Europa acquires a majority stake in Open Life

Europa is finalizing the acquisition of the majority stake in Open Life Towarzystwo Ubezpieczeń na Życie S.A. after the Polish Financial Supervision Authority found there were no grounds to lodge a protest against changes of the company’s shareholding structure. Europa Insurance Group will now consist of TU Europa S.A., TU na Życie Europa SA and Open Life TU na Życie S.A.

This transaction significantly strengthens the position of Europa in the Polish insurance market. Open Finance SA – the largest Polish financial advisory company – remains the second shareholder of Open Life. The Group companies will continue their cooperation with banks and other companies of the financial sector where Europa has retained for years its leading position in the scope of banking and insurance cooperation. In mid-December, a long-term cooperation agreement concerning the bancassurance sector was signed between Talanx AG and Meiji Yasuda Life Insurance on one part and Getin Holding on the other part. One of its elements consists in Talanx and Meiji Yasuda acquiring the majority stake of Europa. For Europa Group, this will be a significant strengthening of its market position as well as the perspective of further dynamic growth through the use of potential of its new strategic shareholders - both Talanx and Meiji Yasuda are well-known players of the global insurance market. All the Europa Group companies are planning to continue and develop the cooperation with Geting Holding companies. As of the end of 2010, Europa Group was the third largest insurance group on the Polish market with respect to gross written premium (according to the Consolidated Half Year Report, data from the Polish Financial Supervision Authority). Europa is the Polish leader in the bancassurance segment. It offers insurance products dedicated to the Polish financial sector, with special account taken of mortgage credit insurance. The company’s portfolio also includes innovative investment products, travel insurance, guarantees and products for SMEs.
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