Paris-headquartered trade credit insurer Euler Hermes has shed its skin to become known as Allianz Trade worldwide. Here Chris Doubé (pictured), chief executive for Australia and New Zealand, talks about what the rebrand means for the business and what trends they’re seeing in NZ.
In New Zealand, where Allianz Trade is led by country manager Craig Kruger, Doubé said exports rose 16% year-on-year to $4.9 billion in January. The CEO attributed the jump mainly to agrifood and crude oil.
“As a result,” he told Insurance Business New Zealand, “we see a trend of increasing demand for trade credit insurance (TCI) by businesses over recent years, as companies look to navigate risk and protect themselves against bad debts both at home and abroad.
“Following a relatively benign insolvency environment over this pandemic period, we expect to see insolvencies rise in New Zealand and globally as companies face inflationary headwinds, uncertain global trading environments, and sustained supply chain pressures.”
Doubé went on to describe Allianz Trade – the entirety of which is owned by German insurance group Allianz – as being well positioned to support clients trading not only domestically but also overseas, allowing them to make informed decisions and explore new opportunities with confidence and safely grow their business.
Meanwhile Allianz Trade has clarified that while it now uses a different brand name and visual identity, the company’s legal entity remains the same. Likewise, policyholders will still be in touch with the same contacts, and policy documents will not need to be revised.
When the global name change was rolled out last week, Allianz Trade said “nothing will be different” in terms of honouring the Euler Hermes heritage as a TCI and surety bonds provider. What will change, among other things, is the firm’s visibility.
“Changing our brand name to Allianz Trade means being a legacy enterprise with higher visibility and greater possibilities to expand our range of tailored solutions,” declared the Allianz subsidiary when it introduced its new look. “There are countless advantages to rebranding as Allianz Trade.
“With the increased visibility this transformation offers, we can provide you an ever-broadening scope of insight, knowledge, and solutions. For your business, this new depth and breadth of access translates into sounder decisions for a brighter future. That is the vision that has driven Euler Hermes for more than 100 years.”
The trade credit insurer added: “With our new brand name, we will benefit even more from the reputation and strength of the Allianz Group, along with its extensive global network of knowledge and expertise. This will help us stay on top of technological transformations as they emerge. We will imagine new services to ensure your best performance while delivering greater simplicity and efficiency.”
For Doubé, the switch will translate to growth opportunities not only in New Zealand but in the broader Asia-Pacific market.
The CEO told Insurance Business: “This rebranding is a game-changer for us. Despite being wholly owned by Allianz since 2018, now bearing the Allianz name means that we are officially a part of a bigger and stronger family.
“The trusted Allianz brand will open new markets, new segments, from multinationals to smaller SMEs (small- and medium-sized enterprises), and new distribution channels for us. APAC is a growth region, and we have ambitious goals in place. Carrying the Allianz name will give us better access to markets and resources to ensure we can grow in all business lines and geographies.”
Moving forward, Doubé’s camp is optimistic as far as prospects go.
“With 2022 seeing a further increase in demand for TCI, more and more companies are looking to manage their credit risk effectively so they can get on with the business of growing safe in the knowledge that one of their largest assets, trade/accounts receivables, is protected.
“Looking ahead, we aim to further extend our core business by focussing on account management and exploring SME opportunities. We will scale our growth in selected sectors and continue to prepare for the new world of digital trade.”
Present in 52 countries, Allianz Trade employs more than 5,500 people. Last year, its consolidated turnover amounted to €2.9 billion, while insured global business transactions represented €931 billion in exposure.