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Kiel and M'nster Provinzial groups agree merger deal.
(From Lloyds List)
THE owners of the Provinzial insurance groups in M'nster and Kiel have agreed to merge the two insurers, creating one of the biggest insurance groups in north-western Germany, writes Herbert Fromme in Cologne.
The companies, of which the majority is owned by the savings banks, will merge on 1 January, 2005.
Provinzial Kiel is active in the states of Schleswig-Holstein and Mecklenburg-Vorpommern, as well as through its Hamburg-based fire subsidiary Hamburger Feuerkasse.
Provinzial M'nster works in half of North Rhine-Westphalia, Germany's most populous state.
If the owners' boards agree, an insurance group will emerge which has premium income of [euro]3bn ($3.6bn) and ...
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