GrECo International Holding AG: GrECo and MAI combine forces in Central and Eastern Europe
Specialist insurance broker GrECo acquires 100% of MAI CEE Ltd., a major risk, insurance and employee benefits consultant in CEE.
(Vienna/GrECo) – The combined company, to be named GrECo, will be the leading professional services firm focused on the areas of risk and insurance management and employee benefits consultancy in CEE. GrECo has been active in Eastern Europe since 1989 and established a market-leading position with more than 1,000 employees in 16 countries.
MAI was founded in 1991 in Hungary and is active in 13 CEE countries with more than 240 employees, generating a revenue of 16 million EUR. MAI services over 15,000 corporate clients and places insurance premiums of 150 million EUR. With 20+ years in the company, the MAI executive board members are staying on board as part of GrECo’s leadership team.
“We followed MAI’s successful progress over the last decades, and made no secret of our long-standing respect for MAI and belief in the cultural compatibility of the two groups. I am confident that, as we bring the strengths of MAI into GrECo, we will have a significant influx of talent and create a combined group with deep expert skills and an unmatched CEE network in 18 countries. The acquisition of MAI adds a decisive momentum to the growth strategy of our entire group and significantly enhances our value proposition for clients and partners” says Friedrich Neubrand, Chief Executive Officer, GrECo International Holding AG.
Piotr Cieślak, MAI CEE Group´s Chief Executive Officer, summarizes: “MAI’s foundation was traditionally the servicing of international business, meeting the requirements of over 260 insurance brokers and their clients from all over the world. Today we serve both international and local clients across the CEE, CIS and Caucasus region. GrECo, being fully committed to an independent future, is the best fit. The combination of the specialist solutions of GrECo and the network of MAI creates the largest broker in the region. Together we will continue to be an independent, professional and reliable partner for our clients and international broker partners.”
Steve Bonynge, Group Chief Executive of the Oman based RMS LLC states: “RMS’s decision to sell our 72.08% stake in MAI CEE reflects our strategy of serving clients in the Middle East and Asia. We believe the combination of GrECo and MAI CEE represents the best outcome for our clients in Central and Eastern Europe.”
The transaction was signed on the 14th of September 2021, and the parties have agreed not to disclose the underlying purchase price of the transaction. Closing is subject to regulatory approvals.
The GrECo Group offers its clients individual solutions in risk and insurance management and is the leading insurance broker & consultant for corporations, associations and authorities in CEE. GrECo was founded in 1925 and is an independent, family-owned company, with the family Neubrand holding 86.67% of the shares. The GrECo Group is headquartered in Vienna, Austria and employs more than 1,000 people in 60 offices. In 2020 the Group placed a premium volume of 871 million EUR and generated total consolidated revenues of 101 million EUR.
MAI CEE Insurance Brokers Group was established in 1991 to bring international standards and a broad range of insurances to clients in the CEE, CIS and Caucases regions. MAI CEE has since grown considerably, gaining a presence in 26 countries in Central and Eastern Europe with 13 owned operations and 13 cooperation partners. In 2016 MAI CEE‘s shareholder structure changed following an MBO and the RMS Group, a leading Omani insurance broker, became the majority shareholder. The RMS Group operates throughout the Middle East and Indian Sub-Continent as well as through MAI CEE in CEE, CIS and Caucases.
Petra SteiningerHead of Group CommunicationsGrECo International Holding AGTel:+43 50404 175Tel:+43 664 5485 email@example.com
Natalia ZaborovskaMAI CEE Group Network DirectorMAI CEE Ltd.Tel:+ 61 44 777 9001Tel:+371 292 595 firstname.lastname@example.org
About news aktuell GmbH
As wholly owned subsidiary of dpa, news aktuell provides business and organizations with effective access to media and consumers. Via the smart tools ots and zimpel, PR content accesses all media formats, including classical print, high click-rate online portals and social networks. In addition, news aktuell publishes all its customers’ PR content on www.presseportal.de, one of the PR portals with the greatest reach in Germany. By this means, all the relevant multipliers are reached globally, from editors, via digital influencers right up to specialist bloggers and interested consumers. news aktuell has been on the market since 1989. The company, with a staff complement of more than 135, has its headquarters in Hamburg. Other offices are in Berlin, Dusseldorf, Frankfurt und Munich.
