Talanx, a German multinational financial services company, completed the acquisition of ERGO Sigorta, a property and casualty insurer, from ERGO Group, a group of insurance companies, for $38m. "This acquisition boosts HDI Sigorta from number 11 among insurers in Turkey to the number seven spot. We have thus moved a major step closer to achieving our strategic goal of ranking among the top 5 insurers in each of our core markets. Through economies of scale and by leveraging potential synergies we are aiming to further enhance the operating profit in Turkey. By acquiring the company we are also substantially improving the diversification of our product portfolio," Sven Fokkema, Talanx Member of the Board of Management.