Itemploys approximately 60,000 people serving customers in more than 170countries. In North America, Zurich () is a leading commercialproperty-casualty insurance provider serving the global corporate, largecorporate, middle market, specialties and programs sectors. About CQuest CapitalC-Quest Capital LLC (CQC), established in October 2008, brings togetherinnovators of the global carbon market with leaders in alternative energyproject development and risk management and commodities trading. Zurich provides surety bonds, political risk and trade credit insurance forfinancial institutions, multinational corporations, investors, exporters,contractors and infrastructure developers in North America and emerging markets.About ZurichZurich`s North America Commercial and Global Corporate in North America businessdivisions are part of ZurichFinancialServicesGroup (Zurich), an insurance-basedfinancial services provider with a global network of subsidiaries and offices inNorth America and Europe as well as in Asia Pacific, Latin America and othermarkets.
Zurich Surety, Credit & Political Risk is a leading provider of contract andcommercial surety, trade credit and political risk insurance products worldwide.Surety, Credit & Political Risk serves customers through underwriting officeslocated in 35 cities throughout North America, as well as Barcelona, Beijing,Frankfurt, Hong Kong, London, Paris, Sao Paulo, Singapore, Sydney, Tokyo andZurich. “Zurich is committed to workingwith companies in emerging markets to support investment in alternative energyprojects. Trade credit coverage offers a level of protection needed for privateinvestors developing efficient power sources.” Zurich has established a market-focused global climate initiative to understandthe emerging weather, financial and regulatory risks associated with climatechange and to develop products and services that help customers cope with theserisks. The climate initiative has three main elements: an internal ClimateOffice responsible for developing and implementing Zurich`s global climatechange strategy; a Climate Change Advisory Council to advise Zurich`s managementon strategic and operational issues associated with climate change; and anApplied Research Program with organizations and institutions that can bringmulti-disciplinary expertise to bear on the issues associated with climatechange. Theprotocol provides the means to monetize the environmental benefits of reducingGHGs and sell the emissions credits. Zurich`s trade credit policy insuresagainst the risk of non-payment following non-delivery of the anticipated CERs.
“We are pleased Alliant Emerging Markets selected us to be an integral part ofthis environmentally sensitive project,” said Daniel Riordan, president ofZurich`s Surety, Credit and Political Risk unit. Under the Kyoto protocol – an international treaty created to reduce greenhousegas (GHG) emissions linked to global warming – certain types of projects areeligible for carbon credits based on the level of greenhouse gases reduced. will generate 50,000CERs annually from 2008 through 2012, generating an estimated nearly $1 millionin additional revenue to the project each year. This qualifies it to sell Certified Emissions Reductions (CERs) underthe Kyoto Protocol It is anticipated that Hidromaule S.A. The project is currently being registered by the Executive Board of the UnitedNations Framework Convention on Climate as a Clean Development Mechanismproject. TheInternational Finance Corporation is providing nearly $21.7 million in debtfinancing to the project.
