July 23, 2014 5:26 PM ET

Insurance

Company Overview of ERGO Versicherungsgruppe AG

Company Overview

ERGO Versicherungsgruppe Aktiengesellschaft is engaged in the insurance business. It offers various insurance products and services, such as life insurance, health insurance, property and casualty insurance, legal protection insurance, direct insurance, travel insurance, and pension products ans services. The company sells its life, and property and casualty insurance products under the ERGO brand. It serves private customers, as well as small and medium-sized businesses, and industrial clients in approximately 30 countries worldwide. The company is based in Düsseldorf, Germany. ERGO Versicherungsgruppe AG operates as a subsidiary of Münchener Rückversicherungs-Gesellschaft Aktiengesellschaf...

Victoriaplatz 2

Düsseldorf,  40198

Germany

32,997 Employees

Phone:

49 211 477 0

Fax:

49 211 477 1500

Key Executives for ERGO Versicherungsgruppe AG

Chief Financial Officer and Member of Board of Management
Age: 40
Head of International Competence Center Bancassurance
Labour Director and Member of the Management Board
Age: 49
Chairman of the Management Board
Age: 48
Member of the Management Board
Age: 54
Compensation as of Fiscal Year 2014.

ERGO Versicherungsgruppe AG Key Developments

Ergo to Cut 1,300 Jobs

Ergo plans to slash 1,300 positions in a cost cutting drive aimed at reducing costs by EUR 259 million by 2019. Ergo plans to reduce the second management tier, streamline administration processes and transfer the claim handling operations to one of its subsidiaries. In addition, the company intends to reduce the number of its units.

Allianz And Munich Re Reportedly Eyeing ATE

Allianz SE (DB:ALV) and Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft’s (DB:MUV2) (Munich Re) arm ERGO Versicherungsgruppe AG are said to be interested in acquiring ATE Insurance S.A. The firms are reported to be looking to buy ATE stake from PIRAEUS BANK Société Anonyme (ATSE:TPEIR). According to the report, the possible deal is estimated to value between €60 million to €80 million. Kathimerini reported that the sale is expected to close by the end of June 2014.

Ergo Reports Earnings Results for the First Quarter of 2014

Ergo reported earnings results for the first quarter of 2014. The company earned a net profit of EUR 1.98 million in the three Baltic countries in the first quarter of 2014.

Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
August 2, 2013
Global Insurance Company
 

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