Euler Hermes Group, a subsidiary of Allianz France, has appointed Bruno Verhofstede as chief executive officer of the Belgian subsidiary effective from May 1, 2010. He replace Etienne Defraigne, who had been acting as temporary CEO since June 2009.

Previously, Mr Verhofstede worked with the ING group, where he lately held the position of CEO of ING commercial finance belux, a factoring company operating in Belgium and Luxembourg. Backed by the experience in sales, product management and risk management functions acquired within the ING group, he helped structure and build up the new activity.

Euler Hermes is a provider of credit insurance and also provides bonding, guarantees and collections. Euler Hermes offers a complete range of services for the management of B-to-B trade receivables. It has developed a credit intelligence network that enables it to analyse the financial stability.