The UK's biggest credit insurer Euler has opened three new offices – the first is situated in Shanghai, China, and the other two are in Mexico and Brazil.

The company also plans to open an office in Singapore with its new partners, German-based Hermes AG.

Euler and Hermes now share about 40% share of the global market, making them the world's premier credit insurance group.

Both companies have agreed on a common commercial approach, sole underwriting responsibility in each country will be with the most firmly established subsidiary.

The two have also created a common company based in London to offer credit insurance services to large multinational companies.