EuroIns Insurance Group (EIG) acquired a 90% stake in the Turkish general insurance company Inter Sigorta for a total consideration of EUR 427k. An Istanbul-based company, Inter Sigorta was established in 1997, as part of Nergis Group, a Turkish diversified holding company. The insurer has the full set of licenses for general insurance products, offered in Turkey. Over the past years Inter Sigorta was not actively operating on the insurance market. The Turkish insurance sector is fast developing and has enjoyed robust growth in recent years. Despite the continuous double digit growth since the 90’s, Turkey still remains an underdeveloped market with a penetration rate of 1.3% in 2007- well below Eastern European average of 3.4%, and substantially lagging behind Western European insurance market of 9.2%. There are a total of 29 general insurance companies operating in Turkey. Nine out of the top 15 insurers are owned by international strategic players.