PZU goes on acquisition spree

Poland’s largest insurer PZU announced the acquisition of the Polish unit of Link 4, as well as of insurance companies in Lithuania, Latvia and Estonia from sector giant RSA. The transaction value totals €360 million.

“The acquired assets are healthy business companies, active on a prospective, developing market,” PZU’s CEO Andrzej Klesyk was quoted as saying.

In Poland, PZU acquired direct insurance firm Link 4 Towarzystwo Ubezpieczeń, in Lithuania - Lietuvos Draudimas, Latvia - AAS Balta, and the assets of Codan Forsikring in Estonia.

The deals are expected to be completed before the end of this year, pending regulatory approval.

Poland A.M.