ERGO International AG, a division of global reinsurer Munich Re, has announced plans to sell the insurance portfolios of three subsidiaries to Generali Group.
The new sale is for its life, non-life and composite portfolios in Hungary and Slovakia. The transaction sees ERGO further consolidate its international business and follows last month’s sale of four European insurance subsidiaries to Euroins Insurance Group (EIG).
Under the terms of this agreement, Generali will acquire the entire client portfolios of the three entities. Gross Written Premium income across all three ERGO entities totalled €20.6 million in 2017.
The change of ownership of the portfolios from ERGO to Generali will have no effect on the obligations towards ERGO’s current clients.
“The agreement clearly shows, that we consequently stick to our core strategy consolidating our international business alongside defined minimum requirements”, explained 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 Chief Executive Officer of Generali CEE Holding Luciano Cirinà added, “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 utilize 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.”