Within the framework of a transaction first announced on April 2 by the Generali Group, Hungarian insurance unit Generali Biztosító has acquired the entire Hungarian insurance portfolio of peer ERGO. The acquisition is part of a transaction also involving the Slovakian market.
The Hungarian deal involves transferring both the life and non-life insurance portfolios of ERGO.
According to the agreement between Generali CEE Holding and ERGO Austria International, ERGOʼs Slovakian insurance portfolio will also be acquired by Generali Slovakia.
"The international Generali Groupʼs strategic efforts extend beyond being market leaders," said Mihály Erdős, CEO of Generali Biztosító. "Our ambition is to be the first choice of our clients, offering them a lifelong partnership."
Erdős noted that the company group has strengthened its already stable Central European presence with the acquisition of numerous attractive insurance and fund management companies.
"We hope that, thanks to our high-level services and integrated insurance solutions, our new clients will make a long-term commitment to us," added Erdős.
State news wire MTI reported that Generali in Hungary is gaining 17,000 life insurance contracts, 3,000 home insurance contracts and nearly 3,000 accident insurance contracts from ERGO. it added that the Competition Office (GVH) already approved the deal in May.