Concentration of Generali and Zürich
“However, there is a condition of meeting the commitment adopted for the sake of preserving effective competition,” said the Chairman of the Office, Mr. Josef Bednář.
Company Generali Pojišťovna commits itself to ensure provision of insurance of guarantee for case of bankruptcy of a travel agency at least in the current extent. The extent relates to the volume of concluded insurance agreements and indentured risk, if the insurance company is not prevented from doing so by objective facts, especially impossibility of acquiring corresponding ensurance. “The aforementioned condition is in force at least till the time when the law enables also other form of ensurance of clients of travel agencies in bankruptcy,” remarked the Chairman of the Office, Mr. Josef Bednář.
The concentration will increase economic and financial power of insurance company Generali. “Nevertheless, with regard to low shares, which will be achieved by Generali on most relevant markets after the concentration, and with regard to specific situation on the market of insurance of guarantee for case of bankruptcy of a travel agency, which is considerably limited by the volume of provided ensurance, legal regulation in force, and the decision of company Zűrich to terminate its activities on the territory of the Czech Republic, no substantial distortion of competition will occur in causal connection with the assessed concentration”, added Mr. Bednář.
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