Assicuriazioni Generali to Purchase Poland's Union Investment TFI
October 22 2018 - 11:23AM
Dow Jones News
By Patrick Costello
Assicurazioni Generali (G.MI) said Monday that it has agreed to
purchase the Polish asset-management company Union Investment TFI
SA.
The Italian insurance giant said it reached an agreement with
Germany's Union Asset Management Holding AG to purchase a 100%
stake in Union Investment TFI, strengthening its presence in
Poland. Generali did not disclose the financial details of the
transaction.
The deal also positions the Italian insurer to benefit from
growth opportunities in Central and Eastern Europe, Generali Asset
Management Chief Executive Timothy Ryan said.
Union Investment TFI is one of the largest asset-management
companies in Poland with 3.3 billion euros ($3.8 billion) under
management as well as 135,000 retail investors and 550
institutional investors, Generali said.
Generali ranks seventh in the Polish insurance market with gross
premiums of EUR550 million and a market share of 4% in 2017, it
said. The Italian insurer has been active in Poland since 1998 and
currently has 1,300 employees in the country.
The transaction requires the approval of the respective
antitrust authorities.
Write to Patrick Costello at Patrick.Costello@dowjones.com.
(END) Dow Jones Newswires
October 22, 2018 11:08 ET (15:08 GMT)
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