GrECo, an independent risk manager & insurance broker in Central & Eastern Europe (CEE), based in Vienna, Austria, announced the acquisition of a majority stake in Comergon, an independent insurance broker specializing in property & casualty and health & benefits corporate risks, with operations in Greece and Cyprus. This strategic acquisition strengthens GrECo's footprint in Southeast Europe and creates a single regional presence by uniting the operations of the neighbouring countries, a statement said.
The acquisition will allow GrECo to expand its presence in the Greek and Cypriot markets, countries experiencing significant economic growth. Comergon was founded in 1971 and today has 15 employees serving a strong client base of around 450 corporate clients, including both multinational and local companies. Comergon's entities will be renamed GrECo Hellas and GrECo Cyprus, respectively. George Zafeiriou, CEO & Chairman of the Board of Comergon, will continue to lead the businesses in Greece and Cyprus, ensuring stability and continuity. The existing management team and staff will remain unchanged, which is important to maintain market confidence.
With this acquisition, GrECo will now have a direct presence in 21 countries, reinforcing its commitment to provide local, high-quality services across the region. Comergon, known for its outstanding service and international connections, is a perfect fit for GrECo. Both companies, market leaders in their home countries, share a long history of family ownership and commitment to excellence and innovation in risk management and insurance brokerage.
Georg Winter, CEO of GrECo, is excited "to welcome Comergon to the GrECo group. This acquisition is an important step in our growth strategy, enhancing our ability to serve clients across Southeast Europe. In addition to our comprehensive P&C capabilities, Comergon's expertise in health & benefits and servicing multinational clients aligns perfectly with our own services, and together we will continue to provide unparalleled service to our clients."
"We are excited to join forces with GrECo, a company that shares our values and commitment to quality. During our negotiations over the past few months, this alignment has been clear. We would like to thank the Neubrand family and the members of the GrECo Board of Directors for their trust and support. This partnership will allow us to leverage GrECo's extensive network and resources, enabling us to better serve our customers and expand our reach. We look forward to a successful partnership," said George Zafiriou, CEO & Chairman of the Board of Comergon.
The acquisition of Comergon follows GrECo's recent completion of the acquisition of MAI CEE Group and the establishment of subsidiaries in North Macedonia and Bosnia and Herzegovina, further demonstrating GrECo's commitment to expand its footprint and strengthen its service offerings. Together, GrECo and Comergon will continue to be trusted partners for clients and brokers internationally.
