By the end of 2019, Generali's insurance portfolio should be transferred to Ceska pojist'ovna. The newly formed company will operate under the name of "Generali Ceska pojist'ovna".
Necessary discussions with the regulator on this topic are underway. The insurance company will be run by Roman JURAS, the current CEO and Chairman of the Board of Ceska pojist'ovna.
Roman JURAS, CEO and Chairman of the Board of Directors of Ceska pojist'ovna, commented on the announcement:
"The forthcoming changes will result in further improvements in the products and services which we currently offer to our clients, for both insurance companies. (...) Our ambition is to become the Czech market leader in terms of innovation."
Czech Insurance Association`s (CAP) official figures for the year 2018 show that both discussed companies were consistent in their underwriting activity last year. Both in life insurance gross written premiums (GWP) and non-life insurance GWP, as well as the overall summed-up GWP. Ceska pojist'ovna was the first ranked insurance company at the end of December 2018 with the highest GWP share, while Generali was ranked on the 6th place. The two insurers wrote a gross amount of CZK 36,747 million (~ EUR 1,428 million) in premiums between January 1st - December 31st, 2018.
Luciano CIRINA, CEO of Generali CEE Holding, said:
"This is an important step in the global strategy of the Generali Group. By combining the tradition of the Czech market leader (Ceska pojist'ovna) with the background and know-how of our global financial institution, we will create an even stronger and more stable insurance company. (...) This means positive news not only for our clients, but also for our business partners."