ERGO Insurance expands bancassurance business in Baltic states

Comtex News Network

Dec 21, 2012 (Datamonitor via COMTEX) --ERGO Insurance Group has announced that it will work with Nordea Bank AB to sell life insurance products in the Baltic states, as a part of its international bancassurance business expansion.

The agreement outlines the plan to sell ERGO life insurance policies and credit risk insurance in the Nordea bank branches throughout Estonia, Latvia and Lithuania, the company said.

Dr Jochen Messemer, who is responsible for International Business on the ERGO Board of Management, said: "The Group has established itself as a premium partner for leading banks over the past few years. A significant share of our international business premium income of approximately 4.3 billion euros stems from bancassurance business."

ERGO works together with Piraeus Bank in Greece. In the Baltic States and Poland, the Company has been cooperating with the Scandinavian DNB bank since 2010. The partnership will not be affected by the new agreement with Nordea and is due to be strengthened further. A bancassurance agreement has also been signed for the Vietnamese market. An in-house competence centre, which is based in the offices of the Austrian subsidiary ERGO Austria in Vienna, is responsible for developing and expanding international bancassurance business partnerships, the company added.

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