Subscribe to releases from news aktuell GmbH
Subscribe to all the latest releases from news aktuell GmbH by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from news aktuell GmbH
Visable GmbH: Applegate and Visable: B2B platform providers forge strategic partnership to strengthen international trade of UK-based businesses22.9.2021 15:22:17 CEST | Press release
Paris / Hamburg / Barnstaple, 22 September 2021 – Visable, the parent company of Europe’s leading online B2B platforms EUROPAGES and wlw (formerly "Wer liefert was"), and Applegate, the premier B2B marketplace in the United Kingdom, have entered into an exclusive partnership. As the official reselling partner in the UK, Applegate is able to offer listings and additional online marketing services on EUROPAGES and wlw alongside its own AI-based sourcing platform. As a result, companies in the UK benefit from greater visibility on the web to promote their products and services to procurement professionals across Europe.
MAAG Music & Arts AG: World premiere: Viva Frida Kahlo – Immersive Experience21.9.2021 14:05:16 CEST | Press release
(Zurich, Switzerland): The first museum for immersive art in Switzerland is opening with a world premiere: Viva Frida Kahlo – Immersive Experience. The preparations for this immersive enactment of the life and work of Frida Kahlo have been two years in the making. The exhibition will be unveiled on 22 September at the new Lichthalle MAAG in Zurich. It will be the first time that the life and work of the iconic Mexican artist will be presented in an immersive format outside of Mexico. Kahlo’s expressive paintings, with their accessible symbolism and colourful, exotic plants and animals, as well as her powerful self-portraits, are the perfect templates for an immersive presentation with video projections and light and sound effects. Visitors will experience Frida Kahlo’s life and work on a completely new level via panoramic projection. “Viva Frida Kahlo – Immersive Experience” offers an insight into the tragic life of the Mexican artist and her creations. Her pictures come to life in the
Thömus AG: Mathias Flückiger wins the UCI Mountain Bike Overall World Cup20.9.2021 11:17:55 CEST | Pressemelding
Switzerland's Mathias Flückiger has secured an early victory in the UCI Mountain Bike Overall World Cup at the UCI World Cup finals in Snowshoe, USA.
Justice Initiative: Barnemishandling i Europa: Offergrupper fra 17 land lanserer initiativ for å ta et oppgjør med barnemishandling i Europa20.9.2021 10:32:12 CEST | Pressemelding
På et internasjonalt møte i Sveits lanserte ofres grupper fra hele Europa "Justice Initiative". Med dette politiske initiativet skal overgrep, utnyttelse og andre krenkelser mot barn, spesielt i statlige og kirkelige institusjoner, behandles omfattende for første gang i alle europeiske land. Et forslag om å bringe behandlingen av overgrepssaker opp på et paneuropeisk nivå vil bli lagt frem for Europarådet i Strasbourg i september.
CONNECTED FUTURE20.9.2021 10:28:34 CEST | Pressemelding
The Media Art Festival Seasons of Media Arts is back again in the city! 17 September to 17 October, 2021 The urban Festival of Media Art Seasons of Media Arts is presenting a new edition for the Karlsruhe Summer of Culture 2021. Video, sound, and light installations, projections on facades and on streets, art interventions, and interactive projects with a special focus on local media artists will be on view from 17 September to 17 October 2021 in Karlsruhe’s public spaces.
FREE NOW: Europe’s leading mobility platform FREE NOW increases BEV tours by 71% in 202116.9.2021 11:02:22 CEST | Press release
After introducing its Move To Net-Zero carbon emissions initiative earlier this year, FREE NOW announces its achievements in 2021 on the occasion of the European Mobility Week, which starts today Since January 2021, FREE NOW trips using Battery Electric Vehicles (BEVs) have grown by 71% and the platform has added 20% new BEV active drivers In addition, FREE NOW has integrated almost 130,000 new eScooters, eBikes and electric shared cars in the app, widening its green mobility offer and becoming the mobility platform with the biggest vehicle choice in Europe FREE NOW has offset 173,000 tons of CO2 emissions, covering all the emissions produced by the company and its services from the beginning of 2020 onwards The leading mobility platform will participate in the EU Mobility Week with a number of different activities to raise awareness of sustainable urban mobility (Hamburg, Germany): – FREE NOW, Europe’s leading multi-service mobility platform, today publishes its latest electric vehicl
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom