Generali expands in Belarus

Richard Miller

TRIESTE, Italy-Generali PPF Holding has obtained a license to operate in the nonlife insurance sector in Belarus.

The new company, Generali Belarus, will be operational by year's end, Trieste, Italy-based Assicurazioni Generali S.p.A. said Thursday.

Generali Belarus will seek "organic growth" and will also provide insurance support for home credit operations as the local Generali PPF Holding companies do in Russia, Ukraine and Kazakhstan, Generali said.

Generali PPF Holding is a Prague, Czech Republic-based joint venture, with 51% held by Generali and 49% held by PPF Group.

Sergio Balbinot, Generali managing director, said: "By entering Belarus, Generali PPF is now operative in 13 different markets in the CEE region. The Generali Group is one of the leaders in this area and this move confirms the company's interest to continue its expansion in countries with meaningful growth potential, due to low insurance penetration rates and a high gross domestic product growth."



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