German insurance firm invests in Nart

ISTANBUL - Hürriyet

Nart Sigorta CEO Levent Nart (L) poses with VHV Group CEO Uwe Reuter (R). Hürriyet photo

German insurer VHV Group has acquired a 40 percent stake in Nart Sigorta and Reasürans Brokerliği to increase revenues since the company is not profiting in Europe, VHV Group Chief Executive Officer Uwe Reuter has said.

“Europe is tacking different problems because of the economic crisis. … In such a context our investment firm is aiming to increase its revenues by investing in Nart Brokerlik, a company which is active in the insurance sector,” said Reuter, adding that the crisis in Europe could become even more critical with Germany witnessing zero or negative growth.

Reuter said they were more interested in investing in a brokerage firm since Turkish insurance firms seemed less profitable.

“An insurance company could be less profitable today, but could improve in the near future. With this partnership we will get to know the Turkish insurance market. Will we purchase an insurance company down the road? We don’t have a definite answer yet, but it’s possible.” Reuter said the VHV Group ranked number 15 among 200 insurance firms in Germany and was a leader in the construction and insurance sectors. The company has 3.5 million customers. The VHV Group is hoping to use its investments in Turkey to branch out to the Middle East and Eurasia and is also considering opening an office in Iraq.