Euler Hermes

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Euler Hermes SA

logo
legal form Société par Actions Simplifiée
ISIN FR0004254035
founding 1927
Seat Courbevoie , FranceFranceFrance 
management
  • Wilfried Verstraete, CEO
Number of employees 5500 (2018)
sales € 2,771 million (2018)
Branch Credit insurance
Website www.eulerhermes.com
As of December 31, 2013

The Euler Hermes SA is a credit insurance group based in Courbevoie in Paris .

With a market share of around 35 percent, the company is the global market leader in this sector. Euler Hermes is the world market leader in trade credit insurance. With 5,500 employees in over 50 countries, Euler Hermes offers a full range of services for receivables management.

The turnover in 2018 was just under 2.77 billion euros. The Euler Hermes Group analyzes the creditworthiness of over 83 million companies and insured transactions worth more than 900 billion euros worldwide at the end of December 2018. Euler Hermes, a subsidiary of Allianz SE , was listed on Euronext Paris until April 2018 . The group and its major credit insurance subsidiaries have received an AA rating from Standard & Poor’s . The German branch Euler Hermes Deutschland is Germany's leading credit insurer with a market share of around 40 percent.

The seat of the German branch is in Hamburg .

history

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

The German part of the company emerged from Hermes Kreditversicherung , which was founded in 1917 and has been working in this business area since 1929 , of which Allianz became the majority shareholder with 90 percent of the capital in 1996 , although it had already had a significant stake in Hermes via the Munich Reinsurance Company . (Euler) Hermes has been based in Hamburg since 1948, since 1981 in a striking, semicircular office tower with 21 storeys right next to the Bahrenfeld S-Bahn station .

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

In 2002 Euler took over Hermes credit insurance . This takeover was a reorganization of the Allianz Group, which controlled both Hermes Kreditversicherung and Euler (via AGF). The new group and all of its branch offices were renamed Euler Hermes . The holding company is based in Paris . The German branch (1,408 employees, 2012) is based in Hamburg - Ottensen . In March 2012, Euler Hermes Kreditversicherungs-AG renamed Euler Hermes Deutschland AG . As part of a restructuring, Euler Hermes Deutschland AG was merged with Euler Hermes SA in November 2014 and renamed the Euler Hermes Germany branch of Euler Hermes SA . From 2019, the administration moved from the Euler Hermes high-rise , which is being demolished, to a new building directly opposite.

Group structure

Registered share of Hermes Kreditversicherungs-AG

As of December 2013, the Euler Hermes Group SA holding company was 67.8% owned by Allianz France , which in turn is indirectly owned by Allianz SE through various subsidiaries . 29.6 percent of the shares were in free float . The remaining 2.6 percent were treasury shares . In November 2017, Allianz announced a takeover offer for all outstanding shares in Euler Hermes in the amount of € 122 each. The purchase price for the remaining shares was EUR 1.8 billion. At the end of April 2018, Allianz held 94.91% of the company and the shares held by Euler itself meant that the free float fell below 5%. According to French law, Allianz took advantage of the option of compulsory compensation for remaining minority shareholders. The so-called squeeze-out and delisting from the Paris Stock Exchange were implemented on April 27, 2018.

As of January 1, 2010, the group has been divided into 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 . In December 2013, the group employed a total of 6,140 people (2011). In Germany, Euler Hermes SA has five regional offices and twenty offices nationwide and at the end of 2013 employed 1,847 people in the entire DACH market.

Euler Hermes Collections GmbH

The Euler Hermes Group reorganized its debt collection business in 2009. The goal is a globally uniform market presence under the new name Euler Hermes Collections (EHC) with headquarters in Potsdam. The aim is to harmonize the collection activities of all Euler-Hermes companies across the group, promote their efficiency and improve customer service. Euler Hermes Collections specializes in receivables management in business-to-business transactions. Receivables management includes a. the optimization of the dunning process and the pre-judicial collection of outstanding debts. The Austrian head office has been in Vienna since January 2010.

Euler Hermes Rating GmbH

Euler Hermes Rating GmbH was founded by the Euler Hermes Group in 2001 as an independent rating agency in Hamburg. On November 16, 2010, it was the first European rating agency to be recognized and registered as a Credit Rating Agency (CRA) in Europe. The agency has been cooperating with Moody's Investors Service since September 2016, which has since held 4.99% of the shares in Euler Hermes Rating GmbH.

