GENERALI PPF Holding buys the Polish insurance company PROAMA
At the end of July, GENERALI PPF Holding and GROUPAMA signed an agreement for GENERALI PPF Holding to acquire GROUPAMA’s Polish insurance branch, PROAMA into its structures. The transaction will enable GENERALI PPF Holding to expand its activities on the Polish market, because, after completion of the transaction, GENERALI PPF Holding will operate the 2 companies separately under the 2 brands – GENERALI and PROAMA.
“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”, declared CEO of GENERALI PPF Holding, Ladislav BARTONICEK.
“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”, explained Pierre LEFEVRE, Managing Director International & Subsidiaries of GROUPAMA SA.