25th January 2012
Talanx International AG is to acquire 100% of the shares in POlish insurer Warta.for a price of E770m from the Belgian KBC group. The transaction is subject to the usual regulatory approvals and is expected to be completed in the second half of 2012. After closing of the transaction, Talanx' Japanese partner Meiji Yasuda will take over 30% of the Warta shares from Talanx International.
In 2010, Warta Group reported gross premium income, according to local GAAP, of approximately E1bn (life E560m; non-life E443m).
Warta serves a total of 1.5m customers with two thirds in non-life being private clients and one third corporate clients. With a workforce of over 2,765 employees, the Group operates a distribution network of 8,000 tied and multi-tied sales people accessed through 4,000 agencies and approximately 240 Warta branch offices.Warta is also one of the leading Polish industrial insurers. It commands a particularly strong market position in marine and aviation insurance.
To date, Talanx has been operating in Poland through two companies in motor, general liability, property and life insurance: HDI Asekuracja . and HDI-Gerling Zycie.
Additionally, in December last year Talanx and Meiji Yasuda Life announced to take over the majority of Europa Group, based in Wroclaw. After closing of the transaction, Talanx will be the second largest insurance group in Poland (according to a 2010 statistic published by the Polish Financial Supervisory Authority).
With this additional acquisition in Poland, Talanx is continuing to deliver on its strategy of strengthening the international part of its portfolio. CEE and Latin America are target markets for Talanx. Talanx aims, in the long run, to grow the foreign share of gross premiums from primary insurance (Industrial Lines and Retail) to half of the total gross premiums from primary insurance.
“Through the acquisition of Warta we are participating to a much greater extent in the further development of this highly dynamic insurance market. Furthermore, we are making a decisive step to reach our strategic growth target”, said Torsten Leue, Board Member of Talanx AG and ceo of the Management Board of Talanx International AG.
Herbert Haas, ceo of Talanx Group comments: “We are very pleased to welcome Warta as a part of our group. We intend to ensure that Warta clients continue to receive dedicated service from a highly-motivated staff working in a new and promising environment. We look forward to working with the existing management team of Warta who we believe is doing an excellent job. We plan to invest further in the business, maintaining each of the subsidiaries and further improving the service and product offer to the clients.”