ERGO Group enters China’s P&G market
German insurance group ERGO has signed a shareholder’s agreement and capital increase agreement to make a strategic investment in China-based Taishan Property & Casualty Insurance (P&C)
The deal marks a significant step to deepen and expand the insurer’s services in the Chinese market. After completing the transaction, ERGO Group will obtain 24.9 per cent equity interests of Taishan Insurance via its subsidiary ERGO Versicherung AG.
Dr Markus Rieß, CEO and Chairman of ERGO Group, said: “In our global portfolio, China holds a central role. Taishan Insurance is a dynamic and ambitious insurance company in the Chinese P&C market, which drives its business with great competence and determination. We are looking forward to building a strong partnership together and to bundling our strengths in this important market.”
Jürgen Schmitz, CEO ERGO China, added: “ERGO Group’s strategic investment into Taishan Insurance is a strong entry point into China’s P&C market that also complements our existing Life and Health businesses in China. Through this investment, ERGO Group has the opportunity to share our insurance expertise and global resources with Taishan Insurance and to boost our innovative capabilities and competitiveness in the Chinese market.”