Euler Hermes

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Euler Hermes
Société Anonyme (Euronext: ELE.PA)
Founded 2002 Euler Hermes
1917 Hermes
1893 ACI
Headquarters Tour First 1, place des Saisons - 92048 La Défense Paris, France
Key people
 Axel Theis, chairman of Euler Hermes Supervisory Board (since May 25th, 2015); Wilfried Verstraete, chairman of Euler Hermes Board of Management (since April, 2010)
Products Credit insurance, Reinsurance, Trade debt collection, Bonding
Revenue € 2,527.0 million (2014) [1]
€ 413.1 million (2014)[1]
€ 302.1 million (2014) [1]
Total assets € 6,359.7 million (2014)[1]
Total equity € 2,580.5 million (2014)[1]
Number of employees
 6,140 (2013)[2]
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

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

A subsidiary of Allianz SE, Euler Hermes is listed on ELE.PA and is rated AA- by Standard & Poor's.[3] The Group posted a consolidated turnover of €2.5 billion in 2013.[4] Euler Hermes employs 6,140 employees in over 50 countries and insured global business transactions for €789 billion in exposure at the end of 2013.[5]

Operation

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, brokers, and banks and tracks companies in markets representing 92% of the world’s GDP.[6]

Euler Hermes in North America

Euler Hermes North America, 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 North America provides trade credit insurance policies covering both domestic and export trade in more than 200 countries.

Global network

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, Atlanta, Los Angeles, Houston, Toronto and Montreal.

Euler Hermes covers global risk management on six 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.

Awards

  • Best Trade Credit Insurance Brand in Middle East 2013 awarded by GLOBAL BRANDS MAGAZINE[7]
  • Best Private Insurer in Trade and Best Global Export Credit Agency 2013 voted by the industry at TRADE FINANCE AWARDS[8]
  • Best trade credit insurer 2013 awarded by GLOBAL FINANCE[9]

Shareholding structure

During 2014, the number of Euler Hermes Group shares held by Allianz Vie and Allianz France was unchanged at 30,744,048. This represents a stake of 67.8% in Euler Hermes Group share capital and 69.9% of voting rights as at December 31, 2014. The free float covered 29.2% of Euler Hermes Group share capital, and 30.1% of voting rights. Euler Hermes Group holds 1,360,137 treasury shares representing 3% of its share capital.[citation needed]

Financial information

(in €thousand) 2009 2010 2011 IAS 19 proforma 2012 IAS 19 proforma 2013 2014
Revenue 2,085,711 2,147,734 2,274,922 2,397,896 2,486,240 2,527,012
Operating income 74,771 388,930 466,373 431,835 458,606 413,125
Net income 18,988 294,452 332,193 305,500 313,729 302,060
Net combined ratio 104.7% 68.7% 69.8% 74.6% 75.3% 75.4%
Total Equity 1,795,779 2,130,421 2,218,349 2,345,241 2,461,870 2,580,525

Board of management

  • Wilfried Verstraete, Chairman. In charge of coordinating the work of the members of the Board of Management, steering and coordinating the activities of all the Group’s companies, and representing the Company towards third parties. He also supervises the Group’s Internal Audit, Human Resources and Communication functions.
  • Gerd-Uwe Baden, Member of the Board of Management in charge of Business Development and Partnerships.
  • Frédéric Bizière, Member of the Board of Management in charge of Risks, Information and Claims functions and Reinsurance.
  • Clarisse Kopff, Group Chief Financial Officer and Member of the Board of Management in charge of Group Asset Management, Compliance, Finance, Legal, M&A, Tax and Risk and Capital Management.
  • Dirk Oevermann, Member of the Board of Management in charge of Operations, including supervision of the Group IT function.
  • Paul Overeem, Member of the Board of Management in charge of Market Management, Commercial and Distribution.

Supervisory board

  • Axel Theis, Chairman, Member of the Allianz SE Board of Management responsible for the global insurance lines and the regions UK, Ireland and Australia.
  • Brigitte Bovermann, Vice-Chairwoman and Member of the Nomination and Remuneration Committee and of the Audit and Risk Committee. Head of Business Division « Global Insurance Lines & Anglo Markets » of Allianz SE
  • Ümit Boyner, Independent Member, Executive Board member at Boyner Holding A.S
  • Philippe Carli, Independent Member and Chairman of the Audit and Risk Committee, General Manager Groupe Amaury
  • Elisabeth Corley, Member, Chief Executive Officer of Allianz Global Investors
  • Nicolas Dufourcq, Independent Member, Chief Executive Officer of Banque Publique d'Investissement (BPI)
  • Robert Hudry, Member of the Audit and Risk Committee, Company Director
  • Jean-Hervé Lorenzi, Independent Member and Member of the Nomination and Remuneration Committee, Advisor to the Board of the Compagnie Edmond de Rothschild
  • Yves Mansion, Member of the Audit and Risk Committee, Company Director
  • Thomas-Bernd Quaas, Independent Member and Chairman of the Nomination and Remuneration Committee, Member of the Supervisory Board of Beiersdorf
  • Jacques Richier, Member, CEO of Allianz France

Corporate social responsibility

According to its website, Euler Hermes consolidated the initiatives taken by its entities worldwide around a single Corporate Social Responsibility based on four key areas of commitment.

  • Health & Well-being (support to organizations and projects working in the areas of health, social development and the fight against poverty and hunger)
  • Financial literacy (employee volunteering to share financial expertise during educational programs)
  • Environmental protection (actions to reduce the environmental impacts of the Group’s sites (energy, water and paper production, waste production, etc…)
  • Equality & Diversity (combating discrimination and encouraging the career development of women within the company)

See also

Hermes cover, the German export credit guarantee scheme managed by Euler Hermes Kreditversicherungs-AG and PricewaterhouseCoopers Aktiengesellschaft

References

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External links

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