Euler Hermes

Euler Hermes SA is a credit insurance group headquartered in Paris. The company has a market share of around 35 percent global market leader in this segment. Euler Hermes is the world leader in trade credit insurance business. With more than 6,000 employees in over 50 countries, Euler Hermes offers a complete range of services to the receivables management. The turnover in 2012 amounted to almost 2.4 billion euros. The Euler Hermes group analyzed the creditworthiness of over 40 million companies and insured end of December 2012 worldwide transactions worth more than 770 billion euros. Euler Hermes, subsidiary of Allianz, is listed on Euronext Paris Euro. The group and its principal credit insurance subsidiaries by Standard & Poor's rating of AA -. The German subsidiary Euler Hermes AG Germany with a market share of around 40 per cent of Germany's leading credit insurer.

History

The American part of the company was founded in 1893 in Baltimore as American Credit Indemnity Company ( ACI).

The German part of the company arose from the 1917 founded and since 1929 working in this business Hermes Credit Insurance, whose main shareholder with 90 percent of the capital in 1996, the alliance was that, however, was previously concerned about the Munich Reinsurance Company instrumental in Hermes. Since 1948 ( Euler ) Hermes is based in Hamburg, since 1981 in a striking semi-circular office building with 21 floors directly on the Bahr field S-Bahn station.

The French part of the company was founded in 1927 as Société Française d'Assurance - Crédit ( SFAC ). 1996 Assurances Générales de France ( AGF), the majority shareholder of the SFAC, which is named Euler. In the same year the British credit insurer Euler buys Trade Indemnity and the American ACI. Two years later, Euler takes control of Italian insurer founded in 1927 Società Italiana Assicurazioni Crediti ( SIAC ).

In 2002, Euler Hermes credit insurance. This acquisition was a reorganization of the Allianz Group, both the Hermes credit insurance, as well as Euler controlled ( AGF ). The new group and all its branches were named Euler Hermes. The headquarters of the holding is Paris. The German headquarters ( 1,408 employees, 2012) has its headquarters in Hamburg- Ottensen. In March 2012, Euler Hermes AG changed its name to " Euler Hermes AG Germany " around.

Company structure

The holding company Euler Hermes SA belongs to 68.16 percent of Allianz France, in turn, to 100 percent of the Allianz Group is one (as of April 1, 2010).

The group is divided since 1 January 2010 in six regions: Americas; Asia Pacific; France; Germany, Austria, Switzerland; Mediterranean Countries & Africa; Northern Europe and the Group companies Euler Hermes Collections, Euler Hermes World Agency and Euler Hermes Reinsurance. The group employs over 6000 employees ( 2011). In Germany, the company with 5 branches and 20 offices nationwide and employs 1527 staff (12 /2011).

Products

Euler Hermes credit insurance sold goods, capital goods credit insurance, fidelity insurance, deposit insurance for businesses. In addition, Euler Hermes worked together with PricewaterhouseCoopers Aktiengesellschaft accounting firm as an export credit insurance, export credit guarantees on behalf of and for the account of the Federal Republic of Germany.

Euler Hermes Collections GmbH

The Euler Hermes group has reorganized the collection business in 2009. The goal is a uniform global market presence under the new name of Euler Hermes Collections ( EHC ), headquartered in Potsdam. Thus, the debt collection activities of all Euler Hermes are harmonized across the Group companies promoted their efficiency and customer service can be improved. Euler Hermes Collections specializes in credit management in the B2B sector. Demand management will involve the optimization of the reminders, and the pre-trial recovery of outstanding debts. The Austrian headquarters is located in January 2010 in Vienna.

Euler Hermes Rating GmbH Germany

Euler Hermes Rating GmbH Germany was founded by the Euler Hermes Group in 2001 as a separate and independent rating agency in Hamburg. On 16 November 2010 she became the first European rating agency recognition and registration as a Credit Rating Agency (CRA ) in Europe.

Export credit guarantee

The terms Hermes Hermes guarantee or coverage of one of the main products of the company is colloquially referred to, the export credit guarantee, which will liquidate the company on behalf of the Federal Republic.

This export warranties offered by the Federal German exporters to hedge manufacturing risk cover during the production phase and export coverages during the exposure phase. There are also passed to foreign customers financial credit guarantees for banks, buyers loans for German exports. Here, the Confederation shall take both the economic and the political risks. Also special forms of cover for seizure of goods, store abroad, before they are sold or removed from the importer can be backed up via the Hermes loans. The granting of loans can be linked to conditions on the exporter relating to the agreement of the payments made by the importer, and also a backup of loans that have been approved by German banks for the implementation of the export business is hereby possible.

The company acting under a mandate on behalf of and for the account of the Federal Republic of Germany, so that the contingent liability is to be considered formally in the federal budget.

The distinction between export guarantees and sureties not carried out according to the legal bases of both warranty forms, but in terms of the formal status of the respective importer. If the foreign debtor operated under private law firms, it is export guarantees. If it is, however, at the importer to the government, a government agency or other public body, is the talk of export guarantees.

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