Insurance

Tuesday, January 8, 2013

Generali increases its assets

Insurance company Generali

Insurance company Generali

PPF Group Czech businessman Peter Kellner rid of shares in "Ingosstrakh", it consolidates the Italian Generali. Italian insurer share increase from the current 19.2% to 38.46% of the shares. Transaction will take place within the framework of Italian investors buy shares in the joint venture - GPH. In early 2012, Kellner said it was in talks to sell stake in "Ingosstrakh" with VTB, although he also claimed Generali. Supported the deal with VTB head Generali Giovanni Perissinotto in June was dismissed from his post.
The deal to increase the share of Generali in "Ingosstrakh" will be held in the exchange of shares: Italian partners fully absorb PPF Beta, and PPF Group will have full control over the joint management unit private investments - PPF Partners.
Generali has agreed to purchase held by Kellner 49% in GPH for € 2,5 billion 25% will go to Generali up to 28 March 2013, and the remaining 25% - by the end of 2014. PPF Group, in turn, for € 80 million buy out the business of consumer credit insurance in Russia, Ukraine, Belarus and Kazakhstan.
Thus, the parties have completely stopped Partnership in Central and Eastern Europe. According to head of Generali Mario Greco, the deal will enable the parties to eliminate the "uncertainty" about the business strategy in the region. According to calculations of the Italian insurer, redemption GPH allow it to increase its customer base and revenues in the countries of Central and Eastern Europe. Now the region is the fourth-largest market for Generali after Italy, France and Germany. Customer base in 2011 was 14 million customers, insurance premiums - € 4 billion

Insurance company
The majority shareholder of "Ingosstrakh" is holding "Basic Element" Oleg Deripaska, with whom PPF for five years continued corporate conflict. Then Kellner Foundation for $ 700-750 million Alexander Mamut acquired a stake in "Ingosstrakh". At the May 2012 meeting of the shareholders of "Ingosstrakh" elected a new board of directors, the decision PPF managed to challenge the Arbitration Court of Moscow. PPF insisted on the inclusion of their representatives to the board of directors, arbitration agreed with this position.
In December 2012, the Italian-Czech group GPH rid of the Russian pension asset. She sold the pension fund "Generali PPF" shareholders "Russian Funds". "Generali PPF" will be attached to the NPF "First National Pension Fund."


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