Project Excellence sets the path for a 100% customer centric organisation, processes.
The One Euler Hermes project: Euler Hermes adopts a new, more integrated, organization designed to better meet clients' needs.
Euler Hermes launches Euler Hermes World Agency, dedicated to multinational companies. In the same year, it begins operations in Colombia and establishes a credit insurance company in Chile.
Euler Hermes signs partnership agreements with ICIC (Israeli Credit Insurance Company) and BOCI (subsidiary of Bank of China). It also acquires UMA (United States) and R2C (Ireland), two debt collection specialists.
Euler Hermes continues its global expansion: Australia, Argentina, China, India, Ireland, Israel, Russia, New Zealand, United Arab Emirates.
The Euler group finalizes the acquisition of Hermes from Allianz group. In order to harmonize the new group's brands, all subsidiaries adopt the name Euler Hermes and a single visual identity.
Euler is listed on the Premier Marché of Euronext Paris. In September 2001, Allianz and AGF announce their intention to merge their respective credit insurance subsidiaries.
SFAC becomes EULER.
SFAC takes over Trade Indemnity Company (UK) and ACI (US). AGF becomes SFAC's majority shareholder, while Allianz takes control of Hermes and NCM of DKR. The same year, the holding company changes its name from SFAC to Euler.
Creation of Phoenix Credit Insurance in Greece and HERMES RT in Hungary in co-operation with HERMES.
COBAC acquires Royal Nederlandse Kredietverzekering in the Netherlands.
SFAC takes over COBAC in Belgium.
Hermes breaks new ground in the EU domestic market by supplying foreign insurance cover, previously incorporated into domestic policies, as a separate and independent policy.
The crisis wave in the textile, metallurgy and distribution sectors cause losses to the SFAC.
Market conditions become tenser and competition fiercer, resulting in increased demand for goods credits.
SFAC expands into new sectors such as temporary work, agricultural/food ingredients and chemicals.
The Federal Export Credit Guarantees begins underwriting export credit transactions on behalf of the Federal Republic of Germany, in cooperation with Deutsche Revisions-und Treuhand. Several governments establish a similar institution, which, on behalf of their state, covers the risks inherent in export.
Various credit insurance companies establish the Berne Union to reduce commercial risk by exchanging information. The Union's goal is to control international credit. The founding members ECGD (England), SIAC (Italy), la Compania Espanola de Seguros de Credito y Caucion (Spain) and SFAC (France) agree to share information on their customers' buyers in countries where there is no credit insurance company.
Hermes is Germany's sole insurer in goods, instalment payment and export credit insurance sectors.
After the collapse of Frankfurter Allgemeine Versicherungs-AG and the Berlin company Vaterländische Kreditversicherungs-AG, Hermes takes over their export credit and guarantee insurance business. Compagnie Belge d'Assurance-Crédit (COBAC) is created in Belgium; "Compana espanola de seguros de crédite y caucion" in Spain. Hermes integrates Frankfurter Allgemeine und Vaterländische Kreditversicherung.
Société Française d'Assurance-Crédit (SFAC) is founded in 1927 by several large insurance companies, including Assurances Générales (a forerunner of AGF).
Trade Indemnity Company is founded by the British Trade Corporation.
Hermes Kreditversicherungs- Bank AG is founded in Germany.
American Credit Indemnity (ACI) is founded - the oldest credit insurance company in the world.
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