International credit insurer Euler Hermes has finalised its acquisition of Lumley General Insurance’s credit insurance business in Australia and NZ.

A Euler Hermes spokesman told Sunrise Exchange News the company has applied for an Australian financial services licence, and until then policies will continue under the Lumley General name while utilising Euler’s resources.

Following the transition, Euler will offer its full range of products to the market in its own right.

The portfolio, which is valued at $7 million, will benefit from strong economic growth in Australia and NZ, according to Hermes.

“From now on the group will be able to offer a higher-quality service to companies exporting to both countries, and the Australian and NZ clients will obtain the benefit of global underwriting presence, systems and expertise,” the group said.