Talanx to take over Warta Group

In 2010, Warta Group reported gross premium income, according to local GAAP, of approximately EUR 1 billion (life EUR 560 million; non-life EUR 443 million). The Group also includes the life insurance company Warta Towarzystwo Ubezpieczen na Zycie S.A.

Warta serves a total of 1.5 million customers with two thirds in non-life being private clients and one third corporate clients. With a workforce of over 2,765 employees the Group operates a distribution network of 8,000 tied and multi-tied sales people accessed through 4,000 agencies and approximately 240 Warta branch offices. Warta is also one of the leading Polish industrial insurers. It commands a particularly strong market position in marine and aviation insurance.

To date, Talanx has been operating in Poland through two companies in motor, general liability, property and life insurance: HDI Asekuracja TU S.A. and HDI-Gerling Zycie TU S.A.
Additionally, in December last year Talanx and Meiji Yasuda Life announced to take over the majority of Europa Group, based in Wroclaw. After closing of the transaction announced today, Talanx will be the second largest insurance group in Poland (according to a 2010 statistic published by the Polish Financial Supervisory Authority).

With this additional acquisition in Poland Talanx is continuing to deliver on its strategy of strengthening the international part of its portfolio. CEE and Latin America are target markets for Talanx. Talanx aims, in the long run, to grow the foreign share of gross premiums from primary insurance (Industrial Lines and Retail) to half of the total gross premiums from primary insurance.

Poland is one of the largest insurance markets in CEE and already one of the most important markets by revenues, the characteristics of this market indicate the potential for further growth.

“Through the acquisition of Warta we are participating to a much greater extent in the further development of this highly dynamic insurance market. Furthermore, we are making a decisive step to reach our strategic growth target”, said Torsten Leue, Board Member of Talanx AG and CEO of the Management Board of Talanx International AG.

After closing of the subsequent transaction between Talanx International and Meiji Yasuda, Talanx International AG will hold 70 per cent and Meiji Yasuda 30 per cent of the Warta shares. Leue added: “Our cooperation is a pure success story. The plan to enhance our weight by joining forces in entering new markets is fully working out”.

Herbert Haas, CEO of Talanx Group comments: “We are very pleased to welcome Warta as a part of our group. We intend to ensure that Warta clients continue to receive dedicated service from a highly-motivated staff working in a new and promising environment. We look forward to working with the existing management team of Warta who we believe is doing an excellent job. We plan to invest further in the business, maintaining each of the subsidiaries and further improving the service and product offer to the clients.”