ERGO proceeds consolidation process of its international business – Generali to sign agreement to take over insurance portfolio of ERGO subsidiaries in Hungary and Slovakia

ERGO International AG has signed an agreement to sell the insurance portfolios of three more Group entities to Generali Group. The new sale is for its Life, Non-Life and Composite portfolios in Hungary and Slovakia. The sale is subject to certain regulatory and anti-trust approvals, as is customary for transactions of this kind. The parties have agreed not to provide details of the purchase price and other terms.

Under the terms of the agreement, Generali will acquire the entire client portfolios of the three entities in Hungary and Slovakia. Premium income across all three ERGO entities totaled EUR 20.6 million (GWP) 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”, underlines 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 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.”

Generali is an independent Italian insurance group, with a strong international presence. Established in 1831, it is one of the largest global insurance providers, present in 50 countries and with 2018 total premium income of more than € 66 billion. With nearly 71,000 employees serving 61 million customers, the Group has a leading position in Western Europe and an increasingly significant presence in the markets of Central and Eastern Europe as well as in Asia. In Austria, Central and Eastern Europe and Russia the Group operates through its Austria, CEE & Russia Regional Office (Prague) in 12 countries being one of the top three insurers in the region.