"Greece has a low insurance penetration compared with the rest of the EU. We see growth opportunities especially in the property-casualty segment", says Jochen MESSEMER, Member of the Board of Management of ERGO Insurance Group.
ATE Insurance was founded in 1980 and was acquired by PIRAEUS Bank in July 2012. ATE Insurance is the 5th largest property-casualty insurer on the Greek market and also offers life insurance products to its customers. It recorded a premium income of EUR 170 million in 2013, of which EUR 130 million in property-casualty segment.
At the same time, ERGO's Greek subsidiary, ERGO Hellas, recorded a premium income of EUR 135 million in 2013, mostly in the property-casualty segment. According to the German insurer, after completion of the transaction, ERGO will become the largest property-casualty insurer in Greece. "Our strategy is to safeguard and further expand profitability and the market leadership", Jochen MESSEMER explained.