Euler Hermes is a credit insurance company that offers a wide range of bonding, guarantees and collections services for the management of business-to-business trade receivables. A subsidiary of Allianz SE, Euler Hermes is listed on ELE.PA and is rated AA- by Standard & Poors. The Group posted a consolidated turnover of €2.638 billion in 2015. Euler Hermes employs +6,400 employees in over 50 countries and insured global business transactions for €890 billion in exposure at the end of 2015. Euler Hermes provides guarantees or insurance on accounts receivable arising from the sales of commercial goods and services on credit terms of e.g. 30-day, 60-day time scales or more especially for export companies (as an alternative to making the foreign purchaser obtain a letter of credit), sometimes on longer time scales; it manages guarantees for exports by corporations globally; and also provides other international support for exporters. It distributes its products and services through a network of direct agents, brokers, and banks and tracks companies in markets representing 92% of the world’s GDP.