The Office of Competition and Consumer Protection (UOKiK) has given Generali its consent to takeover 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.
Concordia Poland has 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 €120m.
“We are pleased to expand our operations in Poland. This acquisition will give Concordia’s customers access to a full range of insurance products. Acquiring Concordia will enable us to balance our portfolio of motor and non-motor insurance lines and diversify sales channels and our regional presence. Thanks to this acquisition, we will be enlarging our portfolio by entering the crop insurance business. Agriculture is an important part of the Polish economy, and we want to support and foster it. The acquisition will also strengthen our presence in Western Poland and give us a new sales channel, namely through cooperative banks.”, commented Andrea Simoncelli, CEO of Generali Poland.
The transaction was announced two months ago and it needed the approval of regulators: UOKiK and KNF.
