Munich Re's ERGO sells three insurance subsidiaries to Generali in consolidation strategy
Munich Re's primary insurance unit ERGO Group is selling its life, non-life and composite portfolios in Hungary and Slovakia to Italian insurer Generali as part of its international business optimisation strategy.
Under the agreement, Generali Group will acquire the entire client portfolios of the three entities in Hungary and Slovakia from ERGO International AG, subject to certain regulatory and anti-trust approvals. Premium income across all three ERGO entities totalled €20.6 million (GWP) in 2017.
ERGO noted that the change of ownership will have no effect on the obligations towards the current clients.
Earlier in Feb. 2019, ERGO sold its Russian non-life business to Moscow-based P&C insurer RESO-Garantia.
“The agreement clearly shows, that we consequently stick to our core strategy consolidating our international business alongside defined minimum requirements,” said Alexander Ankel, chief operating officer of ERGO International AG. “We are headed in the right direction which gets us into an excellent starting position to give new and well-aimed impetus for sustainable growth in an international business context.”
Austria, CEE & Russia regional officer and CEO of Generali CEE Holding Luciano Cirinà stated: “The projected acquisition of Life, Non-Life and Composite portfolios in Hungary and Slovakia is another step forward to our successful journey of growth and investment into Central and Eastern Europe area and fully aligned with our Group´s strategy to further reinforce our leading position in Europe, in particular in the CEE region.
"It will enable us to utilise cross-selling opportunities through the customer base as well as to reach a broader base of clients. We are convinced that every client of ERGO will benefit from our high-level expertise and extensive offer of products and services.”
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
More of today's news
11 cross-border reinsurers secure special approval from India's regulator IRDAI
QBE's Zortman joins AIG as CEO of private client group
Berkshire enters Asia, Middle East transactional liability market with Pembroke hire
‘Balanced’ ESA review praised by Luxembourg asset management and investment funds
Early Atlantic Hurricane forecast predicts activity 20% below long-range norm
