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Top insurer pulls cover for exports to Greece
May 30, 2012 / 9:38 AM / 5 years ago

Top insurer pulls cover for exports to Greece

FRANKFURT/LONDON, May 29 (Reuters) - Euler Hermes, the world’s biggest trade insurer, has suspended cover for exporters shipping to Greece amid fears the debt-laden nation could be forced out of the euro, hindering Greek importers’ ability to pay their bills.

“Euler Hermes has decided no longer to cover deliveries to Greece for the foreseeable future,” a Euler Hermes spokesman told Reuters on Wednesday.

Contracts already in force will be honoured, but no new Greek business will be underwritten, the spokesman said, adding that the insurer would reconsider “as soon as the situation improves.”

Euler Hermes, which insures exporters against the risk of not getting paid, had warned last week that it might restrict cover for Greece-bound exports.

The company, majority-owned by German insurer Allianz , insured export deals worth 702 billion euros ($880.03 billion) last year, making it the world’s biggest trade insurer after Atradius and Coface.

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