Have you ever wondered if Euler Hermes is a part of Allianz? Well, the answer is yes!
Euler Hermes is actually a subsidiary of Allianz, one of the largest insurance companies in the world. Let’s explore this topic further and understand the relationship between Euler Hermes and Allianz.
Who are Euler Hermes and Allianz?
Before we dive deeper into their relationship, let’s first understand who Euler Hermes and Allianz are.
Euler Hermes is a credit insurance company that provides services such as credit risk assessment, debt collection, and trade-related services. They help businesses manage their financial risks and protect them against potential losses due to non-payment by customers.
Allianz, on the other hand, is a leading global insurance company that offers a range of insurance products and services such as life insurance, health insurance, property-casualty insurance, and asset management.
The Acquisition of Euler Hermes by Allianz
In 2008, Allianz acquired Euler Hermes for €5.5 billion. The acquisition was seen as a strategic move by Allianz to expand its presence in the credit insurance market. The acquisition also allowed Allianz to offer more comprehensive solutions to its clients by integrating Euler Hermes’ credit risk assessment services with its own suite of insurance products.
Euler Hermes Today
Even after becoming a part of the Allianz Group, Euler Hermes continues to operate as an independent business unit. It has its own brand identity, management team, and product offerings.
Today, Euler Hermes operates in over 50 countries around the world with more than 6,000 employees. It serves clients from various industries including automotive, construction, energy, retail, and telecommunications among others.
Conclusion
To sum it up – Yes! Euler Hermes is a subsidiary of Allianz.
The acquisition of Euler Hermes by Allianz has allowed both companies to leverage each other’s strengths and offer more comprehensive solutions to their clients. Euler Hermes continues to operate as an independent business unit within the Allianz Group and serves clients from various industries around the world.