Ergo International, a division of reinsurance major Munich Re, has decided to offload its four more European insurance businesses to Euroins Insurance Group (EIG).

The company said that it will sell its life and non-life subsidiaries in Romania and the Czech Republic and its non-life insurance company in Belarus.

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The decisions are part of Ergo’s global portfolio optimisation strategy, under which the company has already sold three of its legal insurance subsidiaries to Allianz in January, as well as its Russian non-life business to RESO-Garantia in February.

Pursuant to the terms of the latest agreement, EIG will buy all shares in the companies held by Ergo, including employment contracts, the client portfolio and IT.

In 2017, premium income across all four businesses stood at €72m.

Ergo International COO Alexander Ankel said: “We are delighted that we have found a suitable buyer for all four Ergo subsidiaries in the CEE region in EIG.

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“This agreement is a further important step that contributes to the optimisation of our international business, which we defined as a strategic goal in 2016.”

EIG COO Jeroen van Leeuwen said: “The acquisition of Ergo’s subsidiaries in Romania, the Czech Republic and Belarus perfectly suits our strategy to expand our presence in the CEE and CIS insurance markets, which provide huge potential for growth, and at the same time to diversify our product portfolio.

“With this acquisition we are building up our partnership with Ergo that gives us the opportunity not only to acquire portfolios of an industry leader but also gain valuable know-how and experience.”