Euler Hermes “Studying” Acquisition of Allianz Ireland Credit Insurance

June 2, 2006

Global trade credit insurer Euler Hermes is studying the acquisition of Allianz Ireland’s credit insurance activities, which have an annual turnover of around €10 million ($12.2815 million) with a 45 percent share of the Irish market.

“The deal would allow Euler Hermes to enter the last Western European country where it does not yet operate locally,” said the bulletin. “The Euler Hermes Group would take the market leading position in the country while strengthening its market leading position in Europe and worldwide.”

“Ireland is one of the most dynamic economies in Europe with an average annual GDP growth of 5.2 percent for the last 5 years,” noted Michel Mollard, member of the management board of Euler Hermes Group. “Allianz Ireland has developed a sound business in credit insurance with a high quality staff, which Euler Hermes would be pleased to welcome within the group. By implementing our business model that is so successful everywhere, Euler Hermes intends to further develop the credit insurance business locally to fully benefit from the vitality of the Irish economy.”

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