GERMAN INSURANCE COMPANY HAS FULFILLED ITS COMMITMENTS

The Competition Council has determined that the German company Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München (MRGAM) has properly fulfilled its commitment to transfer all carrier liability insurance contracts of Gjensidige which it had indirectly acquired through ERGO International AG.

Last December, the Authority granted MRGAM permission to proceed with the merger, provided that the German company committed to transfer all existing Gjensidige carrier liability insurance contracts to a buyer approved by the Competition Council. MRGAM was required to refrain from taking any actions that could reduce the value and scope of the contracts until their transfer.

After the Competition Council’s experts assessed the composition and scope of the transferred contract portfolio, it was determined that MRGAM had properly and timely transferred Gjensidige’s carrier liability insurance contracts to If P&C Insurance.

MRGAM has also committed not to compete for the transferred customers for two years. The Competition Council approved the merger, concluding that upon the proper and timely implementation of the submitted commitments – namely, the transfer of Gjensidige’s portfolio of carrier third-party liability insurance contracts – the negative effects of the merger on competition identified by the Authority will be eliminated.