In the statement made by VHV Group, it was stated that with the said acquisition, the group entered the Turkish elementary insurance market and aimed to deliver its services to a wider customer base. In the statement, it was underlined that the group will expand its current activities with an insurance company specializing in industrial risks, construction for small and medium-sized enterprises and corporate insurance, in parallel with VHV Reasürans, the resident company of the group in Turkey.
It was stated that the acquisition, whose financial details were not disclosed by either company, is subject to the permissions to be obtained from the regulatory authorities in Turkey and the United Arab Emirates, and it was pointed out that the acquisition processes are expected to be completed in the first half of the year.
EXPERT IN CONSTRUCTION AND RESPONSIBILITY
VHV Reasürans, a subsidiary of Hannover-based VHV Group, one of Germany’s most rooted insurance groups, started its activities as the second reinsurance company located in Turkey as of 2015. One of the leading reinsurers of the Turkish insurance industry, VHV Reinsurance is on its way to becoming a regional reinsurance company that accepts risks from different countries. Dubai Insurance, a subsidiary of the United Arab Emirates-based Oman Insurance Company, specialized in construction and liability insurance. Announcing a gross income of 397 million TL in 2021, the company provides services with its wide and distinguished agency network in addition to its more than 70 employees.