Press release 1 August 2016
The ERGO Group, Düsseldorf, successfully completed the acquisition of the Greek company ATE Insurance, Athens. The transaction makes ERGO the largest property-casualty insurer in the market. The purchase price is 90.1 million euros, subject to net asset value adjustments. With the acquisition, ERGO continues to pursue its international growth strategy.
ERGO 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: The total insurance penetration in Greece is much lower than in other EU countries; the market shows attractive growth opportunities especially in the property-casualty segment.
The transaction expands ERGO’s local footprint: The Greek subsidiary ERGO Hellas recorded a premium income of 141 million euros in 2015 stemming almost completely from the property-casualty segment with consistently high profits.
ATE Insurance has been sold by Piraeus Bank. With its strong sales network, ATE recorded a premium income of 125 million euros in 2015, thereof 91 million euros in property-casualty insurance.
An agreement to acquire ATE Insurance had been announced in August 2014. Having received all necessary regulatory approvals today, ATE Insurance becomes a member of the ERGO Group.
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About the ERGO Group AG
ERGO is one of the major insurance groups in Germany and Europe. Worldwide, the Group is represented in over 30 countries and concentrates on Europe and Asia. ERGO offers a comprehensive spectrum of insurance, provision and services. In its home market of Germany, ERGO ranks among the leading providers across all segments. About 43,000 people work for the Group, either as salaried employees or as full-time self-employed sales representatives. In 2015, ERGO recorded a premium income of 17.9 billion euros and rendered benefits to customers of 16.8 billion euros. ERGO is part of Munich Re, one of the world's leading reinsurers and risk carriers.
More at www.ergo.com
This press release contains forward-looking statements that are based on current assumptions and forecasts of the management of ERGO Group. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forwardlooking statements or to conform them to future events or developments.