Euler Hermes seeks agency to lift UK profile

The world's largest credit insurance firm has initiated a search for an agency to build its profile in the UK and promote the entire credit insurance industry.

Exports: Euler Hermes provides companies with credit insurance
Exports: Euler Hermes provides companies with credit insurance

Euler Hermes, which is owned by insurance giant Allianz, is looking for an agency to handle media relations, profile raising and relationship building in the UK, PRWeek understands.

The company handles more than a third of the global credit insurance market.

It wants the successful PR agency to help educate the public on credit insurance and build consumer interest and trust in the industry.

Credit insurance protects companies in the event their customers fail to pay or enter into administration.
Euler Hermes currently handles more than 50,000 clients, covering more than €700bn (£563.2bn) globally.

It is thought the firm requested proposals from 15 companies in late November, inviting three to pitch. Euler Hermes currently works with Gravity London in the UK.

The brief also covers crisis management, media training and identifying key organisations for Euler Hermes to partner with.

In April this year, the company received widespread media coverage when it announced it planned to pull credit insurance cover for suppliers to holiday company Thomas Cook.

A month earlier, the firm had suspended cover for firms selling goods into Greece over fears that the country’s debt crisis would escalate the risk that exporters to the country would not be paid.

Amanda Radley, who is thought to be leading the brief at Euler Hermes, did not respond to a request for comment at the time of PRWeek going to press.

Euler Hermes UK provides 40 per cent of all trade credit insurance arranged in Britain and is rated AA- by international ratings agency Standard & Poor’s.

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