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Skip Navigation LinksHome :: Banking :: French Groupama confirms acquisition of insurer Guven Sigorta.

Monday, June 30, 2008

French Groupama confirms acquisition of insurer Guven Sigorta.





French Groupama confirms acquisition of insurer Guven Sigorta. French Groupama officially announced Guven Sigorta deal and confirmed media reports suggesting that the French company acquired the entire capital of Guven Sigorta and Guven Hayat for EUR 180mn. Groupama took over the said companies from Central Union of Agricultural Credit Cooperatives. The deal is subject to approvals of relevant authorities. Guven Sigorta, founded in 1924, has a 2.4% market share in damage insurance and ranks 13th on this sector. Guven Hayat, its life insurance subsidiary, was established in 1973 and is the 15th largest life insurer with a 1.2% market share, Groupama informed. The two non-listed companies posted last year revenues of EUR 115mn and EUR 13mn, respectively. With this acquisition, Groupama became the fifth largest damage insurer on the Turkish market and the second biggest player in the life insurance segment. Groupama currently controls around 5% of local insurance market through two units, Basak Sigorta and Basak Emeklilik. Ziraat Bankasi’s 56.7% stake in the insurance company Basak Sigorta and 41% stake in the private pension company Basak Emeklilik were transferred to the privatisation administration at end-2004. Subsequently, in the privatisation tender held in 2006, Groupama purchased the stakes for USD 268mn.







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