HDI Sigorta, a subsidiary of German insurance giant Talanx, has received approval from the General Directorate of Insurance of the Finance and Treasury Ministry to purchase non-life insurer Ergo Sigorta.
According to HDI Sigorta, the acquisition takes it one step closer towards its goal of becoming one of the top five insurance companies in Turkey, reported Daily Sabah.
The purchase elevates HDI Sigorta's position in the Turkish non-life market from 11th to seventh, based on December 2018 data.
HDI Sigorta Turkey General Manager Ceyhan Hancioglu stated that the purchase is the most notable proof of the importance and loyalty which the group attaches to Turkey.
He said, "We are strengthening our presence in Turkey with Ergo Sigorta's know-how in the field of non-life insurance and an experienced network of approximately 1,500 agencies."
He added, “HDI Sigorta will continue to be an agency-oriented insurance company.”
Talanx, the third largest insurance group in Germany, was founded by a number of German industrial companies as a liability insurance cooperative in 1903. Headquartered in Hannover, the group has operations in nearly 150 countries.