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EMF Capital Partners acquires Aviva’s Turkish unit

25 Mar 2014

insurance contract formA consortium led by private equity firm EMF Capital Partners has bought Aviva’s Turkish non-life insurance business Aviva Sigorta.

European development banks DEG and FMO also participated in the consortium, EMF said in a statement.

Aviva Sigorta, which was launched in 1988, provides personal and commercial insurance products.

The company wrote more than TL270m (120.6m) of gross premiums last year.

EMF CEO Peter Lovas said, “We are excited to announce the acquisition of Aviva Sigorta A.S. which is a key milestone in the development of EMF’s strategy in Turkey. We look forward to working with the management and employees of Aviva Sigorta to continue building a strong non-life insurer in Turkey.”

Earlier this year EMF invested in Russian insurance software company Virtu Systems in the first deal from its EMF New Europe Insurance Fund.

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