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Credit insurer Euler Hermes has announced the acquisition of the credit
insurance business of Allianz Corporate Ireland plc.
The transaction, which allows Euler Hermes to enter the Irish credit insurance
market, will be completed at the end of October 2006.
The annual written premium of the transferred portfolio amounts approximately to
€10 million.
A branch office, permanently located in Dublin, will employ staff previously
employed by Allianz Ireland which will ensure a smooth transition and continuity
of service for all existing customers.
The company will start underwriting policies in Ireland directly through its
newly created branch, from the end of October 2006.
A separate office in Belfast will cater for clients in Northern Ireland.
“We are delighted to be inheriting such a sound business from Allianz Ireland,
and are looking forward to developing it further in such a dynamic and
fast-moving market”, stated Richard Webster, CEO of Euler Hermes UK.
"Through the introduction of our business model, the opportunities presented by
our new products, and the support of our commercial and risk underwriting teams,
we will aim to improve even further the quality of service offered to our Irish
clients.”
Source:
Credit
Control Journal
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