Talanx AG, Germany's third largest insurance group and majority owner of reinsurer Hannover Re AG (HNR1.XE), Wednesday said it acquired two Polish insurers together with its Japanese partner Meiji Yasuda Life Insurance Co.

MAIN FACTS:

-The two insurance companies, Wroclaw-based Europa Life and Europa Non-Life(Europa Group), will be bought from Polish Getin Holding (GTN.WA).

-The transaction will also include a long-term, strategic bancassurance cooperation with the Getin Holding Group in Poland and selected Central and Eastern European countries.

-The transaction is expected to close in the second quarter of 2012.

-A public tender offer will be launched to all existing shareholders of Europa Group, given its status of publicly traded company on the Warsaw Stock Exchange.

-Europa Life and Non-Life are part of Getin Holding, a private financial group in Poland. Europa Group is Poland's third largest insurance group by gross premium income, based on Polish accounting standards.

-Insurance products of Europa are sold throughout the market mostly through bancassurance channels with its biggest partners being banks belonging to Getin Holding.

-Getin Holding makes a commitment to continue selling products of Europa Group after completing the transaction.

-"I'm delighted that we have found internationally renowned insurance groups and bancassurance specialists as partners and new strategic investors for Europa Group, and I very much look forward to our future long-term bancassurance partnership," said Leszek Czarnecki, founder, majority shareholder and Chairman of Getin Holding.

-"Poland is already one of the countries with the strongest sales in the Talanx International Retail division and this designated core market continues to remain on a growth path," said Torsten Leue, management board member of Talanx AG and chief executive of Talanx International AG.

-Up to now, Talanx has been operating in Poland with two companies in automotive, liability, general property and casualty insurance, and in the life insurance segment: HDIGerling Zycie TU S.A. and HDI Asekuracja TU S.A.

-After closing of the envisaged transaction, Talanx will become one of the largest insurance groups in Poland.

-Europa Group comprises the companies Europa Non-Life (Towarzystwo Ubezpieczeń Europa SA) and Europa Life (Towarzystwo Ubezpieczeń na Życie Europa SA). Its product range includes credit insurance as well as unit-linked life insurance and investment products.

Europa Group employs approximately 250 people; the gross premium written was about EUR1.1 billion in 2010 - about EUR988 million in life insurance and EUR126 million in non-life insurance, according to Polish Accounting Standards, PAS.

-The banks and financial services companies forming part of Getin Holding are among the fastest growing and most dynamic companies in Poland.

"We are very pleased to enter into this first joint investment project together with Talanx and are confident that similar future oriented joint transactions are to follow. Europa Group is a highly innovative insurance player that has gained a strong and proven track record in the Polish bancassurance market, one of our most important target markets in Europe," said Hiroaki Tonooka, senior managing executive Officer of Meiji Yasuda Life and member of the supervisory Board of Talanx International AG.

-Talanx and Meiji Yasuda agreed on a strategic cooperation consisting of capital and business alliance about a year ago.

-The transaction still has to be approved by the regulatory authorities.

-After the deal has been completed, Talanx will become the majority shareholder in Europa Group, while Meiji Yasuda and Getin Holding will each hold a meaningful stake.

-Frankfurt Bureau, Dow Jones Newswires; 49-69-29725-500

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