EUROINS INSURANCE GROUP has signed sale and purchase agreements for the acquisition from the Hannover based TALANX INTERNATIONAL of its Bulgarian and Ukrainian operations consolidated respectively in HDI Zastrahovane AD and HDI Strakhuvannya. The gross premium income for the two companies being acquired is amounting to EUR 13 million (2013) for the Bulgarian one and EUR 16 million (2013) for the Ukrainian one. The cumulative EBIT of the two companies was around one million euros in the business year 2013.
The transaction is subject to customary regulatory approvals and is expected to close in the second quarter of 2015.
The acquisition of HDI Bulgaria and Ukraine is in line with the expansion strategy of the Group to strengthen its dominant position as a regional market player in the CEE region. The deal is a natural continuation of the already successfully executed acquisitions of Interamerican Bulgaria and QBE’s business operations in Bulgaria and Romania. Following the deal EIG will be active in 5 countries and will be generating GWP in excess of EUR 200 million.
As an integral part of the transaction, the current managing director of HDI Bulgaria, Mr. Peter Avramov, will join Euroins Bulgaria and become a CEO of the company. This nomination will ensure a smooth transition process of the merger of both companies.
Euroins Insurance Group is one of the largest independent groups operating at the CEE insurance markets. The company has appr. 7% market share in Bulgaria, Romania and Macedonia and employs 1,100 people. Since 2014 the company has initiated operations in Greece as part of its expansion strategy. Euroins Insurance Group is a subsidiary of Eurohold Bulgaria – leading Bulgarian company with operations across the Balkans focused on non-banking financial services and asset management. Euroins’ head office is in Sofia. www.eurohold.bg
Talanx is Germany’s third-largest and Europe’s seventh-largest insurance group with premium income of EUR 28.1 billion (2013) and more than 21,500 employees. The Hannover-based Group is active in some 150 countries. Talanx operates as a multi-brand provider with a focus on B2B insurance. The Group’s brands include HDI, the global industrial insurer HDI-Gerling, Hannover Re, one of the world’s leading reinsurers, Targo Versicherungen, PB Versicherungen and Neue Leben, the latter all specialized in bancassurance, and the financial services provider Ampega. The takeovers of TU Europa and TUiR Warta S.A. have now made Poland the second core market of Talanx. The rating agency Standard & Poor’s has given the Talanx Primary Group a financial strength rating of A+/stable (strong) and the Hannover Re Group one of AA–/ stable (very strong). Talanx AG is listed on the Frankfurt Stock Exchange in the MDAX as well as on the stock exchanges in Hannover and Warsaw (ISIN: DE000TLX1005, German Securities Code: TLX100, Polish Securities Code: TNX). www.talanx.com.