The insurance giant Talanx Group has acquired Turkish insurance company ERGO Sigorta through its Turkish subsidiary HDI Sigorta A.Ş. The Talanx Group, with its headquarters in Hanover, Germany, was founded by a number of German industrial companies as a liability insurance cooperative in 1903. Talanx is the 3rd largest insurance group of Germany and has operations in 150 countries around the world. The major shareholder of Talanx is HDI International AG with a 79% shareholding.
Following the incorporation of ERGO, HDI Sigorta has risen from 11th to 7th place among non-life insurance companies in Turkey, as based on 2018 yearend data. HDI Sigorta had started operations in Turkey with its purchase of İhlas Sigorta, a Turkish insurance company, in 2006. In early 2018, HDI Sigorta took over Liberty Sigorta with the merger of the two companies being completed in only five months.