ERGO to expand in Central and Eastern EuropePosted On: Dec. 11, 2006 12:00 AM CST
DUSSELDORF, GermanyERGO Insurance Group, part of Munich Re Group, has expressed interest in expanding its presence in Central and Eastern Europe,according to a spokesman.
Specifically, the company says the attractive markets are Bulgaria, Romania,Russia and the Ukraine. Of the four, ERGO only has a small presence in theRussia.
There is no timeframe for expansion, noted the ERGO spokesman.
If ERGO decided to enter those markets, it would be through anacquisition, he said.
Currently, the bulk of ERGO's business in central and eastern Europe is inPoland and the Baltic States, he added.
Last month, D.A.S. Germany, a member of the ERGO group, established D.A.S.Estonia in Tallinn, which is introducing legal expenses insurance to theEstonian market, the company said.
In July, ERGO bought a majority stake in Isvicre group in Turkey, afamily-owned property/casualty, life and health insurance company.