Polish PZU Still Interested in Takeovers Following RSA Deal
17 April 2014 - 7:49PM
Dow Jones News
By Patryk Wasilewski
WARSAW--Poland's largest insurer Powszechny Zaklad Ubezpieczen
SA (PZU.WA) is interested in further acquisitions in Central Europe
after buying four companies in Poland and the Baltic States from
RSA Insurance Group PLC (RSA.LN), PZU's Chief Executive Andrzej
Klesyk said Thursday.
Embattled U.K. insurer RSA sold its four units--Lietuvos
Draudimas in Lithuania; AAS Balta in Latvia; the business of the
Estonian branch of Codan Forsikring A/S; and Link4 in Poland--to
PZU for 300 million pounds ($498 million) earlier Thursday. The
insurer is hungry for regional expansion after failed attempts to
buy rivals in southeastern Europe.
Mr. Klesyk added that the transaction, which would add about 6%
to its gross written premiums compared with last year, won't affect
either its capital position or dividend plans.
Write to Patryk Wasilewski at patryk.wasilewski@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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