Hestia insurance makes motions to takeover sister insurer
Insurance company Hestia of Sopot is reportedly preparing for a takeover of
fellow insurer Compensa, which is indirectly controlled by the same group as
Hestia, Munich Re. Compensa president Grazyna Brocka said the directors of
Compensa branches are receiving orders to send information on their
activities to Sopot. Hestia and Compensa are the third and fourth largest
insurers in Poland with 4.6% and 3.1% market shares, respectively. Hestia
president Piotr Sliwicki earlier said it was only a matter of time before
Munich Re decided to consolidate the two companies. Brocka meanwhile refuses
to speculate on the matter until Munich Re announces its decision, which
should be before the end of the year. President of rival insurer Daewoo TU,
Tadeusz Soroka, says the practice of Hestia monitoring the activities of
Compensa is unacceptable. (Puls Biznesu, page 4) T.J.
