Acquisition makes ERGO biggest P/C player in Greece
Munich Re subsidiary ERGO Insurance Group has acquired Greek insurer ATE Insurance for €90.1 million from Piraeus Bank in a deal that makes it the largest property/casualty insurer in the market.
ERGO said it is convinced of the potential of the Greek insurance market even though the economic situation of the country has been challenging during the past years.
“Greece has a low insurance penetration compared with the rest of the EU. We see growth opportunities especially in the property-casualty segment,” said Jochen Messemer, member of the Board of Management of ERGO Insurance Group.
ERGO’s Greek subsidiary ERGO Hellas recorded a premium income of €135 million in 2013 stemming almost completely from its property/casualty segment with consistently high profits.
ATE Insurance was founded in 1980 and focuses on property/casualty insurance, but also offers life insurance products. The company recorded a premium income of €170 million in 2013, thereof €130 million in property/casualty insurance. ATE Insurance currently ranks no. 5 in the Greek property-casualty insurance market and no. 11 in the life market.
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