Gothaer acquires Polish insurer

2010-07-30

Gothaer, a German mutual-insurance group with a significant health insurance business, on 28 July acquired 45.42% of shares in Polskie Towarzystwo Ubezpieczen (PTU), a mid-sized non-life insurer owned by chemicals group Ciech. The German firm paid PLN 136.27m (€34m).
According to its press spokesman, Gothaer aims to acquire majority control over PTU, and is in talks with minority shareholders about buying their stakes.
Dr. Werner Gorg, Gothaer CEO, said that the Polish insurance market was one of the most attractive in Europe, with a relatively low level of saturation compared with other EU markets. By buying PTU, the German firm will be able to take advantage of these growth opportunities, he said.
Apart from offering health insurance products for individuals and companies, Gothaer also owns MediExpert, a health service and management provider.
PTU’s current offering in the area of voluntary health insurance is limited, confined to tourist and visitor health insurance products. The company ranks 11^th among non-life insurers in Poland.