Products

Euler Hermes sells credit insurance , capital goods credit insurance , fidelity insurance , bonding and guarantees for companies. In addition, Euler Hermes, together with PricewaterhouseCoopers Aktiengesellschaft Wirtschaftsprüfungsgesellschaft, acts as an export credit insurance company, handling the state export credit guarantees on behalf of and for the account of the Federal Republic of Germany .

Export Credit Guarantee

The terms Hermes guarantee or Hermes cover are colloquially used to describe one of the company's main products, the export credit guarantee , which the company processes on behalf of the Federal Republic of Germany.

These federal export guarantees are offered to German exporters to secure manufacturing risk covers during the manufacturing phase and export covers during the claims phase. There is also financial credit cover for banks that give buyer credit for German exports to foreign buyers. The federal government takes into account both economic and political risks. Special forms of cover for the confiscation of goods that are stored abroad before they are sold or accepted by the importer can also be secured via Hermes loans. The granting of loans can be linked to conditions for the exporter regarding the agreement of payments with the importer, and it is also possible to secure loans that have been approved by German banks for the execution of the export business.

The company acts as a mandate on behalf of and for the account of the Federal Republic of Germany , so that the contingent liability must also be formally taken into account in the federal budget .

The distinction between export guarantees and sureties is not made according to the legal basis of both types of guarantee, but with regard to the formal status of the respective importer . If the foreign debtor is a privately owned company, export guarantees are involved. However, if the importer is the government, a government agency or other public body, we are talking about export guarantees.

Financial information

Board of Directors of Euler Hermes Group SA

  • Wilfried Verstraete, CEO, responsible for internal auditing, human resources and communication
  • Frédéric Bizière, board member responsible for risk, debt collection, information, compensation and reinsurance.
  • Clarisse Kopff, board member responsible for finances
  • Paul Overeem, board member responsible for commercial and sales
  • Michele Pignotti, board member responsible for market management
  • Michael Eitelwein, board member, responsible for operations and IT  

Supervisory board of the Euler Hermes Group SA

  • Axel Theis, Chairman of the Supervisory Board
  • Brigitte Bovermann, Deputy Chairwoman of the Supervisory Board
  • Ümit Boyner, independent member of the supervisory board
  • Philippe Carli, independent member of the supervisory board
  • Nicolas Dufourcq, independent member of the supervisory board, chairman of the board of the Banque Publique d'Investissement (BPI)
  • Ramon Fernandez, independent member of the supervisory board, chairman of the board responsible for corporate finance and strategy at Orange since September 2014
  • Maria Garana, Independent Board Member, President and Vice President of Microsoft Iberica
  • Marita Kraemer , member of the supervisory board
  • Thomas-Bernd Quaas , independent member of the Supervisory Board, Chairman of the Nomination and Compensation Committee, member of the Beiersdorf Supervisory Board
  • Jacques Richier, Member of the Supervisory Board, CEO of Allianz France

Corporate Social Responsibility

According to the website, Euler Hermes has bundled the initiatives of its global group companies and branches within the framework of a uniform guideline on social responsibility . Four main areas have been defined:

  • Health and well-being (support for associations and projects in the field of health, social development and the fight against poverty and hunger)
  • General financial education (voluntary commitment of employees in imparting general financial education through training projects)
  • Environmental protection (measures to reduce the environmental impact of the group locations: energy, water and paper consumption, disposal, etc.)
  • Equal treatment and diversity (combating discrimination and promoting women within the company)

Web links

Commons : Euler Hermes building  - collection of images, videos and audio files

Individual evidence

  1. http://www.eulerhermes.com/group/organization/Pages/corporate-bodies.aspx
  2. Euler Hermes has been upgraded to AA by Standard and Poors. Retrieved December 8, 2017 .
  3. a b Euler Hermes SA: Annual Report 2013. (PDF) (No longer available online.) Archived from the original on July 14, 2014 ; Retrieved June 9, 2014 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.  @1@ 2Template: Webachiv / IABot / www.eulerhermes.com
  4. ROUNDUP: Allianz wants to spend almost two billion on Euler Hermes . In: FinanzNachrichten.de . ( finanznachrichten.de [accessed on May 3, 2018]).
  5. Allianz incorporates credit insurer Euler Hermes completely . In: FinanzNachrichten.de . ( finanznachrichten.de [accessed on May 3, 2018]).
  6. http://www.eulerhermes.de/Pages/geschaeftsstellen.aspx
  7. | Moodys takes a stake in Euler Hermes
  8. Clemens Büter: foreign trade. Physica, Heidelberg 2007, ISBN 978-3-7908-1724-9 , p. 361.