Allianz Trade
{{Short description|International insurance company}}
{{Multiple issues|
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{{Infobox company
| name = Allianz Trade
| logo = Allianz Trade.png
| image = Tour First - La Defense - Inauguration 6 mai 2011.jpg
| type = Société Anonyme
| key_people = Aylin Somersan Coqui, chairman of Allianz Trade Board of Management
| products = Bonding, credit insurance, reinsurance, trade debt collection
| revenue = € 2,9 billion (2021)
| num_employees = 5500+ (2021)
| parent = Allianz
| divisions = Allianz Trade in Americas; Allianz Trade in Asia-Pacific; Allianz Trade in Germany-Austria-Switzerland; Allianz Trade in France; Allianz Trade in Mediaterranean countries, Solunion
| foundation = 2022 Allianz Trade (Trademark used to designate a range of services provided by Euler Hermes)
2002 Euler Hermes
1917 Hermes
1883 ACI
| location_city = Tour First 1 Place des Saisons, 92048 La Défense Paris
| location_country = France
| homepage = http://www.allianz-trade.com/
}}
Allianz Trade is an international insurance company that offers a range of services, including trade credit insurance, debt collection, surety bonds and guarantees, business fraud insurance and political risk protection. It monitors the financial health of over 80 million companies.{{Cite news |title=Le leader mondial de l'assurance-crédit change de nom |url=https://www.infomediaire.net/le-leader-mondial-de-lassurance-credit-change-de-nom/}}
It is a subsidiary of Allianz SE. It is rated AA by Standard and Poor's.{{cite web|url = http://www.eulerhermes.com/finance/Documents/2015/FY/press-release-full-year-2015-financial-results.pdf|title = RatingsDirect : Research Update : Euler Hermes Group Core Subsidiaries Affirmed At 'AA-' On Improved Enterprise Risk Management; Outlook Stable|website = Eulerhermes.com|accessdate = 29 December 2015}}
Headquartered in Paris, the company is present in more than 50 countries with more than 5,500 employees, and has a global market share of 34%. They posted a consolidated turnover of €2.9billion in 2021, and insured global business transactions representing €931billion in exposure.{{Cite news |date=31 March 2022 |title=Le leader mondial de l'assurance-crédit change de nom |work=Infomediaire |url=https://www.infomediaire.net/le-leader-mondial-de-lassurance-credit-change-de-nom/}}
History
=Creation of credit insurers around the world=
- 1883: ACI in the United States
- 1917: Hermes Kreditversicherungsbank in Germany
- 1918: Trade Indemnity in the United Kingdom
- 1927: SFAC in France and SIAC in Italy
- 1929: COBAC in Belgium
=Birth of Euler Hermes=
SFAC acquired COBAC in 1993, followed by Trade Indemnity in 1996,{{Cite web |date=2 February 1996 |title=La SFAC lance une offre d'achat sur le britannique Trade Indemnity |url=https://www.lesechos.fr/1996/02/la-sfac-lance-une-offre-dachat-sur-le-britannique-trade-indemnity-828985}} and ACI and SIAC in 1998.{{Cite web |date=12 March 1997 |title=La SFAC affiche une hausse de 15 % de son bénéfice net à 430 millions en 96 |url=https://www.lesechos.fr/1997/03/la-sfac-affiche-une-hausse-de-15-de-son-benefice-net-a-430-millions-en-96-810111}} During the same year, Allianz acquired AGF, a shareholder of SFAC. The holding Compagnie Financière SFAC was renamed Euler.
From 2000, Euler was listed on the Paris Stock Exchange.{{Cite web |date=27 September 1999 |title=Euler sera introduit en Bourse l'année prochaine |url=https://www.lesechos.fr/1999/09/euler-sera-introduit-en-bourse-lannee-prochaine-777169}} Two years later in 2002, Euler acquired Hermes, the German market leader in trade credit insurance.{{Cite news |date=1 February 2002 |title=Euler achète Hermes pour 535 millions d'euros à l'assureur allemand Allianz |work=Les Echos |url=https://www.lesechos.fr/2002/02/euler-achete-hermes-pour-535-millions-deuros-a-lassureur-allemand-allianz-683969}} In 2003, the Group and all its subsidiaries became Euler Hermes.
