THE MERGER of insurance companies Komunálna Poisťovňa and Kontinuita was completed at the beginning of October 2009 with Komunálna Poisťovňa becoming the legal successor, the SITA newswire announced.
The aim of the merger was to increase the efficiency of both companies’ processes. Since Komunálna Poisťovňa provides services in particular to the municipal sector and Kontinuita focuses on life insurance, the result of the merger has been to create a universal insurance company.
Nothing has changed in terms of conditions for clients, partners and contracts negotiated in the past, the company said. The business strategy of the new insurer will follow the existing portfolio of services and products in the fields of life, non-life and car liability insurance. Vladimír Bakeš was elected chairman of the board of directors and director general of Komunálna Poisťovňa. Juraj Lelkes has become the chairman of the supervisory board, and Franz Kosyna deputy chairman.
Komunálna Poisťovňa was established in 1994 by Prvá Komunálna Banka and began trading in 1997. Until 2003 it was a universal insurance company but since then the insurer has specialised in life and accident insurance products.
Kooperativa is the majority owner of both insurance companies. The three insurance companies became members of the Austrian financial and insurance group Wiener Städtische Group in 2001. The group trades under the Vienna Insurance Group brand.
2. Nov 2009 at 0:00 | Compiled by Spectator staff