GENERALI Group is interested in acquisitions in the region, including Romania
 The Italian insurer GENERALI announced it aimed to grow operations in Russia, Poland and Romania, evaluating possible acquisitions in those countries, according to statements of Giovanni PERISSINOTTO, the CEO of the group, quoted by BLOOMBERG.
The group is also considering raising or selling its stake in Russian insurer INGOSSTRAKH Insurance. GENERALI, which owns a combined 38.5 percent in INGOSSTRAKH through its joint-venture with PPF Investments, GENERALI PPF Holding, is in talks with the Moscow-based company shareholder Oleg DERIPASKA over increasing this stake. GENERALI PPF made an offer to buy DERIPASKA's 60 percent holding in INGOSSTRAKH for USD 1.03 billion last June.
GENERALI insurance group reported in late 2009 a volume of gross written premiums of over EUR 70 billion worth, up by 6.2% compared to 2008.
In Romania, the Italian group is present through GENERALI Asigurari, a company owned by GENERALI PPF, together with ARDAF and RAI, and through FATA Asigurari, the local subsidiary of FATA Assicurazioni, member of the group specialized in agricultural insurance. It is also present on the private pensions market, through the company GENERALI Fond de Pensii.
GENERALI Asigurari ended 2009 with business of RON 501.5 million, an increase of 20% compared to 2008, when the company's underwritings amounted to RON 417.5 million.
Author: Andreea IONETE
on 22.03.2010
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