After the merger on December 31, 2011 of the thirteen entities into Euler Hermes Europe, this single and unique legal entity now operates in Belgium and through twelve insurance branches located in the following countries: Czech Republic
. The transaction has been authorised by the National Bank of Belgium and the regulatory authorities in the countries concerned. It was approved by the Shareholders’ General Meetings of each of the entities merged and finally by Euler Hermes Europe on December 31, 2011.
The merger has no impact on the general terms and conditions or the services associated with the Group's credit insurance contracts, which will continue to be marketed locally by the dedicated teams in each of the above-mentioned branches. The merger also allows for streamlined risk management, financial management and governance; and this new structure provides Euler Hermes with the necessary attributes to meet its Solvency II regulatory requirements.
From January 1, 2012 the Euler Hermes group
now operates in Europe mainly through its three risk carriers located in France, Germany and Belgium.
"This move has taken Euler Hermes a step further in its transformation and in its goal to simplify its legal structures in order to offer an even better service and greater protection to its clients"
said Wilfried Verstraete
, Chairman of the Euler Hermes Group Management Board.