KBC Sells Polish Insurance Unit To Talanx For $1B

Law360, New York (January 20, 2012, 5:36 PM EST) -- KBC Group NV will sell all of the shares in its Polish insurance subsidiary to Germany-based Talanx Group for €770 million ($997 million), the Belgian financial company announced Friday.

Talanx International AG's purchase of Towarzystwo Ubezpieczen i Reasekuracji Warta SA, the second-largest insurer in Poland, is expected to close in the second half of 2012, according to the companies. Once the deal is complete, Talanx's Japanese partner Meiji Yasuda will take over 30 percent of the shares.

The transaction marks the latest selloff by KBC since...
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