Ergo International AG has signed the agreement to sell its entire insurance portfolios of its Life, Non-life and Composite portfolios in Hungary and Slovakia to Generali Group subject to regulatory and anti-trust approvals.

The sale comes as part of its international business optimisation strategy. Premium income across all three ERGO entities totalled €20.6mn (GWP) in 2017. The change of ownership of the portfolios from ERGO to Generali will have no effect on the obligations towards current clients.

Alexander Ankel, CEO of ERGO International AG, commented: “The agreement clearly shows that we consequently stick to our core strategy consolidating our international business alongside defined minimum requirements. We are headed in the right direction which gets us into an excellent starting position to give new and well-aimed impetus for sustainable growth in an international business context.”

Luciano Cirinà, Central & Eastern Europe (CEE) & Russia regional officer and CEO of Generali CEE Holding, Austria, stated: “The projected acquisition of Life, Non-Life and Composite portfolios in Hungary and Slovakia is another step forward to our successful journey of growth and investment into Central and Eastern Europe area and fully aligned with our Group´s strategy to further reinforce our leading position in Europe, in particular in the CEE region. It will enable us to utilise cross-selling opportunities through the customer base as well as to reach a broader base of clients. We are convinced that every client of ERGO will benefit from our high-level expertise and extensive offer of products and services.”