Euler Hermes appoints Mahan Bolourchi as GCC CEO

DUBAI – 17 SEPTEMBER 2014 – Euler Hermes has appointed Mahan Bolourchi  as GCC CEO, with responsibility for  Euler Hermes operations in Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and U.A.E. Based in Dubai, he reports to Michele Pignotti, head of Euler Hermes Mediterranean Countries, Middle East and Africa region.

“With Mahan’s appointment we continue to strengthen our organization in this fast-growing market and to meet our ambitious client requirements,”said Michele Pignotti. “His professionalism and proven credit insurance experience in the GCC will support Euler Hermes’ long-term growth and market leadership.”

Mahan Bolourchi began his career at Euler Hermes in 2001 as a credit underwriter in Germany. He later became senior export credit Manager before moving to Switzerland as head of Risk Underwriting, and head of Information and Project Management. In 2007, after a brief assignment as Risk director for the APAC region, he was appointed Risk, Information & Claims Director for the GCC and Middle East. Bolourchi holds a bachelor’s degree in Economics from the Hamburg University of Applied Sciences, and a BA in International Management from the Euro Business College in Hamburg. He replaces Massimo Falcioni, who has left the company.

“The Euler Hermes GCC team is strongly focused on providing high-quality service to our customers, and to delivering tailor-made solutions to protect companies of all sizes and sectors against payment defaults,” said Mahan Bolourchi. “The market potential for and benefits of trade credit insurance are high in the region, and we continue to increase awareness of its value to the GCC and its businesses.”

Euler Hermes established operations in Dubai (U.A.E.) sponsored by Alliance Insurance PSC in 2006, and in cooperation with Allianz Saudi Fransi Cooperation Insurance, a joint venture between Allianz Group and Saudi Fransi Bank, in Saudi Arabia in 2008. The Euler Hermes Mediterranean Countries, Middle East and Africa (MMEA) region, currently employs over 600 people and covers 12 countries.

Euler Hermes GCC is Headline sponsor of the Trade Credit Insurance Summit (Dubai, 27-29 October), a leading event for the trade credit and political risk insurance industry in MENA.

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Euler Hermes is the global leader in trade credit insurance and a recognized specialist in the areas of bonding, guarantees and collections. With more than 100 years of experience, the company offers business-to-business (B2B) clients financial services to support cash and trade receivables management.Its proprietary intelligence network tracks and analyzes daily changes in corporate solvency among small, medium and multinational companies active in markets representing 92% of global GDP. Headquartered in Paris, the company is present in over 50 countries with 6,000+ employees. Euler Hermes is a subsidiary of Allianz, listed on Euronext Paris (ELE.PA) and rated AA- by Standard & Poor’s and Dagong. The company posted a consolidated turnover of €2.5 billion in 2013 and insured global business transactions for €789 billion in exposure at the end of 2013. Further information: www.eulerhermes.com, LinkedIn or Twitter @eulerhermes.

Cautionary note regarding forward-looking statements: The statements contained herein may include statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. In addition to statements which are forward-looking by reason of context, the words "may", "will", "should", "expects", "plans", "intends", "anticipates", "believes", "estimates", "predicts", "potential", or "continue" and similar expressions identify forward-looking statements. Actual results, performance or events may differ materially from those in such statements due to, without limitation, (i) general economic conditions, including in particular economic conditions in the Euler Hermes Group’s core business and core markets, (ii) performance of financial markets, including emerging markets, and including market volatility, liquidity and credit events (iii) the frequency and severity of insured loss events, including from natural catastrophes and including the development of loss expenses, (iv) persistency levels, (v) the extent of credit defaults, (vi) interest rate levels, (vii) currency exchange rates including the Euro/U.S. Dollar exchange rate, (viii) changing levels of competition, (ix) changes in laws and regulations, including monetary convergence and the European Monetary Union, (x) changes in the policies of central banks and/or foreign governments, (xi) the impact of acquisitions, including related integration issues, (xii) reorganization measures, and (xiii) general competitive factors, in each case on a local, regional, national and/or global basis. Many of these factors may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences.The company assumes no obligation to update any forward-looking statement

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