Germany's Talanx,Japan's Meiji Yasuda Buy 2 Polish Insur From Getin Hldg
December 14 2011 - 6:34AM
Dow Jones News
Talanx AG, Germany's third largest insurance group and majority
owner of reinsurer Hannover Re AG (HNR1.XE), Wednesday said it
acquired two Polish insurers together with its Japanese partner
Meiji Yasuda Life Insurance Co.
MAIN FACTS:
-The two insurance companies, Wroclaw-based Europa Life and
Europa Non-Life(Europa Group), will be bought from Polish Getin
Holding (GTN.WA).
-The transaction will also include a long-term, strategic
bancassurance cooperation with the Getin Holding Group in Poland
and selected Central and Eastern European countries.
-The transaction is expected to close in the second quarter of
2012.
-A public tender offer will be launched to all existing
shareholders of Europa Group, given its status of publicly traded
company on the Warsaw Stock Exchange.
-Europa Life and Non-Life are part of Getin Holding, a private
financial group in Poland. Europa Group is Poland's third largest
insurance group by gross premium income, based on Polish accounting
standards.
-Insurance products of Europa are sold throughout the market
mostly through bancassurance channels with its biggest partners
being banks belonging to Getin Holding.
-Getin Holding makes a commitment to continue selling products
of Europa Group after completing the transaction.
-"I'm delighted that we have found internationally renowned
insurance groups and bancassurance specialists as partners and new
strategic investors for Europa Group, and I very much look forward
to our future long-term bancassurance partnership," said Leszek
Czarnecki, founder, majority shareholder and Chairman of Getin
Holding.
-"Poland is already one of the countries with the strongest
sales in the Talanx International Retail division and this
designated core market continues to remain on a growth path," said
Torsten Leue, management board member of Talanx AG and chief
executive of Talanx International AG.
-Up to now, Talanx has been operating in Poland with two
companies in automotive, liability, general property and casualty
insurance, and in the life insurance segment: HDIGerling Zycie TU
S.A. and HDI Asekuracja TU S.A.
-After closing of the envisaged transaction, Talanx will become
one of the largest insurance groups in Poland.
-Europa Group comprises the companies Europa Non-Life
(Towarzystwo Ubezpieczeń Europa SA) and Europa Life (Towarzystwo
Ubezpieczeń na Życie Europa SA). Its product range includes credit
insurance as well as unit-linked life insurance and investment
products.
Europa Group employs approximately 250 people; the gross premium
written was about EUR1.1 billion in 2010 - about EUR988 million in
life insurance and EUR126 million in non-life insurance, according
to Polish Accounting Standards, PAS.
-The banks and financial services companies forming part of
Getin Holding are among the fastest growing and most dynamic
companies in Poland.
"We are very pleased to enter into this first joint investment
project together with Talanx and are confident that similar future
oriented joint transactions are to follow. Europa Group is a highly
innovative insurance player that has gained a strong and proven
track record in the Polish bancassurance market, one of our most
important target markets in Europe," said Hiroaki Tonooka, senior
managing executive Officer of Meiji Yasuda Life and member of the
supervisory Board of Talanx International AG.
-Talanx and Meiji Yasuda agreed on a strategic cooperation
consisting of capital and business alliance about a year ago.
-The transaction still has to be approved by the regulatory
authorities.
-After the deal has been completed, Talanx will become the
majority shareholder in Europa Group, while Meiji Yasuda and Getin
Holding will each hold a meaningful stake.
-Frankfurt Bureau, Dow Jones Newswires; 49-69-29725-500
Harley Davidson (NYSE:HDI)
Historical Stock Chart
From Sep 2024 to Oct 2024
Harley Davidson (NYSE:HDI)
Historical Stock Chart
From Oct 2023 to Oct 2024