Credit insurer Euler Hermes, a member of the Allianz Group, has inked a deal to acquire the credit insurance business of Allianz Corporate Ireland.
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 E10 million.
A branch office, permanently located in Dublin, will employ staff previously employed by Allianz Ireland. This, the company says, will ensure a smooth transition and continuity of service for all existing customers.
Euler Hermes 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.
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, said Richard Webster, CEO of Euler Hermes UK, who is responsible for group development in Ireland.