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Allianz to cooperate with EBRD in the Slovak Republic
The European Bank for Reconstruction and Development acquires 15 per cent of Allianz’s Slovak subsidiary / Cooperation between two strong partners / Slovak Republic a success story for Allianz
The European Bank for Reconstruction and Development (EBRD) has acquired a 15 per cent stake in Allianz-Slovenská poist’ov?a from the German insurer Allianz AG. Having received approval by the relevant regulatory authorities, the deal came into effect on 2 October 2003. With a share of 85 per cent, Allianz will remain the majority shareholder in Allianz Slovenská.
“We are very pleased with this agreement”, said Dr. Werner Zedelius, board member of Allianz AG responsible for growth markets. “The EBRD is extremely respected and experienced throughout Central and Eastern Europe and knows the economic, legal and political conditions. I am sure that the partnership will be beneficial – for our customers and employees in the Slovak Republic as well as for Allianz itself.” Kurt Geiger, EBRD Business Group Director Financial Institutions, said that the EBRD had invested in this project because it wants to support the transition and development of the insurance industry in the Slovak Republic. “We are glad to build a partnership with Allianz which offers the opportunity to support the transfer of knowledge and strengthens the future development of the local insurance market. We expect that costumers will be the ultimate beneficiaries from a successful transition.”
Allianz has been active in the Slovak Republic since 1993, when it started business operations through Allianz poist’ov?a. In July 2002, Allianz acquired the former state-owned insurer Slovenská poist’ov?a. Both companies were merged on 1 January 2003. The combined gross written premium of both companies amounted to 415 million Euros in 2002. Allianz-Slovenská poist’ov?a focuses on property, casualty, and life insurance with special focus on motor third party liability business. Allianz Group is among the biggest insurers and asset managers worldwide with total premium income of 81.6 billion Euro and assets under management of 989 billion Euro (2002).
Established in 1991, the European Bank for Reconstruction and Development (EBRD) supports the transition to market economies in 27 countries in Central and Eastern Europe and Central Asia. In addition to its own investments, the EBRD mobilises significant foreign direct investment from its business partners. The Bank focuses on the development of the private sector, but also works with public sector companies to support the restructuring, privatisation, and improvement of services. The EBRD has been active in the Slovak Republic since 1992 and has signed more than 75 direct and regional projects worth more 3.3 billion Euro, of which approximately 1.0 billion Euro were committed by the Bank.
Munich, London, 16. October 2003
Contacts:
Dr. Christoph John (Allianz) Tel. +49.89.3800-5665
Stefan Denig (Allianz) Tel. +49.89.3800-17790
Axel Reiserer (EBRD) Tel. +44.207.338-7753
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