From SFAC to Euler Hermes

SFAC (Société Française d’Assurance-Crédit) was founded in 1927 by several large insurance companies, including Assurances Générales (a forerunner to AGF) and Swiss Reinsurance company (Swiss Re).

Since 1992, the group has followed a strategy of international expansion. It supplemented its activities in credit management by creating, and then by taking control of SFF Factoring. AGF became a majority shareholder of the group in 1996, taking 54.4% of its share capital. During the same year, the holding company changed its name to EULER. In 1998, ALLIANZ acquired a majority shareholding in AGF. In 1999, EUROFACTOR was created through the merger of EULER and Crédit Lyonnais’ subsidiaries.

On April 2002, EULER SA acquired HERMES AG. With 6.000 employees, the new entity, EULER HERMES SA, has a share of 37% of the credit insurance world market. 40 million of companies are monitored within the companies combined databases in the 35 countries where the group is located.

To support its customers in the context of the globalisation of worldwide trade, the group has acquired credit insurance companies holding leading positions in Europe and in North America, and has developed new locations in countries with high potential such as in Asia, Central America and South America.