The eight-member pan-European insurance alliance Eureko has announced that two of its members have merged their insurance operations and that the restructured group would be floated within two years.
The alliance includes Friends First which will form part of the newly formed Eureko NV group.
Eureko is one of Europe's largest insurance groups. It has assets of €46.8 million and premium income of €7 billion. Yesterday, two of the members, Achmea of the Netherlands and Banco Commercial Portugues (BCP) of Portugal, announced the merger of their insurance interests with Eureko to form the new group.
Commenting on the announcement, Friends First group managing director, Mr Adrian Hegarty, said its involvement in a major public company will present exciting opportunities.
"At the same time we are not parting company with the Eureko Alliance, which in future will be known as the European Alliance Partner Company. We will retain our network links with the Alliance which will continue to promote co-operation and development between partners," he said.
The restructuring is scheduled to be completed by the end of this year.
The share capital will be owned initially by Achea (72.2 per cent) and BCP (15.1 per cent) with the remaining partners taking a 12.7 per cent stake.
The other members of the alliance are Friends Provident of Britain, Lansforsakringar Wasa of Sweden, MAAF Assurances of France, Mobiliar of Switzerland, Parion of Germany and Topdanmark of Denmark.
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