French insurer Groupama has bought unlisted Turkish insurer Guven Sigorta for 350 million lira ($280 million), Turkish daily Milliyet reported on Saturday, without citing sources. No one was available to comment at Groupama or Guven Sigorta.
A purchase would be the latest in a string of foreign acquisitions in Turkey's fast-growing and fragmented insurance sector, and come as two other insurers are for sale.
Yapi Kredi Bank plans to sell its insurance business Yapi Kredi Sigorta, while Vakifbank is looking to sell part or all of its shares in Gunes Sigorta, in which Groupama has a 30 percent stake. The French company also owns another Turkish insurer, Basak Groupama.
Guven Sigorta had a 2 percent overall share of the Turkish life and non-life market at the end of 2007, according to the Association of Insurance and Reinsurance Companies of Turkey (TSRSB). It is the leader in farm sector insurance, with a 25 percent market share, followed by Basak Groupama and Gunes.