Because he was aware of the limited liability of the Railway Company, he got the idea to insure travel luggage. He proposed the idea in 1907 to Carl von Thieme, the founder and general manager of Munich Re, who liked it so much that both gentlemen on 9 May 1907 founded the first (Hungarian) "European" in the house of Max von Engel in Pest.
The young and therefore completely unknown company had some difficulties to register the name "European", because the appropriate official thought the meaning was far out of proportion. Max von Engel eventually overcame this difficulty.
The new company developed quickly and raised its capital for the first time in 1910. Max von Engel kept 10% of the capital in person, the rest was divided equally between Munich Re and Generali.
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ETI Group objective
"To meet the travel insurance services, needs and demands of the international customers of group member companies. ..."