Euler Hermes, the world leader in trade credit insurance, today announced it has successfully completed the rationalization of its legal structure by merging two of its main remaining insurance companies -- located in France and Germany -- into its risk carrier in Belgium, Euler Hermes SA (formerly Euler Hermes Europe SA). The entity is supervised by the National Bank of Belgium.
The mergers were approved by the French, German and Belgian insurance regulators, among others, and completed on 4 November 2014 at Euler Hermes SA shareholders meeting in Brussels.
An earlier, large-scale series of mergers of former insurance entities into Euler Hermes SA was completed on 1 January 2012.
The Belgian insurance company of Euler Hermes groups 18 branches located in the Czech Republic, Denmark, Finland, France, Germany, Hong Kong, Hungary, Ireland, Italy, Japan, the Netherlands, Norway, Romania, Singapore, Slovakia, Sweden, Switzerland and the United Kingdom, and operates through insurance companies in Greece, Israel, Morocco, Poland, Portugal, Russia, Spain and Latin America, and Turkey.
The restructuring concluded today will have no effect on Euler Hermes policyholders, who will continue to benefit from the same services locally and unchanged local teams.
It also allows for streamlined risk management, financial management and governance processes and supports Euler Hermes’ preparation for the upcoming roll-out of the Solvency II regulatory requirements with respect to risk adjusted capital levels and reporting.