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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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