THE FRENCH insurer Groupama has been operating in Slovakia under the name Groupama Garancia Poisťovòa since the start of 2012. That firm is operated under Groupama’s Hungarian subsidiary, Groupama Garancia Biztosító.
“We have decided to entrust the management of our insurance activities in Slovakia to our Hungarian subsidiary, which is the thirdranking company in the Hungarian insurance market,” Groupama stated in early January, as quoted by the SITA newswire. “The objective of the new organisational and management model is to create a more cost-effective operation.”
The first step in the restructuring process was establishing Groupama Garancia Poisťovňa in Slovakia in October 2011, which then acquired Groupama Životná Poisťovňa and Groupama Poisťovňa, subsidiaries of Groupama of France that had offered life insurance and other forms of insurance in Slovakia.
The Hungarian subsidiary is now the owner of all Slovak insurance contracts since the purchase agreement became effective on January 1, 2012.
Groupama, based in France, provides insurance, investment and financial services to 16 million clients in 14 countries around the world. Groupama Garancia Biztosító in Hungary was formed from the merger of Hungarian insurance companies Groupama Biztosító and OTP Garancia Biztosító in 2009.
28. May 2012 at 0:00 | Compiled by Spectator staff