Generali has signed a takeover agreement for full control of both companies of Concordia: Concordia Polska TUW (non-life insurance) and Concordia Capital SA (life insurance). Generali purchased the entities from their German shareholders: Concordia Versicherung and Vereinigte Hagelversicherung.
Agreements between Generali and the former Concordia owners were signed in May 2018. The Polish authorities KNF and UOKiK gave their consent to the acquisition. After that on 29th November the final agreement was signed. The integration of the Concordia companies with Generali structures is the next step. According to Generali, the transaction will strengthen its position in Poland.
It is not the only transaction made by Generali on the Polish market. The insurer also entered into an agreement with the German Group Union Asset Management Holding AG to acquire a 100 percent stake in the Polish asset management company Union Investment TFI S.A. Read more: Generali to buy asset manager Union Investment TFI
Generali has been operating in Poland since 1998. The company ranks seventh in the Polish market with gross premiums written of 550 million EUR and a 4 percent market share in 2017. It provides property and injury insurance to retail and corporate clients as well as life insurance products. It is also active in the pension fund segment.
