The transaction of acquisition of WARTA (Poland) could reach EUR 350 million
The aquisition price of Polish insurer WARTA (third insurer in the market), owned by Belgium's KBC, is estimated at about EUR 233 million - EUR 350 million, according to Polish financial daily PARKIET. According to the quoted source, many renowned international insurance groups are interested in the acquisition of the Polish insurer: ZURICH (Switzerland), SAMPO (Japan), VIENNA Insurance Group (Austria), ALLIANZ and TALANX (Germany), GENERALI (Italy) and AXA (France).
Belgian financial services group KBC received in July 2011 the approval of the European Commission to sell its subsidiaries in Poland, KREDYT Bank and the insurance company WARTA, based on the agreement with EC, which implies giving up a number of assets, after the EUR 7 billion loan granted to the company by the Belgian state in 2008.
Moreover, the agreement presented at the end of 2009 provided for the sale of a minority pack of shares of the group CSOB (Czech Republic) and the full sale of the credit company ZAGIEL (Poland). Until now, KBC Group has already sold a banking unit (CENTEA - Belgium), a brokerage company (PELL HUNT - UK) and other financial units in Asia.
Last week, the Belgian group said it had reached an agreement to sell its Luxembourg division (KBL European Private Banking) to an investment group from Qatar for EUR 1.05 billion, after in June this year Luxembourg authorities had blocked the transaction of the same subsidiary to the Indian group HINDUJA.
WARTA is one of the strongest insurance companies in Poland. According to XPRIMM INSURANCE REPORT 1H 2011, at the end of June 2010, the insurer recorded a premiums volume of EUR 321 million on the life insurance segment (3rd place) and EUR 281 million on the general insurance segment (3rd position).
The aquisition price of Polish insurer WARTA (third insurer in the market), owned by Belgium's KBC, is estimated at about EUR 233 million - EUR 350 million, according to Polish financial daily PARKIET. According to the quoted source, many renowned international insurance groups are interested in the acquisition of the Polish insurer: ZURICH (Switzerland), SAMPO (Japan), VIENNA Insurance Group (Austria), ALLIANZ and TALANX (Germany), GENERALI (Italy) and AXA (France).