Avrupa Holding has transferred 25 percent of its share to ERGO
By coming to an agreement between Avrupa Holding and Ergo International AG, executing international activities of Ergo, in terms of transfering all the shares of ERGO ISVICRE Sigorta, official approval process has been started.
Avrupa Holding, sold its 75 percent of Isvicre Sigorta shares in 2006 to ERGO, which is one of the biggest insurance groups of Germany, has come to an agreement with ERGO with respect to its remaining 25 percent shares. Balci Family will transfer duties to the new management, in pursuit of the completion of the share transfer.
German Ergo Insurance Group forms the primary insurance branch in Munich, is in the second leading position company of Germany, with its printed gross insurance turnover of € 40 billions and with its premium income of total € 16.7 billions.
Isvicre Sigorta being an agency 25 years before, later a branch and a joint-venture of Turkish-Swiss partnership, has taken its place among the strong and important corporates of Turkish insurance industry. In this period, Isvicre Sigorta has increased its size of assets from $ 1.5 millions to $ 250 millions, its premium production from $ 3 millions to $ 370 millions. Our journey started 25 years ago in a two floor hired office with 17 personnel, today it has been turned to be a true success story in Turkish finance and insurance industries, with its 9 district offices owned mostly by itself, its head office and its partnerships giving service in its own building with approx. 600 personnel.
German Ergo Sigorta Group has been offering service to 30 million people across Europe, by being in the position of the second biggest company of German insurance market with its exceeding income of€ 16 billions.