JP Morgan and Credit Lyonnais chose the perfect time to bring Euler, the French credit insurance company, to the market last week in the biggest French IPO of the year. Existing investors in Euler, the largest credit insurance company in Europe, sold more than &euro550m ($514m) in the company last week, with the price climbing a modest, but respectable, 9.3% on its first day. One reason for the good reception for Euler is that analysts believe its services could become increasingly important in the world of e-commerce. This is particularly significant given the huge number of internet start-ups which are forecast to run out of money - and hence stop paying their bills - in the next few years.