Mergers: Commission approves joint venture between Euler Hermes and Mapfre in delcredere insurance

On the 21 September 2012, the European Commission cleared under the EU Merger Regulation the proposed creation of a joint venture between the insurance companies Euler Hermes S.A. of France and Mapfre S.A. of Spain, which would encompass their respective delcredere businesses in Spain, Chile, Colombia and Mexico, as well as Mapfre's delcredere business in Argentina. Delcredere insurance protects policy holders against the risk of their clients' insolvency.

The Commission's investigation confirmed that the operation would not raise competition concerns because it would not significantly alter the market structure in Europe.