Euler Hermes

Euler Hermes is a credit insurance company that offers a wide range of bonding, guarantees and collections services for the management of business-to-businesstrade receivables.

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Euler Hermes
Type Société Anonyme
Industry insurance 
Founded 2002 Euler Hermes
1917 Hermes
1893 ACI
Defunct 2003 
Headquarters
Tour First 1, place des Saisons – 92048 La DéfenseParis

,

Key people
Clarisse Kopff, chairman of Euler Hermes Board of Management
Products Credit insurance, Reinsurance, Trade debt collection, Bonding and Fidelity
Revenue € 2,7 billion (2018) [1]
Number of employees
+5800 (2018) [1]
Parent Allianz
Divisions Euler Hermes Americas; Euler Hermes Asia-Pacific; Euler Hermes Germany-Austria-Switzerland; Euler Hermes France; Euler Hermes Mediaterranean countries, Solunion
Website http://www.eulerhermes.com

A subsidiary of Allianz SE, Euler Hermes is rated AA by Standard & Poor’s.[2] The Group posted a consolidated turnover of €2,7 billion in 2018.[1] Euler Hermes employs +5,800 employees in over 50 countries and insured global business transactions for €962 billion in exposure at the end of 2018.

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Euler Hermes issues a varied range of bonds on behalf of its clients around the world.[citation needed]

Euler Hermes handles 380,000 debt collection files in more than 130 countries.[citation needed]

Economic Research at Euler Hermes, is a department entirely dedicated to economic research. It analyzes economic and sector trends, country risks and corporate insolvencies worldwide. The Euler Hermes’ Chief Economist is Ludovic Subran.[3] Economic Research publicly broadcasts through Euler Hermes’ website several publications sharing their latest views and forecasts on topics such as the new trends in international trade, emerging trade risks and business opportunities.

Euler Hermes provides guarantees or insurance on accounts receivable arising from the sales of commercial goods and services on credit terms of e.g. 30-day, 60-day time scales or more especially for export companies (as an alternative to making the foreign purchaser obtain a letter of credit), sometimes on longer time scales; it manages guarantees for exports by corporations globally; and also provides other international support for exporters. It distributes its products and services through a network of direct agents, insurance brokers, and banks and tracks companies in markets representing 92% of the world’s GDP.[4]

The Hermes Kreditversicherungsbank was founded by Wilhelm Kißkalt [de] and Emil Herzfelder [de], on October 7 1917, and was the first German credit insurance specialized company to be present in all the credit insurance areas: creditor, bond and fidelity insurance. Two months later, on December 18, 1917, Hermes was allowed by the German imperial supervisory authority for private insurance.

Both believed that credit insurance services had to be offered independently from traditional insurance services, because credit insurance services brought answers to specific needs. Dr. Emil Herzfelder was the first member of Hermes’ Management Board.

On February 19, 1918, the company was registered in the Berlin trade registry.

In 1926, the German Ministry of Economy entered into an agreement for export credit insurances with Hermes and Frankfurter Allgemeinen Versicherungs-AG, also called the FAVAG. Both companies were supposed to issue credit insurance contracts for export transactions with private sector companies, with the German Reich acting as a reinsurer and assuming 100% of the political and catastrophic risk.

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