euronext ele.pa founded 2002 euler hermes 1917 hermes 1893 aci headquarters tour first 1 place des saisons 92048 la d fense 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 operating income 417.8 million 2015 1 net income 302.5 million 2015 1 total assets 6 567.5 million 2015 1 total equity 2 715.4 million 2015 1 number of employees 6400 2015 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 2.638 billion in 2015 . 2 euler hermes employs 6 400 employees in over 50 countries and insured global business transactions for 890 billion in exposure at the end of 2015 . 2 contents 1 history 1.1 foundation 1.2 the missions 1.3 the historical background 1.4 birth of euler hermes 2 global network 3 shareholding structure 4 financial information 4.1 board of management 4.2 supervisory board 5 corporate social responsibility 6 references 7 external links history edit 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 . 4 foundation edit the hermes kreditversicherungsbank was founded by 2 men dr h.c wilhelm kisskalt and dr. emil herzfelder 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 . the missions edit 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 . the historical background edit 1929 financial crisis & the favag collapse the financial crisis of 1929 i.e. black thursday had a deep impact on several credit insurances companies . the favag was part of it and collapsed the same year mainly due to the substantial losses from the acquisition of financial guarantees . this allowed hermes to take over all of the export credit insurance contracts it had underwritten . favag was at this time the second largest composite insurance company behind allianz and its collapse had far reaching impacts on credit insurance in germany . wwii following the depression years from 1929 to 1932 hermes experienced a period of development with rising premium income and modest profits . the insights into the causes of favag s collapse also convinced the reich s insurance supervisory authority that the significant risks inherent in the credit insurance business could threaten an insurer s ability to perform on its property and casualty insurance contracts . starting in 1930 the supervisory authority therefore began to authorize only specialized companies with adequate minimum capital to offer credit insurance . during wwii the government assigned hermes new missions . the company insured importers against the political risks arising from the war as well as other risks in the export business as guarantees of the german reich . this almost led hermes to bankruptcy but the military governments then intervened and ordered that no court could initiate a proceeding against an insurance company of the claims involved contracts reinsured by the german reich and claims losses resulting from the war . birth of euler hermes edit euler hermes is therefore the result of different evolutions the sfac and hermes knew during the 20th century . the group lays on both companies experience & expertise and also on the different breakthrough they developed through the time technology management . euler hermes then decided to first of all develop on an international level and secondly to simplify the group s structure . 2004 a strong international development from 2004 euler hermes begins an international expansion phase and settled in asia middle east emirates kuwait sultanat of oman qatar and latin america . the world agency which is euler hermes solution for multinational companies is created at that moment . in 2013 solunion a joint venture between euler hermes & mapfre is made in spain and latin america . euler hermes also increased interest equity in icic the israeli credit insurance specialist to 50 % this year . 2010 2012 group structure simplification movement 3 projects were launched during this period one euler hermes simplification of the group s structures and clarification of its governance . excellence increase in productivity and flexibility of the cost base through worldwide streamlining of operations . blue europe merging within the legal entity euler hermes europe sa of 12 insurance branches from czech republic denmark finland hungary ireland italy netherlands norway romania slovakia sweden united kingdom global network edit 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 edit following the repurchase transaction 5 the number of euler hermes group shares held by allianz france remained at 26 864 230 . this represents a stake of 62.9 % in euler hermes group s share capital and 63.9 % of real voting rights as at 30 august 2016 . the free float covered 35.5 % of euler hermes group s share capital and 36 % of real voting rights . euler hermes group held 618 939 treasury shares representing 1.45 % of its share capital . 6 financial information edit 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 edit 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 . fr d ric bizi re 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 . paul overeem member of the board of management in charge of market management commercial and distribution . michele pignotti member of the board of management in charge of market management ludovic s n caut group chief operating officer responsible for operations and it services . supervisory board edit 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 mit 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 ramon fernandez independent member chief executive officer delegate in charge of group finance and strategy at orange since september 2014 maria garana independent member president and chief executive officer of microsoft iberica marita kraemer member of the supervisory board and the chairwoman of the risk committee of unicredit bank ag germany munich . 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 edit according to its website euler hermes consolidated the initiatives taken by its entities worldwide around a single corporate social responsibility policy 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 edit a b c d e press release euler hermes finishes 2014 with good results pdf . eulerhermes.com . retrieved 2015 12 29 . a b c euler hermes 2015 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 . euler hermes 2013 registration document pdf . allianz.com . retrieved 2015 12 29 . pres release 19052016 pdf . eulerhermes.com . retrieved 2016 05 19 . 2015 registration document pdf . eulerhermes.com . retrieved 2015 12 29 . external links edit euler hermes group website what is credit insurance v t e cac mid 60 companies of france june 2012 a roports de paris air france klm alten altran technologies aperam areva atos bic biom rieux bollor bourbon bull cfao ciments fran ais club m diterran e cnp assurances derichebourg dexia eiffage eramet euler hermes eurazeo eurofins scientific faiveley transport faurecia fonciere des regions gecina groupe steria havas icade iliad imerys ingenico ipsen ipsos jcdecaux kl pierre maurel et prom mercialys m tropole tv neopost nexans nexity orpea pagesjaunes plastic omnium r my cointreau rexel rubis seb saft silic soitec technicolor teleperformance tf1 group ubisoft vicat virbac zodiac v t e present international credit insurance & surety association icisa members ace