Euler Hermes
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| Euler Hermes | |
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| Type | Société Anonyme (Euronext: ELE) |
| Founded | 2001 (group), 1917 (Hermes), 1893 (ACI) |
| Headquarters |  Paris, France |
| Area served | Europe, USA |
| Key people | Jean-Philippe Thierry, Chairman, Chairman-CEO of AGF |
| Industry | Insurance |
| Products | Credit insurance, Reinsurance |
| Revenue | € 2,100 million (2007) |
| Operating income | € 577.7 million (2007) |
| Net income | € 407 million (2007) |
| Employees | 5,500 |
| Parent | AGF, Allianz |
| 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 AGF 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.
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[edit] 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.
[edit] Operations
The company has 51 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 51 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.
[edit] See also
Hermes cover, the German export credit guarantee scheme managed by Euler Hermes Kreditversicherungs-AG and PricewaterhouseCoopers Aktiengesellschaft
[edit] External links
- Euler Hermes Group website
- Euler Hermes UK
- Euler Hermes Canada
- Euler Hermes ACI
- Euler Hermes Kreditversicherungs-AG website (german/english)
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