Generali Insurer will buy Czech group PPF
Generali Insurer will buy Czech group PPF : Italy's largest insurer Generali (GASI.MI) said on Tuesday it will buy out the rest of an eastern European joint venture it holds with Czech group PPF for 2.5 billion euros ($3.3 billion), increasing its exposure to the fast-growing region. It is the first major deal struck by Generali's new chief executive, Mario Greco, who was appointed in August to improve profitability at Europe's third-largest insurer behind Allianz (ALVG.DE) and Axa (AXAF.PA), and review its portfolio of assets. Generali said eastern Europe was now its fourth biggest market and growing faster than western Europe, with gross premiums totaling 4 billion euros at the end of 2011, from 1 billion euros in 2007. Generali has a long-standing and sizeable business in eastern Europe, where economic growth is faster and insurance levels are lower than in mature western European markets. German-based Allianz and France's Axa also have a strong presence in the reg...