Allianz Trade

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, and ACI and SIAC in 1998. 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. Two years later in 2002, Euler acquired Hermes, the German market leader in trade credit insurance. 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. In 2013, Solunion, a joint venture between Euler Hermes and MAPFRE, was created covering Spain and Latin America. In the same year, Euler Hermes increased its shareholding in ICIC, a credit insurer in Israel, to 50%.

Ludovic Subran is the Chief Economist of Allianz, and Ana Boata is Director of Economic Research of Allianz Trade. 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.