Zurich Financial Services Group has signed an agreement to acquire 100% of general insurer TEB Sigorta, a general insurance company, from TEB Mali Yatirimlar.
TEB Sigorta will maintain distribution arrangements with various TEB Mali subsidiaries for the distribution of general insurance products on an exclusive basis. This acquisition allows Zurich an entry into the Turkish market.
The acquisition will be managed from Zurich’s central and eastern Europe business unit in Vienna which includes the group’s existing Austrian and Russian operations. The transaction is expected to close in the first quarter of 2008.
Annette Court, CEO for European general insurance division at Zurich, said: In line with our profitable growth strategy, this acquisition represents another important step as we enter the attractive Turkish market. It allows Zurich to combine the strong distribution capacity of TEB Group with Zurich’s considerable strengths and efficient pan-European operating platform.