Our team



Our economists are available on request to present at your events and bring you our latest views and opinions on a variety of topics ranging from the euro zone crisis, to new global trade routes, to emerging risks and opportunities. Our experts are widely featured in international media such as: BFM Business, Bloomberg TV, CNBC, CNN,  France 24, France Info, der Handelsblatt, Il Sole 24 Ore, Le Figaro, Le Monde,  The Financial Times, The New York Times, The Washington Post and so forth.




L Subran

Ludovic Subran, Chief Economist and Director for Economic research

Before joining Euler Hermes in 2011, Ludovic has worked for prestigious institutions such as the French Ministry of Finance, the United Nations and the World Bank, advising Governments on economic policies. He has also taught economics in France, Italy and the US. Based in Paris, Ludovic often meets with clients and prospects to share our latest research.

Macroeconomic and Country Risk Research


Andrew Atkinson

Andrew Atkinson, Senior Country Risk Analyst

Andrew specialises in Sub-Saharan Africa, North Africa, the Middle East, South Asia and the Caribbean. Andrew joined Euler Hermes towards the end of 2004 after a lengthy career in international banking. For most of his professional career as an economist, he has focused on country risk, particularly relating to Africa and the Middle East. Andrew is based in London.

Ana Boata

Ana Boata, Economist

Ana provides support to the Macroeconomic and Country Risk teams. Her areas of expertise are short-term economic forecasting, monitoring of policy changes and country risks, as well as governance issues within the Eurozone and CEE countries. She joined Euler Hermes from the Banking sector in 2012.

Romeo Grill

Romeo Grill, Senior Economist

Romeo is the economist for Germany, Switzerland and Austria, based in Hamburg. He is in charge of economic and insolvency forecasts. Throughout his tenure with Euler Hermes, Romeo built up expertise in evaluating and providing business related information on the economic environment, helping to support credit insurance business. He began his career in 1989 as an economist within the Marketing and Sales Department.

Mahamoud Islam

Mahamoud Islam, Economist

Mahamoud Islam is a an economist based in the Paris office. He joined Euler Hermes in 2010 after an experience in International Banking. He is in charge of macroeconomic and insolvencies analysis for southern European countries, United Kingdom and Ireland. Mahamoud has keen interest in quantitative analysis and public policy.

Emma Ménascé

Emma Ménascé, Senior Economist

Emma Ménascé is the economist for France, Spain and Latin America. She has been working for the French Ministry of Finance and the economic research department of Natixis on various macro-economic issues, including emerging Europe integration, developing countries forecast and risk analysis. She joined Euler Hermes in 2013.

Manfred Stamer

Manfred Stamer, Senior Country Risk Analyst

Manfred Stamer has a particular focus on Emerging Europe and Emerging Asia. He joined Euler Hermes Germany in 1998 as an economist for country and sector research in the Marketing Department. In 2003, he joined the Risk Department to work on country risks.  In 2010, he joined the Economic Research Deparment. Manfred is based in Hamburg.

Dan North

Dan North, Senior Economist

Dan is the economist for the US and Canada, based in the Owings Mills, Maryland. Dan has been with Euler Hermes North America since 1996, using macroeconomic and quantitative analyses to help manage the risk portfolio. Dan has appeared on a wide range of media both in the US and abroad and is a top speaker at trade groups, credit managers' associations, often meeting with clients, and prospects throughout North America.

Sector and Insolvency Research

Maxime Lemerle

Maxime Lemerle, Group Head of Sector and Insolvency Research

Maxime joined Euler Hermes in 1993, freshly graduated, as a credit analyst for Euler Hermes France, specializing on the food and retail sectors. He then joined the Economic Research Department in 1999, first in charge of sector research, then as an OECD countries economist, before assuming his current responsibilities (2007).

Yann Lacroix

Yann Lacroix, Sector Advisor

Yann is sector advisor for the automotive industry. He started his career at Euler Hermes in 1988 as a credit analyst. He has then held managerial positions in various Regional Risk Offices throughout France. A specialist in corporate finance, Yann has also served as manager for risk monitoring of large French companies. Yann is featured widely in the French media.

Bruno Goutard

Bruno Goutard, Sector Advisor

Bruno specializes on the aeronautics, airlines and food industries. Bruno started his career as a credit analyst. He then joined Euler Hermes France as an underwriter in the risk department. Since 2009, he has produced or contributed to global sector analysis as well as major industry research in the US. He is based in the Owings Mills, USA.

Marc Livinec

Marc Livinec, Sector Advisor

Marc is a sector advisor for the chemicals, pharmaceuticals, and oil- and energy-related industries. He started his career at Euler Hermes France in 1995 as a financial analyst. He then moved to the Economic Research Department to work on financial analysis of large French companies (2004-2010). Marc has also been working with the World Agency on presentations to top clients.

Didier Moizo

Didier Moizo, Sector Advisor

Didier is our advisor for the IT, electronics and construction sectors. He began his career in 1984 as a Corporate Relationship Manager and has worked for various financial institutions till he joined Euler Hermes in 1991, as an underwriter. Didier has also participated to the design and implementation of Euler Hermes' risk database in both Belgium and France, before he joined the Economic Research Deparment in 2004.


Martine Benhadj

Martine Benhadj, In-house graphic designer

Martin is in charge of all publications by the Economic Research Department. She started her career at Euler Hermes  in 1973 within the Risk Department. She went through the Claims and Collections Department and Accounting Department before joining the Economic Research Department.

Valerie Poulain

Valerie Poulain, Personal assistant to the Chief Economist.

Valérie first started with Euler Hermes in the Reinsurance Department, and has worked in the Debt and Collections Department, before joining the Economic Research Department in 2004, working initially on the Economic Outlook. Valérie coordinates all speaking engagements and relationships with business units for the Department.