Etihad Credit Insurance (ECI), the UAE Federal export credit company, has signed a Memorandum of Understanding (MoU) with Markel International, a specialist insurer.
The partnership will allow ECI, a federal government owned entity, to fulfill its mandate of assisting UAE businesses to drive in more growth and trade activity while also reinforcing its commitment to support the country’s non-oil diversification strategy. Under the MoU, ECI and Markel will mutually cooperate to design and deliver bespoke comprehensive conventional trade credit insurance solutions and services to the UAE businesses, growing the non-oil export trade.
Mr Saed Al Awadi, chairman of the executive committee at ECI, said, "ECI is building a comprehensive platform of partnerships in order to support UAE businesses. These collaborations will allow ECI to explore opportunities geared towards understanding the needs of the UAE export community. The strategic association with Markel International will likewise create a strong platform for ECI to boost UAE businesses in line with the UAE Vision 2021 agenda."
Markel International Limited is a subsidiary of Markel Corporation, a US-based holding company trading on the New York Stock Exchange. With a strong global presence, the company underwrites insurance and reinsurance risks through Syndicate 3000 at Lloyd’s, Markel International Insurance, Markel Insurance, Markel Seguradora do Brasil and Markel Resseguradora do Brasil. The company maintains offices in 17 countries.
The global credit insurance market is valued at $7.75bn in 2017 and is expected to reach $8.56bn by the end of 2023, growing at a CAGR of 2% between 2017 and 2023.
ECI was established by the UAE Federal Government and its founders, the governments of Abu Dhabi, Dubai, Ras Al Khaimah, Fujairah and Ajman. The company started its operations in February 2018. ECI plays a catalyst role in supporting the UAE’s non-oil exports, trade, investments and strategic sectors development, in line with the UAE Vision 2021 agenda. UAE Vision 2021 is a long term socio-economic development plan that promotes a shift to a diversified and knowledge-based economy.
To provide UAE businesses with solutions that meet their growth objectives locally and internationally, ECI builds a comprehensive platform of strategic partnerships across government, insurers, re-insurers, brokers, banks and lenders, regional and international export credit agencies, governments and trade promotion agencies in addition to world organisations for economic development.