German companies have long treated Hungary like their backyard. Carmakers Mercedes Benz AG and BMW AG and Volkswagen AG’s Audi continue to expand their footprint, driving the country’s exports, while weapons producer Rheinmetall AG is building a handful of new …
Hungary should boost domestic ownership in more key sectors in addition to banking, media and energy, a cabinet minister-designate said on Wednesday, signaling more pressure on foreign companies to scale back their presence in the country. Prime Minister Viktor Orban, …
Vienna Insurance Group (VIG) acquired the business of the Dutch insurer Aegon in Hungary for €620 million ($682.6 million) after receiving approval from Hungarian regulatory authorities. The deal, which closed on March 23, 2022, includes the purchase of two Dutch …
Hungary was ordered by the European Union to cancel its decision to block the sale of Dutch insurer’s Aegon NV’s local unit to Vienna Insurance Group AG. The European Commission gave Hungary a March 18 deadline to withdraw the deal …
The Dutch government has raised concerns with Hungarian officials after a decision in Budapest to block the sale of Aegon NV’s local unit to Vienna Insurance Group AG, according to several people familiar with the matter. The issue was communicated …
Vienna Insurance Group AG bolstered its position as the biggest insurer in central and eastern Europe by agreeing to buy Aegon NV’s business in the region and in Turkey for 830 million euros ($990 million), outbidding NN Group NV and …
Hungarian insurer Cig Pannonia Nyrt., which lists Lehman Brothers as one of its founders, lost as much as a quarter of its value in two days after Italian reinsurance contracts at one of its units turned out to be counterfeit. …
According to catastrophe modeling firm AIR Worldwide, Southeast Europe is experiencing record levels of flooding after three months’ worth of rain fell in just three days. The report cited the “many landslides” that have covered roads, homes, and villages, as …
Swiss Re has estimated that its claims burden from recent flooding in central and Eastern Europe is approximately $300 million, net of retrocession and before tax. Industry-wide insured losses are estimated to be between $3.5 and $4.5 billion. The flooding …
MetLife, Inc. announced that it has agreed to acquire the life insurance businesses of UK-based Aviva plc in the Czech Republic (Aviva Czech Life) and Hungary (Aviva Hungary Life), and its life insurance and pension businesses in Romania (Aviva Romania …
