World’s first salmon trading insurance partnership

Bergen and Stockholm – November 25th, 2019  In a world first, JET Seafood and Euler Hermes have created a partnership to offer instant trade credit insurance on Seafoodportal.com, a newly launched digital marketplace for the seafood industry.

Participants can now buy and sell seafood online at the Seafoodportal.com in a matter of seconds, with just one click of a button; the first insured transaction took place on Friday November 8th 2019. Seafood producers and traders can assess the creditworthiness of potential buyers and insure a trade on the spot, backed by the security of the world's largest trade credit insurance company Euler Hermes, part of the Allianz Group.

Disruption
Disrupting of a mature market, JET Seafood’s digital marketplace enables anonymous sellers and buyers to get transparent prices, an overview of supply and demand, improved liquidity and increased market access. This facilitates the equal opportunity trading of seafood products, specifically salmon, and creates market efficiency, better price discovery and supply chain security for seafood producers in Norway and beyond.

Potential
Seafoodportal.com creates a secure centralised marketplace where fish farmers, sellers, and traders can conduct business whilst simultaneously reducing risk and increasing the security of their accounts receivable. Growth in demand is expected to increase rapidly in the coming months.

Euler Hermes believes that there is a growing market for trade credit insurance adapted for small and medium-sized enterprises. Offering single invoice insurance services through financing platforms and innovative marketplaces around the world such as the Seafoodportal.com opens that market.

Credit insurance in a few clicks
The technical integration between JET Seafood and Euler Hermes allows users of the platform to insure their accounts receivable trade by trade when trading seafood at the Seafoodportal.com. During the sales process, fish farmers and other approved members of Seafoodportal.com can instantly credit check and purchase credit insurance on individual trades, ensuring that if a buyer fails to pay, or goes bankrupt, the payment is guaranteed. 

About JET seafood
JET Seafood AS, situated in Bergen, Norway, is the company behind the www.seafoodportal.com, a digitised marketplace for seafood trading and belonging services. The company was founded in late 2017 and has won several business competitions in Bergen as the most promising start-up company. JET Seafood is a seafood tech company with the aim of making the sales of B2B seafood both more efficient and at a lower cost. We aim for disruptive solutions that will benefit our customers and bring value to all participants in the distribution chain.

About Euler Hermes
We predict trade and credit risk today, so companies can have confidence in tomorrow.

Euler Hermes is the global leader in trade credit insurance and a recognised specialist in the areas of surety, collections, structured trade credit and political risk. Our proprietary intelligence network analyses daily changes in corporate solvency representing 92% of global GDP. We give companies the confidence to trade, and be paid. We compensate your company in the event of a bad debt, but more importantly, we help you avoid bad debt in the first place. Whenever we provide trade credit insurance or other finance solutions, our priority is predictive protection. But, when the unexpected arrives, our AA credit rating means we have the resources, backed by Allianz to provide compensation to maintain your business. Headquartered in Paris, Euler Hermes is present in 50+ countries with 5,800 employees. In 2018, our consolidated turnover was €2.7 billion and insured global business transactions represented €962 billion in exposure.