Business development

Along with one of the largest takeovers in German insurance history, namely the acquisition of the operational Gerling companies by Talanx and the merger of these companies with the corresponding former HDI companies, the Group had to cope with another integration – albeit on a smaller scale: in July 2007 Talanx and Postbank signed an agreement regarding the purchase by Talanx of BHW Leben, BHW Pensionskasse and 50% of the interests in the PB insurers. Integration of the BHW companies into the Talanx Bancassurance Division then began – a task that is expected to be completed by the middle of the current year.

With the entry in the commercial register in September 2007 of the merger of Gerling-Konzern Allgemeine Versicherungs-AG into HDI Industrie Versicherung AG, the Gerling integration in Germany was largely completed from the standpoint of company law and the target structure of the HDI-Gerling non-life group was accomplished. Relocations within the non-life group to the joint base in Hannover are scheduled to be completed by the summer of 2008. Compared to other mergers, an unusually high proportion of staff on the first and second levels of management – specifically more than 80% – remained loyal to the merged enterprise.

Since the integration of the HDI-Gerling life group had already been completed under company law in September 2006, 2007 was devoted to bringing the staff and companies together geographically. The AmpegaGerling asset management operation similarly commenced fully unified operations in May 2007 in Cologne.