Borlease Group, which has been serving in the operational leasing sector since 2013, bought German insurance giant Magdeburger Sigorta A.Ş. from Allianz Sigorta A.Ş.
Having previously incorporated the companies Ayka Sigorta and Alesta Sigorta, Borlease Group aims to stand out in the competition and serve wider masses through the purchase of Magdeburger Sigorta. Borlease Group has incorporated Magdeburger Sigorta, 80 percent owned by Allianz Sigorta and 20 percent by Allianz Yaşam ve Emeklilik. The company, which has already launched its operations in the insurance sector through the acquisitions of Alesta Sigorta and Ayka Sigorta, has a fleet of 6,000 vehicles.
Borlease Group Chairman Özgür Cem Hancan said as a group with 100 percent domestic capital, they will continue to invest in Turkey. "The sectors we are operating in consist of the most important components of the insurance sector. For this reason, our experience and success in this field have brought us to the point of making a greater investment in the field of insurance," Hancan said.
"Through this purchase, we aim for a wider market to be a part of the insurance system with our fast, entrepreneurial and innovative structure and the content of services and guarantees we offer, as well as the price competition. We are putting forward our power and experience to realize our new goals and represent our country in the international arena," he added.
Allianz Turkey CEO Aylin Somersan Coqui stressed that this sale is a part of the strategic objectives of Allianz Sigorta.
"I wish the new shareholders of Magdeburger Sigorta will extend the service network of the company to provide insurance for wider masses and contribute to the development of the sector," she added.
Magdeburger Sigorta was founded by Magdeburger Feuerversicherungs AG a leading German insurance company, under the name Mag Magdeburger Sigorta Şirketi Türkiye Genel Vekilliği. The company, which continued to operate as a general representative until 1989, was named Magdeburger Sigorta Anonim Şirketi in 1989. It was later incorporated in 1997 by Allianz Sigorta A.Ş. and Allianz Hayat ve Emeklilik A.Ş. Magdeburger Sigorta A.Ş. will continue its activities as a Borlease Group company.
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