Insurance broker Howden, the credit insurance arm of Allianz, and Saudi’s EXIM Bank are to collaborate to provide credit and political risk insurance to exporters doing business in Saudi Arabia.
The deal will see all three brands working in partnership to offer non-payment insurance for global exporters and banks to facilitate the trade of non-oil products in Saudi, bolstering the Kingdom’s Vision 2030 plan.
“Saudi Arabia’s 2030 vision will transform its economy by investing in new sustainable technology and infrastructure, as well as encouraging direct foreign investment,” said David Howden, chief executive of the broker.
“The unrivalled expertise of the London market has been critical in developing these ground-breaking insurance arrangements. It is yet another demonstration of the important role that insurance plays in underwriting the global energy transition.
“Insurance protects economic growth, supports global trade, strengthens supply chains and is crucial in opening up opportunities to deliver a sustainable future for all.”
Marine Bochot, chief executive officer of Northern Europe for Allianz Trade, said the strategic partnership will leverage our strong global network and capabilities in providing trade credit insurance across multiple export regions.
“As a global trade credit insurer, we are committed to supporting foreign exporters targeting growth opportunities offered by Saudi Arabia’s ambitious Vision 2030,” she added.
The agreement was signed on 29 May at Howden’s London office.