12/26/2007

French Groupama eyes Turkish insurer Guven

The New Anatolian - French mutual insurer Groupama is considering buying unlisted Turkish insurance company Guven Sigorta, Turkish press reports said on Tuesday. The paper said Guven Sigorta has been seeking a foreign partner and its sale is expected in early 2008. The French insurer is interested in Guven Sigorta because of its experience in agricultural insurance. Groupama already bought 56 percent in Turkish insurer Basak Sigorta and 41 percent of Basak Emeklilik. Foreign companies are attracted by Turkey's large and young population coupled with high economic growth and prospects of the European Union accession.