ERGO sells three legal insurance subsidiaries to ALLIANZ

ERGO Group - part of German MUNICH Re, said it has sold its legal protection insurance subsidiary DAS Switzerland and the assets of DAS Luxembourg and Slovakia to ALLIANZ Group. The combined premium income from the three ERGO subsidiaries totaled EUR 38 million in 2016.

"The sale sees ERGO International pursuing its three-pillar strategy, which defines clear cornerstones for the insurance group's international business. The programme aims to expand ERGO's strong position in developed European markets such as Poland and Greece, to efficiently manage the Group's global specialty insurance business, and to sustainably build and expand business activities in growth markets such as China and India", explained ERGO in a statement.

D.A.S. Switzerland, which has been acquired by ALLIANZ Suisse, is the largest component of the transaction accounting for premium income of around EUR 30 million and ranked seventh on the Swiss market with a share of 6.2%.

In 2016, D.A.S. Slovakia, which is the leading provider of legal insurance, had a market share of 85.1%, while D.A.S. Luxembourg holds a market share of 18.2% and ranks in second place (2016). The D.A.S. Slovakia branch will be absorbed by ALLIANZ's Slovakia subsidiary while the legal protection insurance portfolio of D.A.S. Luxembourg will be ceded to the subsidiary of ALLIANZ Benelux in Luxembourg.

"As part of our internationalisation strategy, we are constantly reviewing and analysing our business operations. We see ourselves as pacemakers, not as followers", says Alexander ANKEL, Chief Operating Officer of ERGO International AG. "We are never satisfied with simply being present: our vision is to be an innovation driver in our industry - in every market and region we operate in."

ERGO said that it is "continuously reassessing its international business activities in terms of their strategic relevance, position and market appeal"pointing out that "may consider selling companies that fail to meet the minimum requirements now or in the foreseeable future".

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

Sylva de FLUITER takes over as head of UNIQA Re AG

Sylva de FLUITER will take over as head of UNIQA Re AG in Zurich as of 1 January 2019, the Austrian group announced. Until year end she will work hand in hand with long-time Managing Director Hans Uwe MULLER, who will retire after 14 years at UNIQA Re.

2018-12-12

MERCER to name Bala VISWANATHAN Chief Operating Officer

MERCER, the consulting subsidiary of MMC - Marsh & McLennan Companies, announced that Bala VISWANATHAN, CEO of Jardine Lloyd Thompson Group plc (JLT) UK & Ireland Employee Benefits, will join MERCER as Chief Operating Officer.

2018-12-12

MetLife named its EMEA head as CEO of Japan unit

MetLife announced that Eric CLURFAIN, currently Executive Vice President and Head of EMEA, has been named Chairman, President and CEO of MetLife Japan - the company's second largest market globally and its largest retail life insurance business, effective Feb. 1, 2019, following approvals.

2018-12-06

American International Group appoints new CFO

American International Group announced that it has appointed Mark LYONS to the role of Executive Vice President & Chief Financial Officer (CFO). He succeeds Sid SANKARAN, who will remain at AIG in an advisory capacity through the year-end reporting process for fiscal year 2018.

2018-12-06

ON THE MOVE

AIG Life Limited (UK) announces the appointment of a new CEO

AIG Life Limited (UK) announced the appointment of Philip WILLCOCK - the former CEO of AVIVA's Indonesian and Italian ventures - as CEO, subject to regulatory approval, effective March 1, 2019. He will be based in London and will report to Adam WINSLOW, CEO, International, Life & Retirement.

13.12.2018

Sylva de FLUITER takes over as head of UNIQA Re AG

Sylva de FLUITER will take over as head of UNIQA Re AG in Zurich as of 1 January 2019, the Austrian group announced. Until year end she will work hand in hand with long-time Managing Director Hans Uwe MULLER, who will retire after 14 years at UNIQA Re.

12.12.2018

MERCER to name Bala VISWANATHAN Chief Operating Officer

MERCER, the consulting subsidiary of MMC - Marsh & McLennan Companies, announced that Bala VISWANATHAN, CEO of Jardine Lloyd Thompson Group plc (JLT) UK & Ireland Employee Benefits, will join MERCER as Chief Operating Officer.

12.12.2018

TOP EVENT

Reducing the risks in agriculture by using insurance means, discussed in Skopje

On November 1st, an Agricultural insurance conference took place in Skopje, Macedonia, organized by the Insurance Supervision Agency in cooperation with the Ministry of Agriculture, Forestry and Water Economy. Drawing attention to the necessity of reducing the risks in agriculture by using insurance was the event's main purpose.

06.11.2018

IIF 2018 - Insurance in a DIGITAL WORLD

Emmanuel DJENGUE, Innovation Director, Europe - RGAX, Spain is the Keynote Speaker at IIF 2018 - Insurance in a DIGITAL WORLD Conference in Bucharest, on November 27.

05.11.2018

See all