“We are excited to see Euler Hermes become Allianz Trade and are convinced that the change will bring about many benefits in terms of awareness, business development, growth and innovation,” commented Chris Townsend, member of the Board of Management of Allianz SE Focusing on the longer term and prepare for the future of trade, Allianz Trade said it “must seize the opportunity given by the shift of B2B trade online and become a key player in this new ecosystem.” “We are already experts in these lines of business, and we will invest to develop further and quickly expand our market shares.” Allianz Trade also will continue to develop its growth engines such as surety and specialty solutions. We also aim to accelerate market penetration in the U.S.” Allianz Trade said it will continue to work to deliver “top-level service in all market segments, building on unrivalled underwriting tools, skills and infrastructure, and on a multichannel distribution including the Allianz agents network. The company said its new brand name will directly support the implementation of its 2025 strategic plan, which is based on three pillars: To read the digital edition of IPE’s latest magazine click here.“Changing brand name to Allianz Trade means reinforcing our position as a global player,” said the company in a statement. With the new plan, the Commission aims to make financing accessible to companies to support a green, digital, inclusive and resilient economic recovery after the COVID-19 crisis, deepen the integration of national capital markets, and offer a space for long-term investments. It adopted the first action plan in 2015. The European Commission outlined last year a further action plan to complete the CMU. Euler Hermes Ratings’ team of analysts has a long-standing experience in rating European SMEs and in particular mid-cap companies, which perfectly complements our own credit rating expertise.” He added: “Our rating approaches and methodologies are based on a deep understanding of European realities. “In this context, we offer investors and issuers a European perspective on both credit and ESG,” said Scope’s chief operating officer Guillaume Jolivet. Scope is now preparing to exploit opportunities that will be offered by the European Capital Market Union (CMU). The credit rating agency targets debt investors that look at project finance and SMEs for alternative assets and yield, it said.įounded in 2002, Scope has expanded its business over the last decade with the acquisition of PRS Ratings in 2012 and FERI EuroRating Services in 2016. Scholler added: “Given its focus, Euler Hermes Rating is well positioned in segments with rising investor demand, and offers clear synergies with Scope Group.” It analyses mainly small and medium-sized firms (SME) and infrastructure project finance.
It was founded in 2001 in Hamburg as an independent rating agency for middle-sided firms.įlorian Schoeller, founder and chief executive office of Scope, said: “The acquisition of Euler Hermes Rating is another step towards consolidating the European ratings market and building a European rating heavyweight.”Įuler Hermes Rating assesses the risks that a company faces in sectors such as automotive, mechanical engineering, renewable energies and telecommunications, at a global or regional level. Credit rating agency Scope has taken over Euler Hermes Rating, a division of Allianz’s credit insurance arm Euler Hermes, for an undisclosed sum.Įuler Hermes Rating has renamed as Scope Hamburg following the takeover.
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