With the acquisition of Turkish insurer Ihlas Sigorta A.S., Istanbul, the Talanx Group has launched activities in Turkey. Ihlas Holding A.S. and HDI International Holding AG (HINT) signed a purchase contract today in Istanbul. The agreement paves the way for HINT to take over the company on 30 June 2006, subject to approval by the Turkish regulatory authorities, at a price of € 16.75 million (YTL 26.8 million). Ihlas Sigorta A.S. is active in property and casualty insurance.
Premium volume amounting to € 60 million has been estimated for the year 2006, which makes the company one of Turkey's medium-sized enterprises. The main focus of the company is on automobile insurance. Ihlas Sigorta A.S. is a young, go-ahead insurer with a network of regional offices and agents covering the entire country. It provides an efficient range of assistance services and has exemplary claims settlement. This makes the company an excellent platform for a market launch into Turkish private customer business. There is considerable potential for growth in this market environment and the population has a low average age.
Matthias Maak, Member of the Board of Management at the holding company HDI International which is responsible for the HDI companies outside of Germany: "Our assessment of the Turkish market is very positive and our acquisition of Ihlas Sigorta A.S. means that we will be well positioned to take advantage of this. Our intention is to consistently expand its market share."