ERGO to become largest property-casualty insurer in Greece by acquiring ATE Insurance Company

Τετάρτη, 10 Σεπτεμβρίου 2014 15:18

The ERGO Insurance Group is expanding its presence in Greece significantly by acquiring 100 percent of the Greek company ATE Insurance.

This transaction will make ERGO the largest property-casualty insurer in the market. The purchase price is 90.1 million euros, subject to net asset value adjustments upon closing. The transaction is subject to regulatory approval. ERGO believes in the recovery of the Greek economy and is convinced of the potential of the Greek insurance market even though the economic situation of the country has been challenging during the past years. “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.

ERGO’s Greek subsidiary ERGO Hellas recorded a premium income of 135 million euros in 2013 stemming almost completely from the property-casualty segment with consistently high profits. The company has been continuously gaining market share over the past years. ATE Insurance was founded in 1980 and focuses on property-casualty insurance, but also offers life insurance products. The company recorded a premium income of 170 million euros in 2013, thereof 130 million euros in property-casualty insurance.
ATE Insurance currently ranks no. 5 in the Greek property-casualty insurance market and no. 11 in the life market. ATE Insurance is being sold by Piraeus Bank, a partner of ERGO Hellas since 2005. Piraeus sells property-casualty insurance products of ERGO.
Jochen Messemer states: “This transaction will serve as a base for continuing our long-standing relationship with Piraeus Bank. Bancassurance is one of the most important sales channels of ERGO Hellas. It contributes more than one third to the premium income.” After completion of the transaction, ERGO Hellas will become the largest property-casualty insurer in Greece. Jochen Messemer explains: “Our strategy is to safeguard and further expand profitability and the market leadership.”

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