Poland: KNF approved the merger of GENERALI non-life insurers

21 January 2021 — Andrei Victor
GENERALI has almost completed the integration process with CONCORDIA after KNF - The Polish Financial Supervision Authority approved the merger of its two non-life insurers - GENERALI and CONCORDIA Polska.

Thus, on January 18, 2021 the Polish supervisory authority stated here that "there are no grounds for raising objections to the planned merger of GENERALI Towarzystwo Ubezpieczen SA with CONCORDIA PolskaTowarzystwo Ubezpieczen SA".

The first step of the integration process - the merger between the two life insurers GENERALI Zycie and CONCORDIA Capital, received the KNF approval in June 2019 (click here to read more).

Practically, the integration of CONCORDIA with GENERALI started after the the transaction was announced in May 2018 (click here for more details) when the Italian insurer stated that it is enhancing its footprint in the CEE by acquiring the full control of the Polish insurers Concordia Capital (life insurance) and Concordia Polska TUW (non-life insurance) from their German shareholders, CONCORDIA Versicherung and Vereinigte Hagelversicherung.

After receiving all required regulatory and anti-trust approvals (read more here),- the final agreement was signed on 29 November 2018 and was followed by the process of integration of CONCORDIA companies into the GENERALI structure, as GENERALI representatives pointed out in a press release at that time.

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