Euler Hermes began to expand internationally in 2004, and opened offices in Asia–Pacific, Latin America, and the Middle East (Kuwait, Oman, Qatar, and the United Arab Emirates) between 2004 and 2009. In 2007, Euler Hermes increased its shareholding to 50% in COSEC, the market leader in Portugal.{{Cite journal |date=29 March 2006 |title=Commission approves acquisition by Euler Hermes and BPI of joint control of COSEC |url=https://content.next.westlaw.com/Document/I716a488ce84e11e398db8b09b4f043e0/View/FullText.html?transitionType=Default&contextData=(sc.Default)&firstPage=true |journal=Practical Law |via=Thomson Reuters}} In 2013, Solunion, a joint venture between Euler Hermes and MAPFRE, was created covering Spain and Latin America.{{Cite news |date=29 January 2013 |title=Solunion official launch; Euler Hermes, MAPFRE trade credit insurance joint venture |work=Global Newswire |url=https://www.globenewswire.com/news-release/2013/01/29/1769640/0/en/Solunion-official-launch-Euler-Hermes-MAPFRE-trade-credit-insurance-joint-venture.html}} In the same year, Euler Hermes increased its shareholding in ICIC, a credit insurer in Israel, to 50%.{{Cite news |date=24 April 2013 |title=Euler Hermes increases shareholding in Israeli credit insurer ICIC to 50 percent |work=Global Newswire |url=https://www.globenewswire.com/news-release/2013/04/24/1769663/0/en/Euler-Hermes-increases-shareholding-in-Israeli-credit-insurer-ICIC-to-50-percent.html}}
= Joining the Allianz Group =
In 2018, Allianz completed the acquisition of Euler Hermes's outstanding shares and Euler Hermes Group became fully owned by the Allianz Group.{{Cite news |date=25 April 2018 |title=Allianz to complete Euler Hermes acquisition |work=NS Insurance |url=https://www.nsinsurance.com/news/allianz-to-complete-full-acquisition-of-euler-hermes-260418-6130041/}} In March 2022, Euler Hermes changed its brand name to Allianz Trade.{{Cite news |date=28 March 2022 |title=Trade Credit Insurer Euler Hermes Rebrands as Allianz Trade |work=Insurance Journal |url=https://www.insurancejournal.com/news/international/2022/03/28/660013.htm}}
Activities
=Trade credit insurance=
This is an insurance policy and a risk management product offered to companies to protect their accounts receivables from loss due to credit risk. Should their customers become insolvent or fall into protracted default, it includes indemnification for the values of goods or services delivered. The policy could include a component of political risk insurance, which insures the risk of non-payment by foreign clients due to issues such as currency problems, political unrest and expropriation. Some policies also include debt collection, which is the process of pursuing payment of debts owed by businesses.
=Surety bonds and guarantees=
A bond, or financial guarantee, protects the contractual obligations between businesses and a customer, supplier or partner. It is a contractual triangle relationship between the business, the surety bond company or guarantor, and the third-party requiring the bond. The surety bond company or guarantor financially guarantees the third party that the business will abide by the terms established by the bond or guarantee. In the event of non-performance of the specified obligations, the surety bond company or guarantor is there to provide compensation for loss and damage.{{Cite web |title=What is a Surety Bond? |url=https://www.suretybonds.com/what-is-a-surety-bond.html |access-date=2023-02-07 |website=SuretyBonds.com |language=en}}
Economic research
Ludovic Subran is the Chief Economist of Allianz,{{Cite news |date=27 September 2019 |title=Euler Hermes : nomme Ludovic Subran Chef Economiste |work=Boursier |url=http://www.boursier.com/actions/actualites/news/euler-hermes-nomme-ludovic-subran-chef-economiste-451853.html}} and Ana Boata is Director of Economic Research of Allianz Trade.{{Cite news |date=14 October 2021 |title=Ana Boata Is Appointed Global Head of Economic Research of Euler Hermes Group |work=Bloomberg |url=https://www.bloomberg.com/press-releases/2021-10-14/ana-boata-is-appointed-global-head-of-economic-research-of-euler-hermes-group}} The department's economic research team analyzes and anticipates international economic trends and covers international commerce, macroeconomics, payment risks. The Economic Research Department updates its country risk and sector risk ratings every quarter.
Board of management
- Aylin Somersan Coqui, CEO and Chairperson of the Board of Management{{cite news |date=October 26, 2022 |title=Allianz Trade appoints new CEO and chairperson |url=https://www.commercialriskonline.com/allianz-trade-appoints-new-ceo-and-chairperson/ |access-date=October 26, 2022 |website=Commercial Risk}}
- Loeiz Limon-Duparcmeur, Group Chief Financial Officer (CFO), Member of Board of Management in charge of Finance and Tax.{{cite web |last=Gangcuangco |first=Terry |title=Euler Hermes group CFO to switch – replacement named |url=https://www.insurancebusinessmag.com/us/news/breaking-news/euler-hermes-group-cfo-to-switch--replacement-named-215930.aspx |access-date=5 March 2020 |website=Insurance Business }}
- Anil Berry, Member of Board of Management in charge of Market Management, Commercial and Distribution{{Cite web |last=Reinsurance News |first=Katie Baker |date=25 May 2021 |title=Euler Hermes makes key changes within its Board of Management |url=https://www.reinsurancene.ws/euler-hermes-makes-key-changes-within-its-board-of-management/ |access-date=30 March 2022 |website=Reinsurance News}}
- Fabrice Desnos, Member of Board of Management in charge of Credit Intelligence, Reinsurance and Surety{{Cite web |last=Baker |first=Katie |date=25 May 2021 |title=Euler Hermes makes key changes within its Board of Management |url=https://www.reinsurancene.ws/euler-hermes-makes-key-changes-within-its-board-of-management/ |access-date=30 March 2022 |website=Reinsurance News}}
- Michael Eitelwein, Group Chief Operating Officer (COO), Member of Board of Management in charge of Operations and IT{{Cite web |last=Rédaction NA Pro |date=12 February 2018 |title=Nominations : Euler Hermes renouvelle une partie de son directoire |url=https://www.newsassurancespro.com/nominations-euler-hermes-renouvelle-partie-de-directoire/0169450177 |access-date=30 March 2022}}
- Florence Lecoutre, Member of Board of Management in charge of Transformation, Human Resources, Communication and Environmental, Social, and Governance.{{Cite web |last=Gouby |first=Thierry |date=18 September 2020 |title=Nomination : Florence Lecoutre nommée au directoire d'Euler Hermes |url=https://www.newsassurancespro.com/nomination-florence-lecoutre-nommee-au-directoire-deuler-hermes/01691421783 |website=News Assurances pro}}
References
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External links
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Category:Financial services companies established in 2002
Category:Banks established in 2002