Euler Hermes SA, a French-German trade-credit insurer, said it may reduce its coverage of exports to Greece because of the risk of the country exiting the euro. A decision is planned before the end of May.
Euler Hermes SA, the world’s largest insurer of trade credit, will pay a dividend in 2011 given its results in the first nine months of this year, Chief Executive Officer Wilfried Verstraete told Le Journal des Finances .
German retail chain Schlecker’s future may depend on Allianz SE’s Euler Hermes unit, which insured 300 million euros ($376 million) of unpaid deliveries, Financial Times Deutschland reported, citing Arndt Geiwitz, Schlecker’s insolvency administrator.
Euler Hermes SA, the credit insurer owned by Germany’s Allianz SE, had second-quarter net income of 117 million euros, compared with 99.8 million euros a year earlier, the company said in an e-mailed statement today.
Euler Hermes Kreditversicherungs AG, the German credit insurer owned by Allianz SE, signed an accord with the African Trade Insurance Agency to share information, ATI Chief Executive Officer George Otieno said.
Euler Hermes SA, the world’s biggest credit insurer, said it will no longer cover new shipments of goods to Greece because of the risks of the nation leaving the euro currency and customers defaulting on payments.