Hungarian insurer CIG Pannoinia announced that signed an agreement with Versicherungskammer Bayern, through which CIG Pannoinia Life Insurance and CIG Pannonia First Hungarian General Insurance would acquire majority stakes MKB Life Insurance and MKB General Insurance.

According to the contract on acquisition that was signed on 7th October 2016, CIG Pannonia acquires 98.97% ownership interest in MKB Life Insurance and 98.98% ownership interest in MKB General Insurance. "The next step of the acquisition process is to get the necessary supervisory authorizations, the transaction will come into effect on the date of the authorizations", CIG Pannonia announced in a statement.

"CIG Pannonia continuously analyses the growing potentials, but our major goal is not to take market share at all cost, but to establish the long-term stable and profitable operation. Both the clients of CIG and MKB and the investors will benefit from the acquisition of MKB insurance companies and the exploition of potential synergies", said Gabriella KADAR, CEO of CIG Pannonia Life Insurance Plc. 


Source: www.cigpannonia.hu