EULER HERMES successfully completes simplification of its legal structure in Europe
On January 1, 2012, the world leader in credit insurance successfully completed the simplification of its legal structure in Europe by grouping thirteen of its former subsidiaries into one insurance company, Euler Hermes Europe, located in Brussels.
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, Denmark, Finland, Hungary, Italy,
Netherlands, Norway, Romania, Slovakia, Sweden, UK and Ireland.
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. ...Read moreSource: 4-traders | www.4-traders.com
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