The subsidiary of German insurance giant Talanx AG, HDI Insurance A.Ş. finalized negotiations to purchase ERGO Sigorta, which operates in the field of non-life insurance, and its application in May were approved by the General Directorate of Insurance of the Finance and Treasury Ministry, according to a statement released by the company yesterday.
According to HDI Insurance, HDI International has taken one step closer to its goal of becoming one of the top five insurance companies in Turkey by strengthening its presence in the country. which is regarded as one of its main markets.
Following the incorporation of ERGO, HDI Sigorta rose from 11th to seventh place among the non-life insurance companies in Turkey according to the end-December 2018 data.
Meanwhile, HDI Group took over Liberty Sigorta in early 2018, and the merger of the two companies was completed in only five months.
HDI Sigorta Turkey General Manager Ceyhan Hancıoğlu stated that the latest purchase was the most notable proof of the importance and loyalty the group attached to Turkey and thus they achieved a very significant target as HDI Sigorta.
"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," Hancıoğlu said. "I can confidently say that our agents and customers are entering a new era in which they will have a much better level of service than what is currently available. As HDI Sigorta, our strategy for the Turkish Insurance Market will continue in the future as it did in the past. In other words, HDI Insurance will continue to be an agency-oriented insurance company and will never compromise its goal of providing the best services to its partners and customers."
HDI Insurance acquired İhlas Sigorta, a Turkish insurance company, in 2006 and started its operations in Turkey under the name of "HDI Sigorta" as an affiliate of HDI International AG. Talanx AG, the third-largest insurance conglomerate of Germany, was founded by a number of German industrial companies as a liability insurance cooperative in 1903.
Headquartered in Hannover, Germany, the group is comprised of many brands within its organization and has operations in nearly 150 countries across the globe.