Zurich Financial Services Group announced that its Turkish subsidiary Zurich Sigorta A.S. has signed an agreement with Fortis Bank A.S. for the exclusive distribution of general insurance products through Fortis in Turkey.
“This agreement is in anticipation of the planned merger between Fortis and TEB Bank, Zurich Sigorta’s existing general insurance bancassurance partner in Turkey. The price for this transaction amounts to TRY 40 million (app. $26 million) initially, plus an earn-out
Component,” Zurich explained.
“Through this exclusive distribution agreement with Fortis, which will become effective January 1, 2011, Zurich Sigorta will be in a position to extend its product and services proposition to Fortis’ customers and become the third largest general insurance bancassurance player1 in the fast growing Turkish insurance market.”
Lutz Bauer, Zurich Sigorta’s Managing Director, commented: “This partnership is a further proof point for our stated growth strategy and demonstrates our commitment to the Turkish insurance market. It marks an important step on our way to become one of the leading general insurance and bancassurance players in this attractive market.”
Zurich also explained that it “acquired 100 percent of the general insurer TEB Sigorta A.S. from TEB Mali Yatirimlar A.S. in 2008, and subsequently renamed the company Zurich Sigorta. The acquisition allowed Zurich a successful entry into the attractive Turkish insurance market. Today, Zurich Sigorta is the 8th largest general insurance bancassurance player on the Turkish insurance market.”
Source: Zurich Financial
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