EULER Hermes operations in Romania will be integrated into a new structure: EULER Hermes Europe. From October 1st, the group operates in Romania through a new branch
 Following reorganization activities of EULER Hermes (EH) in Europe, starting October 1st, the activity of the new branch of EULER Hermes in Romania, namely EH Credit Insurance Belgium Bruxelles, Bucharest Branch, was launched. It will replace the German branch (EH Kreditversicherungs'AG Hamburg), whose activity ceases with the same date, and will undergo in the coming months a rebranding process, to align with the name EULER Hermes Europe. The company also announced its intention to transfer the entire insurance portfolio in Romania of the German branch to the branch EH Credit Insurance Belgium.
"The policies in force remain valid, our customers not being affected in any way by the legal changes: the transfer of portfolio from the German branch to the Belgiam one also means the transfer of rights and obligations", said Cristina RUSULEANU, General Manager, EULER Hermes Romania, for XPRIMM Newsletters.
The transfer of portfolio is to be approved by decision of BAFIN - Federal Financial Supervisory Authority of Germany, the decision going to have retroactive effect as of October 1st.
According to Cristina RUSULEANU, the final purpose of the reorganization of EULER Hermes group's operations is the establishment of EULER Hermes Europe, in order to offer its clients a powerful insurer and highest quality services.
"EULER Hermes is planning to simplify the organizational structure in Europe and the integration of operations in the Region, of which EULER Hermes Romania is part of. By creating EULER Hermes Europe, the group will unite 14 insurance companies or separate branches under one roof, with a single legal structure. The new entity will be based in Belgium and will have the following branches: Czech Republic, Denmark, Finland, Hungary, Italy, Netherlands, Norway, Poland, Slovakia, Sweden, United Kingdom, Ireland and Romania", said Cristina RUSULEANU.
The leader of the EH operations in Romania added that legal changes would not affect the policies in force or any future ones and that the group would remain close to its clients, and all policies would be issued by branches of the same countries as before.
The entry into force of the new organization, EULER Hermes Europe, is planned for January 1st, 2012, but the date may differ from country to country, depending on local legal procedures.
In Romania, EH operates through a branch under the right of establishment and offers credit insurance. The company recorded in the first half of this year a total volume of gross written premiums of EUR 1.6 million (RON 6.68 million) from the sale of commercial credit insurance policies.
EH, member of ALLIANZ, is a world leader in credit insurance, with a market share of 34.9%. With over 6,000 employees in over 50 countries, the group offers a full range of debts management services, registering in 2010 a consolidated turnover of EUR 2.15 billion.
EULER Hermes has developed a complex network which allows it to analyze the financial stability of over 40 million companies worldwide. At the end of 2010, total transactions insured by the group amounted to EUR 633 billion.
Author: Andreea IONETE
on 04.10.2011
Comment this article
0 comments
|
