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: Bloomberg TV, CNN, CNBC, BFM Business, France 24, France Info, The Washington Post, the New York Times, The Financial Times, Le Monde, Le Figaro, der Handelsblatt and so forth.

Ludovic Subran

Ludovic Subran, Chief Economist and Director for Economic Research

Ludovic leads the Economic Research Team at Euler Hermes. This unique department bridges top-notch research on countries and sectors to provide our clients with best-in-class knowledge. Before joining Euler Hermes, Ludovic worked for prestigious institutions such as the French Ministry of Finance, the United Nations and the World Bank. Ludovic also teaches economics at HEC Business School. Ludovic is ranked in the top 100 French leaders of tomorrow; he often shares Euler Hermes' analyses with clients and the media.

Macroeconomic and Country Risk Research​



Dan North, Senior Economist for North America


Dan is the economist for the US and Canada, based in 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. 
Andrew Atkinson

Andrew Atkinson, Senior Economist for the Middle East and Africa


Based in London, Andrew joined Euler Hermes in 2004 after a prominent 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, with extensive travel to these regions. Andrew is also in charge of one of our flagship publication: the Weekly Export Risk Outlook.


Ana Boata.


Ana Boata, Economist for Europe


Ana joined Euler Hermes in 2012 from the banking sector where she worked as the economist for Southern Europe and France. At Euler Hermes, Ana is responsible for short-term economic forecasts for most eurozone countries. Her areas of expertise also include the monitoring of public policies and their impact on growth trajectories and eurozone governance issues.


Mahamoud Islam

Mahamoud Islam, Economist for Asia


Mahamoud joined Euler Hermes in 2010 as an economist for OECD countries, including Europe. Before that, Mahamoud worked for the banking sector in Paris Mahamoud is now the regional economist for Asia Pacific and is in charge of macroeconomic and country risk analysis. Mahamoud has a keen interest in quantitative analysis, public policy and international trade.
Manfred Stamer

Manfred Stamer, Senior Economist for Emerging Europe


Based in Hamburg, Manfred focuses on Emerging Europe and Central Asia. He joined Euler Hermes Germany in 1998 as an economist in the Marketing Department. In 2003, he moved to the Risk then to Research to work on country risks in emerging Europe and emerging Asia. Manfred also oversees the country risk methodology at Euler Hermes.


Frederic Andres

Frédéric Andrès, Senior Economist


Frederic joined Euler Hermes as the economist for France in 2014. Previously, he was working in the finance industry, where he was responsible for the tactical asset allocation of insurance portfolios, with a specific focus on equities and derivatives. Frederic is now in charge of macroeconomic forecasts for France, monitoring public policies, and analyzing macro-micro linkages within the French economy. He has a keen interest in finance, monetary policy, economic geography, theories of the firm and quantitative methods.

 Daniela Ordonez

Daniela Ordonez, Economist Latin America, Spain and Portugal


Daniela is Euler Hermes’ regional economist for Spain, Portugal, and Latin America and the Caribbean. Her work focuses on country risk analysis and short- and medium-term forecasting. Before joining Euler Hermes in 2014, she worked at a French think tank. As their economist for Latin America and the Eurozone, Daniela carried out cross-sectional research on economic policies and structural issues. 


Sector and Insolvency Research​ ​

Maxime Lemerle

Maxime Lemerle, Head of Sector and Insolvency Research


Maxime joined Euler Hermes in 1993 as a credit analyst for Euler Hermes France, specializing on the food and retail sectors. He then moved to the Research team in 1999, first working on sectors, then on macroeconomic analyses, before becoming the team leader for global forecasts. Maxime now leads cross-cutting sector and insolvency research and is in charge of sector risk ratings.
Yann Lacroix

Yann Lacroix, Sector Advisor for Automotive and Steel


Yann 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. Yann then became the head of special risks for Euler Hermes France before joining the Research Department. He is a specialist in corporate finance. Yann is featured widely in the French media.
Marc Livinec

Marc Livinec, Sector Advisor for Chemicals, Pharmaceuticals and Energy

Marc started working for the French subsidiary of Euler Hermes as a financial analyst until 2005. He then moved to the Economic Research Department where he has been developing in-depth knowledge of the chemicals and pharmaceuticals sectors. He is also an advisor for energy-related for the Euler Hermes Group.​
Farah Allouche

Farah Allouche, Sector Advisor 

After a substantial experience as senior credit analyst for  Metals, Machines and Transportation sectors, Farah joined Euler Hermes in 2014. Now, she is in charge of carrying out comprehensive analyses for Industrial Equipements, Agrifood and Textile industries. Her areas of expertise also cover working capital management, payment delays and insolvency assessment.​
Didier Moizo

Didier Moizo, Sector Advisor for IT, Electronics and Construction

Didier 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.