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Talanx buys Munich Re's Turkish unit, eyes expansion

Turkey and Germany flags

Germany-based insurer Talanx A.G. has acquired Munich Reinsurance Co.'s Turkish unit Ergo Sigorta A.S. as part of its plans to expand its operations in Turkey, Daily Sabah reported citing sources. Talanx said that its market share will account for 5% in Turkey after the acquisition. Germany-based Ergo Group A.G. recently sold several foreign insurance units in Western and Eastern Europe that failed to expand their operations.

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