A century of navigating businesses that’s quite a legacy. Right here stands Euler Hermes in Hamburg a cornerstone of German and global trade. This isn’t just an office building it’s a testament to a century of risk management and financial foresight.
Euler Hermes Deutschland the largest branch of the world’s leading credit insurer has a rich history. It began in Berlin as Hermes Kreditversicherungsbank AG in 1917. Imagine a world engulfed in the First World War. Yet, founders Wilhelm Kisskalt and Dr. Emil Herzfelder saw a future where German businesses would need financial security.
Their vision was groundbreaking offering trade credit insurance bonding and fidelity insurance all from one source. Before this these insurances were secondary products of larger companies. Euler Hermes was born from the ashes of war a beacon of financial innovation.
Fast forward to today and Euler Hermes is a member of the Allianz Group. It stands as the number one credit insurer worldwide and the German market leader. Its head office here in Hamburg marks a century of insuring against bad debts underwriting risks and issuing bonds for businesses.
Euler Hermes’ philosophy remains rooted in innovation. It continuously develops new products to protect against bad debts and fidelity losses. The company offers fast and uncomplicated bonds and guarantees. They act as a navigator for businesses large and small. Their extensive database informs advice to businesses.
Since 1926 the German government has partnered with Euler Hermes. This collaboration addresses business activities in high-risk regions. These state export credit guarantees known as Hermes Cover are vital to German export trade. Euler Hermes manages these transactions on behalf of the German government.
Trust and responsibility have marked this collaboration for over 60 years. Hermes guarantees offer an alternative for German exporters in risky developing countries. These guarantees support large-volume and long-term export deals. In 2016 Hermes Cover insured 20.6 billion Euros in goods and services.
The close ties between Euler Hermes and Allianz stretch back 90 years. Allianz transferred its credit insurance business to Hermes Kreditversicherungsbank AG in 1921. Allianz is now the majority shareholder of Euler Hermes Group.
Economic turbulence has tested the partnership. Hyperinflation the stock market crash and the Great Depression led to nearly 28000 bankruptcies worldwide by 1931. The strong partnership with Allianz has protected Euler Hermes from major losses. It has enabled the company to move forward at decisive moments.
In 2002 Hermes Kreditversicherungs-AG joined the Euler Hermes Group. This created the world’s largest group of credit insurance specialists under the Allianz umbrella. Euler Hermes has been headquartered in Hamburg since 1948.
Despite today’s favorable economic conditions Euler Hermes remains vigilant. The company warns against complacency. Sector-specific risks can still boil over for some businesses. Major insolvencies pose risks to entire production cycles.
Digitalization drives lasting change at Euler Hermes Deutschland. The combination of experience expertise and innovation has made the company a sought-after advisor for German businesses. Digitalization will tailor their products to better fit the needs of small and medium enterprises.
So as you stand before Euler Hermes remember its century-long journey. From a bold idea during wartime to a global leader in credit insurance this company has navigated countless economic storms. Euler Hermes is a symbol of German resilience innovation and enduring partnership.