From its beginnings, Erhardt offered coverage for risks arising from commercial shipping through represented insurance companies. For this reason, in 1964, it established ERCOS, S.A. de Seguros y Reaseguros.
By 1981, the insurance company had 30 offices across Spain. In the 1980s, the company went public and began trading on the Madrid Stock Exchange in 1987. During these years, the sector underwent a profound transformation, with foreign insurers gaining the freedom to establish themselves in Spain. In this context, Erhardt requested the cessation of its stock market listing and negotiated the sale to Allianz. In December 1988 and 1989, Allianz, Europe’s leading insurer at the time, acquired the shares of ERCOS.