Generali PPF Holding and Groupama Reach an Agreement on Polish Insurer Proama

24 July 2012

#finance

  • Generali PPF Holding, focusing on CEE insurance activities, will acquire Proama
  • Acquisition will enable Generali PPF Holding to expand its activities on growing Polish insurance market
  • Transaction will allow Proama to pursue its development within the structure of an international insurance Group well established in the CEE region
  • Insurance operations in Poland will be conducted under a dual brand strategy – Generali and Proama
Prague, Paris, 24 July 2012:
Generali PPF Holding (GPH) and Groupama signed yesterday an agreement for GPH to acquire Groupama’s Polish insurance branch, Proama into its structures. The transaction will enable GPH to expand its activities on one of the most growing CEE insurance markets benefiting from Proama’s strong entry into the Polish market. After completion of the transaction, Generali PPF will operate the 2 companies separately under the 2 brands – Generali and Proama. The transaction is subject to the approvals or relevant regulatory authorities.CEO of Generali PPF Holding Ladislav Bartoníček said: “Poland is a strategic market for us. It is showing one of the highest growth ratios among significant CEE insurance markets. Acquisition of Proama will help us to expand our business in this promising market”.Pierre Lefèvre, Managing Director International & Subsidiaries of Groupama SA, explained: “Groupama’s decision to divest its Polish insurance business was part of a broader plan to reduce expense and investment cost. Nevertheless, the group believed in Proama’s economic model and made its priority to give the company the opportunity to pursue its successful development.” He added: “This transaction allows Proama to operate within Generali PPF Holding’s structure and to benefit from its dynamism and professionalism.”

Proama, Groupama’s branch in Poland, launched its first insurance campaign in the end of January 2012. Proama is active mainly in retail segment, starting with car insurance distributed through three channels: phone, internet and multi-agents. To date Proama has sold over 100 thousand policies well above the initial plan.

Ladislav Bartoníček further detailed: “We are buying a company with a very good strategy, excellent implementation skills and a dedicated management which has proven ability to react to market needs. Existing sales results prove that the distribution strategy of Proama is a successful concept. We plan to develop this distribution model further to maximize market opportunities.”

The transaction between Groupama and GPH will not anyhow affect existing insurance contracts and level of services provided to clients of Proama. It will also not affect relations to its business partners and in particular cooperating agents.

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