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AGEAS (former FORTIS) has signed an agreement last week with SABANCI Holding, a leader of the industrial and financial markets in Turkey, to purchase a 21% share of AKSIGORTA AS, the fourth general insurance company at local level, with 8% market share.
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AKSIGORTA AS has a network of 1,447 independent agencies and a bancassurance distribution channel, through AKBANK (913 branches), with which it has signed an exclusive distribution agreement for a period of 15 years.
AGEAS and SABANCI, which will have equal stakes in AKSIGORTA, of 31%, intend to bring this company on the first place among non-life insurance companies in Turkey (the remaining shares, respectively 38%, will continue to be traded on the Istanbul Stock Exchange Market).
Currently, motor insurance generates 50% of AKSIGORTA revenues, fire insurance - 18% and health insurance - 14%.
"Turkey is an exciting and fast developing country, which has an attractive growth potential for the general insurance segment and a low penetration rate, with less than 1% of GDP", said Bart De SMET, CEO of AGEAS. The deal, whose value amounted, for AGEAS, to EUR 162 million, should be completed during the second quarter of 2011.
AGEAS N.V. is an international insurance company, ranked among the top twenty profile companies from Europe, and who conducts business both on the European continent and in Asia.
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Source : 1asig.ro
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