Zurich Financial Services Group (Zurich) has signed an agreement to acquire 100% of general insurer TEB Sigorta A.S. from TEB Mali Yatirimlar A.S. (TEB Mali). TEB Sigorta will maintain distribution arrangements with various TEB Mali subsidiaries for the distribution of general insurance products on an exclusive basis. This acquisition reportedly allows Zurich a successful entry into the attractive Turkish market. TEB Sigorta is reportedly one of the fastest growing and most profitable general insurance companies in Turkey with a strong focus on banc-assurance. Premiums collected in 2007 were approximately USD 130 million (YTL 155 million). It currently distributes its products through an extensive network of regional offices, agents, brokers and financial institutions offering access to more than 600 points-of-sale. Zurich reportedly considers Turkey an attractive growth market. Between 2003 and 2006 the Turkish insurance sector grew at a cumulated average growth rate (CAGR) of 24% while the insurance penetration is reported to be considerably lower compared to other Central and Eastern European countries. The acquisition will be managed from Zurich’s Central and Eastern Europe (CEE) business unit in Vienna which includes the Group’s existing Austrian and Russian operations.
Sunday, January 27, 2008
Zurich Purchases Turkish Insurer
Zurich Financial Services Group (Zurich) has signed an agreement to acquire 100% of general insurer TEB Sigorta A.S. from TEB Mali Yatirimlar A.S. (TEB Mali). TEB Sigorta will maintain distribution arrangements with various TEB Mali subsidiaries for the distribution of general insurance products on an exclusive basis. This acquisition reportedly allows Zurich a successful entry into the attractive Turkish market. TEB Sigorta is reportedly one of the fastest growing and most profitable general insurance companies in Turkey with a strong focus on banc-assurance. Premiums collected in 2007 were approximately USD 130 million (YTL 155 million). It currently distributes its products through an extensive network of regional offices, agents, brokers and financial institutions offering access to more than 600 points-of-sale. Zurich reportedly considers Turkey an attractive growth market. Between 2003 and 2006 the Turkish insurance sector grew at a cumulated average growth rate (CAGR) of 24% while the insurance penetration is reported to be considerably lower compared to other Central and Eastern European countries. The acquisition will be managed from Zurich’s Central and Eastern Europe (CEE) business unit in Vienna which includes the Group’s existing Austrian and Russian operations.
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