GENERALI completes the acquisition of CONCORDIA companies

Italian insurer GENERALI announced it entered into the final agreement to acquire full control of the Polish insurers CONCORDIA Capital (life insurance) and CONCORDIA Polska TUW (non-life insurance) from their German shareholders CONCORDIA Versicherung and Vereinigte Hagelversicherung.

Agreements with the major German shareholders of Concordia were signed in May 2018 (click here o read more). "The acquisition of the Polish Concordia companies will significantly strengthen Generali's presence in Poland, pushing up the Italian player 2 ranks in the market Top 10, to the 6th position. ", announced at that time the Italian insurer.

After receiving all required regulatory and anti-trust approvals (read more here), including but not limited to the approval of the Polish Financial Supervision Authority (PFSA),- the final agreement was signed on 29 November 2018 and will be followed by the process of integration of Concordia companies into the Generali structure in Poland, as GENERALI representatives pointed out in a press release.

Based in Poznan, CONCORDIA Poland has 14 branches and over 40 agencies and cooperates with more than 2 000 brokers. CONCORDIA has been providing insurance services in Poland for 20 years. It is one of the leading players in the agricultural insurance segment, with 330 000 customers. CONCORDIA Poland's premium income in 2017 totalled EUR 120 million.

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