Euler Hermes
Encyclopedia
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.
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.
, Los Angeles
, Houston
, Toronto and Montreal. It distributes its products and services through a network of direct agents, broker
s, and bank
s. 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.
, the German export credit guarantee scheme managed by Euler Hermes Kreditversicherungs-AG and PricewaterhouseCoopers
Aktiengesellschaft
Allianz
SE is a global financial services company headquartered in Munich, Germany. Its core business and focus is insurance. As of 2010, it was the world's 12th-largest financial services group and 23rd-largest company according to a composite measure by Forbes magazine.Its Allianz Global Investors...
.
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
Swiss Re
Swiss Reinsurance Company Ltd , generally known as Swiss Re, is a Swiss reinsurance company. It is the world’s second-largest reinsurer, after having acquired GE Insurance Solutions. The company has its headquarters in Zurich...
) holding the remainder.
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 insuranceInsurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
carrier in North America exclusively writing receivables insurance and providing risk mitigation services. It is headquartered in Owings Mills, Maryland
Owings Mills, Maryland
Owings Mills is an unincorporated community and a census-designated place in Baltimore County, Maryland, United States. It is a suburb of Baltimore. The population was 20,193 at the 2000 census. Owings Mills is home to the northern terminus for the Baltimore Metro Subway and to Owings Mills Mall....
. Euler Hermes ACI and Euler Hermes Canada provide credit insurance
Credit insurance
Credit insurance is a term used to describe both business credit insurance and consumer credit insurance, e.g., credit life insurance, credit disability insurance Credit insurance is a term used to describe both business credit insurance (a.k.a. trade credit insurance) and consumer credit...
policies covering both domestic
Domestic market
A domestic market is a financial market. Its trades are aimed toward a single market. A domestic market is also referred to as domestic trading...
and export trade
Export
The term export is derived from the conceptual meaning as to ship the goods and services out of the port of a country. The seller of such goods and services is referred to as an "exporter" who is based in the country of export whereas the overseas based buyer is referred to as an "importer"...
in more than 200 countries
Country
A country is a region legally identified as a distinct entity in political geography. A country may be an independent sovereign state or one that is occupied by another state, as a non-sovereign or formerly sovereign political division, or a geographic region associated with a previously...
.
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, AtlantaAtlanta, Georgia
Atlanta is the capital and most populous city in the U.S. state of Georgia. According to the 2010 census, Atlanta's population is 420,003. Atlanta is the cultural and economic center of the Atlanta metropolitan area, which is home to 5,268,860 people and is the ninth largest metropolitan area in...
, Los Angeles
Los Angeles, California
Los Angeles , with a population at the 2010 United States Census of 3,792,621, is the most populous city in California, USA and the second most populous in the United States, after New York City. It has an area of , and is located in Southern California...
, Houston
Houston, Texas
Houston is the fourth-largest city in the United States, and the largest city in the state of Texas. According to the 2010 U.S. Census, the city had a population of 2.1 million people within an area of . Houston is the seat of Harris County and the economic center of , which is the ...
, Toronto and Montreal. It distributes its products and services through a network of direct agents, broker
Broker
A broker is a party that arranges transactions between a buyer and a seller, and gets a commission when the deal is executed. A broker who also acts as a seller or as a buyer becomes a principal party to the deal...
s, and bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
s. It employs approximately 6,000 around the world, and insures over $800 billion in commercial transactions.
Euler Hermes covers global risk management
Risk management
Risk management is the identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities...
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 coverHermes cover
Hermes cover is a common way of referring to an export credit guarantee by the German Federal Government. It is also referred to as a Hermes Deckung in German....
, the German export credit guarantee scheme managed by Euler Hermes Kreditversicherungs-AG and PricewaterhouseCoopers
PricewaterhouseCoopers
PricewaterhouseCoopers is a global professional services firm headquartered in London, United Kingdom. It is the world's largest professional services firm measured by revenues and one of the "Big Four" accountancy firms....
Aktiengesellschaft
External links
- Euler Hermes Group website
- Euler Hermes UK
- Euler Hermes Canada
- Euler Hermes ACI
- Euler Hermes Oceania
- Euler Hermes Poland
- Euler Hermes Russia
- Euler Hermes Singapore
- Euler Hermes Kreditversicherungs-AG website (german/english)
- Euler Hermes Kreditforsikring (Danish)
- Euler Hermes Kreditförsäkring (Swedish)
- Euler Hermes Kredietverzekering N.V. (Dutch)
- Euler Hermes Belgium (French and Dutch)