Turkey: Car leasing firm acquires Allianz's insurance unit
Source: Middle East Insurance Review | Jul 2018
Turkish car leasing company Borlease Otomotiv has purchased Magdeburger Sigorta from German insurance group Allianz.
Borlease, which started to engage in the insurance sector when it earlier acquired the loss adjustment firm Alesta Insurance and the insurance agency Ayka Insurance, is expected to accelerate its growth in the insurance market with this latest purchase, according to local media reports.
Magdeburger Insurance was 80% owned by Allianz Insurance and 20% by Allianz Life and Pension Company.
Borlease Group chairman Ozgur Cem Hancan said, “The sectors we are operating in consist of the most important components of the insurance sector. For this reason, our experience in this field and our success have brought us to the point of making a bigger investment in the field of insurance.”
The Borlease group aims to be among the important players in the insurance and fleet leasing sectors. It currently has a fleet of around 6,000 vehicles. M