Zaman - Keen to take advantage of the considerable growth potential of the market, the leading names in the global insurance business continue to head to Turkey. Belgium-based Ageas, rebranded from its former name Fortis Insurance, is the latest addition to Turkey’s booming insurance sector.
The Belgian group has agreed to pay USD 220 million for Aksigorta’s 31 percent share, in a deal announced yesterday. The Sabanci Group’s Aksigorta is the leading name in Turkish non-life insurance providers. The Sabanci Group will retain equal percentage of control in the company with its 31 percent share. Aksigorta’s remaining 38 percent stakes are publicly traded.
There are 57 insurance companies operating in Turkey by 2010 figures, 44 of which are either foreign-partnered or foreign-owned.