GHV sees purchase of Zurich as entry into central Europe

Insurance group Generali Holding Vienna (GHV) has signed a contract on the purchase of three subsidiaries of Zurich Financial Services in Poland. "The decision on the takeover is the continuation of our investments in this part of Europe. Our company wants to gain at least fifth position on the market in Central and Eastern Europe," said member of GHV management board Walter Steidl. GHV representatives expect that the investment will see a return within five to seven years, but they refused to state the value of the deal. Currently as many as 262 people are working in the three Zurich subsidiaries in Poland. GHV declined to comment the possible plans on staff reduction "Zurich subsidiaries complement our other products. We would like to keep all Zurich employees and we are counting on the dynamic development of the Polish market" said Steidl. (Prawo i Gospodarka, p. 3) A.Z.