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Rebranded Euler Hermes increases Q1 turnover.
(From Insurance Day)
Byline: Charlie Talbot
THE newly-rebranded Euler Hermes increased its turnover by 57% in the first quarter of this year. The credit risk insurer's consolidated turnover totalled E468.8m for the first three months of 2003. This was a 57% increase on the actual figure of E298.3m for the same period in 2002 and a 5% increase on the pro-forma figure of E446.6m, after elimination of inter-group transactions and adjustment for currency translation.
Credit insurance turnover rose 5.7% but was offset by a drop in the factoring division. The best performing unit was Hermes Kreditversicherung in Germany, where turnover was 13.1% higher than like-for-like figures in the first quarter of 2002, owing to increased premium ...
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