ERGO consistently continues to execute international portfolio adjustment


Euroins Insurance Group takes over four more ERGO subsidiaries in Romania, the Czech Republic and Belarus

Press Release, 07.03.2019

ERGO International AG is selling four more Group subsidiaries to the Euroins Insurance Group (EIG). The new sale is for its Life and Non-Life subsidiaries in Romania and the Czech Republic and its Non-Life company in Belarus. Representatives of both companies have signed a purchase agreement. The sale is subject to regulatory approval, as is customary for transactions of this kind. The parties have agreed not to provide details of the purchase price.

EIG is one of the largest independent insurance groups operating in the markets of Central and South-Eastern Europe. In addition to international travel assistance, motor vehicle, property, accident, health and liability products, the EIG insurance portfolio also includes cargo, agricultural, financial, marine and aircraft insurance. The insurance company was founded in 2007 and has its headquarters in Sofia, Bulgaria. Euroins Insurance Group AD operates as a subsidiary of Eurohold Bulgaria AD.

Under the terms of the agreement, EIG will acquire all shares in the companies held by ERGO, including employment contracts, the client portfolio and IT systems. Premium income across all four ERGO companies totalled EUR 72 million (GWP) in 2017. The change of ownership from ERGO to EIG will have no effect on the obligations towards ERGO’s current clients.

“The acquisition of ERGO's subsidiaries in Romania, the Czech Republic and Belarus perfectly suits our strategy to expand our presence in the CEE and CIS insurance markets, which provide huge potential for growth, and at the same time to diversify our product portfolio”, says Jeroen van Leeuwen, Chief Operating Officer of EIG. “With this acquisition we are building up our partnership with ERGO that gives us the opportunity not only to acquire portfolios of an industry leader but also gain valuable know-how and experience.”

“We are delighted that we have found a suitable buyer for all four ERGO subsidiaries in the CEE region in EIG”, says Alexander Ankel, Chief Operating Officer of ERGO International AG. “This agreement is a further important step that contributes to the optimisation of our international business, which we defined as a strategic goal in 2016.”

For further information, please contact:

Ronny Winkler

ERGO Group AG
Media Relations

Tel +49 211 477-3012
Fax +49 211 477-3113
ronny.winkler@ergo.de
media-relations@ergo.de

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. Within the group, three entities manage domestic and international business, as well as digital and direct business (ERGO Deutschland, ERGO International and ERGO Digital Ventures). About 42,000 people work for the Group, either as salaried employees or as full-time self-employed sales representatives. In 2017, ERGO recorded a premium income of 19 billion euros and rendered benefits to customers of 18 billion euros. ERGO is part of Munich Re, one of the world's leading reinsurers and risk carriers.
More at www.ergo.com

Disclaimer

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.

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