Munich Re’s ERGO sells more insurance portfolios

It looks like Munich Re’s ERGO Group AG is not done offloading parts of its business. The insurance group – which consists of ERGO Deutschland, ERGO International, ERGO Digital Ventures, and ERGO Technology & Services Management – is selling the entire life, non-life, and composite insurance portfolios of three entities of ERGO International in Hungary and Slovakia to Generali. Subject to certain regulatory and anti-trust approvals, the transaction will see Generali snap up entities with a combined premium income of €20.6 million in 2017. The purchase price, as per the agreement between the two camps, will not be disclosed. Luciano Cirinà, Austria, CEE (Central and Eastern Europe) & Russia regional officer and chief executive of Generali CEE Holding, described the acquisition as another step forward to our successful journey of growth and investment into the 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.

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