportunities geared towards understanding the needs of the UAE export community. The strategic association with Markel International will likewise create a strong platform for ECI to boost UAE businesses in line with the UAE Vision 2021 agenda. The agreement reinforces our commitment to service the UAE export community in order to improve their global competitiveness."
The global credit insurance market was valued at $7.75 billion in 2017 and is expected to reach $8.56 billion by the end of 2023, growing at a compound annual growth rate (CAGR) of 2 per cent between 2017 and 2023. It is expected to witness expansion in the near future brought by an increased awareness of and focus on trade risks on credit, according to a corporate statement.
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