Euler Hermes profit declines amid restructuring

Trade credit insurer Euler Hermes's third-quarter profit
slipped about 2.2 percent as restructuring costs related to
European job cuts bit into earnings at the Allianz unit.
Euler Hermes posted operating income of EUR72.4mn for the three
months ending in September, compared with EUR74.0mn in the year-ago
period. Turnover also slipped, by 2.9 percent to EUR628.5mn from
EUR647.2mn, as the sale of its Bürgel unit in February reduced
this year's revenue.
For the nine months ending in September,