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 | € 2,638.4 million (2015) [1] |
| € 417.8 million (2015)[1] | |
| € 302.5 million (2015) [1] | |
| Total assets | € 6,567.5 million (2015)[1] |
| Total equity | € 2,715.4 million (2015)[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]
History
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]
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.
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.
Financial information
| (in €thousand) | 2009 | 2010 | 2011 IAS 19 proforma | 2012 IAS 19 proforma | 2013 | 2014 | 2015 |
|---|---|---|---|---|---|---|---|
| Revenue | 2,085,711 | 2,147,734 | 2,274,922 | 2,397,896 | 2,486,240 | 2,527,012 | 2,638.4 |
| Operating income | 74,771 | 388,930 | 466,373 | 431,835 | 458,606 | 413,125 | 417.8 |
| Net income | 18,988 | 294,452 | 332,193 | 305,500 | 313,729 | 302,060 | 302.5 |
| Net combined ratio | 104.7% | 68.7% | 69.8% | 74.6% | 75.3% | 75.4% | 80.1% |
| Total Equity | 1,795,779 | 2,130,421 | 2,218,349 | 2,345,241 | 2,461,870 | 2,580,525 | 2,715.4 |
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. (Retired)
- 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)
- Clement B. Booth, Chairman.
- Jean-Hervé Lorenzi, Independent Member and Member of the Nomination and Remuneration Committee, Advisor to the Board of the Compagnie Edmond de Rothschild
- Maria Garana, Independent Member, President and Chief Executive Officer of Microsoft Iberica
- 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)
References
- 1 2 3 4 5 "Press release : Euler Hermes finishes 2014 with good results" (PDF). Eulerhermes.com. Retrieved 2015-12-29.
- ↑ "Euler Hermes : 2013 Registration Document" (PDF). Allianz.com. Retrieved 2015-12-29.
- ↑ "RatingsDirect : Research Update : Euler Hermes Group Core Subsidiaries Affirmed At 'AA-' On Improved Enterprise Risk Management; Outlook Stable" (PDF). Eulerhermes.com. Retrieved 2015-12-29.
- ↑ "Press release : In 2013, Euler Hermes continues to post strong full year results" (PDF). Eulerhermes.com. Retrieved 2015-12-29.
- ↑ "Euler Hermes 2014 first quarter results: a solid start to 2014 | Reuters". In.reuters.com. 2014-04-30. Retrieved 2015-12-29.
- ↑ "Euler Hermes : 2013 Registration Document" (PDF). Allianz.com. Retrieved 2015-12-29.
External links
- Euler Hermes group website
- Euler Hermes global presence
- Euler Hermes economic publications
- Euler Hermes latest news
- What is credit insurance?
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