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Euler Hermes

 
Hoover's Profile: Euler Hermes
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(Euronext Paris:ELE)
Contact Information
Euler Hermes
1, rue Euler
75008 Paris, France
Tel. +33-1-40-70-50-50
Fax +33-1-40-70-50-17

Type: Public
On the web: http://www.eulergroup.com

Been given enough credit lately? Who has, right? Well, Euler Hermes, one of the world's largest credit insurers, provides credit insurance, receivables management, and risk management services. With operations worldwide, the company's credit insurance products provide customers with trade debt collection and financing of trade receivables, as well as bonding, fidelity insurance, and evaluation of trade receivable portfolios. These products offer both commercial and political coverage. Euler Hermes is a subsidiary of French insurer Assurances Générales de France, which owns a 68% stake, and a member of the German powerhouse Allianz Group.

Key numbers for fiscal year ending December, 2008:
Sales: $171.4M
One year growth: (94.9%)
Net income: $124.2M
Income growth: (79.5%)

Officers:
Chairman, Chairman-CEO of AGF: Jean-Philippe Thierry
CEO: Wilfried Verstraete
CFO: Nicolas Hein

Competitors:
AXA
Coface
Fortis SA/NV

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Wikipedia: Euler Hermes
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Euler Hermes
Type Société Anonyme (Euronext: ELE)
Founded 2001 (group), 1917 (Hermes), 1893 (ACI)
Headquarters Flag of France.svg Paris, France
Key people Jean-Philippe Thierry, Chairman of the Supervisory Board (until 31 December 2009); Clement Booth (as of 1 January 2010)
Products Credit insurance, Reinsurance, Trade debt collection, Bonding
Revenue € 2,166 million (2008)
Operating income € 577.7 million (2007)
Net income € 83.6 million (2008)
Employees 6,275 (2008)
Parent Allianz, Allianz SE
Divisions Euler Hermes ACI, Euler Hermes Kreditversicherungs-AG, Euler Hermes SFAC, Euler Hermes SIAC
Website http://www.eulerhermes.com

Euler Hermes is a French credit insurance company majority-owned by Allianz France which is in turn owned by Germany's Allianz SE.

It claims to have 36% (2006) of the total credit insurance market. Euler Hermes is the result of the acquisition of Allianz's Hermes by AGF's Euler in 2002. As of July 2007, Allianz (through AGF) held 68% of Euler Hermes' shares, with other shareholders (including Swiss Re) holding the remainder.


Contents

Euler Hermes in North America

Euler Hermes ACI, the North American subsidiary of Euler Hermes was incorporated in 1893. It is the oldest and largest insurance carrier in North America exclusively writing receivables insurance and providing risk mitigation services. It is headquartered in Owings Mills, Maryland. Euler Hermes ACI and Euler Hermes Canada provide credit insurance policies covering both domestic and export trade in more than 200 countries.

One of the main spokespersons for Euler Hermes ACI is Chief Economist Dan North.

Operations

The company has 54 subsidiaries throughout Europe, in France, Italy, Belgium, United Kingdom but also in the United States and Canada, including regional service hubs in New York City, Chicago, Atlanta, Los Angeles, Houston, Toronto and Montreal. It distributes its products and services through a network of direct agents, brokers, and banks. It employs approximately 6,000 around the world, and insures over $800 billion in commercial transactions.

Euler Hermes covers global risk management in five continents, with risk and information specialists located in 54 countries. Euler Hermes has a database with proprietary information on more than 40 million companies worldwide, and provides coverage on shipments to 200 countries around the globe.

See also

Hermes cover, the German export credit guarantee scheme managed by Euler Hermes Kreditversicherungs-AG and PricewaterhouseCoopers Aktiengesellschaft

External links

v • d • e
CAC Mid 100 companies of France (29 January, 2009)

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International Credit Insurance & Surety Association (ICISA) Members

Afianzadora Latinoamericana (Argentina)  · Allianz SE (Germany)  · Askrindo (Indonesia)  · Atradius (worldwide)  · AXA Assurcredit (France)  · AXA-Winterthur (Switzerland)  · AXIS Re (Ireland)  · CESCE (Spain)  · China National Investment & Guaranty Company (China)  · CLAL (Israel)  · Coface (worldwide)  · COSEC (Portugal)  · CGIC (South Africa)  · Ducroire/Delcredere (Belgium)  · ECICS (Singapore)  · Ethniki (Greece)  · Euler Hermes (worldwide)  · Fianzas Atlas (Mexico)  · Fianzas Monterrey (Mexico)  · Garant (Austria)  · Groupama (France)  · GCNA (Canada)  · Hannover Re (worldwide)  · HCC International (UK)  · ICIC (Israel)  · Malayan Insurance (Philippines)  · Mapfre (Spain)  · Mitsui Sumitomo (Japan)  · Munich Re (worldwide)  · Nationale Borg (Netherlands)  · Partner Re (worldwide)  · PICC (China)  · Prisma (Austria)  · QBE Insurance (Australia)  · SACE BT (Italy)  · SCOR Switzerland (worldwide)  · SGIC (Korea)  · SID First Credit (Slovenia)  · Sompo Japan (Japan)  · Swiss Re (worldwide)  · Tokio Marine & Nichido Fire (Japan)  · TrygVesta Garanti (Denmark)  · Zurich Surety, Credit & Political Risk (USA)  · Zurich Surety UK (UK)  · Zurich Versicherung (Germany)
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