The Dutch financial group ACHMEA announced is expanding its presence on Slovak insurance market by the acquisition of POSTOVA Poistovna after its local subsidiary - UNION and the shareholders of POSTOVA Poistovna - POSTOVA Banka and SLOVENSKA POSTA - had reached agreement on the transaction.

The acquisition of POSTOVA Poistovna has been submitted to the regulators in Slovakia for approval. The transaction is expected to be completed in early 2021.

"This transaction is in line with our international strategy that focuses on further reinforcing our market position in countries where we already have operations. We are concentrating on increasing the scale of our non-life and health insurance activities through online and bank distribution channels. UNION's distributive strength will be considerably reinforced as it will gain access to the distribution channels of POSTOVA Banka and SLOVENSKA POSTA", said Robert OTTO, member of ACHMEA's Executive Board.

It is worth mention the acquisition of POSTOVA Poistovna is the second transaction on the Slovak insurance market for UNION in the past year, after in April 2019 ACHMEA's subsidiary acquired AEGON's property & casualty portfolio in the country.

"ACHMEA is targeting its know-how and experience at areas where it expects above-average growth. For example, in 2018 it deployed technology and robotisation to enhance customer service in Slovakia and in 2019 UNION took over AEGON's non-life portfolio of household insurance covering about 18,000 Slovak homes", as ACHMEA's representatives mentioned in statement.