The transaction is subject to the approvals of regulatory bodies and competition authorities. The acquisition of the Polish Concordia companies will significantly strengthen Generali's presence in Poland, pushing up the Italian player 2 ranks in the market Top 10, to the 6th position.
"We are pleased to expand our operations in Poland. This acquisition will give Concordia's customer access to a full range of insurance products. Acquiring Concordia will enable us to balance our portfolio of motor and non-motor insurance lines and diversify sales channels and our regional presence. Thanks to this acquisition, we will be enlarging our portfolio by entering the crop insurance business," Andrea SIMONCELLI, CEO of Generali Poland stated.
Based in Poznan, CONCORDIA Poland has 14 branches and over 40 agencies and cooperates with more than 2,000 brokers. CONCORDIA has been providing insurance services in Poland for 20 years. It is one of the leading players in the agricultural insurance segment, with 330,000 customers. CONCORDIA Poland's premium income in 2017 totaled EUR 120 million.
Generali has been operating in Poland since 1998. It has 1,300 local employees and provides property and casualty insurance to retail and corporate clients, as well as life insurance. Generali ranks 8th in the Polish market with GWP of EUR 550 million and a market share of 3.8% in 2017.
"We are already one of the biggest insurers in the CEE market, but [...] through the latest acquisitions in Slovenia and Poland the business of GENERALI Group in the Austria, CEE & Russia Region will increase about 7% reaching more than EUR 6.4 billion in terms of premium income," commented Luciano CIRINÀ, Austria, CEE & Russia Regional Officer and CEO of GENERALI CEE Holding following the new acquisitions announcement.