Germany’s Allianz is in talks with the Czech government concerning the acquisition of its 30 percent holding in the country’s biggest insurance group, Ceska Pojistovna. The move would further strengthen Allianz’ rapidly growing operations in Eastern Europe.
CP has 43 percent of the Czech insurance market. Its majority shareholders, PPF an investment fund based in Prague, and Cespo, a Dutch financial group, have offered the government $77 million for its share.
So far the offer has been rejected, and other proposals, notably Allianz’, are being considered. Allianz already owns a Czech subsidiary, Allianz Pojistovna, which has a market share of around 6 percent, and has been posting steady growth.
Allianz’ expansion strategy into the relatively undeveloped Eastern European insurance markets, has given it a prominent position in Romania, Bulgaria, Hungary, Croatia and Poland.
The company has frequently said that it sees tremendous potential growth possibilities in the area, especially in countries, like the Czech Republic, Poland and Hungary, who are expected to join the European union within the next 3-5 years.
Topics Mergers & Acquisitions Carriers Europe
Was this article valuable?
Here are more articles you may enjoy.
Space Startups Seek Insurance for Orbital AI Data Centers 
AM Best Upgrades Credit Ratings of Missouri’s Columbia 
North Carolina Becomes First State to Pass Outright Ban on Litigation Financing 
Mississippi Insurance Dept. Top Examiner Named in $90M Credit Union Theft Suit 
