Polish-based PZU, the biggest insurance company on the local market, has expressed its interest in Belorussian state-owned insurer BELGOSSTRAKH, according to sources from the local market. PZU may acquire the majority stake in BELGOSSTRAKH if the state concludes the privatization procedure, said the source. The first steps in this direction have already been made and the privatization is expected to be completed in December 2010.
BELGOSSTRAKH is a state insurance company with a market share of 55% (there are 24 insurance companies on the market). Las year, the insurer reported an increase by 22% in written premiums, to EUR 150 million.
PZU is one of the leading insurance groups in the CEE, being also represented in Ukraine and Latvia. The company is controlled by the Polish Government, while 33% of the shares are owned by Dutch group EUREKO.
