1/25/2008

Zurich International Services enters Turkish market with TEB buy

Reuters - Zurich Financial Services said it has agreed to buy Turkish general insurer TEB Sigorta A.S. from TEB Mali Yatirimlar A.S. for an undisclosed sum. TEB Sigorta collected premiums in 2007 of around $130 million, Zurich said. The acquisition marks the Swiss insurer's first foray into Turkey, which it considers an attractive growth opportunity, the company said. TEB mainly focuses on banc-assurance and collected premiums of around USD 130 mn last year. TEB Sigorta distributes its products through an extensive network of regional offices, agents, brokers and financial institutions offering access to more than 600 points-of-sale, the Swiss company informed.

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