Waberer’s to diversify portfolio

A subsidiary of Waberer’s Group is acquiring insurance businesses.

Gránit Insurance has agreed to acquire a 66.925 per cent stake in Hungarian Post Insurance and Hungarian Post Life Insurance (Post Insurance Companies).

Waberer’s Group’s aim with the transaction is to diversify the activities of its insurance subsidiary, Gránit Insurance, which currently provides mostly passenger and commercial vehicle and transportation related insurance services, and to leverage the identified sales and operational synergies.

As a result of the transaction, the Group’s non-life insurance activities will be complemented by retail insurance products such as home insurance, travel insurance and accident insurance (which are in the main focus of Hungarian Post Insurance).

By acquiring a stake in Hungarian Post Life Insurance, the Group will acquire a share in one of the largest players on the Hungarian life insurance market and will be present in the life insurance segment.

The closing of the transaction is subject to customary anti-trust clearance and conditions set out in the sale and purchase agreement and is expected in autumn 2024.

Waberer’s International Chair and CEO, Zsolt Barna, said that Waberer’s Group entered the insurance market 16 years ago to cost efficiently insure its own fleet.

Subsequently, it started selling third party commercial vehicle and passenger car insurance products, and within a few years achieved a ‘Top-5′ position in the MTPL segment.

The Group’s strategic objective is to further diversify its currently successful but focused insurance business and to actively participate in the consolidation of the Hungarian insurance market.

After the closing of the transaction, Waberer’s aims to jointly manage a successful company with Hungarian Post as co-owner and strategic partner, exploiting synergies in existing products and distribution channels and with a dominant market share in the Hungarian insurance market.

The Postal Insurance Companies’ combined earned premiums were 60.7 billion HUF (approx. €169.7 million) while net profit after tax was 2.2 billion HUF (approx. €5.6 million) in 2023.